Daily Business Report: May 2, 2024
California’s population growing again
California’s population grew for the first time in three years as legal immigration rebounded and the great California exodus during the COVID pandemic dramatically slowed as remote workers returned to the office, according to a state report released Tuesday.
The overall population gains were relatively small — a net increase of some 67,000 people to raise California’s population to 39.1 million people in 2023, according to the California Department of Finance.
San Diego County’s population also grew, adding nearly 700 people to 3,291,101, but less than the peak of 3,298,634 in 2020.
Some Bay Area counties lost population, including Alameda and San Mateo, as layoffs took hold last year and residents continued to seek cheaper housing in the Central Valley.
But the overall population increase is a positive sign for the state that was much maligned for losing its residents to states with more affordable housing.
___________________________________
Californians are protecting themselves from wildfire.
Why is there still an insurance crisis?
By Levi Sumagaysay | CalMatters
Spend any time thinking or talking about insurance in California these days and you’re bound to hear the word “mitigation.” Fire officials, lawmakers, insurance agents and others are asking homeowners to help lower the risk of devastating wildfires by making improvements to their properties — in some cases at great expense — and often in the context of trying to hang on to their insurance policies. The state has spent about $3.7 billion on forest management in the past seven years. Communities, fire districts and others are doing their part, too.
But some insurance companies citing growing risks and costs have paused or stopped writing new policies in California, causing a crisis of home-insurance affordability and availability. Some homeowners have seen their premiums spikeor are being priced out, while others have been forced to turn to the ever-growing FAIR Plan, the insurer of last resort that offers less coverage but higher insurance premiums anyway.
As Insurance Commissioner Ricardo Lara rolls out his plan to try to reverse that trend, three state lawmakers are pushing for mitigation to be taken into account when insurers set premiums or when they decide whether to offer policies at all. Or they want mitigation to be more effectively tracked and strategized.
___________________________________
Supervisors advance plan for long-term
migrant shelter using federal funding
By Elizabeth Ireland | Times of San Diego
The Board of Supervisors Tuesday voted 4-1 to advance a proposal for a long-term migrant and asylum-seeker transit center that includes $19.6 million in federal money.
According to a statement from Supervisor Joel Anderson and Chairwoman Nora Vargas, the Federal Emergency Management Agency’s Shelter and Service Program money comes after the county “spent months” advocating for it.
Supervisors directed Sarah Aghassi, interim chief administrative officer, to begin programs that will temporarily provide shelter, food, transportation, acute medical care, personal hygiene supplies and labor to support migrants recently released from federal Department of Homeland Security custody.
Until the county receives the federal dollars, it will use money from its general fund reserves, to the extent it is available, officials said.
Aghassi will make a formal funding request during the board’s May 21 meeting. She will also apply for grant money to help migrants.
___________________________________
University of San Diego’s ‘Crossing the Divide’
course to examine divisions, create connections
Next week, a group of master’s students from the University of San Diego’s (USD) Joan B. Kroc School of Peace Studies will embark on a cross-country trip aimed at seeking connection during one of the most polarizing times in recent U.S. history. Over two weeks the “Crossing the Divide” course will take 9 students by train to cities across the Southwest and Southern United States. At each stop, students will traverse divides and connect with people from across the political spectrum on issues that intersect with race, the environment, the justice system, and more.
The group has a wide array of activities planned that will expose them to these issues. In Los Angeles, they’ll meet with Homeboy Industries, the largest gang rehabilitation and re-entry program in the world. In Patagonia, Arizona, they’ll visit a nature preserve and meet with the Borderlands Restoration Network, a group working to rebuild ecosystems and restore habitats. In Birmingham, Alabama, they’ll visit The 16th Street Baptist Church, the target of a KKK bombing in 1963. It all concludes with a visit to the National Archives in Washington, D.C., where they’ll reflect on all they’ve learned in front of the U.S. Constitution.
___________________________________
Closing the U.S./Mexico border during
COVID-19 increased HIV transmission
The border crossing separating San Diego from Tijuana, Mexico, is a dynamic place. When it was closed during the COVID-19 pandemic, drug tourism from San Diego to Tijuana continued. This provided a flow of people in both directions, bringing with them not only the virus that causes COVID-19 (SARS-CoV2) but also the virus that causes AIDS (HIV). A collaborative study led by researchers from University of California San Diego and Irvine, recently published in the Lancet, found that rather than preventing the spread of disease, closing the border actually increased the rate of HIV transmission.
Injection drug use increases the risk of HIV infection through the sharing of injection equipment. To investigate the dynamics between border closure, drug use and HIV transmission, Britt Skaathun, adjunct assistant professor at UC San Diego School of Medicine, and first author on the paper, led an effort that studied 618 participants from October 2020 to October 2021, focusing on three different groups: people who live in San Diego who cross the border to use drugs in Tijuana; people who live in San Diego and use drugs in San Diego; and people who live in Tijuana and use drugs in Tijuana.
___________________________________
StratEdge takes high-frequency packaging technology to new heights
Santee-based StratEdge Corporation, a leader in the design, production, and assembly of high-frequency and high-power semiconductor packages for RF, microwave, and millimeter-wave devices, is set to showcase its latest packaging technology for high-frequency applications at several industry conferences in May. The events will take place in California and Arizona and will highlight StratEdge’s commitment to producing packages for demanding GaAs and GaN devices, maximizing the chips’ performance in the most extreme conditions.
