UCSB skilled trade union agrees to furlough days
A union representing skilled-trade workers at the University of California, Santa Barbara, has agreed to share the pain of state budget cuts at the school. Over the next year, about 85 electricians, mechanics, plumbers, locksmiths and other trade workers at UCSB will take the same furlough days as non-union university employees, the school said in Read More →
Breaking news: Amgen drug approval withheld
Amgen suffered a setback Oct. 19 as federal regulators withheld approval of a new drug that investors hope will be the Thousand Oaks company’s next blockbuster. The Food and Drug Administration held up approval for denosumab, a treatment for bone loss in older women. Federal regulators want more information on how Amgen will monitor the Read More →
Feds order Los Padres Bank to raise capital
The parent company of Solvang-based Los Padres Bank has been hit with a cease and desist order and faces a series of deadlines to raise capital. Harrington West Financial Group, which owns Los Padres and other banking operations, reported on Oct. 16 that it consented to the entry of a cease and desist order from Read More →
Dole expected to raise up to $575M in IPO
Westlake Village-based Dole Food Co. said Oct. 13 its initial public offering is expected to raise up to $575 million by selling nearly 36 million shares for between $13 and $15 each. With $7.6 billion in 2008 revenue, Dole is the largest private company in the Tri-Counties. The company was public until 2003, when owner Read More →
Breaking news: South Coast residents warned to prepare for heavy rain
Residents of Santa Barbara County’s South Coast are encouraged to prepare for heavy rain from Oct. 12 through Oct. 15 and officials have set up sandbag stations to allow area residents to protect their properties. Recent fires in the South Coast region of Santa Barbara County mean that heavy rains could result in flooding or Read More →
Economist: Government needs to rein in spending
Budget deficits by the U.S. government pose the greatest risk to the stock market, the dollar and the economy, a prominent economist said Oct. 9. Speaking at California State University, Channel Islands, Sung Won Sohn, the Martin V. Smith professor of economics at the school and a former chief economist for Wells Fargo, said the Read More →
PCBC shares soar on speculation of capital infusion
Shares of Pacific Capital Bancorp, parent of Santa Barbara Bank & Trust, soared nearly 25 percent on Oct. 7, as 3 million shares, twice the normal volume, changed hands. Pacific Capital closed at $1.82 on NASDAQ, climbing 35 cents amid ongoing speculation the bank might be close to raising new capital or announcing a merger. Read More →
