San Diego Business Journal

Seminar to Discuss Creating Economic Opportunity and the New Funding Formula for Schools

Representatives of five South Bay school districts are convening March 7 to discuss a newly instituted formula that determines the amount of funds the districts get from the state.

South County EDC Event to Discuss Creating Economic Opportunity, New School Funding Formula

Representatives of five South Bay school districts are convening March 7 to discuss a newly instituted formula that determines the amount of funds the districts get from the state.

Venture Management Fund Bright Light Management Launches

Bright Light Management, a San Diego venture management fund, aimed at helping early-stage companies, recently announced its launch.

Cox to Cut 500 Jobs, Close Call Center

Cox Communications plans to close its Copley call center in Kearny Mesa, cutting about 500 jobs in a variety of customer-care functions, the company said.

Sony to Cut 400 People Locally in Restructuring

TECH: $1.1 Billion Loss Prompts Company to Close Many of Its Branded Stores

Sony Electronics said it will cut some 400 people from its local headquarters office in Rancho Bernardo as part of a restructuring by parent Sony Corp. that will eliminate 5,000 jobs globally.

Problems Plague Park’s Centennial Celebration

CIVIC: CEO Resigns, While Fundraising Efforts Hit Snags

Balboa Park Centennial Inc., the nonprofit group formed to stage a year-long celebration of the 1915 Panama California Exposition, lost its third CEO since it was formed, calling into question to what extent the party will go on.

S.D. Still in the Field Of Olympics Hopefuls

SPORT: Choices for U.S. Bid For 2024 Down to 5 or 6 Cities

Don’t look for San Diego’s bid to host the 2024 Summer Olympic Games to resemble anything remotely close to the $51 billion that Russia spent to host the Winter Olympics in Sochi.

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Cox Communications Closing Local Call Center, Cutting 500 Jobs

Cox Communications said it is closing its Copley call center in Kearny Mesa, cutting about 500 jobs in a variety of customer-care functions.

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Sempra Reports 2013 Net Income of $1 Billion

Sempra Energy, parent of San Diego Gas & Electric and other subsidiaries, reported full year 2013 net income of $1 billion, compared with net income of $859 million in 2012.

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Karl Strauss Holding Job Fairs as Remodeling Changes Staffing Needs

Karl Strauss Brewery’s Sorrento Valley site is undergoing a remodel, triggering the layoff of 67 employees last month.

Supplier Forum Is Opportunity for Local Businesses to Make Big Connection

The Otay Mesa Chamber of Commerce and the San Diego Center for International Trade Development will host a supplier forum March 6 in Chula Vista featuring Medtronic, a $16 billion medical technologies company based in Minneapolis.

Pulse Electronics Achieves Debt Management Agreements

Pulse Electronics Corp., a San Diego based maker of electronic components, reached agreements with its debt holders that reduces its debt and the funds needed for debt repayment, the company said.

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Sempra Increases Annual Dividend 4.8%

Sempra Energy, the San Diego holding company for San Diego Gas & Electric and other subsidiaries, said its board of directors approved a 4.8 percent increase in the annual dividend it pays to shareholders to $2.64 per share from the prior dividend of $2.52 per share.

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DJO Global Reports Q4 Results

DJO Global Inc., the Vista-based maker of orthopedic devices, reported a 2013 fourth quarter net loss of $132 million, compared with a net loss of $47 million for the like quarter of 2012.

Tax Collector to Auction Off Nearly 300 Parcels

San Diego County Treasurer-Tax Collector Dan McAllister has scheduled an auction of nearly 300 parcels March 19 at the San Diego Convention Center.

AMN Healthcare Reports Net Income of $33 Million for the Year

AMN Healthcare Services Inc., the San Diego provider of health-care staffing, reported 2013 fourth quarter net income of $8.4 million, up 18 percent from the same quarter of 2012.

House Rules

FINANCE: Lenders can still make loans outside the new guidelines, but at greater risk

Like many borrowers seeking a mortgage or refinancing an existing one, Shae Geary knew the process would involve a lot more time and paperwork.

New SBA Administrator Ready to Tackle ‘Chief Evangelist’ Role

The new Western regional administrator for the Small Business Administration can relate to what many small business owners are dealing with — she was in their shoes at one time.

