Daily Business Report: Dec. 12, 2023
Getting car insurance gets harder: California
drivers face delays and higher rates
By Levy Sumagaysay | CalMatters
If you’re having trouble finding affordable car insurance, you’re not alone. Drivers across California say they’re having to wait longer than usual to get coverage — and when they finally find an insurer and a plan, they’re having to pay their premiums up front.
“Something is definitely not right,” said Willis Lai, a 36-year-old driver from the Bay Area who said it took him three weeks to find insurance for his new Honda Accord hybrid after he contacted all the major insurance providers whose jingles he could remember.
He’s not the only one. For the past year, drivers have been complaining in online forums such as Reddit and Facebook about higher premiums, delayed quotes, questionable insurer behavior and more. The California Department of Insurance is looking into similar complaints. Meanwhile, insurers have complained that their costs are rising, and that the state has been slow to approve their requests to raise their rates partly because of what they say are California’s cumbersome regulations.
“All auto insurance companies admitted in this state are required to write all ‘good drivers,’ and we are currently investigating these issues to determine whether or not the alleged actions are in compliance with insurance law,” said Michael Soller, deputy insurance commissioner and spokesperson for the state’s insurance department.
Illustration by Miguel Gutierrez Jr., CalMatters; iStock
California gets $70 million in federal
funds to accelerate Salton Sea restoration
The Biden-Harris Administration announced that $70 million in federal funding is being transferred to California’s Salton Sea Management Program, the first tranche of funding from a $250 million federal commitment announced last year to accelerate dust suppression and aquatic habitat projects at the Salton Sea. California has committed more than $500 million in state funding for Salton Sea projects to date.
California’s largest inland water body, the Salton Sea has shrunk in recent years due to reduced inflows, resulting in exposed lakebed that releases small dust particles that worsen air quality in the Imperial Valley, a region already burdened by poor air quality. The reduced water levels and increased salinity also negatively impact habitat for wildlife, including birds travelling the Pacific flyway.
San Diego Workforce Partnership awarded $4.8 million
to help find work for formerly incarcerated persons
In an effort to enhance employment prospects and support the reentry of individuals exiting the criminal justic system, the California Workforce Development Board (CWDB) awarded the San Diego Workforce Partnership $4.8 million for its innovative and successful Reentry Works services. This initiative will provide training, reskilling and upskilling, and supportive services to justice-involved individuals to improve employment opportunities and job mobility.
The grant designates the Workforce Partnership as the network hub with nine local partnering organizations as the spokes supporting the reentry population to receive funding from the awarded pool. The Workforce Partnership will work with organizations such as LivedExperiences, a grassroots organization founded in Oceanside that provides mobile laundry for unsheltered and formally incarcerated individuals, as well as mentoring and peer support, and Restoring Citizens, a local nonprofit helping formally incarcerated men through transitional housing, mental health issues and other challenges they face post-release.
Disinvested communities invited to create
economic development plan for a green economy
By Susanne Clara Bard | SDSU
To encourage economic recovery following the COVID-19 pandemic, the State of California created California Jobs First (CJF), originally known as the Community Economic Resilience Fund (CERF).
The program began by awarding $5 million each to 13 High Road Transition Collaboratives (HRTCs) across the state to plan for the creation of well-paid carbon-neutral jobs, with an emphasis on empowering under-resourced communities and training the workforce for the green economy. A total of $600 million more will be awarded over 18 months to these 13 HRTCs to further develop and implement these plans.
As the only awarded HRTC in San Diego and Imperial County, San Diego State University has teamed up with organizations across the region to form the Southern Border Coalition.
Illumina files registration statement
for potential GRAIL divestiture
Illumina has filed a registration statement to the U.S. Securities and Exchange Commission in connection with the possible divestiture of GRAIL, even though it is still challenging a European Union order to divest it of the company that makes cancer tests. “Submission of this registration statement is an important next step in evaluating divestiture options for GRAIL,”the company said in a statement. “Illumina 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.”
