Quote of the Week
‘Tijuana has been very keen on setting up closer ties with San Diego. But you can’t play solitaire tennis on the border.’
, Richard Kiy, CEO, International Community Foundation, on renewed relations between San Diego and Tijuana.
Click here for the story.
Friday, Dec. 30
Fed Adviser Named:
Grace Evans Cherashore, the president and CEO of San Diego-based Evans Hotels, was named to the advisory council to the Federal Reserve Bank of San Francisco.
Cherashore was one of three new members appointed to the eight-member advisory council. The council provides grass-roots information to the Federal Reserve System. The Federal Reserve Bank system, with 12 district banks, formulates monetary policy, serves as a bank regulator and administers consumer protection laws.
The two other appointees were Cathy Luke, the president of Loyalty Enterprises Ltd., a Honolulu-based property management and investment firm, and Roderick Wendt, the president and chief executive officer of Jeld-Wen Inc., an Oregon-based manufacturer of doors and windows.
Cherashore’s mother-in-law, Anne Evans, is a former board member of the Los Angeles branch of the Federal Reserve Bank of San Francisco.
, Mike Allen
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Gas Prices Drop:
Southern California gas prices continued downward for the 13th consecutive week, but at a continued slower pace, indicating that the decreases may soon end, said the Automobile Club of Southern California.
The average price for regular self-serve gasoline in the San Diego area fell 1.5 cents to $2.284 from $2.299 a week before. The price is 18 cents below last month and 22 cents above last year.
The record price was $3.060, set Sept. 5.
“After several weeks of declines, California wholesale gasoline prices turned up sharply this week, and that could soon translate into increases at the pump,” Auto Club spokesman Paul Gonzales said. “The higher prices are fueled by scheduled January refinery maintenance and the annual switch from winter to summer gas blends, which takes place in February.”
Orange County had the lowest average price in Southern California, at $2.190. The Santa Barbara-Santa Maria-Lompoc area had the highest gas price, at $2.390.
, Brad Graves
Wednesday, Jan. 4
The USS Ronald Reagan, the Navy’s newest aircraft carrier, left San Diego on its maiden deployment.
The Navy said the Reagan, which is based at North Island Naval Air Station, will support the global war on terrorism. Additionally, it will support national and theater cooperative security commitments in the western Pacific Ocean.
Also leaving San Diego were the guided missile cruiser USS Lake Champlain and the guided missile destroyers USS McCampbell and USS Decatur.
The nuclear-powered Reagan was commissioned in 2003 and carries a crew of 3,000. The addition of the ship’s air wing will bring the carrier’s population up to 5,000.
, Brad Graves
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A Florida company announced it has the federal government’s nod to continue running the government’s 700-bed Western Region Detention Facility.
The Office of the Federal Detention Trustee awarded GEO Group, Inc. of Boca Raton, Fla., a five-year management contract with a five-year renewal option. GEO has managed and operated the facility since 2000.
The facility at 220 C St. houses federal inmates who have not yet gone to trial. It employs 300. It is separate from the high-rise Metropolitan Correctional Center a few blocks away.
In a statement, GEO said it expects $34 million in annual revenue from the contract.
The GEO Group trades on the New York Stock Exchange under the symbol GGI. It runs government facilities, including prisons and mental hospitals, in the United States, Canada, Australia and South Africa. GEO maintains a Carlsbad office with 12 employees, who oversee company operations in Western states.
The new contract goes into effect Jan. 6.
, Brad Graves
Thursday, Jan. 5
Qualcomm Expands Repertoire:
Qualcomm Inc. announced it has acquired Silicon Valley-based Berkana Wireless Inc. for $56 million in cash. Berkana makes radio-frequency chips, doing the design work but subcontracting the production.
Qualcomm said it also expected to take a $10 million charge with the acquisition, principally related to in-process research and development. Qualcomm said as a result of the acquisition, it expected a half-cent dilution to pro forma earnings per share during the current fiscal year.
Berkana is a venture-backed company founded in 2001. Its intellectual property portfolio includes 21 patents granted and 37 filed. Its headquarters are in Campbell and it has a subsidiary in South Korea.
, Brad Graves