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Entries posted by staff.writer

Raytheon sells oil-extracting technology

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The Associated Press Defense contractor Raytheon Co. is selling technology to a large oilfield services firm that hopes microwaves will someday become a key tool in unlocking the vast but hard-to-extract oil reserves in the West’s underground shale deposits. Much as a microwave oven heats food, Raytheon’s technology relies on microwaves to generate underground heat… Continue Reading Raytheon sells oil-extracting technology

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Earnings dive for Bank of America, Wachovia

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The Associated Press Hurt by the deepening credit crisis, Bank of America Corp. said Tuesday its fourth-quarter earnings fell 95 percent, and Wachovia Corp. reported its earnings tumbled 98 percent. Net income at Bank of America, the nation’s second-largest bank, dropped to $268 million, or 5 cents per share, in the three months ending Dec.… Continue Reading Earnings dive for Bank of America, Wachovia

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Researchers have different opinions about economic trends in the construction industry, based on 2007 data. For the year, McGraw Hill reported total construction was down by 11 percent last year, compared to a 3-percent drop during 2006. Modest declines were reported for nonresidential building and non-building construction (public works and utilities), which were offset by… Continue Reading McGraw Hill, Federal Reserve differ on construction industry

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State of the Region Luncheon

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The Greater Colorado Springs Chamber of Commerce will host the State of the Region Luncheon Jan. 30 at Norris Penrose Event Center, 1045 W. Rio Grande St. The State of the Region presentation will include an open dialogue about the future of El Paso County and a reflection on the region’s accomplishments during 2007 The… Continue Reading State of the Region Luncheon

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A report today from the Food and Drug Administration contains some disturbing news – that surgeons leave parts of medical devices inside patients nearly 1,000 times a year. “Patients may not be aware that this has occurred,” said Dr. Daniel Schultz, director of the FDA Center for Devices and Radiological Health. “CDRH receives nearly 1,000… Continue Reading Medical devices left inside patients 1,000 times a year

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State’s 2007 payroll numbers strong

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Colorado’s seasonally adjusted figures for non-farm payroll were close to 2.35 million, up from 2.3 million in December 2006, according to the Bureau of Labor Statistics’ December 2007 report released this month. That puts Colorado on the list of 23 states with “statistically significant employment changes” from last year. Colorado employers added 45,100 jobs during… Continue Reading State’s 2007 payroll numbers strong

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Year end sees slowdown for contractors

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The value of nonresidential construction starts during 2007 was up 11.2 percent from 2006, according to Reed Construction Data, a national construction industry research firm. On a month-to-month basis, job starts increased 5.2 percent during December after weak showings during October and November. However, starts weakened at the end of 2007, with the final three… Continue Reading Year end sees slowdown for contractors

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Dow Jones adds to index family

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Dow Jones Indexes and Wilshire Associates, a global investment services and consulting firm, announced that Bahrain, Kuwait and Sri Lanka will be added to the Dow Jones Wilshire Global index family. Michael A. Petronella, president of Dow Jones Indexes, said the countries were added because of the growing importance of such emerging markets to the… Continue Reading Dow Jones adds to index family

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The Western Strategies Center will unveil its first report: the state of local health care at noon on Wednesday, Jan. 23 in the Carnegie Room of downtown’s Penrose Library. Created by former Congressional candidate Jay Fawcett, WSC is a nonprofit organization that serves as a clearinghouse of information on local issues. In its report, the… Continue Reading Western Strategies Center to present health care report

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In remarks to the Jefferson County Association of Realtors this week, Lawrence Yun, chief economist and senior vice president of real estate for the National Association of Realtors said Denver may have escaped the worst of the housing slump. Factors that led to that conclusion included Denver’s lower-than-national-average unemployment rate and stronger job creations statistics,… Continue Reading Denver’s housing market in enviable position

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