Commerce Briefs
December 31, 2007
Asian Business Association Elects Leaders
The Asian Business Association of Los Angeles selected its new leadership for 2008.
Gordon K. Eng, of the Law Offices of Gordon K. Eng, will be the group’s chair. Stephen Lee of Solaris Investment Partners will be vice chair. Lynn Chen of EARL Security will be secretary, and Andy Wong of Wells Fargo will be treasurer.
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KTSF Sees Rise in Nielsen Primetime Ratings
SAN FRANCISCO — KTSF Television, the nation’s largest Asian language broadcaster, announced recently that Nielsen Media Research ratings show a significant increase in viewing households during the first three quarters of 2007 over the same period last year. KTSF audience numbers, based on data in the San Francisco Bay Area, reveal that viewers are consuming Asian programming at a rapid pace. The average number of households that watched KTSF prime-time dramas increased 30% over the same period last year, while the average number of households watching KTSF prime-time programs increased 18%. The average number of adult female viewers watching KTSF prime-time dramas increased 19% over the same period.
KTSF has outperformed some mainstream and Hispanic stations with its popular weekday, prime-time dramas and news programs.
KTSF is the only U.S. television station to broadcast nightly, live news programming in Cantonese and Mandarin.
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S.F. Financial Advisor Named to ‘Worth Magazine’ List
SAN FRANCISCO – Merrill Lynch recently announced that Debbie Jorgensen from San Francisco has been named one of the “Top 100 Wealth Advisors” in Worth magazine’s annual ranking, published in October.
This is the eighth year in a row the magazine has recognized Ms. Jorgensen. With eleven advisors on the Worth list, Merrill Lynch has more advisors recognized than any other single financial advisory firm.
Jorgensen has been with Merrill Lynch for 23 years, serving corporate and individual investors with comprehensive financial solutions, including concentrated stock management, asset management, estate planning services and philanthropy. Outside the office, she serves as honorary director for Larkin Street Youth Services and volunteers with Stanford Associates and Stanford Special Gifts. Jorgensen manages more than $885 million in assets from individual and corporate clients.
Worth is the only magazine devoted exclusively to readers who possess substantial wealth.
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Ng Appointed to Fair Employment Commission
Linda Ng of Sacramento, Calif., has been appointed to the Fair Employment and Housing Commission.
Since March 2007, she has served as chief of the Safe Drinking Water Office at the Department of Water Resources. Previously, Ng served as a loan officer at the Department of Housing and Community Development from 2004 to 2007, and associate management auditor at the Department of Consumer Affairs from 2003 to 2004. She served as a small business development center contract manager for the California Technology, Trade and Commerce Agency from 2002 to 2003. From 1998 to 2002, Ng served as program manager for that agency, formerly the California Trade and Commerce Agency. Prior to that, she was the assistant manager/customer relations officer for United Commercial Bank from 1997 to 1998.
This position requires Senate confirmation and compensation is $100 per day.
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Suntech Power Opens S.F. Headquarters
Suntech Power Holdings Co., one of the world’s largest manufacturers of solar power systems, has chosen San Francisco for its North American headquarters, a move that could bring hundreds of jobs and solidify the city’s place at the forefront of clean energy.
Suntech, which has been operating out of Olney, Md., has subleased a space in the Embarcadero and will house more than 50 employees by the end of 2008.
Based in Wuxi, China, Suntech was founded in 2001 by Zhengrong Shi and employs 4,000 worldwide.
The head of the Mayor’s Office of Economic Development said the city has offered up Hunters Point Shipyard as a possibility for a manufacturing and assembly space. S.F. Mayor Gavin Newsom has said he would like to create a clean-tech campus there.
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API Small Business Program Receives $100,000
LOS ANGELES — The Wells Fargo Foundation recently announced a $100,000 donation to support the Asian Pacific Islander Small Business Program.
In addition, the program recognized four API small business clients for their outstanding entrepreneurship and business innovation.
The program recognized current clients who have succeeded despite the challenges of language barriers and unfamiliar financial environments, in addition to the usual trials that face the new entrepreneur. The four API small business owners recognized include: Belinda Xu — Angela Preschool and Kindergarten (Chinatown Service Center); Nixon Nishimura — Acomes Inc. (Little Tokyo Service Center); JJ Lee and Chris Lord — Overtone Productions (Koreatown Youth & Community Center); and Supranee Chanpradup — Thai House Express (Thai Community Development Center).
According to the U.S. Census, Asian-owned businesses continue to grow faster than the national average. There were 1.1 million Asian-owned businesses in 2002, up 24% from 1997.
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CREAA Elects Officers and Directors
The Chinese Real Estate Association of America recently held its annual winter reception and annual election for the board of directors.
Twenty-four candidates vied for 21 seats. It was announced that Robyn Chan, Olivia Chiu, Christina Chung, Loli Chung, Jean Dunn, Marilyn He, Henry Hoh, Eva Hom, Polly Hu, Michael Kay, Amy Kong, John Lee, Juanita Leung, Winnie Liu, Manuel Quijano, Albert Tam, Eric Tang, Daniel Wong, Samson Wong, Louis Woo and Tulip Yeh were duly elected.
On Dec. 13, the newly elected board of directors held its first meeting and elected officers. John Lee of Pacific Union was unanimously elected CREAA’s 2008 president. John is also a member of the board of directors of the San Francisco Association of Realtors and was elected its chief financial officer for 2008, as well.
Outgoing 2007 president Betty Sun Wong will become chairperson of the board for 2008.
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New Buffet Restaurant Opens at Harrah’s St. Louis
ST. LOUIS — With modern design, foods and tastes not currently found in any local buffet, Harrah’s is bringing the latest in Las Vegas-style buffets to St. Louis, La.
On Dec. 20, Eat Up! offered contemporary taste sensations cooked fresh on site at seven interactive foodscapes, featuring recipes from all over the world and stretching the length of a football field.
“It’s truly like having six contemporary restaurants in one setting, plus an incredible dessert bar,” said Ray Leung, Harrah’s St. Louis’ executive chef.
Leung joins Harrah’s St Louis from the Harrah’s property in Laughlin, Nev. He has been with Harrah’s since 2002, starting with the company to open its Rincon property in San Diego, Calif.
Leung attended the culinary school at the University of Hawai’i, Manoa, and also studied for a year with the Sansu Corporation in Japan. Before joining Harrah’s, Leung also worked for the Hyatt Regency and Sheraton Hotel companies.
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Calif. Tax Board Supports New ‘Alcopop’ Rate
They taste like fruit drinks, but they’re packaged like beer and appeal to many teenagers — and state tax regulators voted recently to tax them as hard liquor.
The Board of Equalization voted 3-2 to classify flavored malt beverages, such as Smirnoff Ice, as distilled spirits rather than beers.
The change, if accepted by the state Office of Administrative Law, will send taxes soaring for the drinks, known as “alcopops,” from 20 cents per gallon, the beer rate, to $3.30 per gallon, the liquor rate.
Board members Betty Yee, Judy Chu and a representative of state Controller John Chiang supported the higher tax rate, while members Bill Leonard and Michelle Steel voted against.
Opponents argue that alcopops are marketed as “gateway” drinks that attract young Californians who otherwise might not consume alcohol.
Industry officials say flavored malt beverages contain roughly the same alcohol content as beer (4 - 6%) and that reclassifying as hard liquor is unwarranted.
— The Sacramento Bee
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