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Thursday, Feb 29, 2024

Week in Review

Quote of the Week

‘It’s a spectacular place to live. Live being the key word. You can do anything you want to do here except snow ski, but that’s just an hour away. Life is really great here.’

, George Mullen, who is proposing that San Diego change its slogan from ‘America’s Finest City’ to ‘City of Life.’

Click here for the story.

Friday, July 21

Jobless rate ratchets up:

San Diego’s unemployment rate for June climbed to 4.2 percent, up from 3.7 percent in May, but still below the rate of June 2005, at 4.5 percent.

It was also below the unemployment rates for California, at 4.9 percent, and the nation, at 4.8 percent, according to the state’s Employment Development Department.

, Mike Allen

Monday, July 24

Power buy:

San Diego- and New Jersey-based Energy Capital Partners announced that it has purchased 15 Northeast Utilities’ power plants in Connecticut and Massachusetts for $1.34 billion, including the assumption of $320 million in debt.

, Andy Killion

– – –

Electrical grid taxed:

The California Independent System Operator, which oversees the statewide power grid, declared a stage 2 emergency, predicting operating reserves would drop below 5 percent. Yet the San Diego area avoided widespread blackouts.

A spokesman for San Diego Gas & Electric Co. said the sweltering heat through the utility’s service territory created a demand for energy.

, Andy Killion

Tuesday, July 25

Vortmann in charge:

Richard H. Vortmann, 62, was appointed interim president and chief executive officer of the San Diego Regional Chamber of Commerce. The recently retired president of San Diego-based shipbuilder General Dynamics Nassco will lead the organization while a national search is conducted for a successor to Jessie J. Knight Jr. Knight is set to join Sempra Energy on Aug. 1.

, Pat Broderick

– – –

Housing accord:

The San Diego City Council unanimously approved a compromise with builders about the city’s inclusionary housing ordinance. The deal was hammered out after the Building Industry Association of San Diego sued the city in 2003.

At issue was an ordinance requiring builders to reserve 10 percent of their new developments at reduced prices for low-income residents, or pay an in-lieu fee. The BIA has complained that this is an unfair burden, especially for builders whose projects had no direct impact on the inclusionary requirement.

Among other things, the city now has to give builders a clear understanding of what their in-lieu fees would be at the time their development applications are complete, as opposed to later, when they pull their building permits.

, Pat Broderick

Wednesday, July 26

Sizable layoff:

Neurocrine Biosciences Inc. said it laid off the 165-member sales force it hired last year to peddle its drug for insomnia, which was essentially rejected by federal authorities. The company’s stock closed at $9.23 on July 26, but once the layoffs announcement was made at market close, shares dropped nearly 5 percent to $8.80 in after-hours trading.

, Katie Weeks

– – –

A swing and a miss:

Callaway Golf, the Carlsbad golf gear maker, reported net income of $22.5 million, or 33 cents per share, on revenue of $341.8 million during the second quarter. In the year-ago quarter, Callaway reported net income of $18.3 million on sales of $323 million.

Excluding one-time items, Callaway’s earnings were 38 cents per share, but analysts surveyed by Thomson Financial had predicted earnings of 45 cents per share.

Traded on the New York Stock Exchange as ELY, Callaway shares closed at $12.51 on July 26 and opened at $11.85 on July 27.

, Brad Graves

– – –

On Broadway:

The Centre City Development Corp. delayed a decision on the controversial redevelopment of the Navy Broadway Complex, continuing the matter to September at the earliest.

The CCDC board decided to hold two more public workshops on the project, now called Pacific Gateway, a prime, 15-acre site at Broadway and North Harbor Drive.

Manchester Financial Group is the project’s developer. The project could cost between $800 million and $1 billion.

, Pat Broderick

Thursday, July 27

Chamber stakes out airport position:

Directors of the San Diego Regional Chamber of Commerce voted to endorse a Nov. 7 ballot measure that will ask voters whether the agency running San Diego International Airport should push to try to move it to a portion of Marine Corps Air Station Miramar.

After deliberating for two months, the chamber’s board, in a close vote, determined that the San Diego County Regional Airport Authority’s proposed site selection, mandated by state law, is the best way to solve projected air-traffic congestion at Lindbergh Field, the cramped, single-runway airport in downtown.

Local military brass and the Department of the Navy have made it clear, again and again, that no portion of the base could be used by commercial aircraft without interfering in fighter jet training.

, Connie Lewis


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