Entries
May New Home Sales Plunge; West Worst. Wall Street Stunned
Sales of new single-family homes plummeted a record 33% in May, according to Commerce Department figures released this morning (June 23). Sales plunged to a seasonally adjusted rate of 300,000, the lowest since records were first compiled in 1963, according …
Market Abhors Cypress Bioscience Deal
Stock of biotech Cypress Bioscience plummeted 37.79% today (June 21) after the company announced a deal to purchase rights to market a potential schizophrenia drug that is currently in mid-stage development. Cypress will pay Israel-based BioLineRx $30 million upfront for …
Auditor Spanks San Dieguito H.S. over Bond Disclosures
The California State Auditor has issued a report criticizing the San Dieguito Union High School District for not telling bond buyers of the district's financial woes. The district issued bonds in 1998, 2004 and 2006. "In early 2008 the school …
Boosted by Census Hiring, County Adds Jobs in May
San Diego County added 8,400 jobs in May, sending the unemployment rate down to 10% compared with a revised 10.4% in April. Government jobs rose 4,300, and 3,400 were federal government positions. The Employment Development Department says those jobs were …
U-T Axes 34 to 40
The Union-Tribune whacked 34 to 40 heads of editorial or editorial support employees today. That was almost double what was expected, if my reports are correct. I have taken this list from a variety of sources, including the web site …
When Governments Cut Spending, It's Citizens, not Bureaurats, Who Suffer
Columnist Joe Mysak of Bloomberg.com has a column today (June 16) based on the San Diego County Grand Jury's recent study on City financing -- focusing particularly on the possibility of bankruptcy to test whether promises to workers allegedly set …
"New" SDNN Looks Like Old SDNN Lite
San Diego News Network, the online publication that laid off its free lancers at the end of May, has come out with a description of "the new SDNN." For the life of me, I can't tell how it differs from …
Senate Panel Wants Investigation of SEC "Revolving Door"
According to the Wall Street Journal, the Senate Finance Committee has asked David Kotz, the inspector general of the Securities and Exchange Commission, to review the recent departure of a top SEC official who went with a high-frequency trading firm. …
SDNN Will Go It Alone, Change Focus
San Diego News Network, the troubled online publication that was trying to sell itself, has now said that it will remain under current ownership, Neil Senturia and his wife, associate publisher Barbara Bry. In a message, Bry said SDNN would …
Here Are More OC Register Alums in U-T Management
More veterans of the Orange County Register are taking significant management posts at the Union-Tribune under Jeff Light, a Register alum who was named editor earlier this year. Some of the Register alums are taking jobs as so-called "topic leaders," …
City Wants Assessment of Qualcomm Stadium
The City of San Diego today (June 10) sent out a request for a proposal (RFP) for a "qualified consultant" to assess the practical value of Qualcomm Stadium. The consultant is supposed to analyze the path of the sports and …
U-T Editor Brings in Former O.C. Register Pals
Will the Union-Tribune rename itself the San Diego Register? (The Orange County Register's parent, Freedom Newspapers, went into bankruptcy in September and emerged April 30.) The U-T brought in Jeff Light, formerly of the Register, as editor. Here is what …
U-T Staffers Meet Their Team Leaders
Editorial staff members of the Union-Tribune today (June 9) were introduced to so-called "team leaders," supposedly a new concept. For example, one person will be in charge of features, arts and the Night & Day section. Newsroom employees were asked …
Grand Jury Says City Should Consider Bankruptcy
The 2009/2010 San Diego County Grand Jury today (June 8) released a 22-page report of the City's financial travails. "Presently, the City of San Diego's obligations, liabilities and debts exceed $7 billion," said the report. Also, "It is still untested …
Fitch Warns of Tax Increases
You have to read a bit between the lines, but Fitch Ratings, in coming out with new bond and note ratings for the City of San Diego, warns that tax increases or other revenue enhancements are coming. The good news: …
Hyatt Hotels Wants to Take Over Manchester Grand Hyatt
The port district is scheduled to vote tomorrow (June 8) on a proposal to change the control of Manchester Grand Hyatt Hotel to Hyatt Hotels Corporation. The move needs consent of the port board. Hotelier Doug Manchester's lease expires in …
Fat Cats Still Pouring Money into Proposition D
Companies with reasons to cozy up to City Hall continue to make late contributions to Prop. D, the so-called strong mayor initiative that is on tomorrow's (June 8) ballot. Veolia Water North America gave $10,000 on June 4. Sempra Energy …
Bypassing Adulthood in San Diego
"San Diego is a very strange town. Like many other beach towns, it's a place where you can go directly from arrested adolescence to early retirement, skipping adulthood entirely. Every time I go back there my IQ drops ten points, …
Employment Report Suggests Economy Weakening Alarmingly
The Labor Department's May employment report released today (June 4) indicates the so-called economic recovery is sputtering noticeably. The nation added 431,000 jobs in May, but 411,000 of them were temporary census workers. The private sector added just 41,000 jobs, …
Paean to Jerry Dominelli
"De mortuis nil nisi bonum." (Speak no ill of the dead.) The University of San Diego Magazine for summer of 2010 notes in its "In Memoriam" section the death of J. David "Jerry" Dominelli, who graduated from USD in 1969 …