Daily Business Report: Thursday, Dec. 29, 2022
The $100 Trillion World Economy
Visual Capitalist
Surpassing the $100 trillion mark is a new milestone for global economic output.
We’ve covered this topic in the past when the world’s GDP was $88 trillion
(2020) and then $94 trillion (2021), and now according to the latest projections, the IMF expects the global economy to reach nearly $104 trillion in nominal value by the end of 2022.
Although growth keeps trending upwards, the recovery that was expected in the post-pandemic period is looking strained. Because of recent conflicts, supply chain bottlenecks, and subsequent inflation, global economic projections are getting revised downwards.
Global annual GDP growth for 2022 was initially projected to be 4.4 percent as of January, but this has since been adjusted to 3.6 percent.
The United States is still the economic leader worldwide, with a GDP of $25.3 trillion—making up nearly one quarter of the global economy. China follows close behind at $19.9 trillion.
U.S. is about to ban TikTok
from federal government phones
Bobby Allyn | NPR
Having TikTok on a device issued by the federal government is about to become illegal under a sprawling spending bill for the upcoming fiscal year passed by Congress last week. It
is headed for President Biden’s signature and expected to become law in the coming days.
While the Chinese-owned app is already not allowed on many federal government devices, the measure in the new spending bill expands the prohibition. The ban will likely result in a hit to TikTok’s reputation at a time when the Biden administration is still attempting to complete a national security review of the popular app.
MiraCosta College employee and program
honored by San Diego North EDC
Sudarshan Shaunak, a MiraCosta College employee who assists entrepreneurs grow existing businesses or start new businesses, and the Cooperative Education Reskilling and Training Pilot Program, which received $3.5 million in funding for an education reskilling and training program focusing on disadvantaged and unemployed adults were both recognized at the event.
A MiraCosta College employee and program were recognized at the annual San Diego North Economic Development Council event in Oceanside. The event celebrates the economic development achievements throughout North San Diego County.
“The San Diego North Economic Development Council is pleased to honor MiraCosta College for its contributions to the area’s economic vitality,” said W. Erik Bruvold, chief executive officer of the council.
Sudershan Shaunak, is the director of North San Diego Small Business Development Center (SBDC), a program hosted by MiraCosta College, and supported by federal and state funding. Additionally, Shaunak is a member on MiraCosta College Foundation Board.
Can pharmacotherapies prevent
alcohol use in people with PTSD?
Survivors of abuse and trauma are vastly more likely than other people to develop alcohol use disorder (AUD); according to some estimates, as many as three-quarters of people with post-traumatic stress disorder (PTSD) report drinking problems.
Now, Scripps Research scientists have identified a class of drugs that might break this link. In animal models of PTSD, the drug decreased alcohol preference and intake as well as other behaviors associated with PTSD, including aggression, excessive fear and hyperarousal. The findings were published in Neuropsychopharmacology on Nov. 18, 2022.
“The overlap of PTSD and AUD is a major problem,” says co-senior author Marisa Roberto,
the Schimmel Family Chair of Molecular Medicine and a professor of Neuroscience at Scripps Research. “We’ve shown that there is potential to alleviate both disorders by targeting brain pathways that they share.” Read more…
Scientists shine a light into the
depths of Alzheimer’s disease
What a shock to be diagnosed with Alzheimer’s disease. What a feeling to have one’s memories stolen by a disease that seems to drift in from nowhere. Still, every disease must come from somewhere. Associate Professor Sonia Sharma is leading one of several promising efforts at La Jolla Institute for Immunology (LJI) to uncover the fundamental molecular drivers of Alzheimer’s disease.
