Daily Business Report-Jan. 20, 2021
Joe Biden to be sworn in
as 46th President of the United States
The inauguration of Joe Biden will take place today in Washington, D.C. on the steps of the U.S. Capitol, where the former vice president will be sworn in as the 46th president of the United States. The ceremony typically begins around 11 a.m. local time.
Amid the ongoing COVID-19 pandemic, most inaugural celebrations will be held virtually, the committee confirmed in mid-December.
The inauguration and traditional parade following the ceremony will have limited attendance. Members of the public have been urged to avoid traveling to Washington, D.C. for the event, which normally draws hundreds of thousands of spectators.
“Our goal is to create an inauguration that keeps people safe, honors the grand traditions of the presidency, and showcases the Biden-Harris administration’s renewed American vision for an inclusive, equitable, and unified citizenry,” Tony Allen, the chief executive officer of the Presidential Inaugural Committee, said.
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Climate in crisis calls for
investment in direct air capture
By Christine Clark | UC San Diego
There is a growing consensus among scientists as well as national and local governments representing hundreds of millions of people, that humanity faces a climate crisis that demands a crisis response. New research from the University of California San Diego explores one possible mode of response: a massively funded program to deploy direct air capture (DAC) systems that remove CO2 directly from the ambient air and sequester it safely underground.
The findings reveal such a program could reverse the rise in global temperature well before 2100, but only with immediate and sustained investments from governments and firms to scale up the new technology.
Despite the enormous undertaking explored in the study, the research also reveals the need for governments, at the same time, to adopt policies that would achieve deep cuts in CO2 emissions. The scale of the effort needed just to achieve the Paris Agreement goals of holding average global temperature rise below 2 degrees Celsius is massive.
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Severe allergic reactions from batch
of Moderna COVID-19 vaccine reported
at San Diego mass vaccination site
CalMatters
The problems keep racking up for California’s vaccine rollout.
State Epidemiologist Dr. Erica Pan on Sunday recommended providers stop administering doses from a specific batch of the Moderna COVID-19 vaccine following “a higher-than-usual number” of possibly severe allergic reactions at a mass vaccination site in San Diego. Although fewer than 10 people appeared to experience anaphylaxis, Pan issued the recommendation “out of an extreme abundance of caution.” More than 330,000 doses from the batch have been distributed to 287 providers across the state, representing about 10 percent of all doses in California’s possession.
With the batch off-limits until federal, state and company investigations are complete — and the federal government walking back its promise of giving the states additional doses — California’s sluggish vaccine rollout seems poised to hit another speed bump.
It’s another setback for Gov. Gavin Newsom, who appears to have fallen short of his goal of vaccinating 1 million additional Californians by Friday. Around 500,000 doses had already been administered when he announced the goal, and the state had administered only 1.3 million doses as of Saturday. Only five states have administered fewer doses per capita than California, according to the Centers for Disease Control and Prevention.
General Atomics completes unmanned aircraft
anti-submarine warfare demonstration
General Atomics Aeronautical Systems, Inc. (GA-ASI) recently completed development and test of the world’s first self-contained Anti-Submarine Warfare capability for an Unmanned Aircraft System.
“This demonstration is a first for airborne anti-submarine warfare. The successful completion of this testing paves the way for future development of more anti-submarine warfare capabilities from our MQ-9s,” said company President David R. Alexander. “We look forward to continuing collaboration with the U.S. Navy as they explore innovative options for distributed maritime operations in the undersea domain.”
Two drugs synergize to unleash
anti-tumor effects of AML
Scientists have identified two drugs that are potent against acute myeloid leukemia (AML) when combined, but only weakly effective when used alone. The researchers were able to significantly enhance cancer cell death by jointly administering the drugs that are only partially effective when used as single-agent therapies. The study, a collaboration between Sanford Burnham Prebys Medical Discovery Institute and the University of Glasgow, was recently published in the journal Nature Communications.
“Our study shows that two types of drugs, MDM2 inhibitors and BET inhibitors, work synergistically to promote significant anti-leukemia activity,” says Peter Adams, Ph.D., a professor at Sanford Burnham Prebys and senior author of the study. “The results were surprising because previous research had shown that each drug on its own had modest benefit against AML. The new research provides scientific rationale to advance clinical studies of the drug combination in patients with AML.”
Pembrook delivers $11.7 million in financing
for multifamily development in Chula Vista
Pembrook Capital Management LLC is providing a $11.7 million loan to finance the development of Bonita Glen, a 170-unit, 5.3-acre affordable housing multifamily community located at 245 Bonita Glen Drive in Chula Vista.
The borrower in this transaction is GenProp LLC, a real estate development firm. Pembrook’s mezzanine loan accompanies an additional first mortgage loan GenProp has also secured from Bank of the Ozarks.
Upon completion, the Bonita Glen community will be comprised of seven buildings, including six three-story walk-up buildings with 104 units and one four-story elevator-served building with 66 units. The unit mix will include studio, one-bedroom and two-bedroom apartments and will be designed with a focus on high-end functional unit interiors featuring modern open floor plans, high ceilings, and luxury finishes.
The planned amenities at Bonita Glen include a pool and spa area with an outdoor kitchen and fire pits, fully equipped indoor/outdoor fitness center, relaxation/ wellness studio, spacious clubhouse, indoor lockable bike storage, and a business center with private workstations.
Arthur J. Gallagher & Co. acquires
San Diego-based Atlas General Holdings
Arthur J. Gallagher & Co. announced the acquisition of San Diego-based Atlas General Holdings LLC, dba Atlas General Insurance Services. Terms of the transaction were not disclosed.
Founded in 2009 by Bill Trzos, Atlas is a full-service, multiline program manager and managing general agency offering workers compensation, commercial lines and specialty property programs nationwide, with deep expertise in the California workers compensation market.
Mike Mathews, Charles Lasher and their associates will remain in their current location under the direction of Joel Cavaness, president of Risk Placement Services Inc., Gallagher’s U.S.-based wholesale brokerage division.
County expands COVID-19 vaccination
availability to ages 75 and up
Due to a slowing of appointments at COVID-19 vaccination sites, the county of San Diego expanded the category of those eligible to include those aged 75 and up.
“We took this action today to add individuals 75 years of age and older because they are at the greatest risk,” said County Public Health Officer Wilma J. Wooten, M.D. “It remains our intention to expand vaccines to those 65 and older the week of Jan. 25, contingent of vaccine availability.”
These new requirements apply to the Petco Park Vaccination Super Station and other Point of Distribution sites providing county vaccine. More information is at coronavirus-sd.com/vaccine and reservations can be made at vaccinationsuperstationsd.com
ALS Association to present 12th annual Golf Classic
The ALS Association Greater San Diego chapter will present its 12th annual ALS Golf Classic, a fundraising golf tournament, on Friday, Jan. 29 at the Native Oaks Golf Club (formerly called Woods Valley Golf Club), 14616 Woods Valley Road, Valley Center. The tournament is open to the public. Donation to play golf is $200 per player or $800 for a foursome, which includes gift bag, food, beverages, and on-the-course contests and games (a “golf ball rocket launcher” hole). The tournament features a four-person scramble format. Starting tee times on holes No. 1 through No. 10 will range from 8 a.m. to 10:15 a.m.
Proceeds will benefit research, care services, resources and programs for people living with ALS, or amyotrophic lateral sclerosis, often called Lou Gehrig’s disease. For more information on the ALS Golf Classic, visit www.ALSGolfClassic.net.
