Daily Business Report-Sept. 30, 2019
Gov. Gavin Newsome and LaBron James on episode of UNINTERRUPTED’s The Shop.
California to let college athletes
make money, defying the NCAA
Gov. Gavin Newsom signed the Fair Pay to Play Act (SB 206) by Sen. Nancy Skinner (D-Berkeley) and Sen. Steven Bradford (D-Gardena) on a special episode of UNINTERRUPTED’s The Shop, which gives college student athletes in California the ability to benefit financially from their name, image and likeness.
Currently, student athletes are barred by the National Collegiate Athletic Association (NCAA) from earning compensation from their association with college sports even though their respective college or university can make millions from their athletic performance. That participation often comes at great risk to students’ health, academic success, and professional prospects.
Nationwide, colleges and universities make $14 billion each year from student athletics and the NCAA takes in $1 billion annually.
The bill, which passed the California Legislature with overwhelming bipartisan support, becomes the first law of its kind in the nation to allow college student athletes to profit from their name, image and likeness. It will take effet on Jan. 1, 2023.
Newsom signed the bill during a special episode of UNINTERRUPTED’s The Shop, alongside the bill’s co-sponsor Sen. Skinner, LeBron James, UNINTERRUPTED’s CEO Maverick Carter, UCLA gymnast Katelyn Ohashi, WNBA star Diana Taurasi, former UCLA basketball player Ed O’Bannon and Rich Paul.
The NCAA Board of Governors had asked Newsom to veto the bill, saying it “would erase the critical distinction between college and professional athletes.” The board also warned that the law would give California universities an unfair recruiting advantage, which could prompt the NCAA to bar them from competition.
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Kellstrom announces grand opening
of Chula Vista operating location
Kellstrom Holding Corporation announced the grand opening of the Williams Aerospace & Manufacturing’s (WAM) operating facility in Chula Vista. The 25,000-square-foot facility has been designed to support the requirements of global defense customers and will support an expanded product offering as part of the mission to keep aircraft flying for a safer world.
The strategic location and purpose-built facility expansion allow the firm’s Engineered Products segment and the WAM business to build upon valued relationships with the local supply base and to retain highly skilled, San Diego County-based work force.
A ribbon-cutting ceremony was held at the new WAM manufacturing facility. The overall WAM Engineered Products team was welcomed into the community by Chula Vista Mayor Mary Salas, city council representatives, and a contingent of aerospace business customers, industry partners, and suppliers to recognize the expansion and relocation of the business.
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Sempra Energy announces agreement
to sell stake in Luz del Sur in Peru
Sempra Energyhas entered into an agreement to sell its equity interests in its Peruvian businesses, including its 83.6 percent stake in Luz del Sur S.A.A. (Luz del Sur), to China Yangtze Power International (Hongkong) Co., Limited. Sempra Energy’s interests will be sold for $3.59 billion in cash, subject to closing adjustments for working capital and net indebtedness.
The sale will also include Sempra Energy’s interest in Tecsur S.A., which provides electric construction and infrastructure services to Luz del Sur and third parties, and Inland Energy S.A.C., Luz del Sur’s generation business.
The sale is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Peruvian anti-trust authority and the Bermuda Monetary Authority.
An active sales process continues for Sempra Energy’s electric businesses in Chile, including the company’s 100 percent stake in Chilquinta Energía S.A. and Tecnored S.A. The company expects to announce an agreement in the fourth quarter of this year.
BofA Merrill Lynch and Lazard are serving as financial advisers to Sempra Energy on the sale, and White & Case is serving as legal advisor.
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Registration opens for winter
meeting of gaming legislators
The National Council of Legislators from Gaming States opened registration for the 2020 Winter Meeting,which takes place Jan. 10-12, 2020 at the Marriott Marquis San Diego Marina.
To view the agenda, register, and book rooms at the host hotel at special attendee rates, visit http://www.nclgs.org/meetings.html.
The agenda for three-day NCLGS Winter Meeting includes six legislative committee hearings that will focus on legal, regulatory, operational aspects related to sports betting, lottery and casino (commercial and tribal). Keynote speakers will be announced in October.
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General Dynamics enhances LCS with new
anti-ship and land attack cruise missile system
General Dynamics Mission Systems has integrated a new over-the-horizon missile capability onto the Independence-variant Littoral Combat Ship (LCS) in support of a Chief of Naval Operations mandate to increase LCS lethality and survivability.
The integration of the MK 87 Mod 0 over-the-horizon Naval Strike Missile aboard the USS Gabrielle Giffords strengthens the ship’s mission readiness and defensive capabilities.
The General Dynamics team, including Austal USA, designed structures and foundations and accomplished the installation in San Diego.
In addition to the USS Gabrielle Giffords, General Dynamics will serve as the prime contractor for the integration and installation of the NSM capability on all Independence-variant LCSs already in service.
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Illumina and Broad Institute agree to
co-develop genomic secondary analysis tools
Illumina Inc. and the Broad Institute of MIT and Harvard announced they have entered into a collaboration for the co-development of secondary genomic analysis algorithms and software. Top data scientists from both institutions will collaborate to bring together the industry-leading open-source GATK algorithms with the speed and enhanced accuracy of Illumina’s DRAGEN (Dynamic Read Analysis for GENomics) Bio-IT Platform for commonly used methods, including small variant and large variant detection.
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Classroom building at Cal State San Marcos
to be renamed Viasat Engineering Pavilion
The California State University Board of Trustees approved the renaming of Cal State San Marcos’ Foundation Classroom Building as the Viasat Engineering Pavilion.
The name change recognizes the $1.5 million gift from Viasat and several of its employees to become the founding partner of CSUSM’s engineering program. Viasat’s gift is helping the university renovate classroom and lab space, purchase new equipment and instrumentation, and support the work of students and faculty.
“The Viasat Engineering Pavilion will be a focal point of pioneering our software and electrical engineering programs, an incubator for development, and a gateway to the future for our students,” CSUSM President Ellen Neufeldt said.
The Foundation Classroom Building was built in 1998 and was home to CSUSM’s Extended Learning program before the opening of the new Extended Learning Building last month. The first phase of the Viasat Engineering Pavilion renovation – creating software and electrical engineering labs and a collaborative space – was completed in August. The second phase, which will create offices and the Hunter Design Lab, will begin in October and will be completed in January.
