Pacific Coast Business Times Proudly serving Ventura, Santa Barbara and San Luis Obispo counties 2016-06-25T00:03:22Z http://www.pacbiztimes.com/feed/atom/ Henry Dubroff <![CDATA[Dubroff: Brexit impacts will be felt in Tri-Counties]]> http://www.pacbiztimes.com/?p=28012 2016-06-24T21:29:54Z 2016-06-24T21:29:54Z Read More →]]> Henry Dubroff

Henry Dubroff

Brexit has become a crisis with a long tail and more than a twinge of buyers’ remorse.

As Sung Won Sohn of CSU Channel Islands pointed out in comments to the Business Times, the narrow EU exit vote victory was a boost for populism in the U.S. and  elsewhere. It could lead to the disintegration of the United Kingdom if Scotland votes to rejoin the European Union in a couple of years.

On June 24, the British woke up poorer in terms of currency value, house and stock prices and many who voted to leave will lose their jobs as the economy shrinks. That is a form of madness without precedent — it will lead to political second guessing and confusion about how to negotiate an orderly exit from the EU.

It is also a revolt against over-regulation that will resonate right through to our November elections.

Closer to home, the Brexit vote will trigger a flight to U.S. assets that will make coastal California real estate very attractive. British vacationers, however, may not spend their winters on the West Coast. And companies in our region with a foothold in the UK — Deckers Outdoor, Haas Automation and Amgen to name three — may have to make some adjustments.

Among other side effects, the low interest rate policy of the Fed will be with us for a while longer. And the stock market has given up all of its June rally with little clarity about what’s next.

Many will wonder if the British vote might be rejected by parliament or set aside if the crisis worsens but that is unlikely for now.

In the meantime, most of us have little control over the events unfolding in London, Brussels and on Wall Street. With the pound sterling on the rocks, those overpriced hotel rooms in Mayfair and the West End suddenly look like bargains.

Maybe it’s better to leave the speculation to the pundits and take a vacation.

• Henry Dubroff is the editor and chairman of the Pacific Coast Business Times. Contact him at hdubroff@pacbiztimes.com.

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Staff Report <![CDATA[Tri-county stocks fall after Britain votes to exit EU]]> http://www.pacbiztimes.com/?p=28009 2016-06-24T21:42:23Z 2016-06-24T21:10:15Z Read More →]]> Stock prices for many companies headquartered in the Tri-Counties fell June 24 as investors reacted to Britain’s vote to leave the European Union.

Thousand Oaks-based biotech giant Amgen dropped $5.82 or 3.82 percent. Two other companies based in Thousand Oaks, Teledyne and Inphi, saw stock prices decline $5.72 or 5.66 percent and $3.44 or 10.52 percent, respectively.

Two Goleta-based companies experienced sharp drops as well with Deckers Outdoor down $1.94 or 3.36 percent and AppFolio down 77 cents or 5.22 percent. MindBody of San Luis Obispo ended 50 cents lower or 3.35 percent and CalAmp of Oxnard fell 81 cents or 5.41 percent.

It was not all doom and gloom. Two tri-county companies had big gains June 24, with Interlink Electronics of Camarillo up $1.86 or 16.61 percent and Stellar Biotechnologies of Port Hueneme up 61 cents or 15.6 percent.

The U.S. has weathered drastic volatility before and the market has time to adapt in the two-plus years the deal will take to finalize, said Bill Watkins, executive director of the California Lutheran University Center for Economic Research and Forecasting. The abrupt decline is an overreaction, he said.

“I would be surprised if this was the start of a significant downward trend,” Watkins said. “I don’t expect much to change.”

Global markets buckled as the “Brexit” drove the pound to the lowest in more than 30 years and wiped about $3 trillion from stock market values while sparking demand for haven assets from U.S. Treasuries to gold.

The Dow Jones Industrial Average sank more than 600 points, or 3.7 percent, to erase gains for the year, while European stocks slid 7 percent in their worst day since 2008. Volume in U.S. trading topped 13 billion shares, the most this year.

• Staff writer Alex Kacik and Bloomberg News contributed to this report. Contact Glenn Rabinowitz at grabinowitz@pacbiztimes.com.

 

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Staff Report <![CDATA[Limoneira announces cash dividend of 5 cents per share]]> http://www.pacbiztimes.com/?p=28003 2016-06-24T19:01:34Z 2016-06-24T19:01:34Z Read More →]]> Limoneira has announced a quarterly cash dividend of 5 cents per common share payable on July 15 to stockholders of record on July 5.

Limoneira is a 124-year-old agribusiness headquartered in Santa Paula. The company owns approximately 10,700 acres of agricultural land, real estate properties and water rights in California and Arizona. Limoneira is a leading producer of lemons, avocados, oranges, specialty citrus and other crops.

• Contact Glenn Rabinowitz at grabinowitz@pacbiztimes.com.

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Staff Report <![CDATA[Citizens Business Bank to pay 107th consecutive quarterly cash dividend]]> http://www.pacbiztimes.com/?p=28000 2016-06-24T18:44:22Z 2016-06-24T18:44:22Z Read More →]]> CVB Financial Corp., the holding company for Citizens Business Bank, announced a 12 cents per share cash dividend for the second quarter of 2016. The dividend will be payable on or about July 21 to shareholders of record as of July 7.

“Our board of directors is pleased to pay our 107th consecutive cash dividend to our shareholders,” said President and CEO Christopher D. Myers.

CVB Financial is the ninth largest bank holding company headquartered in California with assets of approximately $7.9 billion

• Contact Glenn Rabinowitz at grabinowitz@pacbiztimes.com.

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Alex Kacik http://www.pacbiztimes.com <![CDATA[Review blasts Ventura County Community Foundation fiscal management]]> http://www.pacbiztimes.com/?p=27985 2016-06-24T00:42:21Z 2016-06-24T16:00:41Z

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Marissa Nall http://www.pacbiztimes.com <![CDATA[Be Green Packaging signing deals with McDonald’s, Panda Express]]> http://www.pacbiztimes.com/?p=27991 2016-06-24T00:53:16Z 2016-06-24T15:45:02Z

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Marissa Nall http://www.pacbiztimes.com <![CDATA[Panelists say consumer education key to ag sustainability]]> http://www.pacbiztimes.com/?p=27994 2016-06-24T01:06:01Z 2016-06-24T15:35:30Z

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