“In the last five years, it’s become clear the immune system is a major factor in Alzheimer’s disease,” says Sharma. Already, Sharma has found new clues to Alzheimer’s by investigating an odd type of immune cell: the stromal cell. Stromal cells are interesting because they are barely immune cells at all. They actually have a lot in common with the kind of stem cells that hang out in the bone marrow. But stromal cells are special because they help activate T cells and B cells. “In my lab, we consider stromal cells to be immune mediators,” says Sharma. Read more…
Hand-Stands at Sea
PHILIPPINE SEA (Dec. 24, 2022) U.S. Navy Lt. j.g Maya Matais, from Carlsbad, helps Aviation Electronics Technician 2nd Class Valeria Marin practice holding a hand-stand during a gymnastics course in the hangar bay aboard the aircraft carrier USS Nimitz (CVN 68). Nimitz is in 7th fleet conducting routine operations. 7th Fleet is the U.S. Navy’s largest forward-deployed numbered fleet, and routinely interacts and operates with 35 maritime nations in preserving a free and open Indo-Pacific region. (U.S. Navy photo by Mass Communication Specialist 3rd Class Caylen McCutcheon)
Luxury home sales sink 38 percent,
biggest decline in history
Sales of luxury U.S. homes fell 38.1 percent year over year during the three months ending Nov. 30, 2022, the biggest decline on record, according to a new report from Redfin, the technology-powered real estate brokerage. That outpaced the record 31.4 percent decline in sales of non-luxury homes. Redfin’s data goes back to 2012. The luxury market and the overall housing market have lost momentum this year due to many of the same factors: inflation, relatively high interest rates, a sagging stock market and recession fears.
L3Harris Technologies Inc., L-3 Telemetry and Radio
Frequency Products awarded Navy contract
L3Harris Technologies Inc., L-3 Telemetry and Radio Frequency Products in San Diego has been awarded a $21.9 million modification to a previously awarded contract for the production and delivery of 374 modernized radios, to include 335 for the Navy and 39 for the government of the United Kingdom. Work will be performed in San Diego and is expected to be completed in March 2025. The Naval Air Systems Command, Patuxent River, Md., is the contracting agency.
Sempra Infrastructure enters sales and purchase
agreement with RWE for Port Arthur LNG
Sempra Infrastructure, a subsidiary of Sempra, has entered into a long-term sale and purchase agreement with RWE Supply & Trading, a subsidiary of RWE , for the supply of approximately 2.25 million tons per annum of liquefied natural gas (LNG) from the Port Arthur LNG Phase 1 project under development in Jefferson County, Texas. The LNG will be delivered on a free-on-board basis for 15 years. The agreement also provides a framework to explore ways to lower the carbon intensity of LNG produced from the Port Arthur LNG Phase 1 project.
Chatmeter promotes Cynthia Sener
to president, Go-to-Market
Chatmeter, a leader in reputation management and brand intelligence for multi-location enterprises, announced the promotion of Cynthia Sener from chief revenue officer to president, Go-to-Market. In her new role, Sener will continue to oversee revenue growth and assume additional responsibility for the company’s go-to-market strategy. Sener brings decades of sales, marketing and strategy experience to this new role, including her years serving as Chatmeter’s vice president of marketing, vice president of ales and marketing, and most recently as CRO.
Fired former San Diego prosecutor nets almost
$6 million from city for damages, attorney fees
Marlea Dell’Anno, a former San Diego city attorney who a jury earlier this year ruled the city wrongfully fired, ended up winning nearly $6 million in her case when the city finally cut a check earlier this month, the Union-Tribune reported.
NROTC San Diego commissions 17 members
Seventeen members of the Naval Reserve Officers Training Corps (NROTC) San Diego, including several from the University of San Diego, were commissioned on the USS Midway Saturday, Dec. 17, during a mid-year ceremony. The ceremony represents a significant milestone. It represents the end of a journey of education, training and self-discovery and marks the beginning of a journey of military service by taking the Oath of Office. Of the NROTC members who commissioned; eight were Ensigns (Navy) and nine were Second Lieutenants (Marines, Army and Space Force).
UC Berkeley honors former SDCCD chancellor
The Academic Senate of the University of California Berkeley presented the 2022 Clark Kerr Award to Constance Carroll, chancellor emerita of the San Diego Community College District. Following her retirement from the district, Carroll founded and currently serves as president of the California Community College Baccalaureate Association. The award recognizes an individual who has made an extraordinary and distinguished contribution to the advancement of higher education. Read more…
