Death of wrong CEO reported in business-name confusion
A mix-up on CNBC about company names led to an erroneous report that Level 3 Communications’ top executive, Jim Crowe, was dead.
In fact, Frank Lanza, 74, had died. He was the chief executive of L-3 Communications in New York. Level 3 Communications is in Broomfield.
Level 3 sells its fiber-optic network, mostly to Internet companies; L-3 makes battlefield communications systems for the U.S. military.
Both companies issued statements Wednesday to correct a mistaken news report.
“There was an incorrect media report today stating that Level 3’s CEO had passed away. The report was in fact incorrect and CEO Jim Crowe is well,” Level 3 said in a statement.
Lanza, the chairman and CEO who built L-3 with more than 80 acquisitions, died Tuesday night while recovering from recent surgery. He had disclosed in April that he had had surgery on his esophagus to correct a problem related to acid-reflux disease.
DENVER
Software association names ’06 standouts
The Colorado Software and Internet Association held its 2006 CSIA Apex Awards in Denver on Tuesday night. The annual event recognizes innovation and accomplishments in the state’s technology sector. Boulder-based Webroot Software received the Technology Company of the Year award.
Other winners included:
Kozio Inc. of Longmont; Hythane Company of Denver; the Xcel Energy-Utility Innovation Team in Denver; Englewood-based Interlink Group; Logisens of Fort Collins; Decisioneering in Denver; and Encision of Boulder.
Scott Burt of Denver-based Integro was named Technology Advocate of the Year, and John Oechsle of IHS in Englewood was named Technology Executive of the Year.
Also, the 2006 Champions of the Year are Julie Courtney of Gunther Douglas; Michael Vaughn of TEKSystems; Cherie Mitchell of LuciData; and Rita Dozal of Information Technologies.
DENVER
City wants assets of Stephany’s Chocolates
The city and county of Denver on Wednesday asked a Denver bankruptcy court for permission to seize and sell assets owned by bankrupt Stephany’s Chocolates.
Denver claims it is owed $8,000 in taxes and values the assets at $44,553, according to a court filing. Arvada-based Stephany’s shut down in April and filed for bankruptcy in May.
First National Bank of Colorado, which claims it is owed just under $1.4 million, has already received permission to collect its debt by selling some of Stephany’s assets.
MADRAS, India
Motorola counters Nokia plans for plant
Motorola Inc. will invest $100 million to build a cellphone and telecom equipment plant in India, a move aimed at countering rival Nokia Corp.’s dominance in the Indian market.
The plant, to be built near the southern city of Madras, is expected to become operational next year, a Motorola statement said Wednesday.
The announcement follows plans by Nokia Corp. to set up a cellphone plant in India, also near Madras, with an investment of $150 million.
CHICAGO
United discontinuing flights at Midway
United Airlines plans to discontinue flying out of Midway Airport, including flights to Denver, effective Sept. 5, saying most of its travelers are more interested in service from the larger Chicago airport, O’Hare, where United has a hub.
The Midway flights were on United’s discount operation Ted, and Ted will no longer fly between Denver and Chicago, spokeswoman Robin Urbanski said. United had three Ted flights on the Denver-Midway route, and two Washington Dulles-Midway flights. Passengers booked after Sept. 5 will be accommodated on O’Hare flights.
In response to Ted’s pullout at Midway, Frontier Airlines is adding a flight from Denver to Midway, and as well as another flight from Denver to Dallas.
It is also adding 30 percent more capacity from Denver to Mexico during the peak winter season, going from 43 flights a week to 56 flights a week, including more flights to Cancun, Puerto Vallarta, Cabo San Lucas and Cancun.
It is also adding bigger planes or flights or extending expanded flight schedules on other routes, including Phoenix; Las Vegas; Tucson, Ariz.: Dayton, Ohio; San Diego; and Cozumel, Mexico.
HONG KONG
China stock index has biggest fall since 2002
China’s benchmark stock index marked its biggest one-day drop in more than four years on Wednesday as investors sold shares to gather cash for upcoming IPOs, while other Asian markets continued slides fueled by worries that higher U.S. interest rates might slow global growth.
Shares in Japan and Thailand fell to six-month lows. South Korea’s market sank 2.7 percent, while Hong Kong lost 1 percent.
China’s benchmark Shanghai Composite Index dropped 5.33 percent to 1,589.55, the index’s biggest daily fall since Jan. 28, 2002, when it fell 6.33 percent. The Shenzhen Composite Index fell 5.79 percent to 405.88.
NEW YORK
Iran news, supplies push down oil prices
Crude oil fell for a third day in New York as Iran considered incentives to end the country’s nuclear research and a report showed U.S. oil and gasoline stockpiles increased.
Oil supplies unexpectedly rose last week as imports surged to a 10-month high and gasoline demand eased, the Energy Department said. Oil has gained 16 percent this year amid concern Iran, the fourth-largest oil producer, may cut exports rather than comply with United Nations demands to stop its uranium enrichment program.
Crude oil for July delivery fell as much as 28 cents, or 0.4 percent, to $70.54 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
SAN FRANCISCO
Yahoo overhauls photo-sharing service
Yahoo Inc. is touching up its online photo-sharing service so it’s easier to sort and distribute digital pictures, continuing a recent overhaul of the world’s most trafficked website.
The changes announced Wednesday evening follow last month’s makeover of Yahoo’s front page, described by the Sunnyvale, Calif.-based company as its most extensive redesign in a decade.
Although Yahoo has long drawn the Internet’s largest audience, it is facing tougher competition from online search engine leader Google Inc. as well as News Corp.’s MySpace.com, a Web magnet among teens.
