The Faberge family, which started making luxury goods in 19th-century czarist Russia and was displaced by Bolsheviks in the revolution, is back in business.
Faberge Ltd., which bought the brand name from Unilever PLC in January, appointed Tatiana and Sarah Faberge to its supervisory council, the Cayman Islands-based company said Wednesday.
They are great-great-granddaughters of Gustav Faberge, who founded House of Faberge in St. Petersburg, Russia, in 1842. It produced jewelry, tableware and Faberge Eggs until the Russian Revolution in 1917, the company said.
Additional business news briefs:
ProLogis expects 13% rise in cash flow this year
DENVER – ProLogis, the world’s largest developer of warehouses and distribution centers, expects annual cash flow to rise 13 percent this year, the company’s chief executive said in an interview.
Funds from operations, a measure of income commonly used by real-estate investment trusts, should reach $6.25 to $6.40 a share in three years, said Jeffrey Schwartz. Its current projection is $3.95 to $4.10 a share for 2007, according to the company’s second-quarter earnings report.
Ball Corp. stock takes a hit
BROOMFIELD – Stock of Ball Corp., the largest U.S. maker of recyclable aluminum cans, fell the most in two months Wednesday after the company said it incurred costs of $86 million in the third quarter to settle a contract dispute with Miller Brewing Co.
Ball shares fell $2.38, or 4.3 percent, to $53.37 in New York Stock Exchange composite trading, their biggest decline since Aug. 9.
Frontier regional carrier OK’d for Mexico flights
DENVER – Frontier Airlines regional carrier Republic Airlines has received certification to fly to Mexico for Frontier.
Being able to fly regional jets on routes to Mexico, instead of just its larger Airbus jets, gives Frontier more flexibility, said Frontier spokesman Joe Hodas.
Space industry shows rapid growth
COLORADO SPRINGS – The Space Foundation said the global space industry grew 18 percent year over year to nearly $220 billion in total revenues in 2006.
Satellite-based products and services and U.S. government space investments were the two largest segments of the space industry, according to the report.
Texas power generator TXU goes private
DALLAS – TXU Corp., the biggest power generator in Texas, officially passed from public to private ownership Wednesday and got a new name as investors closed the $32 billion buyout.
The new owners are investors led by private-equity firms Kohlberg Kravis Roberts & Co. and TPG, formerly Texas Pacific Group. TXU changed its name to Energy Future Holdings Corp.
Media oppose freeing TV airwaves for mobile Net access
WASHINGTON – Walt Disney Co. chief executive Robert Iger and other media executives urged U.S. regulators to reject a push by Microsoft Corp. and Google Inc. to free some television airwaves for mobile Internet access.
Use of the airwaves may interfere with TV reception, Iger said Wednesday in a letter, joined by NBC Universal chief executive Jeff Zucker, News Corp. president Peter Chernin and CBS Corp. chief executive Leslie Moonves.
Consumers who buy digital TV sets “have a right to expect their equipment will work,” they told Federal Communications Commission Chairman Kevin Martin.
