Latest news with #LAEDC
Associated Press
4 days ago
- Business
- Associated Press
Biocom California and Los Angeles County Economic Development Corporation Renew Memorandum of Understanding to Advance the Greater Los Angeles Life Science Ecosystem
LOS ANGELES & SAN DIEGO & SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Jul 21, 2025-- Biocom California, the association representing the California life science industry, and the Los Angeles County Economic Development Corporation (LAEDC), a leader in inclusive economic growth, today announced the renewal of a Memorandum of Understanding (MOU) aimed at strengthening the life science ecosystem in the Greater Los Angeles region. 'Greater Los Angeles is home to a thriving life science cluster, powered by world-class research institutions and a diverse, innovation-driven economy,' said Dan Gober, Executive Director, Los Angeles of Biocom California. 'This renewed partnership with LAEDC enables us to double down on the commitment we made when we first opened our Greater LA office in 2015 to address the unique needs of the LA life science community, connect it with complementary regional hubs across Southern California, and ensure that groundbreaking discoveries made here stay and scale here.' Under the MOU, Biocom California and LAEDC will collaborate on strategic programs and initiatives to support growth and innovation in Los Angeles County's bioscience sector. Key objectives include aligning resources and networks to: Los Angeles County is a critical player in the global bioeconomy, bolstered by internationally renowned institutions such as UCLA, USC, Cedars-Sinai Medical Center, Caltech and City of Hope. The region is home to more than 3,966 life science establishments, providing close to 200,000 jobs and generating over $60 billion in economic output. In 2024 alone, the region secured $1.51 billion in federal funding from the NIH and NSF, underscoring its prominence as a center of scientific advancement. 'LAEDC's partnership with Biocom California reflects our shared vision for inclusive and sustainable economic growth driven by innovation,' said Stephen Cheung, president and CEO of LAEDC. 'The life sciences are essential to that vision: delivering transformative health outcomes, creating quality jobs, and strengthening our position in global markets. Together, we will continue to support and elevate this high-impact industry throughout Los Angeles County.' The MOU also outlines collaboration on signature events, joint policy and workforce initiatives, and the implementation of the LA County Bioscience Strategic Plan. Both organizations will engage public and private stakeholders, leveraging their unique assets to accelerate the life sciences sector's impact on local communities and the broader economy. About Biocom California Biocom California is the leader and advocate for California's life science sector. We work on behalf of our members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs and create robust value-driven purchasing programs. Founded in 1995 in San Diego, Biocom California provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom California operates core offices in Los Angeles and the San Francisco Bay Area, with satellite offices in Sacramento, Washington, D.C. and Tokyo. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers. For more information on Biocom California, please visit our website at Connect with us on LinkedIn, Facebook and X. View source version on CONTACT: Biocom California Media Contact: Carolyn Hawley Inizio Evoke Comms (619) 849-5382 [email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES GENETICS OTHER SCIENCE SCIENCE PHARMACEUTICAL BIOTECHNOLOGY SOURCE: Biocom California Copyright Business Wire 2025. PUB: 07/21/2025 02:18 PM/DISC: 07/21/2025 02:18 PM
Business Wire
4 days ago
- Business
- Business Wire
Biocom California and Los Angeles County Economic Development Corporation Renew Memorandum of Understanding to Advance the Greater Los Angeles Life Science Ecosystem
LOS ANGELES & SAN DIEGO & SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Biocom California, the association representing the California life science industry, and the Los Angeles County Economic Development Corporation (LAEDC), a leader in inclusive economic growth, today announced the renewal of a Memorandum of Understanding (MOU) aimed at strengthening the life science ecosystem in the Greater Los Angeles region. 'Greater Los Angeles is home to a thriving life science cluster, powered by world-class research institutions and a diverse, innovation-driven economy,' said Dan Gober, Executive Director, Los Angeles of Biocom California. 'This renewed partnership with LAEDC enables us to double down on the commitment we made when we first opened our Greater LA office in 2015 to address the unique needs of the LA life science community, connect it with complementary regional hubs across Southern California, and ensure that groundbreaking discoveries made here stay and scale here.' Under the MOU, Biocom California and LAEDC will collaborate on strategic programs and initiatives to support growth and innovation in Los Angeles County's bioscience sector. Key objectives include aligning resources and networks to: Identify the unique needs of the Greater LA life science cluster Strengthen connections across the Southern California life science ecosystem Retain and grow discoveries and businesses within California Drive economic development through talent, capital, and policy initiatives Los Angeles County is a critical player in the global bioeconomy, bolstered by internationally renowned institutions such as UCLA, USC, Cedars-Sinai Medical Center, Caltech and City of Hope. The region is home to more than 3,966 life science establishments, providing close to 200,000 jobs and generating over $60 billion in economic output. In 2024 alone, the region secured $1.51 billion in federal funding from the NIH and NSF, underscoring its prominence as a center of scientific advancement. 