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Compiled from staff and wire reports
Wednesday, November 11, 2009 at midnight
HSBC Finance Corp. said yesterday it is selling its U.S. auto loan servicing operations, including a facility in San Diego, to Santander Consumer USA.
Illinois-based HSBC said the majority of the 700 employees at the unit’s facilities in San Diego and Lewisville, Texas, will be offered the chance to transfer to Santander.
The $904 million sale also includes $1 billion in auto loan receivables. HSBC will retain $6.7 billion in auto loan receivables, which Santander will service.
Thomas Kupper
Life Technologies plans to buy BioTrove of Mass.
Life Technologies of Carlsbad announced plans to acquire the privately held Massachusetts company BioTrove for an undisclosed amount.
BioTrove’s primary technology is the OpenArray platform, a high-speed system for genetic analysis. Life Technologies said it would complement certain products its Applied Biosystems unit offers.
The acquisition builds on a collaboration that Applied Biosystems entered with BioTrove in 2007 under which Applied Biosystems assumed responsibility for commercialization of OpenArray for genotyping applications.
Thomas Kupper
Temecula Valley Bancorp has finally filed for bankruptcy.
In July, regulators took over its Temecula Valley Bank in Temecula. Originally, the holding company said it would file for Chapter 7 liquidation by Aug. 18. When the first deadline arrived, the holding company said the filing would occur later in August or September.
The Chapter 7 filing finally took place Friday in Riverside. The papers listed assets of $14.3 million and $51.1 million in debt, all unsecured.
Bloomberg News
Google to offer free Wi-Fi at S.D. airport, 46 others
Google announced that it would provide free Wi-Fi access in 47 airports across the country, including San Diego’s Lindbergh Field, through Jan. 15. The airports handle about 35 percent of U.S. air travelers, the company said.
Travelers who connect to a wireless “hot spot” at one of the airports will see a browser page that gives them the chance to donate to three charities and have the donation matched by Google.
The 47 airports include some that already provide free Wi-Fi. Sponsorships help the airport keep the service free. Google is also providing free Wi-Fi on Virgin America flights for the same period.
Associated Press
Etc.
Caution returned to the stock market as investors decided to slow an advance that has lifted the Dow Jones industrial average 475 points in five days. Stocks mostly fell in light trading, though the Dow tacked on 20 points to close at a new high for the year. The modest advance came a day after the Dow shot up 200 points for the second time in three days.
Adventrx said second quarter losses narrowed 60 percent to $2.7 million, or 2 cents a share, on reduced expenses. The San Diego company reported no revenue and said it held $3.2 million in cash as of Sept. 30. Adventrx raised $11.3 million in October, which it said gives it enough cash to last well into 2010.
Cardium Therapeutics reported third quarter net income of $4.9 million, or 10 cents a share, reflecting a $6.4 million gain from the sale of its InnerCool Therapies unit. The San Diego company reported $236,000 in revenue and said it held $4.4 million in cash as of Sept. 30. It raised $6 million in October.
Signal Engineering of San Diego has been awarded a $12.2 million contract for an emergency radio beacon network for the U.S. Air Force. The system is expected to be completed in May. The contracting entity is the Defense Supply Center Richmond in Richmond, Va.
The Source : SIGNON
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