The U.S. Department of Labor’s Wage and Hour Division has recovered $117,969 in back wages for 87 employees of JMB Denver LLC, a subcontractor building housing units outside Buckley Air Force Base in Aurora.
The company also was fined $1,500 for employing a 15-year-old to perform construction.
The Wage and Hour Division found that JMB Denver failed to pay employees the proper wage rate for carpentry, plumbing and general labor work. The investigation also disclosed that the company failed to pay overtime for hours worked in excess of 40 per week.
JMB Denver agreed to future compliance with the Davis Bacon and Related Acts and Contract Work Hours Safety Standard Act, which provides for employees to receive prevailing wages and fringe benefits and to be paid not less than 1 1/2 times their regular rate of pay for hours worked beyond 40 per week.
DENVER
Report: Future grim if sprawl continues
If sprawling development continues to fuel growth in driving, the projected 59 percent increase in total miles driven between 2005 and 2030 will overwhelm projected gains from vehicle efficiency and low-carbon fuels, according to a report released Thursday by the Urban Land Institute Colorado, Environment Colorado and the Sierra Club.
Even if the most stringent fuel-efficiency proposals under consideration are enacted, vehicle emissions still would be 40 percent above 1990 levels in 2030 – entirely off-track from the deep reductions below 1990 levels that are required by 2050 to avoid the effects of global warming.
DENVER
Molson Coors CEO uses stock options
Leo Kiely III, global CEO of Denver-based Molson Coors Brewing Co., exercised stock options to acquire 25,000 shares of Molson Coors at a cost of $1.23 million on Sept. 17 and then sold 12,147 Class B common shares worth $1.15 million, according to a filing with the Securities and Exchange Commission.
NEW YORK
Nasdaq-Sweden deal meets with concern
Nasdaq Stock Market Inc. struck a complex deal to sell a 20 percent stake to the state-owned Borse Dubai in return for control of Sweden’s leading stock market, but the plan met with some questions from U.S. politicians concerned it would raise security issues.
The sale of the Nasdaq stake is part of a flurry of cross-border dealmaking unveiled Thursday that holds potential to remake the already shifting landscape of global stock exchanges.
NEW YORK
Subprime woes tank Bear Stearns profit
Bear Stearns Cos., the securities firm hit hardest by the collapse of the subprime mortgage market, reported its biggest profit decline in more than a decade.
Third-quarter net income dropped 61 percent to $171 million, or $1.16 per share, in the three months ended Aug. 31 from $438 million, or $3.02 per share, a year earlier, the New York-based firm said Thursday in a statement. Profit fell short of analysts’ estimates.
REDWOOD SHORES, Calif.
Oracle posts big rise in sales of software
Oracle Corp. kicked off its new fiscal year with its biggest increase in software sales since the dot-com boom and bust, highlighting a first-quarter performance that topped analysts’ and its own expectations.
Oracle said Thursday it earned $840 million, or 16 cents per share, for the three months ended Aug. 31. That represented a 25 percent improvement from net income of $670 million, or 13 cents per share, at the same time last year.
If not for stock-option expenses, Oracle said it would have made 22 cents per share – a penny above the average estimate among analysts polled by Thomson Financial.
LOS ANGELES
DVD tech makes giant leap for users
The group that licenses DVD security software cleared the way Thursday for movies bought over the Internet to be burned onto a DVD that can play on any machine – a move that could change the way movies are sold.
Industry officials hailed the decision by the DVD Copy Control Association to license software designed to allow content to be burned to one disc but not copied to others.
BENTONVILLE, Ark.
Wal-Mart plans own energy-saving bulbs
Wal-Mart Stores Inc., the world’s largest retailer, is introducing its own brand of compact fluorescent light bulbs and plans to sell 100 million of the energy-saving items by the end of this year.
Four bulbs packaged under Wal-Mart’s Great Value label will cost $7.58, making them about 25 percent cheaper than brand-name lights, the retailer said Wednesday.
BRUSSELS, Belgium
EU consumer chief scolds Mattel on toys
The European Union’s consumer chief has asked Mattel Inc. for details of new quality-control measures introduced since its recall of millions of Chinese-made toys and warned the company it faces a major task to rebuild trust in the industry.
Meglena Kuneva told the company Thursday that she would push for new EU rules if not enough was done to stop dangerous toys from coming to market.
WASHINGTON
Buyout firm to sell stake to Abu Dhabi
Carlyle Group, the second-biggest buyout firm, plans to sell a stake to the government of Abu Dhabi for $1.35 billion as it considers an initial public offering.
Mubadala Development Co., an investment company owned by the government of Abu Dhabi, will buy a 7.5 percent nonvoting stake, Carlyle said in a statement Thursday.
Mubadala also pledged an additional $500 million to a Carlyle private-equity fund.
