Daily Business Report: May 15, 2024
Guest Commentary
How California is building career pathways
to its next big economic sector — the ocean
By Sonia Christian, chancellor of California Community Colleges
and Terry Tamminen, president and CEO of AltaSea
Despite its job market and future workforce challenges, California has a massive job-generating opportunity just west of the coastline: the ocean.
It’s true that the ocean and its resources are increasingly being seen as the way to address the planet’s most challenging issues – food insecurity, energy shortages and even storing carbon emissions. While the potential of the ocean is significant, we need to make sure we are cultivating ocean jobs in a sustainable way.
Enter the “blue” economy: one of the fastest growing economic sectors in California. From ocean exploration and regenerative aquaculture to underwater robotics and renewable energy, the blue economy is expected to create new jobs of every kind, bringing opportunities that can benefit diverse communities. Prior to the pandemic, the Organization for Economic Cooperation and Development projected the blue economy would reach $3 trillion in global value by 2030.
Just like what the dot-com boom and rise of the internet did for California, something similar is on the cusp of happening with the blue economy. So, it’s only smart that we make sure our next generation has the training and skills necessary to ensure that they can seize these opportunities.
Photo credit: Organization for Economic Cooperation and Development
Annual report finds county needs 134,000 more affordable homes
By Dave Schwab |sdnews.com
The region’s voice for affordable housing issued its annual report on housing supply and the results were alarming: San Diego is failing to halt the growing gap between housing supply and need, especially for low-income renters and the homeless.
The report found 134,000 more affordable homes are needed to meet the region’s needs. Plus, hundreds of shelter beds were lost in the last year while the number needed is thousands higher. However, there was some good news: Rents are stabilizing and sometimes even slightly decreasing.
At a May 9 press conference, the San Diego Housing Federation released the annual San Diego County Housing Needs Report from the California Housing Partnership. In it, SDHF coalition leaders spotlighted the growing —and continuing — need for investment in affordable housing region wide for San Diegans in general, and low-income renters in particular.
The annual 2024 San Diego County Housing Needs Report from the California Housing Partnership shows a severe shortage of affordable homes in San Diego. Some of the key findings:
- There has been a 13 percent decrease from the last year in state and federal funding for housing production and preservation.
- San Diego County is more than 134,500 homes short for low-income renters.
- For people experiencing homelessness in San Diego, there are 800 fewer beds available than there were just a year ago. San Diego County is 9,226 beds short.
- Rents are stabilizing, a sign of the city’s pro-housing efforts at work. The average asking rent for a two-bedroom unit is now $2,479.
- Wages have not kept up with rent increases. On average, a single person needs to make $47.67 per hour to afford the average monthly rent, 2.8 times the minimum wage.
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Royal Jordanian Airlines selects Viasat’s
state-of-the-art in-flight Wi-Fi across multiple fleets
Royal Jordanian Airlines and Viasat Inc., a global leader in satellite communications, announced that the airline will officially make high-speed Wi-Fi a priority to enhance its future passenger experience by selecting Viasat’s in-flight connectivity (IFC) solution across multiple fleets.
In line with the airline’s strategic plan to increase and modernize its fleet, Royal Jordanian Airlines will equip more than 40 total aircraft with Viasat connectivity systems, including plans to factory-install the system on its new Embraer E2, Airbus A320, Airbus 321 and Boeing 787-9 fleets. The airline also plans to retrofit its Boeing 787-8 widebody aircraft with the advanced Wi-Fi solution.
The connectivity service will be configured to provide passengers with a high-quality online experience, including fast internet speeds, streaming entertainment possibilities, real-time communication capabilities, and productivity options designed to keep passengers and crew connected throughout the flight.
Photo: Royal Jordanian Airlines will install Viasat in-flight connectivity across multiple fleets.
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Three researchers at La Jolla Institute for
Immunology win Prebys Foundation funding
Three researchers at La Jolla Institute for Immunology (LJI) have won funding through the Prebys Foundation’s “Prebys Research Heroes” Program. LJI Professor, President & CEO Erica Ollmann Saphire, LJI Associate Professor Sonia Sharma, and LJI Professor Sujan Shresta will each receive two-year grants totaling $500,000.
Saphire, Sharma and Shresta each lead laboratories focused on critical immune system issues.
Saphire has advanced the use of tools in structural biology to investigate the interactions between viruses and human antibodies.
Sharma has developed high throughput, genome-scale approaches to understand the body’s first line of defense against disease, called the innate immune system.
Shresta has pioneered the study of how T cells defend the body against SARS-CoV-2 and several deadly flaviviruses, including dengue and Zika.
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San Diego to create a sprawling citywide network of electric vehicle chargers
Advice from San Diego’s independent budget analyst prompted the City Council on Monday to approve a deal that aims to create a regional network of reliable electric vehicle charging stations.
Chargers will be installed at every city library, recreation center and beach within two years, and at every city building within five years.
There are more than 400 city parking lots in sprawling San Diego, from Rancho Bernardo and Carmel Valley in the north to Otay Mesa and San Ysidro in the south.
The deal aims to make it easier for residents to own electric cars and reduce local greenhouse gas emissions. It will also help the city replace its 5,000-vehicle gas-powered fleet.
The deal comes as electric vehicle ownership is climbing in the city and county, officials said, and with sales rising across California.
