Daily Business Report-Nov. 26, 2019
Payday loan business. (CalMatters photo)
California’s new ‘predatory lending’ law explained
Starting next year, Californians who take out consumer loans of between $2,500 and $10,000 can be charged an interest rate no higher than 35 percent. With annual fees, the maximum cost can pencil out to as high as 46 percent.
That’s still significantly lower that the 100 percent-plus interest rates lenders have been charging — legally.
The new lending law is among those passed by California’s Democratic-controlled Legislature and signed by Gov. Gavin Newsom this year.
What does it mean for borrowers and lenders? In this video, CalMatters election reporter Ben Christopher breaks in down in 60 seconds. Click here.
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Blue Sky Network receives first FAA approval
for distress tracking device for commercial airlines
Blue Sky Network announces its new satellite-powered aircraft tracker, the HawkEye Autonomous Distress Tracking (ADT) device, developed in response to high-profile aircraft accidents like the 2014 disappearance of Malaysia Airlines Flight 370. After the disappearance, the International Civil Aviation Organization adopted new requirements for autonomous distress tracking, and the HawkEye ADT is the first solution to satisfy these requirements. TheHawkEye ADThas received Federal Aviation Administration (FAA) certification for Boeing 737 aircraft.
In 2014, Malaysia Airlines Flight 370 disappeared with 239 lives on board. The extensive search operation cost an estimated $150 million. The plane and passengers were never found.
The compact HawkEye ADT unit incorporates an embedded advanced Attitude and Heading Reference System (AHRS) for determining real-time aircraft flight status. It also hosts dual Iridium modems and voice connectivity for reliable 100 percent global coverage.
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3rd quarter venture capital investment
in region declined 14 percent from 2nd quarter
In the third quarter of 2019, the San Diego region saw 34 venture capital (VC) deals worth $707 million, according to figures in San Diego Regional EDC’s Quarterly Economic Snapshot. This placed San Diego fifth out of the 19 U.S. regions tracked by the PwC MoneyTree Report in terms of VC dollars received.
- VC investment in the region decreased 14 percent compared to the previous quarter. Compared to the same period a year ago, VC investment in the region is down 22 percent.
- The majority, or $272 million, of VC received in Q3 went to healthcare companies. Healthcare has consistently drawn the bulk of VC dollars into the region.
- The technology cluster received $281 million during the quarter, most of which went to mobile and telecommunications companies.
- Early stage funding jumped from $123 million in the second quarter to $237 million in the third quarter, growing over 92 percent and commanding 33 percent of VC received during the quarter.
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Deep brain stimulation safer for patients
with new MRI compatible electrode
SDSU NewsCenter
Imagine having an electrode embedded in your brain in a surgical procedure that involves drilling holes in your skull to implant it. Now imagine going through an MRI scan for medical evaluation, when the metal electrode may react to the magnetic fields and vibrate, generate heat or even possibly damage the brain.
This is a reality that patients who need deep brain stimulation could face.
Now, a study published Nov. 18 in Nature Microsystems & Nanoengineering describes a promising improvement to the procedure developed by San Diego State University engineers, in collaboration with researchers at Karlsruhe Institute of Technology (KIT) in Germany. The SDSU research team created a glassy carbon electrode as an alternative to the metal version, and new findings show it does not react to MRI scans, making it safer.
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General Atomics assists California Air
National Guard in fire season
General Atomics Aeronautical Systems Inc. is supporting the California Air National Guard (CA ANG) as they provide real-time reconnaissance for California’s Department of Forestry and Fire Protection firefighting operations in Southern California.
CA ANG’s 163rd Attack Wing routinely performs aerial reconnaissance for firefighting missions using their Predator B/MQ-9 Remotely Piloted Aircraft upon request by CAL FIRE. The GA-ASI manufactured RPA includes the company’s Lynx Multi-mode Rader with Synthetic Aperture Radar to detect fire lines even through smoke-filled skies. The Multi-Spectral Targeting System provides the Electro-optical/Infrared cameras with live high-definition color and infrared video feeds to ground command posts. This 24×7 real-time imagery delivers critical situational awareness to both ground and air fire suppression operations.
“Providing support for natural disasters is just one more way to utilize our aircraft,” said Linden Blue, CEO of General Atomics Aeronautical Systems. “GA-ASI is always pleased to know our products can and will assist when these kinds of situations occur.”
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UDG Healthcare PLC acquires
San Diego’s Canale Communications
UDG Healthcare PLC, an international health care services provider, announced the acquisition of Canale Communications, an award-winning San Diego-based strategic communications agency. CanaleComm will join Ashfield Healthcare Communications, UDG Healthcare’s global agency network that works with clients at the intersections of science, data, and creativity to commercialise molecules, markets, and brands.
Founded in 2010, CanaleComm employs a team of nearly 30 staff in the life sciences industry.
Commenting on the acquisition, founder and CEO Carin Canale-Theakston said: “The acquisition of CanaleComm by UDG Healthcare and the joining of forces with Ashfield Healthcare Communications’ network is the ideal platform as we look to grow a more robust service offering for our clients. UDG Healthcare’s focus on life sciences, complementary offering, and strong employee-first culture were all extremely attractive to CanaleComm. We are looking forward to being able to continue the strong growth trajectory that we have been on over the last nine years and being part of the broader UDG Healthcare family.”
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Anderson Plumbing, Heating & Air
buys The Eco Plumbers in San Marcos
Anderson Plumbing, Heating & Air has completed its purchase of The Eco Plumbers in San Marcos, according to Mary Jean Anderson, president of Anderson Plumbing, Heating & Air.
“When The Eco Plumbers decided to consolidate their business at their headquarters in Columbus, Ohio, it created an opportunity for us to expand our footprint in North San Diego County,” said Anderson.
According to Mike Barnhart, CFO of The Eco Plumbers, “What gives us great satisfaction is that our loyal customers will be well taken care of by the team at Anderson Plumbing, Heating & Air.”
“It was a tough decision to sell but we know it is the right decision for our employees and our business overall. And it’s great for our customers because the Anderson team is so highly regarded throughout all of San Diego County,” added Barnhart.
Terms of the sale were not disclosed. Both companies are members of Nexstar, a national trade association so when The Eco Plumbers decided to sell the San Marcos operation, they already knew the Anderson team.
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Port of San Diego showcases holiday spirit with
art and pop-up performances on Broadway Pier
The Port of San Diego isgetting into the holiday spirit by making its Broadway Pier on the North Embarcadero a festive and welcoming location for residents and visitors.
Three oversized, sculptural letters spelling the word “JOY” will be installed at the entrance of the pier, along with an array of snowflake graphics. The “JOY” installation will be lit up at night, serving as both a daytime and nighttime feature for the holiday season.
Also on Broadway Pier, the public will be entertained with a series of pop-up artistic performances by local performance groups Culture Shock Dance Troupe, SACRA/PROFANA and transcenDANCE.
The pop-up performances will occur Dec. 1 through Dec. 15. The “JOY” installation will remain on Broadway Pier until early January 2020.
