Quote of the Week
‘California had some of the most expensive real estate in the country and many people bought homes they couldn’t afford with teaser loans. Those families who lived beyond their means are going to go from boom to bust and, unfortunately, join a growing number of Americans in foreclosure.’
, Serbar Bankaci, president and chief executive officer of Default Research Inc.
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Tuesday, Nov. 27
Imports Under Scrutiny:
U.S. Secretary of Health and Human Services Mike Leavitt appeared at the Port of Otay Mesa cargo facility to discuss the safety of imported products. Leavitt discussed a new set of safeguards for imports as well as his upcoming trip to China.
, Brad Graves
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New Energy At HP:
Hewlett-Packard Co. said that it plans to install a 1-megawatt solar power system at its Rancho Bernardo facility.
The 5,000-panel system, which will go atop five of the company’s seven buildings, is the Palo Alto computer maker’s first major solar power installation in the United States.
Under an $8 million deal, SunPower Corp. of San Jose will install the panels and maintain them for 15 years. HP will have no upfront costs. The solar electric system will be financed and owned by a third-party financier, whose name was not available. HP, which has 2,000 local employees, will buy solar power at a reduced, locked-in rate under its deal with SunPower.
The panels will convert the sun’s light energy into 1.68 million kilowatt-hours of electrical energy , which is enough to provide more than 10 percent of HP’s energy use at the San Diego facility.
, Brad Graves
Wednesday, Nov. 28
Deck The Park:
The Barona Band of Mission Indians said it will once again be the presenting sponsor of Balboa Park December Nights.
The operator of the Barona Valley Ranch Resort and Casino, near Lakeside, will provide $100,000 for this year’s festival, set for Dec. 7 and 8.
Mayor Jerry Sanders accepted a symbolic check from tribal Chairwoman Rhonda Welch-Scalco to formally seal the partnership during a news conference near the park’s lily pond.
For three years, Barona has been presenting sponsor of the festival, formerly known as Christmas on the Prado.
, Brad Graves
Thursday, Nov. 29
Weak Job Growth, More Housing Woes Expected:
Five of six components of a local economic index declined in October, signaling a possible recession, according to the latest University of San Diego Index of Leading Economic Indicators.
Alan Gin, the USD economics professor who compiles the data, said the latest index decrease was the third significant decline in a row. The index has dropped 18 times in the last 19 months.
“The outlook for the local economy remains unchanged: weak job growth and continued pressure on the housing market through at least the first half of 2008. The housing market may bottom out in the latter half of next year, but a rebound in prices is not expected to begin until 2009. A recession in the local economy is possible, but not likely, as San Diego has few of the industries that are severely impacted by an economic downturn, such as auto and steel production,” Gin said in the report.
During October, declines were felt in the amount of help-wanted advertising, increased claims for unemployment, consumer confidence, fewer building permits and the national index of economic indicators. The single component that increased was local stock prices.
Consumer confidence declined 1.59 percent from the prior month, and has fallen more than 23 percent from its high in January. It is at the lowest level since March 2003, according to the index report.
, Mike Allen
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VCs Can Taste Opportunity:
Allylix Inc., a maker of products for the flavor and fragrance, pharmaceutical, nutraceutical and agricultural markets, said it secured $3.35 million in financing that it will use to launch three of six products.
Included in the financing were the Tech Coast Angels, Life Science Angels, Blue Grass Angels, Pasadena Angels and Tate & Lyle Ventures.
Allylix, a privately held San Diego company with research-and-development operations in Lexington, Ky., said it will initially focus on developing low-cost products for a $1.9 billion aroma chemical segment of the flavor and fragrance market.
The company’s technology, said to reduce the costly and laborious extraction of essential oils from plants, is based on research developed at the University of Kentucky and the Salk Institute for Biological Studies.
, Heather Chambers
