FINANCE: Some Say Financing Tool Was Misused Across the State
A series of restrictions on a type of public bond financing for school districts was adopted last week following Gov. Jerry Brown’s signing of a reform bill supported by local state legislators.
SPORT: Dee Says Team Has Right Owners, Players and Plan
Mike Dee describes himself as “a recovering San Diegan.” Dee, the new chief executive for the San Diego Padres, left in 2002 to take an executive position with the Boston Red Sox, following mentor Larry Lucchino, and later became CEO of the Miami Dolphins.
As if banks and other traditional, brick-and-mortar lenders don’t have enough competition, yet another player has entered the market for small business lending — PayPal.
FINANCE: Pawnshops Fill a Need for Credit For Small Businesses
A man in his late 20s walked into a San Diego pawnshop with an idea for an online business and a $5,000 collection of gold coins.
LAW: He Pleads Not Guilty; Probe Raised FCPA Concerns
Federal probes that uncovered evidence of an alledged insider stock trading scheme leading to the indictment last week of a former top Qualcomm Inc. executive also included an investigation into the company itself, according to the San Diego company’s securities filings.
MANUFACTURING: Region Employs 91,500 in More Than 2,800 Firms
The manufacturing still occurring in San Diego tends to be niche-oriented and fairly complex operations that often entail providing parts to make larger products.
PROPERTY: S.D. Is 8th Least Affordable Region in the Nation
The disparity between San Diego’s housing prices and the national average — San Diego’s being greater — is growing and won’t lessen anytime soon, according to a recent study by the National University System Institute for Policy Research.
The number of banks in this country keeps shrinking, but those that are left are much healthier, according to some recent reports.
AUTOS: Skilled Workers, Select Inventory Help Drive Online Sales
Competing against the biggest auto parts retailers in the nation hasn’t intimidated BuyAutoParts.com as long as the San Diego-based online parts seller is able to compete on its own terms.
PROPERTY: Fewer Distressed Properties; Inventory Remains Low
San Diego’s housing market is gradually moving toward normalcy, but the number of homes for sale is still far below historic levels, giving sellers the advantage as prices remain relatively high, several housing experts said.
Credit unions continue to expand and gain market share mainly from larger lenders.
SOFTWARE: Changes Not Expected as Company Sales Have Been Increasing
Changing owners is old hat for longtime employees at Mitchell International, so the one just announced won’t be that different, its chief executive said.
INVESTING: Regulation’s Intent Was to Protect Unsophisticated Investors
Federal regulations covering the selling of stock that take effect this month could have a devastating impact on the ability of startup businesses to attract angel investors, the area’s main angel organization said.
PRODUCTION: UTC Keeps Aerostructures Business Soaring
About a year after United Technologies Corp. acquired Goodrich Corp., the UTC Aerostructures division is busier than ever, churning out nacelles for the world’s largest aircraft makers.
When Regents Bank was acquired by Grandpoint Capital last year its executives maintained that it would retain its local control and customers would see little change.
SPORTS: Stadium, Market Size Hamper Team’s Value; Wins, Losses not a Factor
Great expectations abound as the San Diego Chargers open their 2013 season before a nationally televised Monday Night Football audience Sept. 9, but win or lose this season, the value of the Chargers will undoubtedly improve.
BANKS: Consolidation Comes as Smaller Banks Struggle to Compete
More community banks were eliminated from the local and national banking landscape, driven by a sluggish economic recovery causing weak loan demand, and higher costs related to regulatory compliance.
GOVERNMENT: Effort Promotes Local Vendors For City, County Contracts
A local business chamber has rolled out an initiative to get every government agency in San Diego County to think local when contracting for any goods or services.
FINANCE: Banks Help Affected Workers In Their Job Searches
The two national megabanks that recently notified about 800 people in San Diego that their jobs will be eliminated are providing internal and external job placement services to help affected employees find new jobs.
LEADERSHIP: Change Is Part Of Job Description for Execs
Seven CEOs from the 25 largest public companies in San Diego either left or will exit this year.
Torrey Pines Bank passed $2 billion in total assets late last year, before it shrank a bit in the first quarter to $1.95 billion.
RETAIL: Military, First Responders Guided To Discounts on GovX
A La Jolla-based e-commerce company has put a new and apparently lucrative twist on the concept of providing discounts to military personnel — a longstanding tradition for many businesses.
SPORT: Try for 2024 Games Bid Seen as Catalyst for Change
Competing to be the city offered in a U.S. Olympic Committee bid to host the 2024 Summer Olympic Games could be a boon to San Diego, regardless of whether such efforts succeed in bringing the international event here.
Bank regulators are not infallible. For proof that more than a few of them were asleep during the years leading to the Great Recession, check out the Inspector General’s audit on the failure of Pacific Coast National Bank, based in San Clemente and with a branch in Encinitas.
DINING: Company Veteran Leonard Comma Groomed For Top Role
In its commercials, San Diego-based Jack in the Box Inc. often comes off edgy, unpredictable and unconventional, which suits its target demographic, young men who are 18-34 years old, just fine.