'LAEDC's partnership with Biocom California reflects our shared vision for inclusive and sustainable economic growth driven by innovation,' said Stephen Cheung, president and CEO of LAEDC. 'The life sciences are essential to that vision: delivering transformative health outcomes, creating quality jobs, and strengthening our position in global markets. Together, we will continue to support and elevate this high-impact industry throughout Los Angeles County.' The MOU also outlines collaboration on signature events, joint policy and workforce initiatives, and the implementation of the LA County Bioscience Strategic Plan. Both organizations will engage public and private stakeholders, leveraging their unique assets to accelerate the life sciences sector's impact on local communities and the broader economy. About Biocom California Biocom California is the leader and advocate for California's life science sector. We work on behalf of our members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs and create robust value-driven purchasing programs. Founded in 1995 in San Diego, Biocom California provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom California operates core offices in Los Angeles and the San Francisco Bay Area, with satellite offices in Sacramento, Washington, D.C. and Tokyo. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers. For more information on Biocom California, please visit our website at Connect with us on LinkedIn, Facebook and X.
Yahoo
07-05-2025
- Business
- Yahoo
Businesses struggle to navigate as Trump's tariff fallout hits West Coast ports
LOS ANGELES — California businesses are operating in the dark as they brace for the economic fallout from President Donald Trump's trade war — and the layoffs are already beginning. American manufacturers and retailers are anticipating a sharp dropoff in imports from China this week as they struggle to pay a 145 percent tariff on goods from the country. Already, dozens of ships have canceled planned arrivals at West Coast ports, putting dockworkers, truckers and more jobs across the supply chain at risk. But Stephen Cheung, CEO of the Los Angeles County Economic Development Corporation, said Tuesday that nobody is safe from the global economic upheaval. That includes his own nonprofit, tasked with assisting businesses in the region, as the government support and donations it relies on dry up. 'I actually had to lay off three people last week because the budget just got cut,' he said in an interview. 'This is a litmus test; what happens here in LA first will actually impact the rest of the nation.' The climate world — especially in the transportation and energy storage sectors that rely on lithium batteries — is particularly vulnerable to the pain . While electric vehicles have fewer parts than their combustion engine counterparts, around a third of their cost is their batteries, a market dominated by Chinese manufacturing. Cheung said the confusion caused by Trump's volatile trade policy is being compounded by the White House's information void. He said while LAEDC had a direct relationship with the United States Trade Representative under previous administrations, the group isn't in contact with Trump's top trade advisors. Instead, the nonprofit has turned to larger organizations like the International Economic Development Council, which has more than 4,500 members globally, to get its message across. 'We need to come up with new ways of actually partnering with national organizations that have connections with the White House, to be able to convey that message,' Cheung said. Whether that message will actually be listened to is a different story. Cheung said no information about the administration's plan has trickled back to him, and he's learned about policy changes through the news and social media. Gene Seroka, executive director of the Port of Los Angeles, said in an interview last month that he'd heard very little from the administration. He offered an update Tuesday to the Los Angeles Board of Harbor Commissioners that offered no new information on Trump's thinking. Seroka said he anticipates a 35 percent decline in container deliveries this week, compared with the same point last year. 'Prices of products made in China now are two and a half times more than they were just last month, and importers just simply cannot justify those costs,' Seroka said. The Trump administration seems to have, at least so far, settled on a message: Be patient . Senior Trump aides on the White House's National Economic Council and in the Treasury Department are closely monitoring the disruption, according to one White House official granted anonymity to discuss internal strategy. But they've felt little need to do any major outreach so far. Meanwhile, the uncertainty is fueling friction between California and national trade groups, as in-state interests try to secure their priorities. The California Building Industry Association is working with British Columbia officials to try to secure lumber supplies for rebuilding after the Los Angeles fires, while the U.S. Lumber Coalition is hoping for new tariffs on Canadian exports. 