Daily Business Report: Oct. 17, 2023
Families fume over Newsom’s veto
of children’s hearing aid bill
They call his plan ‘a nightmare’
By Kristen Hwang | CalMatters
The Legislature this year unanimously passed a measure that would have helped families by requiring health insurers to cover hearing aids for anyone under 21. Most private health insurance in California designates children’s hearing aids as cosmetic or elective devices.
But over the weekend, Gov. Gavin Newsom vetoed the bill, citing improvements made to an existing state program established in 2021 to help families afford hearing aids. It’s the second time Newsom has effectively blocked this legislation and pointed to the state’s Hearing Aid Coverage for Children Program as an alternative. Advocates and some legislators say that program has failed.
Children’s advocates say the program will never work.
“There’s been two years of oversight hearings on this program. It’s not working, so to double down on a failing program it’s not only harmful to children, it’s wasting, you know, millions of taxpayers dollars,” said Michelle Marciniak, co-founder of Let California Kids Hear,
a parent advocacy group that sponsored the legislation. Marciniak’s daughter lost partial hearing after a viral infection.
Photo: Johanna Wonderly helps her children Caitlyn, 5, Cassie, 9, and Cara, 7, with their homework on Oct. 11, 2023. (Photo by Jyotsana Bhamidipati for CalMatters)
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Hotel del Coronado announces $160 million
restoration of historic Victorian building
The Hotel del Coronado, part of Curio Collection by Hilton, announced plans to restore and revitalize the hotel’s historic Victorian building with a more than $160 million investment, marking the next and final phase of Blackstone Real Estate’s more than $550 million development plan to preserve and enhance the National Historic Landmark property for the enjoyment of guests, visitors and the community alike.
The upgrades will encompass all Victorian guestrooms, suites and event spaces such as the iconic Crown Room, with a targeted completion date of Spring 2025.
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Sold homes fell sharply in September
The number of resale homes that closed escrow in September in San Diego County dropped significantly month-over-month, according to the Greater San Diego Association of Realtors.
Single-family detached properties were down nearly 23 percent in September compared to August, as a slow summer buying season ended even more slowly. Sales of attached properties (condominiums and townhomes) fell by 20 percent over the previous month. Year-over-year, total sales of previously owned homes in the county were down 28 percent from September of 2022.
Median prices only dipped slightly last month, with single-family homes prices landing at $999,000, and condos/townhomes at $660,000. Prices remain 10 percent higher than September of last year, and for the first nine months of 2023, resale home prices were up slightly from 2022. The amount of time that homes remained on the market until close of escrow averaged only 25 days last month.
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Single-family home sells for $16.75 million
The most expensive single-family property sold in September in San Diego County was a new custom 8,900-square-foot home on Las Planideras in Rancho Santa Fe designed by Atelier A. Tesselaar. With 7 bedrooms, a theater room, a “kid wing” and “man cave,” chef’s and presentation kitchens, a pool cabana, a mini sports field, an orchard, outdoor barbecues, and a 6-car garage, the property sold on Sept. 1 for $16.75 million.
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San Diego awarded $4.8 million to create more new homes
The San Diego Association of Governments (SANDAG) awarded the City of San Diego $4.8 million to help accelerate new home construction and to reach regional climate goals. The funds come from Regional Early Action Planning grants from the California Department of Housing and Community Development.
“This funding will help us build off the work we’ve done, and continue to do, to produce more homes, reach our climate goals and engage with the community about the importance of addressing our housing crisis,” said Mayor Todd Gloria.
Northrop Grumman to create constellation
of connectivity for Air Force Research Laboratory
SAN DIEGO — Northrop Grumman Corporation is working with the Air Force Research Laboratory to integrate commercial space internet into airborne platforms, advancing connectivity for warfighters and supporting the Department of Defense vision for Joint All-Domain Command and Control.
This capability will:
• Enable the warfighter to securely share data and synchronize operations within milliseconds around the world.
• Use open architecture, configurable systems to rapidly integrate into airborne platforms and ground vehicles.
• Provide affordable options ro resilient connectivity using commercial space internet constellations across multiple orbits.
