Existing-home sales lowest since '97

Sales of existing homes fell in January to the lowest level in nearly 12 years as pessimism about the economy grew and buyers waited for President Barack Obama's plan to help revive the U.S. housing market.

The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent to an annual rate of 4.49 million last month from 4.74 million in December. It was the weakest showing since July 1997. Sales had been expected to rise to an annual pace of 4.79 million homes, according to Thomson Reuters.

Without adjusting for seasonal factors, sales nationwide fell 7.6 percent from a year earlier. Sales had surged in December, providing some hope that the long-awaited housing market bottom was in sight.

NATIONAL

660 small telcos fined $13.3 million over safety of info

The Federal Communications Commission has slapped more than 660 small telecommunications companies with a total of $13.3 million in fines for failing to certify that they're keeping their customer information safe.

Reports surfaced in recent years that private investigators and "data brokers" were able to elicit phone records and other information from companies.

Last year, the FCC required for the first time that companies file statements to certify that they are following regulations on customer information. The companies that were each fined $20,000 on Tuesday failed to make those filings last year.

MASS LAYOFFS The Labor Department says mass layoffs, or job cuts of 50 or more by a single employer, increased to 2,227 in January, up by almost 50 percent from the same month last year.

The department says more than 235,000 workers were fired because of January's cuts.

AIRLINE CREDIT United Airlines said Wednesday it will start accepting credit and debit cards for onboard purchases beginning March 23.

United said it will stop accepting cash for purchases on flights within the U.S. and on flights to and from Canada, Mexico, Central America and the Caribbean after the spring break season. No firm date has been set for the changeover.

United said it would take both cash and credit on flights around the rest of the world. The airline will continue to be cash-only on its United Express regional flights.

WINDOWS 7 Microsoft Corp. may begin shipping its Windows 7 operating system as early as the third quarter, months before the software maker's official prediction, a computer-industry executive said.

"According to current planning, it should be late September or early October," said Ray Chen, president of Taipei- based Compal Electronics Inc., the maker of laptop personal computers for Hewlett- Packard Co. and Acer Inc.

Worldwide notebook shipments this year will be little changed from 2008 at 120 million to 125 million units, Chen said Wednesday.

DEERE CEO BONUS Deere & Co. Chief Executive Officer Robert Lane told an investor he won't follow the action of Jeffrey Immelt, his counterpart at General Electric Co., by forgoing $14.5 million in 2008 bonuses and incentives. Deere gave Lane, who also is president and chairman, $22 million in reported compensation for the year ended Oct. 31 as the stock lost half its value. Deere's stock fell 59 percent in calendar 2008.

POSSIBLE DEAL Yahoo! Inc., which rejected a Microsoft Corp. buyout offer last year, hasn't ruled out striking a deal with the company to bolster its Internet search engine, Chief Financial Officer Blake Jorgensen said.

Any agreement would have to maximize the unit's value, Jorgensen said Wednesday.

LOCAL

CORE's 2009 conference slated for March 17-19

CORE's 2009 Sustainable Opportunities Summit will be March 17-19 at Colorado Convention Center.

The fourth annual summit will showcase Denver and the Rocky Mountain West as an emerging center of a new, more sustainable economy and is expected to bring together nearly 1,000 business, political and academic leaders in new global economic models.

To register or for information, visit: sosummit.org/home/ or call Executive Director Graham Russell at 303-592-4083.

NEW PENNEY'S J.C. Penney will host the grand opening on March 6 of its new Brighton store at 1950 Prairie Center Parkway.

THIS JUST IN

* ARCA biopharma Inc. appointed Kathryn E. Falberg chief financial officer and chief operating officer.

* The Lupus Foundation of Colorado added Matthew Kavanagh and Howard Hall to its board of directors and named Carol Wright as chairman, Tracy Williams as secretary, Patricia Hershfeldt Perry as treasurer, and Scott Bills as director at large.

* Peck, Shaffer & Williams joined the Colorado Association of Homes and Services for the Aging.

* American National Bank opened a location at 2241 E. Arapahoe Road in Centennial.

* National Contract Management Association's Denver Chapter announced its officers for the 2008-2009 Program Year: Paul R. Fisher, president; Blake Couture, president-elect; Stacey Gustus, secretary; and Tony Karpowicz, treasurer.

* United Western Bank named Bret R. Duston market president for its Denver office.

* Copper Conferencing added Traci Rigano to its sales and marketing team.

* Rebecca Fischer of Sherman & Howard was named the Colorado Best Lawyers Real Estate Lawyer of the Year for 2009.

* Allegory Advertising named Kirk Harley business development manager.

* The University of Colorado at Denver added Lisa Ingarfield and Aneesha Bharwani to its Center on Domestic Violence in the School of Public Affairs' Auraria Campus Safety Initiative.

* Fitness Together Holdings Inc. and elements therapeutic massage inc. received the 2008 New Sales Award from Rocky Mountain Excellence in Franchising.

* First National Bank named Elizabeth Dodds president of its Boulder County Market.

* Merck & Co. Inc. added Thomas R. Cech of Howard Hughes Medical Institute to its board of directors.

* Philip A. Gosch of Brownstein Hyatt Farber Schreck, was named to the Creative Adoptions Inc. board of directors.

* The Denver Public Library gave Peggy J. Wortham of the Colorado Black Chamber of Commerce its 2009 Juanita Gray Community Service Award.

* The Denver Southlands Market Center of Keller Williams Realty named Doug Osness assistant team leader.

* Ent Federal Credit Union donated 8,231 pounds of food to Colorado Care and Share and Food Bank of the Rockies programs.

Back to Top