'Nothing gets rebuilt overnight, and even if it did get rebuilt overnight, the U.S. industry can easily supply all of the lumber needs to rebuild any of those affected areas," said U.S. Lumber Coalition executive director Zoltan van Heyningen, who argues that Canadian producers are hurting the U.S. lumber industry by 'dumping' their excess capacity in U.S. markets. Dan Dunmoyer, president of the CBIA, is pushing back on van Heyningen's claim that the domestic industry can deliver enough lumber in time to rebuild the Pacific Palisades and Altadena. 'The U.S. lumber industry hasn't proven itself able to pivot quickly to fill any gaps without raising prices,' said Dunmoyer, who says the industry currently sources about 30 percent of its lumber from Canada and that tariff uncertainty has slowed construction and led to price fluctuations . 'There's nothing in anyone's insurance policy in America that says, 'Hey, if the cost of lumber goes up because of tariffs, even in the short term, don't worry, we have additional coverage.'' Another ag product that isn't totally disinterested in some sort of market correction is California-grown wine. Vineyards have struggled to stay in business amid years of declining consumption — and competition from European wine subsidized by the E.U. 'There could be a real opportunity for us to essentially level the playing field,' said Natalie Collins, president and CEO of the California Wine Growers. But the tariffs so far haven't helped much because they've prompted retaliatory moves from California wine's top export market, Canada. 'I think in the short term, this uncertainty and the pulling the wine off of shelves in Canada has probably done more harm to California wine,' said Stuart Spencer, the executive director of the Lodi Wine Grape Commission. 'Long term, there's some serious damage that's been done for American products that's going to take time to rebuild.' Like this content? Consider signing up for POLITICO's California Climate newsletter.
Politico
07-05-2025
- Business
- Politico
‘This is a litmus test': LA ports brace for tariff fallout
LOS ANGELES — California businesses are operating in the dark as they brace for the economic fallout from President Donald Trump's trade war — and the layoffs are already beginning. American manufacturers and retailers are anticipating a sharp dropoff in imports from China this week as they struggle to pay a 145 percent tariff on goods from the country. Already, dozens of ships have canceled planned arrivals at West Coast ports, putting dockworkers, truckers and more jobs across the supply chain at risk. But Stephen Cheung, CEO of the Los Angeles County Economic Development Corporation, said Tuesday that nobody is safe from the global economic upheaval. That includes his own nonprofit, tasked with assisting businesses in the region, as the government support and donations it relies on dry up. 'I actually had to lay off three people last week because the budget just got cut,' he said in an interview. 'This is a litmus test; what happens here in LA first will actually impact the rest of the nation.' The climate world — especially in the transportation and energy storage sectors that rely on lithium batteries — is particularly vulnerable to the pain . While electric vehicles have fewer parts than their combustion engine counterparts, around a third of their cost is their batteries, a market dominated by Chinese manufacturing. Cheung said the confusion caused by Trump's volatile trade policy is being compounded by the White House's information void. He said while LAEDC had a direct relationship with the United States Trade Representative under previous administrations, the group isn't in contact with Trump's top trade advisors. Instead, the nonprofit has turned to larger organizations like the International Economic Development Council, which has more than 4,500 members globally, to get its message across. 'We need to come up with new ways of actually partnering with national organizations that have connections with the White House, to be able to convey that message,' Cheung said. Whether that message will actually be listened to is a different story. Cheung said no information about the administration's plan has trickled back to him, and he's learned about policy changes through the news and social media. Gene Seroka, executive director of the Port of Los Angeles, said in an interview last month that he'd heard very little from the administration. He offered an update Tuesday to the Los Angeles Board of Harbor Commissioners that offered no new information on Trump's thinking. Seroka said he anticipates a 35 percent decline in container deliveries this week, compared with the same point last year. 'Prices of products made in China now are two and a half times more than they were just last month, and importers just simply cannot justify those costs,' Seroka said. The Trump administration seems to have, at least so far, settled on a message: Be patient . Senior Trump aides on the White House's National Economic Council and in the Treasury Department are closely monitoring the disruption, according to one White House official granted anonymity to discuss internal strategy. But they've felt little need to do any major outreach so far. Meanwhile, the uncertainty is fueling friction between California and national trade groups, as in-state interests try to secure their priorities. The California Building Industry Association is working with British Columbia officials to try to secure lumber supplies for rebuilding after the Los Angeles fires, while the U.S. Lumber Coalition is hoping for new tariffs on Canadian exports. 