Photo: Northrop Grumman creates constellation of connectivity for the Air Force Research Laboratory. Illustration (Credit: Northrop Grumman)
Kyocera launches new line of ceramic cookware
Kyocera, a leader in ceramic cutlery and kitchenware since 1984, has launched a new line of high-performance ceramic cookware just in time for fall holiday celebrations. The line features a proprietary nonstick ceramic-coated cooking surface that is free of PTFE, PFOA, lead, cadmium, fluorine, and heavy metals, with stainless-steel handles on an all-aluminum body for even heat distribution, faster cooking, and easy cleanup.
Verimatrix named a 2023 technology leader
Verimatrix, a leader in powering the modern connected world with people-centered security, announced it was named as a 2023 technology leader in the SPARK Matrix: In-App Protection, by Quadrant Knowledge Solutions. The Quadrant Knowledge Solutions SPARK Matrix includes a detailed analysis of the global market dynamics, vendor landscape, and competitive positioning.
Dr. Jennifer Nuovo named chief medical officer
for Blue Shield of California Promise Health Plan
Jennifer A. Nuovo, M.D., has been named chief medical officer for Blue Shield of California Promise Health Plan, which provides health coverage for Medi-Cal beneficiaries in San Diego and Los Angeles counties. Nuovo will lead clinical strategy development and implementation to support the health and wellbeing of the nonprofit managed care plan’s more than 530,000 members.
Arthrosi Therapeutics to give multiple presentations at conference
Arthrosi Therapeutics Inc., a clinical-stage biotechnology company developing treatments to reduce uric acid levels, dissolve uric acid crystals and prevent joint damage in gout patients, announced the acceptance of three poster presentations and one late breaking oral presentation at the American College of Rheumatology Convergence 2023 meeting in San Diego on Nov. 10-15.
Summer Science Program receives $200 million bequest
Summer Science Program (SSP), a nonprofit offering an advanced science immersion experience to exceptional rising high school rising seniors, has received a nearly $200 million bequest from the estate of the late Franklin Antonio. Antonio was an SSP alum from the class of 1969, co-founder of San Diegochipmaking company Qualcomm and a scientist and philanthropist.
Illumina responds to European
Commission’s divestiture order
Illumina Inc. has received an order from the European Commission directing the company to divest GRAIL. Receipt of the order is an important next step in evaluating divestiture options for GRAIL. Illumina said it is committed to resolving all issues regarding GRAIL in a timely manner, with the objective of achieving the maximum value for shareholders and the best outcome for GRAIL.
Genome Insight to present at products breakthrough summit
San Diego-based Genome Insight is set to unveil clinical research findings on the genetic foundation of rare diseases at the 2023 NORD Rare Disease & Orphan Products Breakthrough Summit (2023 NORD Breakthrough Summit) in Washington, DC. Genome Insight will present the results of a collaborative clinical study on Whole Genome Sequencing (WGS) in rare diseases, specifically focusing on sensorineural hearing loss. (
Element Biosciences and Revvity announce collaboration
Element Biosciences Inc., a developer of the AVITI System, and Revvity Inc. announced a collaboration to introduce workflow solutions that save time and effort required for genomic analysis of samples. Revvity and Element Biosciences plan to make the combined solution available to an expanded customer base interested in the full workflow or specific modules. Laboratories interested in discussing their research needs can do so via this dedicated channel.
Friends of Rose Creek receives environment award
Friends of Rose Creek has been selected as this year’s Environmental Justice Award Recipient for the inaugural AD-77 Environmental Hero Awards. The nonprofit’s work has impacted friends, families, communities, and District 77 Assembly member Tasha Boerner honored the group recently at the La Jolla Recreation Center for an Award Ceremony. The Friends of Rose Creek advocate for environmental and racial justice and to insure that everyone has access to nature in their community.
La Jolla gallery exhibition
R.B. Stevenson Gallery at 7661 Girard Ave. will present the exhibition “Seen & Forgotten” featuring new paintings by San Diego artist Stephen P. Curry. The exhibition opens with a reception for the artist on Saturday, Oct. 21, from 5-8 p.m. and will remain on view through Nov. 22. Gallery will be open at 1 p.m. for early viewing. The exhibition will feature still-life painting, which is a questioning of beauty in light of our immediate reality.
