WASHINGTON — The chairman of the House Financial Services Committee said Wednesday he will push for stricter federal regulation of investment banks, including making them hold reserves similar to those required of commercial banks.
Rep. Barney Frank, D-Mass., said the financial- market crisis that has shaken Wall Street demonstrates that innovations by investment houses have outpaced regulations.
Colorado company wins Iraq contract
BAGHDAD — Iraq’s oil ministry has signed a contract with Colorado Industrial Construction Services Co. to help expand a refinery in Najaf, south of Baghdad, an official said Wednesday.
The $85 million contract is designed to increase the refinery’s current production of 20,000 barrels of oil per day by roughly 10,000 barrels per day, a senior ministry official said.
Nonfilers could already be winners
The Internal Revenue Service said Wednesday that nearly 23,000 Colorado taxpayers who did not file income-tax returns in 2004 are due more than $20 million.
However, to collect the money, taxpayers must file a return for 2004 no later than April 15. After that, the money becomes the property of the U.S. Treasury.
UAL cuts flights to Rockford, Ill.
United Airlines is discontinuing its twice-daily Denver-Rockford, Ill., flights, effective June 4. United started the flights in 2006.
Qwest building on block
SEATTLE — Denver-based Qwest plans to sell its Bell Plaza office building in Seattle as it consolidates operations. The median sale price for office buildings in downtown Seattle last year was $390 a square foot, according to real-estate-services company Cushman & Wakefield. That would value the Qwest building at about $207 million.
FCC to announce auction winners faster
WASHINGTON — A majority of the Federal Communications Commission favors a measure that will allow for the quick release of the names of the winners of a record airwaves auction.
The identity of the anonymous bidders in the $19.6 billion auction could be released early next week or perhaps as soon as Friday, according to an FCC official who asked not to be named because the vote was not official.
Crude prices dip on lower demand
NEW YORK — Oil prices pulled back sharply Wednesday after the government released data suggesting that the high price of oil and gasoline are depressing demand for petroleum products.
Light, sweet crude for April delivery fell $4.94 to settle at $104.48 a barrel on the New York Mercantile Exchange, the largest one-day price decline for a front-month oil contract since 1991.
Starbucks wakes up, smells the scrimping
SEATTLE — Starbucks is introducing a new automated espresso machine and getting back to grinding beans in its stores as the coffee retailer seeks to re-energize its slumping business.
Chairman and chief executive Howard Schultz on Wednesday announced the arrival of the Mastrena, a new machine designed to leave a smaller margin for error in pulling shots and steaming milk.
