Daily Business Report: Wednesday, March 9, 2022
Viasat partners with Breeze Airways to bring high-speed
in-flight connectivity to Breeze’s new Airbus A220-300 fleet
Carlsbad-based Viasat has struck a deal with low-fare airline Breeze Airways to outfit the airline’s Airbus A220-300 fleet with its most advanced in-flight connectivity system. Breeze has 80 Airbus A220s on order with an option for an additional 40. While the airline will operate the Airbus starting in May, the first aircraft featuring Viasat connectivity is expected to enter service in October 2022.
Viasat said its IFC service provides a fast, streaming Internet experience in the sky, comparable to what passengers expect on the ground. It is powered by Viasat’s high-capacity, Ka-band satellite network, and will enable Breeze Guests the ability to enjoy high-quality entertainment and streaming content, stay in touch with family, friends and co-workers or be productive at any stage of the flight — all on their personal electronic devices.
“From our first discussions with Breeze, there was a great fit based on how the airline values the digital experience for its guests and how our world-class IFC solution delivers on that promise,” said Don Buchman, Viasat’s vice president and general manager. “Specifically, for their expanding network and transcontinental routes, we can deliver the industry’s fastest in-flight connectivity service—even for bandwidth-intensive applications like streaming video, which dominate Internet traffic today.”
Breeze Airways was launched in May 2021by aviation entrepreneur David Neeleman. It provides service between 18 cities across 14 states. It calls its flights the “Seriously Nice” nonstop service.
TOP PHOTO: Air France unveiled its first Airbus A220-300, the same aircraft that will be used by Breeze Airways.
California gas prices go through the roof
Record high 5.34 a gallon on Monday
CalMatters
$5.34.
That was the average price of a gallon of regular gas in California on Monday — a record high that shattered the record of $5.29 set just one day before, according to the American Automobile Association.
The double whammy of skyrocketing inflation and the possibility of Western bans on Russian oil due to that country’s war on Ukraine war on Ukraine has led to an unprecedented rate increase: Just last week, California’s average price for a gallon of regular gas was $4.83. A year ago, it was $3.75.
While California continues to post the nation’s highest gas prices, the United States set its own record Monday with an average price of $4.104 per gallon — breaking the previous all-time high of $4.103 set in 2008 just before the Great Recession, according to GasBuddy.
“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious. … It’s a dire situation and won’t improve any time soon,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
That’s a foreboding prediction for California, where the price of gas is quickly becoming one of the most politically contentious and urgent topics facing Gov. Gavin Newsom and the Legislature as they seek to guide the state out of the pandemic and gear up for the 2022 elections.
Republican lawmakers, who are pushing to suspend California’s gas tax, have relentlessly slammed Democrats for the state’s sky-high gas prices and their disproportionate effect on low-income residents.
“This is a crisis of Democrats’ own making — from their war on domestic energy production to the taxes and mandates that add $1.27/gallon to the cost of gas,” said Assembly Republican Leader James Gallagher of Yuba City.
San Diego Unified chooses longtime
educator as superintendent
Lamont Jackson, a San Diego Unified alumnus and educator known for his personable nature and long track record with the district, was chosen as San Diego Unified’s new permanent superintendent, the school board announced Monday afternoon.
The board voted unanimously to select Jackson, who has been serving as the district’s interim superintendent since last May, after conducting a superintendent search that spanned more than a year.
Jackson, 52, will lead California’s second-largest school district of 95,000 students, 15,000 employees, more than 170 schools and a $1.7 billion budget.
Point Predictive joins forces with Inovatec
in expansion of auto lending market
Point Predictive, the San Diego-based company that provides artificial intelligence (AI) solutions to the lending industry, and Inovatec Systems Corp., a provider of cloud-based software solutions for financial institutions across Canada and the United States, announced a strategic partnership to increas operational efficiencies for automotive lenders.
“Inovatec has built a substantial business in North America, and currently has a 50 percent share of the Canadian auto lending market,” said Tim Grace, CEO of Point Predictive. “We believe Point Predictive is the ideal partner for Inovatec’s plans to expand in the United States, as we can leverage the power of our growing consortium-based risk scores with Inovatec’s cloud-based software solutions to increase automation and reduce fraud risk.”
Grace said the collaboration will build on Inovatec’s history of providing customers with best-in-class service with maximum flexibility. “We are confident Point Predictive’s artificial intelligence-based solutions and automation will help Inovatec customers attain new levels of efficiency and fraud-loss reduction in both countries,” he added.
Conrad Prebys Foundation awards
$200,000 matching grant to TrueCare
The Conrad Prebys Foundation has named TrueCare the recipient of a $200,000 matching grant in an effort to equalize health care for everyone through mobile services in San Diego and Riverside counties. The foundation’s grant provides $1 of funds for every $1 raised by TrueCare for their mobile units for a total of $200,00 over the next two years.
