NATIONAL

Verizon CEO rakes in stock windfall of $1.8M

Verizon Communications Inc. Chairman and Chief Executive Ivan Seidenberg exercised 285,000 soon- to-expire stock options this week at a profit of almost $1.8 million, the New York-based telephone company disclosed in a filing.

Last year, Seidenberg was paid $2.1 million in salary, a $4.1 million bonus, $11.3 million in restricted stock and $1.8 million in other compensation, for a total of $19.3 million, according to Verizon's most recent proxy statement.

GM ends merger talks with Renault, Nissan

General Motors Corp. ended talks aimed at teaming with Carlos Ghosn's Renault SA and Nissan Motor Co. because of a dispute over GM's demand to be compensated for taking part in an alliance.

GM wanted payments to make up for the benefits the French and Japanese automakers would have received, the companies said.

AT&T, BellSouth: FCC should reject cable rule

AT&T Inc. and BellSouth Corp. urged U.S. regulators to reject a plea by cable companies, including Cox Communications Inc., to impose conditions on AT&T's $67 billion purchase of BellSouth.

The telephone companies dismissed as "wholly improper" the cable providers' push for rules to ensure they can easily connect their phone customers' calls to AT&T's network if the Federal Communications Commission approves the BellSouth deal.

Microsoft's Vista makes piracy more difficult

Microsoft Corp.'s forthcoming Windows Vista will take much harsher steps to curtail piracy than previous versions of its operating system, including crippling the usefulness of computers found to be running unlicensed copies of the new software.

If a legitimate copy is not bought within 30 days, the system will restrict users to just the Web browser for an hour at a time, the company said.

Goodyear workers face contract deadline today

By today, 12,000 Goodyear Tire & Rubber Co. employees in 10 states may be locked out of their jobs or could go on strike if the company and its unionized workers don't agree on a new contract.

Talks were under way in Cincinnati between the Akron, Ohio- based tire maker and the United Steelworkers union.

LOCAL

Court prevents seizure of money transfers

Western Union has won a court order temporarily preventing Arizona from seizing consumer-to-consumer money transfers to Mexico as part of an ongoing criminal investigation.

A judge issued the temporary restraining order last week and set a hearing for Oct. 16 in Maricopa County Superior Court to consider arguments.

The office obtained the warrant last month in an investigation into illegal immigration and drug smuggling, Greenwood Village-based Western Union said. The warrant would require the company to pay money transfer funds above a certain dollar amount to a designated account rather than sending the funds to intended recipients in Mexico.

Disability group targets local Dave & Buster's

The Colorado Cross-Disability Coalition has filed a federal lawsuit against two Dave & Buster's locations, accusing the fun-and-games- filled restaurants of violating the Americans with Disabilities Act.

According to the lawsuit, both the Denver and Westminster Dave & Buster's have bars that are too high for people in wheelchairs. Queue lines used to access games and events also are not accessible, and the Winner's Circle - where patrons cash in tickets for prizes - uses inaccessible turnstiles at its exits.

Dave & Buster's corporate officials did not immediately return phone calls Wednesday.

The lawsuit, filed Tuesday in U.S. District Court, seeks an undetermined amount in damages and asks a judge to force the restaurant to make changes to its Colorado locations.

NREL and Chevron to team up on biofuels

The U.S. Department of Energy's National Renewable Energy Laboratory, headquartered in Golden, and Chevron Corp. on Wednesday signed a five-year agreement to research and develop new production technologies for biofuels.

NREL will collaborate on projects to develop the next generation of process technologies that will convert cellulosic biomass, such as forestry and agricultural wastes, into biofuels such as ethanol and renewable diesel, the lab stated in a release.

ECONOMY

Service sector index declines in Sept.

The nation's service sector expanded at its slowest pace in more than three years in September, reflecting managers' ongoing concern about the economy, interest rates and security issues, a trade group said Wednesday.

The Institute for Supply Management, based in Tempe, Ariz., said its index of business activity for the service sector, which equals about two-thirds of the nation's economic activity, registered 52.9 in September, well below August's reading of 57 and lower than the 56 that analysts were expecting.

A reading of 50 or more indicates expansion, while below 50 shows contraction. The September figure represented the 42nd consecutive month of growth but is the lowest reading since April 2003, when the reading was 50.7.

The service sector includes banking, construction, retailing and travel.

The prices paid index rose at a slower rate in September with a reading of 56.7 vs. 72.4 in August. The new orders index registered 57.2 while the employment index was at 53.6, with both growing more quickly than in August.

• Orders to U.S. factories for manufactured goods were weak for a second consecutive month as the nation's manufacturing sector sent signals it was shifting into a lower gear.

The Commerce Department reported Wednesday that new orders were basically unchanged in August at $403.6 billion following a 1 percent decline in July. The weakness in August reflected big declines in demand for computers and commercial aircraft.

Analysts believe that the slowing economy is beginning to have an impact on manufacturers, with the weakness apparently continuing in September.

The Institute for Supply Management reported Monday that its closely watched gauge of manufacturing activity expanded in September at the slowest pace in more than a year.

THIS JUST IN...

• Denver-based Scott's Liquid Gold Inc. announced its newest product, Mold Control 500, an EPA-approved consumer product available off-the-shelf for home mold removal in areas up to 500 square feet.

• Denver-based VCG Holding Corp. closed its previously announced acquisition of the Appaloosa Club in Colorado Springs for $1.4 million. VCG, which trades on the American Stock Exchange under the symbol PTT, owns the Diamond Cabaret and other clubs.

• The Denver chapter of the Commercial Real Estate Women on Tuesday lauded top commercial real estate broker Mary Sullivan as one of its Women of Influence. She works for CB Richard Ellis.

• Golden-based New Global Telecom, a provider of wholesale hosted VoIP solutions, has named Mike Donnell as president and CEO.

• Loveland-based A4S Security Inc., a provider of digital video surveillance solutions, said it has completed a private placement of unregistered securities totaling $5,223,750.

• The Colorado Judicial Institute said its 2006 Judicial Independence Award will be presented to recently retired Colorado Supreme Court Justice Rebecca Love Kourlis. She now heads the new Institute for the Advancement of the American Legal System based at the University of Denver.

• U.S. Department of Commerce Secretary Carlos Gutierrez has appointed Tony Frank, the top academic official at Colorado State University, to a new advisory committee that will address issues surrounding access of controlled sensitive technology by foreign nationals within the United States.

• Dr. Martha Illige, a family physician in Denver, received the Exemplary Teaching Award from the American Academy of Family Physicians at its annual meeting in Washington, D.C. The award was one of 10 presented for exceptional achievement in the field of family medicine.

• The Denver Office of Economic Development has launched a new series of podcasts on its Web site, www.milehigh.com. The podcasts feature Mayor John Hickenlooper and a group of business leaders who share their perspectives on Denver as an ideal location for conducting business.

• Northfield Stapleton developer Forest City West named Tanalee Storm as specialty leasing manager; David Boyza as assistant general manager; and Rachael Stiedemann as marketing coordinator. The retail center has its grand opening later this month.

Compiled from News staff, The Associated Press, Bloomberg News, Scripps Howard News Service

Back to Top