Daily Business Report: Oct. 18, 2023
Research: Unions push companies to reduce
risky debt, help safeguard U.S. worker
By Julianne Mattera | UCSD
As the U.S. experiences a wave of strikes and labor organizing, new research from the University of California San Diego’s Rady School of Management shows that stronger unions improve the economy’s overall financial stability—reducing the risk of unemployment for unionized workers and the broader workforce.
Unions’ collective bargaining process pushes firms to take fewer financial risks, thereby reducing the firms’ chances of going bankrupt or undergoing layoffs, according to the working paper, “Resilience in Collective Bargaining,” co-authored by Carlos Fernando Avenancio-León, assistant professor of finance at the Rady School of Management.
On the other hand, the research reveals that laws that undermine unions, like right-to-work legislation, give companies leeway for more risky borrowing, which can lead to an increased risk of unemployment.
“As U.S. autoworkers, Hollywood writers and hospital workers exercise their right to strike, our findings are especially timely and can help us understand the broader economic impact of contract negotiations and strikes,” said Avenancio-León.
Top photo: As the U.S. experiences a wave of strikes and labor organizing, new research shows that stronger unions improve the economy’s overall financial stability. (Photo: iStock)
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Viasat enhances in-flight broadband service
options for business aviation customers
Viasat Inc., a global communications company based in Carlsbad, unveiled enhanced business aviation in-flight broadband service options that harmonize its Viasat Ka-band solution with the Jet ConneX solution from its recently acquired Inmarsat business.
An expanded range of service options will be available to business aviation customers using Viasat’s existing GAT-5510 terminal, as well as three upcoming next-generation Jet ConneX terminals – Satcom Direct’s Plane Simple Ka-band, Orbit’s AirTRx30, and Honeywell’s JetWave X. These will be available in early 2024 for aircraft equipped with the GAT-5510 and upon entry-into-service for aircraft with any next-generation Jet ConneX terminal.
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Northrop Grumman awarded mine detection
contract for the Republic of Korea
Northrop Grumman Corporation has been awarded a contract by Korea Aerospace Industries, Ltd. (KAI) to provide Airborne Laser Mine Detection System (ALMDS) solutions and technical support for the engineering, manufacturing and design phase of the Republic of Korea’s Korean Mine Countermeasures Helicopter program. The EMD phase is expected to be completed in 2027. The mission of ALMDS is to detect, classify and localize floating and near-surface moored mines rapidly.
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Rokadi to supply fuel interface rings to General Atomics
Republic of Korea-based ROKADI has signed a purchase order to supply General Atomics Aeronautical Systems Inc. (GA-ASI) with fuel interface rings for GA-ASI’s new MQ-9B SkyGuardian/SeaGuardian®Unmanned Aircraft Systems. The signing took place during the Global Industrial Cooperation Association 2023 Autumn Conference in Seoul, South Korea on Oct. 13, 2023. GA-ASI is an affiliate of San Diego-based General Atomics.
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Nonprofit Institute releases 2023 State
of Nonprofits and Philanthropy Report
The Nonprofit Institute housed in the School of Leadership and Education Sciences at the University of San Diego has released its 2023 State of Nonprofits and Philanthropy Report, which tracks the health and vitality of the region’s nonprofit sector and philanthropy that supports it. The report documents a thriving nonprofit sector that is very much in need of ongoing support. Highlights:
• 38 percent of San Diegans are somewhat seriously considering moving out of San Diego, primarily due to the high cost of living.
• 83 percent of residents reported having benefited from services provided by nonprofits in the past 12 months.
•80 percent of nonprofits have grown their workforce in the past 12 months, creating new staff positions. More than half anticipate more growth, yet the inability to offer competitive wages has hindered their ability to hire. Read more
California awarded up to $1.2 billion to advance hydrogen roadmap
California has been awarded up to $1.2 billion from the United States Department of Energy (DOE) to build and expand projects focused on clean energy and creating green jobs with the ultimate goal of achieving a net-zero carbon economy by 2045.
California is one of seven awardees of the DOE’s Regional Clean Hydrogen Hubs, which will kickstart a national network of clean hydrogen producers, consumers, and connective infrastructure while supporting the production, storage, delivery, and end-use of clean hydrogen.
The H2Hubs are expected to collectively produce three million metric tons of hydrogen annually, reaching nearly a third of the 2030 U.S. production target and lowering emissions from hard-to-decarbonize industrial sectors that represent 30 percent of total U.S. carbon emissions.