'Nothing gets rebuilt overnight, and even if it did get rebuilt overnight, the U.S. industry can easily supply all of the lumber needs to rebuild any of those affected areas,' said U.S. Lumber Coalition executive director Zoltan van Heyningen, who argues that Canadian producers are hurting the U.S. lumber industry by 'dumping' their excess capacity in U.S. markets. Dan Dunmoyer, president of the CBIA, is pushing back on van Heyningen's claim that the domestic industry can deliver enough lumber in time to rebuild the Pacific Palisades and Altadena. 'The U.S. lumber industry hasn't proven itself able to pivot quickly to fill any gaps without raising prices,' said Dunmoyer, who says the industry currently sources about 30 percent of its lumber from Canada and that tariff uncertainty has slowed construction and led to price fluctuations . 'There's nothing in anyone's insurance policy in America that says, 'Hey, if the cost of lumber goes up because of tariffs, even in the short term, don't worry, we have additional coverage.'' Another ag product that isn't totally disinterested in some sort of market correction is California-grown wine. Vineyards have struggled to stay in business amid years of declining consumption — and competition from European wine subsidized by the E.U. 'There could be a real opportunity for us to essentially level the playing field,' said Natalie Collins, president and CEO of the California Wine Growers. But the tariffs so far haven't helped much because they've prompted retaliatory moves from California wine's top export market, Canada. 'I think in the short term, this uncertainty and the pulling the wine off of shelves in Canada has probably done more harm to California wine,' said Stuart Spencer, the executive director of the Lodi Wine Grape Commission. 'Long term, there's some serious damage that's been done for American products that's going to take time to rebuild.' Like this content? Consider signing up for POLITICO's California Climate newsletter .
CBS News
23-04-2025
- Business
- CBS News
LA County ports expect roughly 40% drop in traffic as Trump's tariffs continue
The impacts of President Trump's tariff war have arrived at the Ports of Los Angeles and Long Beach, with the two biggest drivers of the Southern California economy expecting a catastrophic downturn in the coming weeks. "For the week beginning May 4, San Pedro Bay complex looks like it's going to have a 44% drop in vessel calls when you compare that year-to-year," Port of Long Beach CEO Mario Cordero said. "That's a significant number. The ports rely heavily on imported goods arriving from China, which President Trump levied tariffs of up to 145% against. "I think what we're going to look to now in the second quarter of 2025 and also the third quarter, a substantial reduction in cargo volume," Cordero said. "As you know, our imports here at the Port of Long Beach overwhelmingly come from Asia, more specifically China." A new report from the LA County Economic Development Corporation laid out sobering new numbers detailing the impacts of President Trump's trade war. They report states that the tariffs threaten $500 billion in revenue for the region and put 2 million local workers at risk. "The World Trade Organization estimated that if this trade war with China continues, they're expecting the U.S. and China trade to decrease by approximately 80%," LAEDC CEO Stephen Cheung said. Business leaders are concerned about a ripple effect that would harm the local economy. "One thing that I think is anecdotal but it's really recent, is that we've had multiple lease deals on industrial properties in the Inland Empire and in the South Bay get paused," developer Jeff Jennison said. Jennison also warned that with companies canceling warehouse leases, could ultimately lead to more job cuts as there wouldn't be a need for security, insurance or even IT. Professor of economics Larry Harris explained that even if tariffs ultimately convinced manufacturers to move production here, prices would still be higher. "If indeed production moves to the U.S., prices will be higher too," he said. "The reason why is that for the items that are not produced in the U.S., the reason they're not produced in the U.S. is because we can produce them as cheaply as other people can." In the end, Cordero said that fewer cargo arriving at the ports results in fewer jobs and a crushing blow to Southern California's economy. "The fundamental view from a Port Authority perspective is less cargo volume, less jobs. That's the rule here," Cordero said. "History tells you that proves to be the case. One in nine jobs in the region of Greater Los Angeles are from the port complex — 2.6 million through the U.S. supply chain are directly or indirectly from Port of Long Beach operations. It's a significant number." The Port of Long Beach also cited another key metric: sailing from carriers that have been canceled or postponed because of a lack of volume are now at levels not seen since the COVID-19 pandemic.
