Rep. Cox nominated as new chief of SEC
President Bush chose California Rep. Christopher Cox on Thursday to run the Securities and Exchange Commission, assigning him the delicate regulatory dance of protecting investors’ rights while not stifling business.
Cox, a conservative 16-year veteran of the House, will replace William Donaldson, who said he will leave at the end of this month. The appointment is subject to Senate confirmation.
Magnum to pay legal fees to settle lawsuit
Magnum Hunter Resources Inc., an oil and natural-gas producer that in January agreed to be bought by Denver-based Cimarex Energy Co., said it will pay as much as $400,000 in legal fees to settle a shareholder lawsuit over the takeover.
The lawsuit, which was filed Feb. 2 as a class-action complaint in District Court in Clark County, Nev., will be dismissed if the court approves the agreement, Magnum said.
52,000 people sign up for Xcel’s A-C savings
Nearly 52,000 Xcel Energy residential and business customers in Colorado have signed up for a program that saves energy.
The Saver’s Switch program allows Xcel to cycle central air-conditioner units on and off for brief intervals by remote control. The program helps reduce electricity demand when temperatures are high.
DIA drops to 21st in on-time arrivals
Denver International Airport fell to No. 21 in on-time arrivals nationwide in April, down from No. 2 a year ago. The drop comes in a month when a one-day blizzard led to the cancellation of most flights at DIA.
According to the statistics released Thursday by the Department of Transportation, Chicago Midway was the highest-ranked airport in on-time arrivals in April.
Safeway credit union approves DPS merger
Members of Safeway Rocky Mountain Federal Credit Union voted to merge with DPS Credit Union by an overwhelming 88 percent. The vote was announced Thursday and followed initial regulatory approval of the pact. The merger will create the third-largest credit union in the Denver area, with nearly 56,000 members. DPS members were not required to vote.
Toyota cuts assembly time by 5.9% in 2004
Toyota Motor Corp., the world’s second-biggest automaker, slashed the time it took to build a car in North America last year by 5.9 percent, the biggest efficiency gain in an annual survey of auto plants.
Toyota took an average 19.5 hours of labor to assemble each of its vehicles in 2004, moving it past Honda Motor Co. for the No. 2 slot behind Nissan Motor Co. in a Harbour Consulting survey released Thursday. Nissan took 18.3 labor hours to build a car last year.
Jury in Tyco retrial begins deliberations
Jurors began deliberations Thursday in the retrial of former Tyco International Ltd. top executives L. Dennis Kozlowski and Mark Swartz.
Shortly before noon, the panel of six men and six women began considering allegations that Koz lowski, Tyco’s former chief executive, and Swartz, its ex-chief financial officer, systematically looted millions of dollars from the conglomerate.
French-American Chamber opens office
The Rocky Mountain Chapter of the French-American Chamber of Commerce has opened at 571 Galapago St.
The group, which was originally incorporated in November 1997 as the French-American Business Association, was approved as an official chamber in April by the French-American Chamber.
Financial group forms chapter in Colorado
The Society for Financial Awareness, a nonprofit organization of financial professionals seeking to educate the public about financial issues, formed a new chapter in Colorado.
The 11-year-old San Diego- based society has chapters in 14 states. For information, visit the organization’s website, www.sofausa.org.
Chinese manufacturers to supply Boeing
The Boeing Co. said Thursday that Chinese manufacturers will supply $600 million in aircraft parts in years to come, including some parts for its new 787 Dreamliner.
The Chicago-based airplane maker finalized contracts with affiliates of two state-owned manufacturers, China Aviation Industry Corp. I and China Aviation Industry Corp. II.
Pair quit board; CEO fired at MassMutual
Conrad Black has relinquished his seat on the board of Hollinger International Inc., the Chicago-based publishing company he founded. Black’s wife, Barbara Amiel Black, also resigned from the board. … Springfield, Mass.-based MassMutual Financial Group said it fired Robert O’Connell as chief executive, replacing him with chief investment officer Stuart Reese. … Bradley S. Buchanan of the Denver design/build firm of Buchanan Yonushewski Group LLC, was named to the College of Fellows of the American Institute of Architects.
