Daily Business Report-July 15, 2020
Increasing education exports has the potential to lift all regions of the U.S., as universities expand nationwide, according to new UC San Diego research. (Credit: travelview)
Trade wars with China could cost
U.S. universities $1.15 billion
By Christine Clark | UC San Diego
New research shows U.S. trade policies act as another roadblock
for international students pursuing higher education
Uncertainties around the trade war between the U.S. and China have hurt businesses and weighed on the global economy. However, new research from the University of California San Diego also shows lesser known consequence: up to $1.15 billion in reduced tuition to U.S. universities.
According to the authors of the new working paper from the Center for Global Development, the recent guidelines from Immigration and Customs Enforcement (ICE) barring international students from having online classes could have the same chilling effect on universities.
Their study is the first to demonstrate how increased trade with China joining the World Trade Organization in 2001—when Normal Trade Relations tariff rates were made permanent—was a crucial determinant of student flow from China to the U.S. for acquiring higher education.
“We show that trade-driven growth raised wealth among upper-income families, shifting the composition of demand to U.S. services, and higher education in particular,” said Gaurav Khanna, assistant professor of economics at the UC San Diego School of Global Policy and Strategy. “However with the recent trade wars, for the first time, growth in students from China has stopped, hurting American universities.”
The revenue from international students also aids domestic students as their tuition has helped stabilize U.S. universities, especially public schools, suffering large, adverse shocks from state budget cuts.
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City Council places $900,000 ‘Homes for San Diegans’
bond measure on the November ballot
The San Diego City Council today voted 6-3 on Tuesday to put the ‘Homes for San Diegans’ bond measure on the November 2020 ballot. The measure would raise $900 million in local revenue to address homelessness by building affordable and permanent supportive housing in San Diego.
Councilmembers Jennifer Campbell, Barbara Bry, Chris Ward, Monica Montgomery, Vivian Moreno, and Georgette Gomez voted in favor of the measure, with Councilmembers Mark Kersey, Chris Cate, and Scott Sherman opposed.
Championed by the San Diego Housing Federation (SDHF) and San Diego City Councilmember Chris Ward, the ballot measure would build housing for the city’s most vulnerable residents.
“The San Diego Housing Federation has long argued that creating more affordable housing is about economic justice and lifting people up,” said SDHF Executive Director Stephen Russell. “We applaud our city leaders for their support and for giving San Diegans the opportunity to generate the resources to achieve that by putting Homes for San Diegans on the November 2020 ballot.”
A mid-May survey found that more than two-thirds of voters would vote in favor of Homes for San Diegans and that homelessness continues to rank as a top concern for the region. Recently revealed data shows San Diego is outpacing the state in the growing chasm between needed affordable housing and available units. The economic disruption from the COVID-19 pandemic has further underscored the need for more affordable housing.
“Funding the construction of more affordable and permanent supportive housing will help our city begin to fix the housing gap that is deepening due to the economic fallout out the pandemic,” said Ward. “By building more affordable homes, we will be able to help San Diego’s working families and our neighbors experiencing homelessness.”
Recent data compiled by the California Housing Partnership exposes the severity of the housing crisis and how minority and low-income populations are disproportionally affected by the lack of affordable housing. Eighty-three percent of extremely low-income households, many of them in communities of color, are spending more than half of their income on housing, drastically reducing their budget for other basic necessities like food and transportation.
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Cubic awarded contract to deliver live, virtual
and constructive training for British Army
Cubic Defence U.K., which operates within Cubic Global Defense business division, has been awarded a contract worth more than $16 million to continue the support of British Army training.
The four-year contract called SCOPIC is for a fully managed service where Cubic will provide its Synthetic Wrap capability to enhance collective training at Salisbury Plain Training Area in the United Kingdom; British Army Training Unit Suffield in Alberta, Canada; and British Army Training Unit Kenya.
The SCOPIC 2 system replaces battlefield capabilities that are difficult to replicate in live collective training with simulation. These may be complex systems such as unmanned air systems (UAS) feeds or additional force elements providing context, including flanking or depth activity.
“We are proud to continue supporting the British Army in achieving mission readiness by delivering expeditionary and complex tactical training at all levels,” said Mike Knowles, president of Cubic Global Defense. “This contract award builds on the work we have accomplished with both the existing SCOPIC contract and our recent AWES award to deliver a world-class training experience.”
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Retail sales of medical and recreational cannabis
on pace to eclipse $15 billion by end of 2020
Retail sales of medical and recreational cannabis in the U.S. is on pace to eclipse $15 billion by the end of 2020 – an increase of roughly 40 percent over 2019 sales figures, according to the newly published annual Marijuana Business Factbook, by the editors of Marijuana Business Daily.
Total U.S. sales could rise as high as $37 billion by 2023, the report said.
