Consumer confidence hits new lows in Feb.

Americans' already battered confidence in the economy went into free fall in February, sinking to new lows as consumers grow more fearful over massive job cuts and shrinking retirement accounts.

The New York-based Conference Board said its Consumer Confidence Index, which was down slightly in January, plummeted more than 12 points in February to 25, from the revised 37.4 last month. That was well below the 35.5 level that economists surveyed by Thomson Reuters expected.

The index, which had hovered in the high 30s during the past few months, broke new lows since it began in 1967. A year ago, the consumer confidence reading stood at 76.4.

The Present Situation Index, which is consumers' assessment of current economic conditions, fell to 21.2 from 29.7 last month. The Expectations' Index, which is consumers' outlook over the next six months, sank to 27.5 from 42.5.

"Looking ahead, increasing concerns about business conditions, employment and earnings have further sapped confidence and driven expectations to their lowest level ever," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.

Franco added that the report showed worries about inflation, which had eased over the past several months, picked up. Economists carefully monitor consumer confidence since consumer spending accounts for more than two-thirds of economic activity.

Job security is a major factor behind shoppers' ability and willingness to spend. In fact, the U.S. jobless rate - now at 7.6 percent, the highest in more than 16 years - is expected hit a peak of 9 percent this year, according to recent forecasts.

NATIONAL

Google gives free service to make up for e-mail outage

Google Inc. is making amends for an e-mail outage by giving 15 days of free service to businesses, government agencies and other subscribers who pay for an expanded version of the product.

The concession is meant to placate customers who were cut off from their e-mail accounts Tuesday for as long as four hours. The outage began at 9:30 a.m. Greenwich Mean Time, causing more inconvenience in Europe and Asia than in the United States.

PENNY STOCKS OK? With many major companies trading in penny-stock territory, the New York Stock Exchange is considering relaxing a rule that requires shares to trade above a dollar.

Currently, an NYSE-listed company's shares cannot remain below $1 for more than 30 consecutive days. To stay listed, a company must present a plan to the NYSE for how it will boost its stock price. The exchange has yet to submit a formal proposal to the Securities and Exchange Commission to temporarily ease the requirement. The SEC would have to approve the rule change.

AIG RECEIVES BIDS American International Group Inc. received bids from MetLife Inc. and Axa SA for a life-insurance unit spanning more than 50 countries, a sale that may mark the biggest step yet in the company's dismantling, said three people familiar with the situation.

MetLife made a preliminary offer of $11.2 billion for American Life Insurance Co., a price that may drop to about $8 billion because of deterioration in the unit's financial condition.

AMC CHIEF TO RETIRE AMC Entertainment Inc., the movie theater chain, said Peter Brown will retire as chairman and chief executive officer, effective Monday.

Gerardo Lopez, formerly executive vice president of Starbucks Corp., will succeed him, the Kansas City, Mo.-based theater chain said.

WORLD

South African gold production drops to lowest since 1922

Gold production in South Africa slumped by 13.6 percent in 2008 to the lowest level since 1922, South Africa's Chamber of Mines said Tuesday.

The trade group says South Africa, a global leader in the gold industry, produced only 484,279 pounds last year.

The chamber blames an energy crisis that forced mines to shut for a week in January, the first time the mines had closed since the Anglo-Boer war that lasted from 1900 to 1902.

China and the United States overtook South Africa as the world's leading gold producers in 2007 and 2008.

LOCAL

Winter Park hires Denver PR firm to craft ski area ads

Winter Park Resort hired Denver-based Cactus as its advertising agency.

The resort hired the firm to develop a strategy and campaign for the ski area, whose parent, Intrawest Corp., has poured money into mountain improvements and real estate development over the past few years.

THIS JUST IN

* The University of Colorado appointed John Sleeman managing senior associate university counsel.

* Molson Coors Brewing Co. added Sherri Heckel Kuhlmann as a deputy general counsel at its headquarters in Denver.

* Laura Argys was named associate dean for research for the College of Liberal Arts and Sciences at the University of Colorado at Denver.

* Berenbaum, Weinshienk & Eason PC added Stacia Bank Delaney as special counsel.

* Boulder-based Outlast Technologies promoted Heather Listoe to Outlast North America sales and marketing director, Ashley Tilman to Web and inside sales manager, Heidi Allen to marketing assistant and Jeannie Timberman to account manager, North America.

* The Grand Hyatt Denver's Pinnacle Club received the Best of Weddings award from The Knot.

* The Denver Northwest Market Center of Keller Williams Realty added Tom Collins as a Realtor.

* CoBiz Financial named Patricia Gardner a securities specialist, Mark Gibbons a real estate administrative officer, Barry Singer a producer, Ryan Stone a real estate banker, Diane Walsh a commercial lines account manager and Leisa Ramirez a director of account management.

* Financial adviser Donna Di Ianni, of Aspen, was named one of the top advisers in Colorado by Barron's Magazine.

* Enterprise Rent-A-Car opened a claims center in Fort Collins.

* Sean Moudry was named team leader for the Downtown Market Center of Keller Williams.

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