What’s Next Move for World Trade Center S.D. After Relocating?

TRADE: Amid Financial Strain, Move to University Keeps Organization Open

World Trade Center San Diego is moving to a new home at San Diego State University, but how long it stays there or continues is unclear.

Vibra Brings Longtime Exec out of Retirement

Banking: For New CEO, Taking on Challenge Is Old Hat

Frank Mercardante is back at the helm of a local community bank after being been named chief executive of Vibra Bank in Chula Vista. It’s a job he wasn’t seeking, but given the chance to return to banking he’ll take it.

Tax Collector to Auction Off Nearly 300 Parcels in Delinquent Status

San Diego County Treasurer-Tax Collector Dan McAllister has scheduled an auction of nearly 300 parcels on March 19 at the San Diego Convention Center.

AMN Healthcare Reports Yearly Net Income of $33 Million

AMN Healthcare Services Inc., the San Diego provider of health-care staffing, reported 2013 fourth quarter net income of $8.4 million, up 18 percent from the same quarter of 2012.

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March Madness Ball in Our Court

SPORTs Business: NCAA Tourney Promises To Bring Crowds, Cash and Publicity to San Diego

San Diego is about to go mad — in a way that’s sure to make its tourism and hospitality industries quite happy.

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Jack in the Box Reports Net Income of $32.3 Million for Q1

Jack in the Box Inc. reported net income of $32.3 million for its fiscal 2014 first quarter, compared with net income of $20.7 million for the like quarter of 2013.

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Vibra Bank Reports Net Loss of $124,000 for the Year

Vibra Bank, the Chula Vista bank that hired a new chief executive last week, reported 2013 fourth quarter net income of $44,000, compared with $183,000 for the like quarter of 2012.

San Diego County Regional Airport Authority Issued $305M in Bonds for Rental Car Facility

The San Diego County Regional Airport Authority, the agency that manages Lindbergh Field, said it issued $305.3 million in senior specialty facility revenue bonds to finance its planned rental car center.

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Novatel Sees Machine-to-Machine Market Building

Novatel Wireless Inc., the San Diego maker of wireless modems and software, said it received purchase orders of about $7 million and also executed a supply agreement with an initial order totaling $8.2 million to provide its systems to a range of customers spanning the after-market telematics, commercial telematics, and remote management and control markets.

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San Diego Airport Bond Ratings Affirmed

Fitch Ratings affirmed the credit ratings on bonds issued by the San Diego Regional Airport Authority, with nearly $380 million of senior revenue bonds receiving an A+ rating, $571 million of subordinate revenue bonds getting an A, and the overall bond rating outlook deemed stable.

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Petco Park Among First Two Stadium's Rolling Out MLB's iBeacon-Based App

Fans visiting Petco Park who have smartphones can take advantage of new wireless technology installed to help them find their seats or what’s on the menus of certain concession stands.

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Leadership Change Brings Mercardante to Vibra Bank

Vibra Bank, with a single office in Chula Vista and about $112 million in total assets, said goodbye to Scott Parker, the chief executive who spearheaded the bank’s founding in 2008, and hello to his replacement, longtime banking executive Frank Mercardante.

There Are Good Reasons You Don’t See New Banks Opening

Given all the bank failures, mergers and acquisitions that shrank San Diego’s community banking landscape in the past several years, one might assume it would be a great time to form a new bank here.

Sony Unloads Vaio PC Unit, Embarks on Massive Restructuring

TECH: Decision’s Impact On Local Office and Tijuana Maquiladora Is Unclear

About four years ago when Sony Electronics unveiled its gleaming headquarters office in Rancho Bernardo, there was plenty of optimism surrounding the division, which moved from New Jersey earlier in the decade.

Postal Service Ponders Future in Underbanked

FINANCE: Cash-Strapped Entity Faces Flood of Criticism

The U.S. Postal Service has an answer for the growing legions of folks who are under-banked: It wants to offer banking services. In a white paper released last month by the Office of Inspector General for the Postal Service, the agency makes a case that it could help an estimated 68 million adults in this country who don’t have a bank account and use costly services such as payday loans to get by.

