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WASHINGTON (AP) – Wholesalers slashed inventories more than expected in April as businesses struggled to get stockpiles in line with falling sales.Still, analysts were slightly encouraged because sales dipped at a slower pace than in the previous month. The Commerce Department said Tuesday that wholesale inventories fell 1.4 percent in April, more than the 1.1… Continue Reading April wholesale inventories fall 1.4 percent

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Labor productivity up

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It may be wishful thinking, but some commercial real estate analysts believe economic belt tightening has encouraged better than expected labor productivity – and better market conditions for the industry. Usually during a recession, labor productivity decreases as businesses only gradually reduce payrolls to match their reduced order flows, Grubb & Ellis reported this week.   During… Continue Reading Labor productivity up

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Colorado will receive more than $376,000 as part of a $95.5 million global settlement with Aventis Pharmaceuticals. The agreement resolves allegations that between 1995 and 2000, Aventis and its corporate predecessors knowingly misreported best prices for the steroid-based anti-inflammatory nasal sprays Azmacort, Nasacort and Nasacort AQ. Under the agreement, state Medicaid programs throughout the country… Continue Reading Colorado will receive a share of a $95.5 million pharmaceutical settlement

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Perry Sanders has purchased three office buildings on the southwest corner of Pikes Peak and Nevada avenues and has begun work to convert them into a luxury hotel. The historic structures, the Mining Exchange Building, the Independence Building and the Freeman Telegraph Building, were built between 1899 and 1902. The upper floors of all three… Continue Reading Grand hotel: Mining Exchange Building’s next incarnation?

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U.S. private equity overhang reaches $400 billion  The cumulative amount of private equity fundraising overhang in the United States is $400 billion. After record fundraising years during 2007 and 2008, the Alliance of Merger & Acquisition Advisors and PitchBook Data Inc. say the gap between funds raised and equity invested has widened to an all-time… Continue Reading U.S. private equity overhang reaches $400 billion

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Congress considers credit card legislation

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Congress is considering legislation that would require the two major credit companies to negotiate hidden credit card processing fees. The fees cost the average household more than $400 annually. “In the middle of one of the worst recessions seen in decades, consumers can’t continue to pay artificially inflated prices just so the credit card industry can… Continue Reading Congress considers credit card legislation

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Addition to Marian House finished

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The Marian House Self Sufficiency Center, a 10,864-square-foot, two-story addition to the Marian House Soup Kitchen in downtown Colorado Springs, is finished and ready for use.

Matt Vineyard, J.E. Dunn Construction senior project manager for the building’s general contractor, said that phase one of the two-building campus, which was finished last summer and included a new kitchen, dining facilities, office and administrative areas totaling 15,725 square feet, has been open for one year. Phase two included the construction of the Self Sufficiency Center, which has a clinic, exam rooms, education areas and a donation center.

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Qwest to keep long-distance business

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DENVER (AP) – Qwest Communications International Inc. said today that it is calling off the auction for its nationwide long-haul data and telephone network.

The Denver-based phone company said the network was more valuable to the company than the amount it would raise in a sale.

Qwest did not say how much the bids it received were worth. News reports last week indicated Qwest received bids far below the $2 billion to $3 billion it wanted.

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GM will stop making medium-duty trucks

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DETROIT (AP) – General Motors says it will stop making medium-duty trucks by July 31 because it was unable to find a buyer for the operations. The company said in a statement that it will wind down production of the Chevrolet Kodiak and GMC Topkick trucks after searching for a buyer for four years. Both… Continue Reading GM will stop making medium-duty trucks

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The Statewide Grand Jury has indicted Ernie Colter on three counts of theft and one count of forgery for his role in fraudulently obtaining a loan for a client and then stealing some proceeds from a related real estate transaction. According to the indictment, Colter, acting as the originating broker for a real estate transaction,… Continue Reading Indictment obtained in mortgage fraud, theft case

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