TELECOM: AT&T Deal to Trigger Payouts to 7 Officers
The seven top executives of Leap Wireless International Inc. would receive more than $50 million in severance and stock payments once the sale of the company to AT&T Inc. is completed, according to the agreement covering the transaction.
GOVERNMENT: Leaders Say Scandal Damaging City
A San Diego business group is formally asking embattled San Diego Mayor Bob Filner to resign.
The clouds that once darkened one local bank appear to be burning off to reveal their silver lining. About five years ago as the recession was unfolding, the prospects for Silvergate Bank looked rather dim.
TECH: McCain Inc.’s Redesign Creates Safer Paths for Pedestrians
The city of Chula Vista recently turned to a Vista-based company for a new solution to an old problem: how to make a crosswalk near an elementary school safer.
STARTUP: LifeProof and ecoATM Acquisitions Profitable for Investors
Neither ecoATM nor LifeProof, two San Diego startup businesses that were recently acquired, were looking to sell, but when a deal was proposed, they jumped at it.
FINANCE: Shares Rise On News, Analysts Recommend a Buy
Peregrine Semiconductor Corp., the San Diego maker of high performance chips contained in a host of wireless devices and delivery systems, continued its fast growth curve in the second quarter with $52.4 million in revenue, up 20 percent from the like quarter of last year.
PacWest Bancorp, parent of Pacific Western Bank, which operates 18 branches in the county, caused a bit of buzz recently when it announced a $2.3 billion merger with CapitalSource Inc., an industrial loan company based in Los Angeles.
AIRPORT: August 13 Brings New Touches, Tastes and Conveniences
Lindbergh Field’s Terminal 2’s Green Build, the $1 billion makeover and expansion being unveiled publicly Aug. 13, features a much easier access and exiting roadway, touches of brilliant innovation, mesmerizing artwork, and a whole lot more food choices.
FINANCE: Better Secondary Market, Pricing Spur Increase
San Diego lenders say borrowers seeking jumbo mortgages have more options this year despite a spike in average mortgage interest rates recently.
Sports Biz: Bowl Organizers Search for Replacement Sponsor
The Holiday Bowl, a mainstay of the post-college football season since 1978, is without a title sponsor after former sponsor Bridgepoint Education Inc. decided not to continue its relationship.
Kurt Chilcott, president and CEO of CDC Small Business Finance, is being mentioned as a possible successor to SBA Administrator Karen Mills.
TECH: $5.7M in New Funding To Help MicroPower Expand
MicroPower Technologies Inc., a provider of wireless, solar-powered surveillance systems, said it closed on a $5.7 million second round of equity financing, which it plans to use for further product development, sales and marketing.
Mission Federal Credit Union acquired Autoland Inc., a credit union service organization, from the National Credit Union Administration, the industry’s regulator, which took over the business after former owner Telesis Community Credit Union failed last year.
FUNDING: Crowdsourcing Website Enables Individuals To Help Launch New Ideas
Startup fundraising is always challenging, yet some local companies and organizations are finding positive results from Kickstarter Inc., the nation’s top crowdfunding website.
SCHOOL: Midwest Move Was an Option if Efforts By Bridgepoint Had Failed
Bridgepoint Education’s gaining accreditation for its Ashford University subsidiary was good news for the for-profit, online business, its staff and students, but it was also a relief to the San Diego region.
TELECOM: Leap’s Stock Is Up; Some Say Bid Is too High
Investors continue supporting the proposed sale of San Diego-based Leap Wireless International Inc. to AT&T last week, pushing up the prepaid cellphone provider’s stock more than $2 above the $15 cash offer price.
Although it took a while, more lenders are loosening their purse strings, and making more small business loans. FINANCE Column by Mike Allen
AUTO: Ford Exports, Fiat Imports Add to Firm’s Growth
Pasha Automotive Services, which ships cars mainly from Asia to a marine terminal in National City, will be moving vehicles in the other direction, shipping Fords to Japan.
TECH: Platform Gathers Key Data and Connects With Customers
Companies both large and small are trying to make sense of mobile technology, but some are way ahead of the game.
FINANCE: It Plans to Serve ‘Underbanked’ Population This Year
Global Analytics knows there’s plenty of opportunity among the vast numbers of folks who shun traditional credit sources.
Banker salaries in California increased again last year, but the pay was much better at the biggest banks.
AUTO: Dealerships, City See Pluses in Forming Trade Group
El Cajon’s car dealers are forming a new trade group aimed at boosting the profile and fortunes of all 12 dealers through mutual sales events and advertising.
ENERGY: UCSD Project Blends Collection and Storage
In a proverbial ‘build a better mousetrap’ maneuver, two San Diego companies are joining forces in a demonstration project to create a more efficient solar energy system.
Navy Federal Credit Union, the world’s largest credit union with about $54 billion in assets and 4 million members, continues growing in San Diego. The Virginia-based institution added some 30,000 members in the past year and a half to bring its total to 330,000 in San Diego County, making it the biggest credit union by membership.
SPORTS: League Says It Will Continue, Launch Delayed a Year
The San Diego organization trying to resurrect the United States Football League said it’s still moving downfield despite taking a massive hit when its former chief executive pleaded guilty to embezzling more than $1 million from another company.