Also from the report:
- The marijuana industry will create a $55 billion-$67 billion economic impact for U.S. in 2020 with potential to surpass $100 billion in economic benefits in 2022.
- Sales of legal recreational and medical cannabis in 2019 clocked in at an estimated $10.6 billion-$13 billion, that’s more revenue that the NBA generatedi n 2019 and over three times the amount spent on toothpaset last year.
- The number of fulltime workers supporting cannabis industry is expected to reach between 315,000–385,000 in 2021.
- The impact of COVID on the industry: sales surged in resident-driven adult-use states, while those heavily dependent on tourism suffered.
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Trump can’t pull funds due to
California sanctuary law, court rules
CalMatters
The Trump administration can’t rescind millions of dollars for California criminal justice programs because of its “sanctuary” laws that limit police cooperation with federal immigration agents, a federal appeals court in San Francisco ruled Monday.
Had the ruling gone the other way, California would have stood to lose over $31 million in grants for state and local programs addressing drug crimes, violent crimes and gangs, the San Francisco Chronicle reports.
The news comes a month after the U.S. Supreme Court refused to hear the Trump administration’s challenge to the Golden State’s sanctuary law, effectively upholding a prior decision that local and state authorities don’t have to help enforce federal law.
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Helix partners with county government
to make COVID-19 testing accessible
Genomics company Helix announced a partnership with San Diego County to make COVID-19 testing accessible across the county to those who need it most. As part of this important public-private partnership, Helix will be providing San Diego County with up to 2,000 COVID-19 tests per day.
The Helix COVID-19 Test is part of Helix’s broader end-to-end test system, which is available nationally to health systems, employers, governments, and other organizations in need of sensitive, scalable, and fully kitted COVID-19 testing solutions
“We’re incredibly proud to partner with San Diego County to expand access to COVID-19 testing at a time of unprecedented need,” said Marc Stapley, Helix President and CEO. “Given our years of experience in collecting and handling biological samples and reporting clinical results at significant scale, we’re uniquely qualified to help our community during this public health crisis,”
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San Diego Unified to start
school year online only
sdnews.com
San Diego Unified School District announced that the new school year will start online only. Instruction will resume on Aug. 31 in San Diego, as previously scheduled. The district will continue planning for a return to in-person learning during the 2020-21 academic year, as soon as public health conditions allow.
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Digital health company AristaMD
announces $24 million investments
AristaMD, a digital health company in San Diego, announced investments from Ascension Ventures, a strategic health care venture firm representing 13 of the nation’s leading non-for-profit health systems, and .406 Ventures, a venture capital firm investing in early-stage disruptive enterprise technology and digital health companies. These investments top off the company’s Series B funding round, which was co-led by Cigna Ventures and MemorialCare Innovation Fund, at $24 million.
The new capital will be used to accelerate commercial growth as well as continue the expansion of its proprietary eConsult platform supporting payors and health systems across the country.
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Jenny Ohnstad named VP of risk management
for Greater San Diego Association of Realtors
Jenny Ohnstad has been named vice president of risk management for the Greater San Diego Association of Realtors. Ohnstad will lead the Risk Management Department to strengthen the already market-leading initiatives to provide even greater services to members, while working with the Risk Management Committee to complete existing initiatives and improve processes.
Ohnstad has 20 years of operation and risk management experience in the multifamily housing industry. Prior to joining SDAR, she was a risk manager for MG Properties group for seven years, directing all risk management activities of 21,000-plus apartments across five states.
While at MG Properties, Ohnstad also oversaw the company’s Safety Police Task Force to identify and minimize emerging company risks and concerns, as well as advising senior leadership on all legal matters and potential risks while providing strategies for minimizing the company’s losses.
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S.D. Women’s Week Leadership Conference Goes Global
New virtual format with no boundaries features Daymond John, Linda Cureton, Ed Smart, Amy Trask
San Diego Women’s Week, celebrating 11 years of inspiring, empowering and connecting women is now virtual with leadership events for all ages and professions. Attendees enjoy virtual networking, keynote speakers, panel discussions, and more, all wrapped around creative solutions to everyday issues affecting leaders in the workplace and in their daily lives.
WHEN: Wednesday, Aug. 26 – Friday, Aug. 28, 2020
WHO: Keynotes for 2020 Leadership conference include:
- Daymond John from Shark Tank: Powershift, Transform Any Situation, Close Any Deal, and Achieve Any Outcome.
- Linda Cureton, Former CIO – NASA: Managing and Leading in a Tough Environment.
- Ed Smart, Father of Elizabeth Smart: Two Miracles, and Standing up for Yourself.
- Amy Trask, Former NFL Team Executive – Los Angeles Raiders: Leadership Vulnerabilities.
WHERE: Wednesday – Virtual Women and Wine 6-7:30 p.m.
Friday – Virtual Leadership Conference 8:30 a.m. – 6:30 p.m.
Click here for complete list of speakers and additional details.
