Daily Business Report — Aug. 30, 2012

Mexican Citizen, Businessman Joins
New Ownership Group of the Padres

Alfredo Harp Helú, an investor in the San Diego Padres’ new ownership group led by the Seidler/O’Malley families and Ron Fowler, is believed to be the only member of a MLB ownership group who is a citizen of Mexico. Harp, a well-known businessman and philanthropist, has owned the Mexico City Red Devils (Diablos Rojos) baseball team since 1994, and currently serves as the club’s chairman. He is also chairman of Grupo Martí, S.A.B. de C.V., a position he has held since acquiring control of the group in 2008. The company is engaged in selling sports items with over 200 outlets and operations of fitness centers. In 1991, Helú, together with a group of investors, acquired Banco Nacional de México, S.A., This led to a creation of Grupo Financiero Banamex, S.A. de C.V., where he has since served as board chairman. (Photo by Andy Hayt/San Diego Padres.)

San Diego County Economic Index Up 0.3 Percent

The USD Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County rose 0.3 percent in July.  The gain was led by moderate gains in building permits, help wanted advertising, and the outlook for the national economy. There were smaller advances in local stock prices and consumer confidence. The only negative component was initial claims for unemployment insurance, which were moderately negative. July’s advance was the ninth in a row for the USD Index.  Although the gains in the last two months were modest, the outlook remains for continued solid growth in the local economy, at least into the first half of 2013. Barring a national or international catastrophe, 2012 is shaping up to be the best year for job growth in San Diego County since 2006, and that strength will carry over into 2013.

Cubic Defense Applications Receives Navy
Contract With Potential Value of $18.7 Million

Cubic Defense Applications, the defense systems business of Cubic Corp., has been awarded a contract with a potential value of $18.7 million to develop Navy Communications Data Link Subsystem and other communications technology. Under contract to the Navy’s Space and Naval Warfare Systems Command (SPAWAR), Cubic will deliver the systems

by February 2014 for deployment aboard an aircraft carrier that will have multiple data links supporting helicopters in performing anti-submarine warfare missions. Cubic’s initial funding from SPAWAR will be $8.7 million.

Accion San Diego Receives $600,000 Federal
Grant to Meet Increased Demand for Loans

Accion San Diego, a nonprofit microlender offering business loans, has been awarded a $600,000 grant from the U.S. Department of Treasury’s Community Development Financial Institutions Fund for the second consecutive year. Executive Director Elizabeth Schott said the funds will enable the organization to meet increased demand for its services. During the first two quarters of 2012, Accion has seen over a 70 percent increase of number of loans made and dollars disbursed compared to the same period in 2011. The organization provided 74 loans in the first half of 2012 worth $913,352 to small business owners, compared to 43 loans worth $538,329 in the first half of 2011.

After-School All-Stars Receives
$50,000 From FOX Sports San Diego

The San Diego chapter of After-School All-Stars received a $50,000 donation from FOX Sports San Diego at the San Diego Padres game on Monday. The sponsorship marks the first charitable gift for FOX Sports San Diego. The partnership will benefit the All-Stars’ “Sports As A Hook” program, a sports-based youth development initiative that helps connect sports to leadership and life skills, community service, nutrition, empowering girls, nature and parental involvement.  FOX Sports Networks has worked with After-School All-Stars since 2010 to tackle the childhood obesity crisis by helping kids become more physically active and knowledgeable about healthy eating choices. Two All-Stars, Myra and Jeff, shared their personal experience about how the program has influenced their lives. Tyree Dillingham is executive director of San Diego After-School All-Stars. (Photo: Tomas, Jerimiah and Savannah of the After-School All-Stars.)