Denver – Leo Kiely, chief executive of MolsonCoors Brewing Co., earned $6.68 million in total compensation in 2006, according to a regulatory filing Wednesday.
Kiely earned a base salary of $945,000, with the balance coming from stock and option awards. Pete Coors, the company’s executive chairman, earned $3.71 million, the filing showed.
Additional business news briefs:
DENVER
Labor department hasn’t endorsed firm
The Colorado Department of Labor and Employment on Wednesday said it has not endorsed a Denver company called Servicios de Migracion Para Todos LLC.
“We have been advised that this company may be offering its services to potential customers by claiming that it has the full endorsement of the Department of Labor and Employment,” executive director Don Mares said. “We want it clearly understood that the Department of Labor and Employment does not endorse the products or services of any company.”
The company, which also uses the English name Immigration Services for Everyone, markets a variety of services to farm workers and the growers who employ seasonal farm workers.
WASHINGTON
Xcel Energy leads in total wind power
Minneapolis-based Xcel Energy has the most wind power on its system, according to a new report from the American Wind Energy Association.
Xcel, with 1,323 megawatts of wind-generated power, moved past Southern California Edison, the leader, in 2005. In Colorado, Xcel has 307.7 megawatts of wind power on its system.
Nationally, the wind-energy industry installed more than 2,400 megawatts of new power generation last year, bringing total generation to more than 11,600 megawatts.
NEW YORK
Subprime mortgages may benefit rentals
Equity Residential, the biggest U.S. apartment owner, and Arapahoe County-based Archstone-Smith Trust said the rental market may benefit from the troubles in the subprime mortgage business.
Homeowners who can’t afford their mortgages and sell their properties or lose them to foreclosure will probably revert to renting, officials from Chicago-based Equity Residential and Archstone-Smith said at a Credit Suisse conference in New York on Wednesday.
LONDON
Nestle may acquire Gerber baby food
Nestle SA is expected to announce today that it is buying Novartis AG’s Gerber baby-food unit for about $5 billion, people familiar with the matter told The Wall Street Journal.
The Journal reported in November that Nestle was interested in acquiring the unit. Nestle has coveted Gerber, the biggest baby-food brand in the United States, for more than a decade.
Gerber dominates the U.S. baby-food market, with a 79 percent share, according to Morgan Stanley.
MINNEAPOLIS
Target anticipates 2,000 stores in U.S.
Target Corp. said Wednesday it expects to increase its presence by 25 percent over the next five years to about 2,000 stores in the U.S., and will open its first outlets in Alaska and Hawaii.
Target chairman and chief executive Robert Ulrich said in a presentation to analysts that the company remains focused on adding U.S. stores.
SAN JOSE, Calif.
MGM adding movies to Apple’s iTunes
MGM has become the latest major film studio to offer downloadable movies on Apple’s iTunes Store.
The Metro-Goldwyn-Mayer Studios Inc. deal, announced Wednesday, builds the iTunes catalog to more than 500 movies, including “Dances With Wolves,” “Mad Max” and “Rocky.”
WASHINGTON
Fed chair: Current hedge system best
The current market-based system is the best way to regulate the trillion-dollar hedge-fund industry, although improvements can be made, Federal Reserve Chairman Ben Bernanke said Wednesday.
Bernanke, speaking to a conference on global economics in New York City, said the current system is superior to increased government regulation.
PHILADELPHIA
Comcast Corp. buying Fandango
Comcast Corp., the world’s biggest cable-television provider, agreed to buy online movie-ticket seller Fandango and said the companies will create a new website for viewing films and television shows.
The new Fancast.com site will start this summer and allow users to view shows on demand via television, the Internet or mobile devices.
SALT LAKE CITY
Utah setting up trademark registry
Over Google Inc.’s objections, Utah plans to set up a trademark registry to prevent rival advertisers from capturing the attention of people who type a search query on another company or its products.
The new law would allow any company to create an “electronic” trademark and stop rivals from using those marks to make their advertisements appear on search engines and other websites.
This article has been corrected in this online archive. Originally, due to a reporting error, it mischaracterized Xcel Energy’s wind-power rankings. The company surpassed Southern California Edison for the most wind power in the nation in 2005.
