Updated at 10:26 a.m.

Lunar New Year is being celebrated as a state holiday in California for the first time. How public companies are not properly disclosing their wildfire risk with the federal government. A preview of The Sofia Soirée.  

Lunar New Year

This week more than a billion people around the world began celebrating Lunar New Year, bidding farewell to the Year of the Tiger and welcoming in the Year of the Rabbit (or Year of the Cat for those of Vietnamese heritage). The beginning of the 2023 lunar calendar commences two weeks of food, festivities, and a focus on family and friends.  In California, home to a third of the Asian American and Pacific Islander population in the country, Lunar New Year is being celebrated as a state holiday for the first time. Greg Jung, Executive Vice President of OCA Sacramento, a non-profit, that advocates for the APPI community, and Khanh Le, a member of the Kim Quang Youth Association in Sacramento, joined Insight to tell us more about the holiday and the importance of it being recognized as a state holiday. 

Burying wildfire risks

Californians know all too well the significant threat wildfires pose to our communities with the potential to destroy and change lives forever.  As larger, deadly, and more destructive fires become more common, they can also have a major ripple effect on our economy, from the damage to businesses and loss of employees to disruption of supply chains, and impacting the stock values of companies.  But despite the increasing wildfire risk to companies based in the Western United States, a new report from UC Davis reveals only a fraction of publicly traded companies mention this risk which is required in disclosures to the Securities and Exchange Commission (SEC). The report suggests a vast majority of public companies are not being as forthcoming about their vulnerability to wildfires and other extreme weather events as they should be despite the risk it poses to them and our economy. Insight spoke with Professor Paul Griffin with the UC Davis Graduate School of Management and the lead author of the report about why these risks aren't being properly disclosed and the potential impacts. 

The Sofia Soirée

A wonderful event is happening this weekend to support the arts in Sacramento. The Sofia Soirée is filled with savory creativity of food,  wide-ranging talent of live performances, and getting down with some music. It’s a unique occasion that supports B Street Theatre which touches the lives of youth with exposure to arts education and literacy.  The Sofia Soirée Committee Co-Chairs Jacob Gutiérrez-Montoya and Mary Daffin joined Insight ahead of the soiree.