Daily Business Report: Monday, March 13, 2023
The World’s Most Valuable Bank Brands (2019-2023)
Visual Capitalist
By Marcus Lu
Since 2019, Chinese banks have held the top four spots on Brand Finance’s Banking 500—an annual ranking of the most valuable bank brands.
Brand value in this context is a measure of the “value of the trade mark and associated marketing IP within the branded business.” In other words, it measures the value of intangible marketing assets, and not the overall worth of the business itself.
In this infographic, we’ve visualized the Banking 500’s top 10 brands since 2019 to show you how the ranking has evolved (or stayed the same).
Top Bank Brands of 2023
The 10 most valuable bank brands of 2023 are evenly split between China and the United States. In terms of combined brand value, China leads with $262 billion to America’s $165 billion.
Chinese banks have a massive market to serve, which helps to lift the perceived value of their brands. For example, Industrial and Commercial Bank of China (ICBC) serves over 500 million individuals as well as several million business clients.
It’s worth noting that ICBC is the world’s largest bank in terms of assets under management ($5.5 trillion as of Dec 2021), and in terms of annual revenues ($143 billion as of Dec 2022). The bank was founded just 39 years ago in 1984.
After ICBC, the next three spots are occupied by the rest of China’s “big four” banks, all of which are state-owned.
The fifth to ninth spots on this ranking are occupied by an assortment of America’s largest banks. Despite a string of controversies in recent years, Wells Fargo rose from eighth in 2022 to sixth in 2023. This goes to show that large corporations can often recover from a scandal in a relatively short period of time (e.g. Volkswagen’s Dieselgate).
Coming in tenth is China Merchants Bank, which is China’s first “joint-stock commercial bank wholly owned by corporate legal entities.”
Senate confirms Judge James E. Simmons Jr. for
federal judgeship in Southern District of California
The U.S. Senate has voted to confirm President Biden’s nomination of San Diego Superior Court Judge James Simmons Jr. to serve as a U.S. district judge for the Southern District of California.
He will fill s judgeship vacant since March 31, 2021when District Judge Anthony Battaglia assumed senior status.
Simmons has been a judge on the Superior Court in San Diego County since 2017 and has been the supervising judge of the North County Branch of the San Diego Superior Court since April 2022.
From 2006 to 2017, he was a deputy district attorney in the San Diego District Attorney’s Office and was a deputy city attorney in the San Diego City Attorney’s Office in 2005.
He will maintain chambers in San Diego.
Viasat launches Cybersecurity Service using classified
threat intelligence to help protect U.S. businesses
Carlsbad-based Viasat Inc., a global communications company, announced the launch of its Trusted Cybersecurity Services (TCD) solution, a hosted intrusion detection service that integrates classified government threat intelligence to identify existing, potential and emerging threats on an organization’s network.
The service leverages cyber threat intelligence provided by the U.S. Department of Homeland Security through the Cybersecurity and Infrastructure Agency (CISA) Enhanced Cybersecurity Services (ECS) program to help protect U.S.-based organizations from malicious cyber threats. Viasat is the only company currently authorized by DHS as an ECS services provider, and the ECS program offers a unique cybersecurity capability available to the commercial market leveraging classified U.S. government cyber intelligence.
February home sales perk up, along with median prices
Sales and prices of previously owned homes improved a bit in February from a historically slow January, according to the Greater San Diego Association of Realtors. Single-family (detached) home sales rose more than 10 percent last month, while attached properties (condominiums and townhomes) saw a surprising 19 percent rebound over January. However, sales are down dramatically from February of last year: 34 percent. Listings and pending sales of resale homes was also down significantly last month.
In a turnaround from the last 10 months, the median home price edged up in February. The price of a single-family home was $900,000, an increase of 6 percent over January. The price of condos and townhomes was up 4 percent month-to-month, landing at $616,000.
Most expensive single-family
property sold in February
The most expensive single-family property sold in February in San Diego County was a 15,4250-square-foot estate on eight acres in Rancho Santa Fe. Featuring stone pathways through heritage trees and gardens, the home has 6 bedrooms, 12 bathrooms, a huge wine cellar and a “country estates” style pool. Built in 2001, the property sold on Feb. 28 for $9 million.
— Greater San Diego Association of Realtors
NASA set to announce astronaut
selection for its moon mission
We’ll soon find out which lucky astronauts will be going on a lunar flyby next year. The big reveal will take place on April 3, with three NASA astronauts and one from the Canadian Space Agency set to be named for the historic Artemis II mission that will mark the first crewed trip to the moon since the final Apollo mission in the early 1970s. The four astronauts will take the same route as last year’s uncrewed Artemis I mission, which successfully tested NASA’s new SLS rocket and Orion spacecraft.
During their voyage, which could last anywhere between eight days and three weeks, the crew will come within just 80 miles of the lunar surface. The mission will also fly humans further from Earth than ever before, to a point about 270,000 miles away.