The matching opportunity will have a timely impact at TrueCare’s “Magical Masquerade” Grand Gala on March 26, when guests have the chance to personally ensure increased access to health care as they raise their paddle and have their donation doubled.
The Conrad Prebys Foundation is also matching online (truecare.org/giving) donations to TrueCare that are designated for their mobile unit.
Rakuten Medical announces new name
‘Alluminox’ for its proprietary platform
Rakuten Medical Inc. (Rakuten Medical) has elected to discontinue use of the name “Illuminox,” and to start using a new, evolved name “Alluminox” for its proprietary, anti-cancer, photoimmunotherapy technology platform, which is comprised of drug, medical device, and other related technologies. This name change will take effect globally from April 1, 2022.
The new name “Alluminox,” pronounced Ay-luminox, is derived from the firm’s aspiration to use the power of illumination to deliver what is hoped to be a knockout blow to cancer cells. .
The original name, “Illuminox,” has been challenged in the U.S. over trademark issues. Rakuten Medical desires to use its available financial and human resources to further advance its technology, to help get treatments to patients and caregivers — rather than using its resources to engage in prolonged litigation.
Jack in the Box completes acquisition of Del Taco
Jack in the Box Inc. announced that it has completed its previously announced acquisition of Del Taco Restaurants Inc. for approximately $585 million. With the close of the acquisition, Jack in the Box and Del Taco are now positioned as stronger QSR players with greater scale and the ability to enhance the guest experience while pursuing profitable growth, the company said.
“Today marks an important milestone in our company’s history as we officially welcome Del Taco to the Jack in the Box family,” said Darin Harris, CEO of Jack in the Box. “We have ambitious growth plans for our combined company, and we are excited for the many exciting opportunities ahead.”
John D. Cappasola Jr., president and CEO of Del Taco, said, “We’re extremely proud to join forces with the Jack in the Box brand and are excited to have found a partner that shares a similar culture and passion for what we do. We expect this transaction will significantly strengthen and grow our beloved brands.”
STEM Next Opportunity Fund’s Million
Girls Moonshot announces Flight Crew
STEM Next Opportunity Fund’s Million Girls Moonshot announced the inaugural class of its Flight Crew. The Flight Crew is a cohort of youth advocates, ages 13-18, who are committed to creating equity for girls in science, technology, engineering and mathematics (STEM) through elevating youth voices and inspiring their peers and fellow future STEM leaders.
The group will support the mission of the Million Girls Moonshot, a STEM equity initiative that collaborates with a coalition of partners with the mission of engaging one million more girls in afterschool and summer STEM learning opportunities by 2025.
The 2022 Flight Crew features 16 remarkable youth from across the country. Motivated by their impactful STEM experiences beyond the classroom, these young leaders are currently working in their communities to break down stereotypes and spark their peers’ curiosity in STEM.
U.S. homes have sold for $100,000+ above
asking price this year, says Redfin
Nationwide, 5,897 homes sold for at least $100,000 over asking price at the beginning of this year, up from 2,241 during the same period last year, according to a new report from Redfin, the technology-powered real estate brokerage. This is according to a Redfin analysis of sale prices versus list prices in the 50 most populous U.S. metros from Jan. 1, 2022 through Feb. 15, 2022, compared with the same period last year.
Homebuyers are paying up in an effort to beat other bidders competing for the few homes on the market. January was the most competitive month on record, with 70 percent of home offers written by Redfin agents facing bidding wars (adjusted for seasonality). Partly as a result of fierce competition, the median home-sale price rose 14 percent year over year to $376,200, just shy of the all-time high.
Many buyers of homes that closed in the beginning of 2022 were rushing to take advantage of 3.1 percent December mortgage rates before they started to rise. The average 30-year rate was 3.76 percent for the week ending March 3, down from the February peak but still substantially higher than the record lows reached last year.
Fresh Start Surgical Gifts to donate medical
care to 15 patients during surgery weekend
Fresh Start Surgical Gifts will donate approximately $600,000 worth of life-changing medical care to 15 children in need during their surgery weekend March 12-13. The surgery weekend is in partnership with Rady Children’s Hospital, which is ranked among the nation’s top children’s hospitals in 2021 by U.S. News & World Report. They will also see 20-30 kids at their clinic for postoperative follow-up visits, speech therapy, laser treatments and initial consultations. An additional 30 kids will receive dental and orthodontic treatments.
Fresh Start Surgical Gifts transforms the lives of disadvantaged infants, children and teens who have physical and cosmetic deformities through their gift of reconstructive surgery at absolutely no cost to patients or their families. World-renowned surgeons donate their time and expertise to these children to offer them a fresh start on life through much-needed medical care.