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Leadership Change Brings Frank Mercardante to Vibra Bank as New CEO

Vibra Bank, with a single office in Chula Vista and about $112 million in total assets, said goodbye to Scott Parker, the chief executive who spearheaded the bank’s founding in 2008, and hello to his replacement, longtime banking executive Frank Mercardante.

California Bank & Trust Reports Yearly Net Income of $140M

California Bank & Trust, San Diego’s largest lender with nearly $11 billion in total assets, reported net income of $140 million for last year, up 10.2 percent from its net profit in 2012.

Local Median-Priced House Is $405,000 for January

The median price for a single family house in San Diego dipped 3.6 percent in January from the prior month’s median price to $405,000, said Dataquick, the La Jolla real estate research firm.

San Diego Plans Bid for 2017 America's Cup

San Diego port commissioners said they want to host the next America’s Cup yacht races, and directed the staff of the Port of San Diego to present a bid on the event scheduled for 2017.

Local Median-Priced House Affordable to 28% of Residents

California homebuyers need an annual income of about $89,000 to qualify for the purchase of a median-priced single family home of $431,510 as of the fourth quarter of 2013, according to the California Association of Realtors.

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San Diego Tech Coast Angels Invests Nearly $3M During Q4

San Diego Tech Coast Angels said it invested nearly $3 million in 10 startup companies in the fourth quarter, the busiest quarter in the past year. The dollar amount came to about 40 percent of the SDTCA’s total annual investment of $7.3 million.

Frozen Food Gift Group Plans to Merge With Missouri Sports, Utility Products Company

Frozen Food Gift Group Inc., a San Diego public company in the process of diversifying its portfolio, said it signed a letter of intent agreement to merge with APT Group Inc., a Kansas City, Mo.- based maker of utility and sports products.

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Fox Sports, Time Warner Cable Reach Agreement to Televise Padres Games

Padres fans living in areas being served by Time Warner Cable will be able to watch their team on television following the news that the cable company and Fox Sports San Diego reached a long-contested agreement.

Encore Subsidiary Acquires UK Debt Collection Business

Encore Capital Group Inc., the San Diego collector of charged off credit card debt, said its United Kingdom subsidiary, Cabot Credit Management, acquired Marlin Financial Group, an U.K. debt collection business, for 295 million pounds or $484 million.

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Sony Selling Vaio as Part of Major Restructuring

Sony Corp. said it’s selling its Vaio personal computer business to Japan Industrial Partners, a Japanese investment fund, for an undisclosed sum, as part of a massive restructuring of the company that will cost about 5,000 jobs worldwide.

According to This Survey, You Should Be Starting Your Work Week With a Smile

Whistle while you work? If you’re working in San Diego, that may be the case.

Origo Ventures Receives $1M Grant From Chilean Government Entity

Origo Ventures, a San Diego based venture fund that invests in seed- and early-stage companies in Latin America, said it received a $1 million grant from the Chilean government’s investment entity.

S.D. Seeks to Improve Export Performance

TRADE: Plan Is to Leverage Area Advantages, Mentor Cos.

San Diego ranks as the eighth-largest city in the nation and the 17th-largest in terms of gross regional production, but when it comes to exports, it comes in a dismal 55th.

Peer-to-Peer Lending Gaining Traction Despite Interest Rates

FINANCE: Borrowers Don’t Mind Paying More, Investors Accept Risk

Small businesses shut out of getting loans from traditional sources like banks are finding alternatives at a slew of crowdfunding and other peer-to-peer websites.

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Sony Is Selling Vaio as Part of Its Major Restructuring Efforts

Sony Corp. said it’s selling its Vaio personal computer business to Japan Industrial Partners, a Japanese investment fund, for an undisclosed sum, as part of a massive restructuring of the company that will cost about 5,000 jobs worldwide.

Origo Ventures Receives $1 Million Grant From Chile

Origo Ventures, a San Diego based venture fund that invests in seed- and early-stage companies in Latin America, said it received a $1 million grant from the Chilean government’s investment entity.

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Bridgepoint Education Cutting Jobs, 91 Positions in San Diego

Bridgepoint Education, the San Diego public company that operates two colleges and provides most of its service through online channels, said it eliminated 117 jobs across several units including 91 positions in San Diego.