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The Associated Press WASHINGTON – The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly. The Commerce Department reported today that the gross domestic product increased at a scant 0.6 percent pace… Continue Reading Economy skids to near halt in final quarter of 2007

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DNC could mean business for Springs

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When the Democratic National Convention comes to Denver in August, there could be something in it for Springs’ small businesses. With more than 1,500 events scheduled – and only a handful hosted by the DNC – many events need planners, entertainers and caterers. To make it easier for out-of-town guests, the local host committee allows… Continue Reading DNC could mean business for Springs

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IRS letter coming your way

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The Associated Press WASHINGTON – Don’t be alarmed. More than 130 million households will get letters from the IRS starting next week – and it’s good news. The letters are part of an extensive outreach effort to make sure people don’t miss out on their share of the recently passed $168 billion economic stimulus plan.… Continue Reading IRS letter coming your way

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Commercial lenders respond to slower economy

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Both supply and demand for commercial real estate loans, a source of funds for office, retail, warehouse and hotel construction, appear to be shrinking. That opinion, from a February Commercial Mortgage Alert, and shared by many in the construction industry, is based on the results of a January Federal Reserve Senior Loan Officer Opinion Survey… Continue Reading Commercial lenders respond to slower economy

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Fed signals future rate cuts

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The Associated Press WASHINGTON_Federal Reserve Chairman Ben Bernanke warned Congress that the nation is in for a period of sluggish business growth and sent a fresh signal today that interest rates will again be lowered to steady the teetering economy. “The economic situation has become distinctly less favorable” since the summer, the Fed chief told… Continue Reading Fed signals future rate cuts

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Venture capital in India reaches record

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The Dow Jones VentureSource reports that venture capitalists invested $928 million via 80 deals in entrepreneurial companies in India, during 2007. The figure represents a 166 percent increase over 2006, this is the highest total on record for the region. “Service-oriented companies in India continue to attract investment and this is likely due to their… Continue Reading Venture capital in India reaches record

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Home prices slide in 17 of 20 metropolitan areas

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Home prices in 20 U.S. metropolitan areas fell in December by the most on record, a private survey showed. The S&P/Case-Shiller home-price index dropped 9.1 percent from December 2006, after a 7.7 percent decrease in November. Nationwide, home prices fell 8.9 percent in the fourth quarter from a year earlier, the biggest decline in 20… Continue Reading Home prices slide in 17 of 20 metropolitan areas

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While the Pikes Peak region didn’t make the Forbes.com “Best Places to Get Ahead” top 10 this week, it fared better than most Colorado cities. Based on data collected by the online giant’s researchers, small and large metropolitan areas were ranked on three separate criteria tracked from 2000 to today. They included: cost of doing… Continue Reading Colorado Springs fares well on “get ahead” list

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State settles pharmaceutical suit

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Attorney General John Suthers announced today the settlement of a civil law enforcement action against drug company Barr Pharmaceuticals. The suit charged Barr Pharmaceuticals and Warner Chilcott with antitrust violations that prevented generic versions of a prescription oral contraceptive, Ovcon, from reaching the marketplace. The lawsuit was filed jointly by thirty-three other states and the… Continue Reading State settles pharmaceutical suit

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New Penrose COO on the job

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Jamie Smith starts today as the Chief Operating Officer of Penrose-St. Francis Health Services. He succeeds Andrea Coleman, who resigned Jan 25. Smith has been working at the Centura Health Service Center as vice president of operations since June 2007. Prior to coming to Centura, he spent five years in hospital management as vice president… Continue Reading New Penrose COO on the job

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