Peter Torrellas begins new role as president
of Cubic Transportation Systems
Peter Torrellas has officially begun his role as senior vice president of Cubic Corporation and president of Cubic Transportation Systems (CTS), following former president Jeff Lowinger’s retirement on Oct. 13. Torrellas is responsible for leading CTS’ strategic vision, growing its customer base, enhancing partnerships with existing customers and building on the long history of technology innovation.
Prior to joining Cubic, Peter was the global business unit president of Connected Communities at Parsons Corporation, leading a team of 2,500 innovators and engineers in Rail Systems, Traffic Management, Aviation, Utilites, and Environmental Remediation.
Academia must condemn Hamas attacks
The barbaric attacks force us to again confront the type of world in which we want to live. Academia must choose morality and human rights.
Leadership matters. Especially in academia. Our education leaders do not simply educate the next generation of Americans but they also inculcate the values for our future leaders in this country. Now is a moment when their voice is essential – and their silence is destructive.
Commentary by Eric J. Gertler, executive chairman and CEO of U.S. News & World Report
Brixton Capital acquires a Stockton shopping center
Brixton Capital, a privately held real estate investment firm in San Diego, has acquired Pacific Town Center, a 143,217-square-foot shopping center in Stockton, Calif, for an undisclosed amount. While the center is currently 42 percent leased, Brixton plans to re-tenant a former Toys ‘R’ Us space and the center’s recently vacated T.J.Maxx storefront to bring new retail offerings to the community.
Cal Coast Cares Foundation extends grants deadline
The Cal Coast Cares Foundation has extended the deadline for 2023 grant applications. Local educators now have through Oct. 23 to apply for grants to help with classroom projects. The foundation will be awarding $64,000 in grants to local educators this year, bringing the total amount awarded since 2017 to over $250,000. The foundation was established by San Diego teachers in 1929.
Caltrans honors CAL FIRE hero William ‘Bill’ Clayton
Evan Jones joins Airgain Inc. as vice president of engineering
Airgain Inc., a leading provider of wireless connectivity solutions that creates and delivers embedded components, external antennas, and integrated systems across the globe, announced that Evan Jones, former vice president of system engineering for Sierra Wireless, joined its executive team as vice president of engineering. With over 30 years of experience in engineering management and wireless product development, Jones is a well-known and proven veteran in the IoT industry.
New YMCA Gymnastic Center opens
An official ribbon-cutting celebration was held Sept. 23 for Dan McKinney Family YMCA’s new Gymnastics Center in La Jolla at 8355 Cliffridge Ave. Participating were YMCA officials, dozens of gymnasts and community members. The Y is the starting point for many children to learn about the importance of being active and developing healthy habits they’ll carry through their lives.
Little Italy Association to hold Bella Vita Festival
October is Italian Heritage month, and to celebrate San Diego’s Little Italy Association will host the inaugural Bella Vita Festival over the weekend of Oct. 21-22. From the producers of Festa and ArtWalk San Diego events, this new Italian festival celebrates the tradition of street painting that began in 16th century Italy where traveling artists, known as Madonnari, would re-create famous paintings onto the pavement. Tickets to Bella Vita Fest are available online.
Sony Electronics to showcase wireless gaming earbuds
Sony Electronics Inc. announced it will be a presenting sponsor at TwitchCon Las Vegas 2023 on Oct. 20-22 at the Las Vegas Convention Center. TwitchCon is the biggest community event of the year, where tens of thousands of people come together to celebrate and connect with others who share their interests and passions. Sony will showcase its newly launched INZONE Buds, truly wireless gaming earbuds with the industry’s longest battery life and the INZONE H5 wireless headset.
Trovata launches new offerings with J.P. Morgan Payments
Trovata announced it has launched two new solutions with J.P. Morgan Payments — J.P. Morgan Treasury Workstation and J.P. Morgan Multibank Reporting, both powered by Trovata. The two new offerings will revolutionize treasury management for the bank’s thousands of Corporate Investment Banking (CIB) customers. J.P. Morgan Payments is a global leader, processing over $9 trillion in payments across 160 countries and 120 currencies on a daily basis.
Integrity Marketing Group partners with
American Academy of Estate Planning Attorneys
Integrity Marketing Group LLC, a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, announced a groundbreaking partnership with San Diego-based American Academy of Estate Planning Attorneys that will revolutionize the way estate planning attorneys, insurance agents and financial advisers protect the life, health and wealth of their clients. Integrity will now be able to offer agents, advisers and clients access to industry-leading estate planning legal resources.
