Daily Business Report: March 7, 2024
Californians face higher costs for goods and services
than before the pandemic despite inflation slowing
By Levi Sumagaysay | CalMatters
Pandemic-era inflation has fallen from its peak two years ago, but the costs of many goods and services continue to rise and are still higher than before the onset of COVID-19, a couple of closely watched economic indicators show.
Prices have grown about 20 percent overall since 2020, according to an analysis by the California Legislative Analyst’s Office based on the most recent consumer price index data. Over the past couple of months, prices in California appear to have risen slightly more than the country as a whole, according to data from the Bureau of Labor Statistics.
Continued rising prices are why many Californians are struggling in an economy that’s widely considered to be doing OK because the nation has avoided a recession, experts say.
While a slowdown in inflation, or price growth, is “great news, it’s not like those prices are declining,” said Sarah Bohn, economist and director of the Public Policy Institute of California Economic Policy Center. “When you go to the grocery store, your total bill is still much higher overall than a few years ago,” she said.
What’s more, Bohn said Californians’ wages have not kept up with inflation: “Wages only grew 15 percent than before the pandemic. On paper, that looks amazing, like a $5-an-hour increase. But after inflation, it feels like a pay cut — I calculated that it’s like a $1.25-an-hour cut.”
______________________________________
Does Steve Garvey have a shot against Adam Schiff for U.S. Senate?
By Yue Stella Yu |CalMatters
Adam Schiff has likely punched his ticket to the U.S. Senate.
Placing first in California’s top-two primary, the Democratic U.S. representative is heading into the November election against former L.A. Dodgers and Padres legend Steve Garvey — the Republican in second place, but a long shot at winning a California statewide election.
The Associated Press declared the Schiff-Garvey matchup with 38 percent of the expected votes counted Tuesday night.
The matchup is good news for Schiff, whose campaign shelled out tens of millions of dollars elevating Garvey’s name among Republican voters to make sure of that outcome. The ad blitz helped shut out progressive Democratic Rep. Katie Porter, who could have posed a formidable threat to Schiff in the general election.
______________________________________
San Diego, Tijuana high schoolers
come to SDSU to explore border diplomacy
With political uproar over migration as a backdrop, 220 local high school students and teachers from both sides of the border came to San Diego State University last week to probe international challenges and inspire the next generation of global leaders.
The inaugural Binational Youth Summit, organized by the San Diego Diplomacy Council, attracted participants from nine San Diego high schools and 11 schools in Tijuana.
U.S. Consul General for Tijuana Thomas Reott and Mexico’s Consul General for San Diego Alicia Kerber kicked off the event. International educators from SDSU, the State Department, and the San Diego Unified School District urged students to embrace bilingualism and cross-border collaboration.
Wendy Gillespie, a bilingual international entrepreneur and philanthropist, led breakout sessions on binational business, walking between tables as she engaged students. An SDSU graduate, she is the namesake donor for the Wendy Gillespie Center for Advancing Global Business in SDSU’s Fowler College of Business.
______________________________________
Erik Sallee appointed CFO of XiFin Inc.
XiFin Inc.,a leading provider of innovative health care information technologies, has appointed Erik Sallee as its new chief financial officer and executive vice president.
Prior to joining XiFin, Sallee was CFO at Intuitive Machines, a diversified space exploration company recognized for leading the United States’ return to the moon for the first time since Apollo. In this role, he guided the company from Series B to a successful public listing on the NASDAQ, raising substantial capital in the process.
Sallee began his career in the U.S. Marine Corps, and has since held various senior and executive finance roles. In 2013, he was appointed CFO of Raytheon Solipsys, followed by L3 Technologies, Blue Origin, and Intuitive Machines. He earned a B.S. in Political Science from Vanderbilt University and an M.S. and M.B.A. in Finance from University of Maryland College Park.
______________________________________
San Diego International Airport unveils cross-border art
The works of 16 local artists are featured in a new cross-border art exhibition titled “Espacios & Lines” appearing at Terminal 2 at the San Diego International Airport. The exhibition, which explores the border of art and designm follows the World Design Organization’s joint designation of San Diego and Tijuana as the World Design Capital 2024.