San Diego Angel Conference opens 2024 SDAC VI Fund
San Diego Angel Conference at the University of San Diego activates angel investors and connects them with early-stage companies seeking seed funding. By providing a low initial investment and robust deal flow, SDAC enables accredited investors from across the U.S. to explore angel investing and join the member-managed fund as a way to grow their investment portfolio. To learn more, visit www.thesdangels.com.
Manscaped launches in Tesco stores across United Kingdom
Manscaped, the global men’s grooming company and lifestyle consumer brand, announced its launch in Tesco UK, after its successful debut in Tesco Ireland. Manscaped is bringing its highly sought product mix to discerning shoppers in the UK. As Manscaped’s second retail stockist in the region, following leading pharmacy-led health and beauty retailer Boots, Tesco will stock an assortment of the brand’s premium grooming tools and formulations in 337 locations across the UK and online at Tesco.com.
Notable Labs donates $60,000 to Myelodysplastic Syndrome Foundation
Notable Labs, a clinical stage therapeutic platform company developing predictive precision medicines for cancer patients, announced that it has donated $60,000 to the Myelodysplastic Syndrome Foundation Inc. This donation was formally announced during the MDS Foundation 2023 Satellite Symposium at the 65th American Society of Hematology Annual Meeting which Notable Labs also supported in San Diego.
Wildcat announces U.S. plant for
nickel-free and cobalt-free cathodes
Emboldened by its significant progress with nickel-free and cobalt-free cathodes, Wildcat Discovery Technologies announced it will build a U.S.-based plant to produce a portfolio of safe, sustainable, and abundant cathode materials. Finalist site negotiations are under way for the plant, which will have initial capacity of 15,000 metric tons with expansion to 30,000 metric tons. Demand is increasing significantly for nickel-free cathode materials that are produced in North America.
HCAP announces new investment in Simplified E-Solutions
HCAP Partners, a California-based private equity firm and nationally recognized impact investor, announced its investment in Simplified E-Solutions, an innovative zero waste to landfill material processing and management company. Champlain Capital led the transaction. Terms of the investment were not disclosed. Since its founding in 2017, SES has reimagined zero waste to landfill programs.
Cymbiotika’s kids line earns honors in 2024 Parent Pick Awards
Cymbiotika, a leading health and wellness brand, announce that two of its outstanding products from the Kids Line have been selected as winners in the highly esteemed 2024 Parents’ Pick Awards. Cymbiotika’s Infant D3 and Toddler D3 +K2 have been recognized for their exceptional quality, efficacy, and commitment to children’s health. Launched in September, both award-winning products have quickly become staples for parents seeking the best for their little ones.
Redfin extends new agent pay plan in Southern California
Redfin announced it is expanding its new agent compensation plan to San Diego and Orange County. Under the new plan, rebranded to Redfin Next, agents earn competitive splits as high as 75 percent, have virtually all business expenses covered, and get technology, support, benefits and customer introductions from Redfin.com, the #1 brokerage site in the United States. Redfin originally announced the plan in San Francisco and Los Angeles in late October.
Zafrens launches with $23 million in financing
Zafrens, a multi-modality drug discovery company, announced the close of $23 million in financing led by Prime Movers Lab with participation from BlueYard Capital, KOFA Healthcare, Global Brains, FoundersX Ventures, Alix Ventures, Possible Ventures, Iaso Ventures, Hawktail, and other investors. The financing will be used to optimize breakthrough applications of the company’s Z-Screen platform and advance an internal pipeline.
Poll workers needed for March 5 Presidential Primary
Poll workers, especially those who are bilingual in any one of 10 specific languages, are needed for the March 5 Presidential Primary Election. The Registrar’s office is required by federal law to provide bilingual speakers and voting materials to voters who speak Spanish, Filipino, Vietnamese and Chinese. In addition, state and county requirements show a need for Arabic, Japanese, Korean, Laotian, Somali and Persian (Farsi and Dari) speakers at select vote centers across the county, so the Registrar’s office is also recruiting poll workers who are bilingual in those languages.