Electric vehicles made up 6 percent of all vehicles registered in San Diego County last year, based on state data, city officials said Monday — twice their share from the year prior. And electric vehicle ownership was up 50 percent year over year in the city.
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Heritage Global Partners and Integra Asset Solutions host online auction
Heritage Global Partners, a subsidiary of Heritage Global Inc., in partnership with
Integra Asset Solutions, announce an exclusive online auction featuring woodworking and furniture manufacturing equipment from Flexsteel Industries. This auction presents a prime opportunity for businesses and individuals to acquire a wide array of machinery and equipment for furniture production and more. Bidding will take place online with lots starting to close at 10 a.m. EDT on May 21, 2024. Interested parties should register to participate through the auction website.
TriLink BioTechnologies collaborates with Johns Hopkins University
TriLink BioTechnologies, a Maravai LifeSciences company and global provider of life science reagents and services, is collaborating with the Johns Hopkins University to accelerate transformational research in RNA therapeutics and discovery. A new center within the Johns Hopkins Whiting School of Engineering will accelerate research and therapeutic development, leveraging TriLink’s leading RNA synthesis technology.
Mitek announces $50 million share repurchase program
Mitek Systems Inc., a global leader in digital identity and digital fraud prevention, announced that its board of directors has authorized a two-year share repurchase program for up to $50 million of its common stock. The timing and actual number of the shares repurchased will depend on a variety of factors including price, market conditions and corporate and regulatory requirements. The company intends to fund the share repurchases from cash on hand.
Mitek announces CEO transition
Mitek announced that the company’s board of directors has appointed Scott Carter as Interim CEO, effective June 1, 2024. The company will terminate the employment of Mitek’s current CEO, Max Carnecchia, on May 31, 2024. At the request of the board, Carnecchia will remain a member of the board of directors and be available to assist with the CEO transition process. The board has engaged the services of a leading global executive search firm and has commenced the search for a new CEO.
CyberCatch provides ransomware risk mitigation tools
CyberCatch Holdings Inc., an innovative cybersecurity company offering an AI-enabled platform solution for continuous compliance and cyber risk mitigation, announced several unique ransomware risk mitigation tools it is providing to organizations to help them stay safe from ransomware attacks. Ransomware is now an epidemic and triple threat in key sectors, such as K-12, higher education, health care, municipalities and others, with ransom payments exceeding $1 billion USD in 2023, a 94 percent increase from 2022, according to Chainalysis.
NetQuest introduces next-generation lower density streaming network sensor
NetQuest, the market leading global provider of ultra-scale Flow and Packet-Based network intelligence solutions for cybersecurity visibility announced the expansion of its Streaming Network Sensor portfolio to extend powerful network visibility further out to the network edge. The next-generation SNS750 is a compact one rack unit (1RU), high-performance monitoring appliance that delivers 1:1 unsampled NetFlow with Enriched Flow Intelligence for 100 percent of the packets observed at line rate to enable highly optimized and unobscured visibility into clear and encrypted network traffic.
Bench International adds industry veteran Dr. Renee P. Tannenbaum to team
Bench International, a leading global executive search firm, announces the appointment of Renee P. Tannenbaum as head of corporate development. Her extensive expertise in the pharmaceutical and biotech sectors, coupled with her distinguished board experience, promises to catalyze unprecedented growth and collaboration with Bench’s esteemed network. Dr. Tannenbaum’s career as a pharmaceutical executive has been marked by transformative leadership roles at esteemed organizations such as Bristol Myers Squibb, Merck and Company, Elan Pharmaceuticals, Novartis Pharma AG and Halozyme.
Oceanside Independence Parade returns on June 29
On Saturday, June 29, 2024, the streets of Downtown Oceanside will once again come alive with the vibrant spirit of the community at the 28th Annual Oceanside Independence Parade. Emphasizing the theme “Celebrating Our Heritage,” the parade will pay homage to Oceanside’s cultural richness and industrious roots, with over 100 community groups represented in the procession. The parade will start at 10 a.m. at the intersection of North Coast Highway and Wisconsin Avenue and will travel north on Coast Highway to Civic Center Drive.
NCTD hires Tom Tulley as chief operations officer of rail
North County Transit District (NCTD) has hired Tom Tulley to serve as the agency’s chief operations officer of rail. In this role, he will be responsible for all the district’s rail operations and maintenance programs for the COASTER Commuter Rail and SPRINTER Hybrid Rail. Tulley brings decades of experience to this position including operations, maintenance, safety and regulatory compliance. Most recently, Tulley served as managing director / country manager for Stadler Services in the United States and Canada.
Sempra declares common dividend
Sempra announced that its board of directors has declared a $0.62 per share quarterly dividend on the company’s common stock, which is payable July 15, 2024, to common stock shareholders of record at the close of business on June 27, 2024. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world’s most significant economic markets, including California, Texas, Mexico and global energy markets.
Hear USA opens hearing centers in El Cajon and Carmel Valley
San Diego area residents living with hearing loss now have more access to better hearing health with the news that leading hearing care retailer HearUSA has opened two new Hearing Centers of the Future in El Cajon (2513 Jamacha Road Suite 501) and Carmel Valley (3840 Valley Centre Drive Suite 602). The two new locations join a growing network of state-of-the-art, customer-centric centers in California, Florida, and Texas as the company accelerates its mission to change the lives of one million Americans with hearing loss by the end of 2028.