Ivy Fertility acquires Dallas IVF
Ivy Fertility, a globally-recognized innovator in advanced reproductive technology, in-vitro fertilization (IVF), and third-party reproduction, announced it has acquired Dallas IVF.
Dallas IVF is a renowned fertility practice serving patients in the greater Dallas-Fort Worth area. Named one of America’s best fertility clinics in 2023 by Newsweek, Dallas IVF is led by Brian Barnett, M.D., Lowell Ku, M.D., Dara Havemann, M.D., and Sara Mucowski, M.D. Since their founding in 1997, Dallas IVF has helped over 13,000 babies come into the world.
Generational continues expansion with new San Diego office
Generational Group, a leading mergers and acquisitions advisory firm for privately held businesses, announced the continued growth of the firm with the opening of its newest office in San Diego. Headquartered in Dallas, Texas, the firm now has 17 offices throughout North America. The San Diego office is led by Amy Wall, senior vice president, M&A. Wall has over 25 years of experience in the M&A industry, serving in a number of roles with Generational during that time.
Inocras pioneers precision health with revolutionary whole genome insights
Inocras, a leading AI-driven whole genome testing company, announces the launch of CancerVision and RareVision, its flagship whole genome diagnostics solutions in solid tumor cancer and rare disease, respectively. CancerVision and RareVision mark a significant leap forward in genetic diagnostics as they capture not only commonly known mutations, but also rare and complicated mutations that are often missed by other types of genetic testing like traditional panel sequencing and whole exome sequencing.
Artiva Biotherapeutics appoints Neha Krishnamohan
as chief financial officer and executive vice president
Artiva Biotherapeutics Inc., a clinical-stage company whose mission is to deliver broadly accessible, off-the-shelf natural killer (NK) cell-based therapies to patients suffering from devastating autoimmune diseases and cancers, announced the appointment of Neha Krishnamohan as chief financial officer and executive vice president, corporate development and the promotion of Jennifer Bush to chief operating officer. Ms. Krishnamohan brings a wealth of financial and strategic leadership to Artiva with her investment banking experience and most recently CFO operating experience.
Kyriba’s total currency impact for 2023 reached $95 billion
Kyriba’s latest Currency Impact Report finds that the currency impact on earnings reported by multinational companies totaled $14.67 billion in Q4 2023 ($6.8 billion headwinds and $7.87 billion tailwinds). The total annual currency impact for 2023 reached $95 billion compared to 2022, which totaled $169 billion in a year which saw a record rise in interest rates. The CIR analyzes the earnings calls of 1,700 publicly traded North American and European companies.
Pickleheads and TeachMe.To partner to make pickleball instruction available
TeachMe.To, the nation’s premier marketplace for finding and booking in-person sports and skills instruction, and Pickleheads, the top online destination for pickleball players to find local courts and connect with nearby players, announced that they have partnered to bring pickleball coaching to players across North America. With the new partnership, Picklehead users can now find and book in-percon pickleball lessons with a local TeachMeTo instructor.
Endeavor BioMedicines raises $132-5 million in Series C financing
Endeavor BioMedicines Inc., a clinical-stage biotechnology company developing medicines with the potential to deliver transformational clinical benefits to patients with life-threatening diseases, announced the closing of a $132.5 million Series C financing, including the conversion of a $5 million convertible instrument. The oversubscribed round was led by AyurMaya, an affiliate of Matrix Capital Management, with participation from new investors including Fidelity Management & Research Company, Invus, SymBiosis, Velosity Capital, and Woodline Partners.
n-Lorem Foundation partners wih Hongene Biotech Corporation
n-Lorem, a nonprofit foundation, announced a new partnership with Hongene Biotech Corporation that supports n-Lorem’s efforts to discover and provide personalized experimental antisense oligonucleotide (ASO) medicines to nano-rare disease patients (1 to 30 patients worldwide) for free, for life. As part of its commitment to n-Lorem and nano-rare patients, Hongene will provide amidites, compounds essential to developing ASO medicines, to n-Lorem to offset the costs of developing ASO medicines for up to 20 nano-rare patients.
ATX Networks announces resuls of 2050 Project Survey
ATX Networks, a global leader in broadband access and media distribution solutions, announced the results of its latest 2050 Project Survey, unique primary research that charts the long-term evolution of the Hybrid Fiber-Coaxial (HFC) network and provides MSOs with insights into what their peers are planning when it comes to technology upgrades and other issues impacting their current and future competitive standing.
ASTERRA launches first ever API for commercial L-band SAR analytics
ASTERRA launched its new application programming interface (API), which unlocks the vast potential of SAR analytics to possible applications through partner collaboration. ASTERRA is the only commercial L-band SAR analytics technology to open an API to collaborate with Earth observation and GIS-based partners, creating a multiplier effect within the ultimate solution. The ASTERRA API is the first of its kind because it offers insights and not raw data, it can be easily integrated with other Earth observation platforms, and it’s an L-band SAR based solution.