Some of the artists whose work is featured in the exhibition:
- Artist and photographer Carla Sofía Ordonez, co-founder of Yerbabuena Gallery in Tijuana.
- Smithsonian National Portrait Gallery’s Outwin Boochever Portrait Competition winner Hugo Crosthwaite of Baja California.
- Chicana textile artist Claudia Biezunski-Rodriguez, aka Sew Loka, based in San Diego’s Barrio Logan.
______________________________________
Zero-emission cargo handling equipment
to be installed at Tenth Avenue Marine Terminal
SSA Marine announced that it has put into service the first of six pieces of zero-emissions cargo handling equipment that the company will introduce at the Port of San Diego’s Tenth Avenue Marine Terminal over the next 12 to 18 months, while the Port of San Diego has completed the initial installation of the electrical infrastructure needed to support the operation of this equipment. The first piece of zero-emissions equipment being put into operation is a 55,000-pound capacity Wiggins Yard eBull battery electric forklift.
San Diego’s Rayotek Scientific acquired by Pennsylvania firm
McDanel Advanced Material Technologies, a Pennsylvania firm, has acquired San Diego-based Rayotek Scientific, a specialty advanced materials manufacturer of high-performing optical window and mirror systems for the aerospace, defense, space and semiconductor industries. Rayotek will continue to operate from its existing headquarters in San Diego.
Carrier Johnson + Culture adds leaders
for higher education and technology
San Diego-based architecture and planning firm Carrier Johnson + Culture has named Nash Reyes as director of technology, and Craig Atkinson as director of higher education. Both will be based at the firm’s Los Angeles office. Reyes has spent 25 years in the architecture, engineering and construction sector. Craig Atkinson’s 34-year career has revolved around educational facility design.
The BXNG Club seeks $2 million to expand into LA
The BXNG Club, a fitness club founded in San Diego in 1999, announced a new funding round aimed at securing $2 million to support its expansion into a 15,000-square-foot design facility in Los Angeles. The club is istinguished by its success in combining authentic combat sports and mainstream fitness in a high-design, luxury environment.
North Island Credit Union offers grants to teachers
North Island Credit Union Foundation encourages San Diego County teachers who have an innovative class project idea to apply for a credit union grant through its Teacher Grant program. Ten grants of $500 each will be awarded to area teachers in April in the spring program. Grants are available to full-time teachers in San Diego and Riverside County, or credit union members teaching in California, looking to fund special learning opportunities for their students.
Mike Davis named a vice president at Multifamily Utility Company
Mulifamily Utility Company has named Mike Davis as vice president of business development. Davis has more than 30 years of experience in the multifamily domain, and moves from sales manager at the firm to vice president. Multifamily Utility Company, founded in 2007, is a leader in utility expense management and resident billing services.
Enlyte and former Genex leaders create new IME business
Enlyte and its Board of Directors have made the strategic decision to transfer its Independent Medical Examination (IME) business and more than 350 employees from Enlyte to the creation of a new, stand-alone IME company, Emperion Inc. Emperion will be owned by Stone Point Capital, Enlyte’s current shareholder, through its Trident Funds and a management team led by former Genex executives.
Limmi appoints cance researcher to board of directors
Limmi, an AI startup dedicated to transforming patient outcomes by discovering hidden patterns in life sciences data, announced that Dr. A. Karim Kader, professor of urology at UC San Diego Health, has joined the company’s Advisory Board as chairman. In addition to Kader’s work at UCSD, Kader has spend 15 years building Stratify Genomics, a biotech company.
Ben Brownlee joins SOCi as chief customer officer
SOCi Inc., a leading CoMarketing Cloud for multi-location enterprises, announced Ben Brownlee as chief customer officer. Brownlee’s appointment comes at a pivotal time for SOCi as it continues to bolster its leadership team and build momentum in the market as a leader in digital marketing and customer success. Brownlee brings 25 years of experience in working in post-sale functions.
Viking Therapeutics closes public offering of common stock
Viking Therapeutics Inc., a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, announced the closing of its previously announced underwritten public offering of 7,441,650 shares of its common stock at a price to the public of $85 per share. The gross proceeds to Viking from this offering were approximately $632.5 million, before deducting underwriting discounts and commissions and offering expenses.
