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Tuesday, Feb 7, 2023

Week in Review

Quote of the Week

‘Real estate companies are closing offices and consolidating their agents. Approximately 40 percent of mortgage originators have left the business.’

, Mark Goldman, San Diego State University lecturer.

Click here for the story.

Friday, Jan. 18

Jobless Rate Inches Higher:

San Diego County’s unemployment rate for December increased by a tenth of a point to 4.9 percent, breaking a five-month holding pattern at 4.8 percent, according to the state Employment Development Department.

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California’s unemployment rate was 5.9 percent and the nation’s rate was 4.8 percent for the same month. San Diego’s unemployment rate for December 2006 was 3.7 percent.

Non-farm jobs increased in the region by 3,400 during December, bringing the total employment to 1,328,300.

The biggest contributor to the monthly gain was the sector called trade, transportation and utilities, which generated an additional 2,400 jobs, all concentrated in retail trade.

Real estate-related jobs declined by 400 jobs, while the financial sector decreased by 300, the EDD report said.

, Mike Allen

Sunday, Jan. 20

Biotech Executive Dies:

Jeff Krstich, the president and chief executive officer who led Oceanside-based International Stem Cell Corp. through some major scientific breakthroughs last year, died of an apparent heart attack. He was 60 years old.

Company co-founder and former CEO Kenneth Aldrich, who serves as chairman of the board, immediately took over chief executive responsibilities, the company said Jan. 22.

“Obviously, all of us at the company will miss Jeff Krstich enormously,” Aldrich said. “He’s left a legacy of both people he’s brought to the company and collaborations he helped to begin that were just invaluable.”

Aldrich, who served as the company’s founding CEO, recruited Krstich in 2006 to take over his duties.

Aldrich said the company plans to move forward in its attempts to capture a slice of the stem cell grants awarded to for-profit entities by the California Institute for Regenerative Medicine.

, Heather Chambers

Monday, Jan. 21

Antenna Acquisition:

Ethertronics Inc., which specializes in antennas for wireless devices, said that it acquired Flextronics’ design center in Kalmar, Sweden. Terms of the deal were not disclosed. Sorrento Mesa-based Ethertronics will retain 10 engineers from the site. Ethertronics had $14.7 million in revenue in 2006.

, Brad Graves

Tuesday, Jan. 22

Pomerado Publisher Sells Weeklies:

Gilroy-based MainStreet Media Group LLC, which owns six weekly newspapers in the San Diego region, acquired the Pomerado Newspaper Group from Publisher David Calvert for an undisclosed sum. The sale was reported Jan. 22 on the Web site of the La Jolla Light, a MainStreet publication.

Prior to the acquisition, MainStreet’s San Diego County holdings also included the Del Mar Times, Carmel Valley Leader, Rancho Santa Fe Record, Solana Beach Sun and Ramona Sentinel.

The acquisition adds the Pomerado group’s Poway News Chieftain, Rancho Bernardo News Journal and Corridor News to the mix.

All nine weeklies will operate under the umbrella of a newly formed publishing group, San Diego Suburban Newspapers.

, Connie Lewis

– – –

New Name, New Capital:

Covario Inc., formerly called SEMDirector, a San Diego interactive marketing analytics firm, said that it obtained a $16 million Series B investment from FTVentures.

The funding will allow Covario to grow its search automation solutions and advance its efforts in display and video advertising markets, the company said.

Eric Byunn, a partner in FTVentures, with offices in San Francisco and New York, joined Covario’s board of directors.

The company changed its name to Covario because of a change in business strategy, broadening its focus to include performance management technologies beyond search advertising to additional forms of interactive media, the company said.

, Mike Allen


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