If Artemis II is a success, it will pave the way for the highly anticipated Artemis III mission that will see the first woman and first person of color walk on the lunar surface.
General Dynamics NASSCO makes steps into offshore wind
SAN DIEGO — San Diego industrial giant General Dynamics NASSCO will join Spanish, state-owned shipbuider Navantia in vyin for contracts to support California’s aggressive offshore wind goals. As a leading West Coast shipbuilder, NASSCO will center its attention on California where more than 373,000 acres of coastline have been greenlit for construction of offshore wind farms.
Kratos awarded $49.6 million target
drone contract from U.S. Navy
SAN DIEGO — San Diego-based Krakos has received a $49.6 million agreement from the U.S. Navy for the production of 55 target drones. The contract includes the 17-ft long target drones, Takeoff Attachment kits, and administrative data for the Navy, Canada, and Australia.
San Diego Angel Conference announces 13
startup semifinalists for SDAC final pitch
SAN DIEGO — San Diego Angel Conference, a University of San Diego Knauss School of Business program that activates accredited angel investors and engages promising early-stage companies that drive the innovation ecosystem, announced the 13 semifinalists to move forward toward the final pitch at the SDAC V Angel Conference on April 22. Tickets available here. List of semifinalists here.
Ionis Pharmaceuticals expands in Carlsbad, Oceanside
NORTH COUNTY — Ionis Pharmaceuticals doubles down on its commitment to North County with the expansion of its corporate headquarters in Carlsbad, and a multi-acre research and development site in Oceanside where it will employ 200 permanent full-time staff. As part of the North County innovation ecosystem, Ionis will continue manufacturing groundbreaking RNA-targeting gene pharmaceuticals.
Pact makes Nucleus Biologics the preferred
supplier of cell culture media for CBM
SAN DIEGO — In a joint effort to accelerate high-quality therapies to market, Nucleus Biolotics, a leading provider of custom cell culture media solutions for the cell and gene therapy industry, and Stoic Bio, a provider of sustainable technology for cell media manufacturing, have announced plans for a supply agreement with the Center for Breakthrough Medicines, a leading contract development and manufacturing organization.
This agreement makes Nucleus Biologics the preferred supplier of cell culture media and other critical biological solutions for CBM.
Morten Lund joins Foley & Larder in San Diego
Morten Lund has joined Foley & Larder’s San Diego office as an of counsel in the Finance Practice Group. For more than 25 years, Morten has advised developers, lenders, investors, and other project participants and has extensive experience in the energy sector. His focus is on solar energy and energy storage projects, but his wide range of project experience also includes wind energy projects, combustion generator projects, nuclear energy facilities, hydroelectric facilities, cogeneration facilities, chemical facilities, forestry/paper facilities, large aircraft, and shipping fleets. Prior to joining Foley, Morten was a partner at Stoel Rives LLP in San Diego.
FDA approves Acadia Pharmaceuticals’
DAYBUE for treatment of Rett syndrome
SAN DIEGO — Acadia Pharmaceuticals Inc. announced that the U.S. Food and Drug Administration (FDA) has approved DAYBUE for the treatment of Rett syndrome in adult and pediatric patients two years of age and older. DAYBUE is the first and only drug approved for the treatment of Rett syndrome. The FDA approval of DAYBUE was supported by results from the pivotal Phase 3 LAVENDER study evaluating the efficacy and safety of trofinetide versus placebo in 187 female patients with Rett syndrome five to 20 years of age.
DAYBUE is expected to be available in the U.S. by the end of April, 2023.
Bill introduced to expand educational
opportunities for Baja California students
SAN DIEGO — Assemblymember David Alvarez (D-San Diego) has introduced his first bill, Assembly Bill 91 (AB 91), which will allow low-income students who reside within 45 miles from the California-Mexico border to attend local community colleges. If approved, students would be able to attend community colleges at the in-state tuition rate of $46 per unit. The tuition for international students at Southwestern College is $291 per unit. AB 91 is supported by the San Diego and Imperial Valley Counties Community College Association (SDICCCA), which includes Southwestern College.
AleSmith Brewing Company
rolls out new Session Pale Ale
SAN DIEGO — AleSmith Brewing Company announced the release of Session .394, a light, sessionable beer in cans and draft throughout San Diego. Following in the footsteps of their original .394 beer, collaboration with Hall-of-Famer Tony Gwynn, this rendition has a lower alcohol content. The light, easy-drinking beer is sure to be a hit with those looking for a lower alcohol option without sacrificing flavor. This new release speaks to Tony Gwynn’s original vision of creating a beer that was both easy-drinking and full of flavor – one that could be enjoyed by everyone.
Applications open for California Competes tax credits
GO-Biz is now accepting applications for California Competes tax credits. There are $100 million in tax credits available during the application period for businesses that are expanding and adding quality, full-time jobs that might not otherwise be created by the business or any other business. The deadline to submit application is Monday, March 20 at 11:59 p.m. Apply now. For more information, join a free upcoming webinar: March 16, 2023
