Daily Business Report-May 1, 2020
Feeding time at Birch Aquarium. (Photo courtesy of Scripps Institution of Oceanography)
Birch Aquarium staff keeping 6,000 fish,
invertebrates healthy during closure to public
Birch Aquarium at Scripps Institution of Oceanography is closed to the public, but its 6,000 fish, invertebrates, and one reptile still require daily care. Like many businesses and organizations in the community, unexpected challenges have arisen with this global pandemic, but the aquarium’s animal care team has risen to the occasion while still making their safety a priority.
Daily tasks, like feeding the sardines, monitoring newborn seahorses, and training the endangered Loggerhead Sea Turtle must all still go on. Missing guests mean things are a little quieter through the galleries, and some animals are taking notice. Shy coral reef fish are spending less time hiding and more time out and about in their exhibit.
Conversely, the intelligent and social Giant Pacific Octopus has spent more time in her den. The team is spending extra time socializing with her and providing enrichment activities like puzzle toys to make up for the lack of guest engagement.
“We are so appreciative of our talented Birch Aquarium Husbandry Team, tasked with promoting the health and well-being of our animals during the coronavirus health emergency,” said Harry Helling, Birch Aquarium’s executive director.
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Coronavirus Budget Projections: Escalating Deficits and Debt
Added costs and declining revenues stemming from Covid-19 will produce a 2020 federal budget deficit in excess of $4.2 trillion. This is slightly above the Congressional Budget Office’s (CBO’s) April 24 estimate of $3.7 trillion for the year. This is according to a report by the Manhattan Institute, a think tank.
The baseline deficit entering 2020 was $1.0 trillion. The CBO projects that the first four coronavirus response bills will add $2.2 trillion to this year’s deficit. The remaining portion of the deficit consists of the economic and technical effects of the economic shutdown—the non-legislative costs such as fewer workers paying taxes and more people signing up for unemployment and Medicaid benefits. This analysis assumes approximately $1 trillion in these costs (bringing the total deficit to approximately $4.2 trillion), while CBO presumably assumes a smaller economic and technical figure to reach its $3.7 trillion total.
Click here to view the full report.
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Newsom is cutting huge, secret deals for coronavirus
in a hurry. Lawmakers want to know more
California has spent more than $2 billion on its coronavirus response so far, with most of the money going to private companies the state is contracting with to produce medical equipment and protective gear. Yet the details of many contracts remain unknown, even to the state Legislature, the Sacramento Bee’s Sophia Bollag reports.
A few examples:
- Newsom’s nearly $1 billion deal with Chinese company BYD for a monthly shipment of medical-grade masks. His administration has denied repeated requests from lawmakers and journalists to release the contract, citing concerns that shipments could be jeopardized.
- Bloom Energy’s refurbishing of hundreds of ventilators. It’s unclear how much the state is paying Bloom, though a Bloom spokesperson said the company is refurbishing ventilators at cost.
- Virgin Orbit’s production of bridge ventilators. CEO Dan Hart said the state is paying his company $2,000 apiece for 600 bridge ventilators, but the contract has not yet been made public.
- Hospital leases. The state has not yet released contracts for two hospital leases totaling $30 million, despite lawmakers’ requests.
- Testing. The state is contracting with several companies, including Verily Life Sciences, to provide widespread diagnostic testing, but details remain unclear.
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Deadline extended for virtual
business accelerator program
A difficult time for emerging and growing businesses, CONNECT ALL @ the Jacobs Center has extended the deadline for its business accelerator program – which will be entirely virtual – to May 3.
The program is the first in San Diego to focus on low-to-moderate income and diverse founders, and benefits participants with early-stage and growth-driven businesses with:
- Weekly virtual workshops from a variety of local experts
- One-on-one mentorship
- Business management and investor relations assistance
- And many other resources to grow at a faster pace
Applications can be submitted via connectallsd.org.
Since its inception in May 2019, 25 San Diego companies have grown and succeeded as a result.
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Handset demand down in Q2
but Qualcomm still bullish on 5G in 2020
Qualcomm was within its second quarter 2020 revenue guidance despite a significant downturn in handset demand related to the COVID-19 pandemic and associated business closures and quarantine regulations. While the company sees this softening continuing into the next quarter, Qualcomm is sticking to its 2020 5G smartphone forecasts.
This week Qualcomm reported Q2 revenue of $5.2 billion against earlier guidance of $4.9 billion to $5.7 billion; Q3 revenue guidance is between $4.4 billion and $$5.2 billion.
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How coronavirus is busting California’s
$187 million census campaign
Despite investing more than any other state, California’s response rate is off more than 10 percent from the final 2010 count. Even with extensions, there’s a possibility for a record low turnout that would sink the state’s $187 million investment.
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Marketing Insights:
Crafting Your Strategy and Narrative During a Crisis
Join us on May 7 for an interactive panel presentation and discussion about how your organization can turn challenge into opportunity.
Creating Powerful Narratives
- Making Connection: Illustrate how we are all in this together
- Showcase how you’re connecting with others to get through this time
- Authentic and relatable stories
The Importance of Human-Centered Marketing
- Shifting from organization-centric to a customer-centric mindset
- Why you should focus on building community, and how to do it
- Importance of accessibility — why you must weave it into all your marketing
How Small Businesses Can Show Large Acts of Resilience
- Change products or services to during COVID
- Flipping your business delivery system on its head
- Consider new vertical markets
Marketing Tips in the Age of Social Distancing
- Marketing virtually using social media
- Tips to generate virtual demos and presentations
- Secrets to better virtual meetings
- Power of adding e-commerce to your business
Thursday, May 7 | 1 to 3 p.m.
Members Free / Guests $20
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Michaela Fortunato named chair of BIA’s yGEN Council
Michaela Fortunato, corporate marketing manager for Sunrise Management – which has specialized in the management of multifamily properties since 1978 – has been elected 2020 chair of the board for the San Diego Building Industry Association’s (BIA) Young Generation of Leaders (yGEN) Council.
Fortunato, who has worked in the corporate marketing department of Sunrise Management for over five years, has been involved with BIA since 2015. Prior to joining Sunrise, she was a marketing coordinator for Welk Resorts. She holds a bachelor’s degree in business administration and management from the University of San Diego.
The BIA’s yGEN is an organization focused on fostering the professional growth of the San Diego home building industry’s future leaders with the goal of encouraging its members to become active and remain engaged in the building industry and its leadership opportunities.
