Business briefs, March 6

Tuesday, March 6, 2007

NATIONAL

Seminole Tribe completes purchase of Hard Rock

The Seminole Tribe of Florida on Monday completed its $965 million purchase of the Hard Rock cafes, hotels, casinos and music memorabilia from The Rank Group PLC, giving the American Indian tribe's gaming operations a foothold in states where gambling is legal.

The Hard Rock business includes 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Casino Hotels, two Hard Rock Live! concert venues and stakes in three hotels.

PALM EYES SALE Smart-phone maker Palm reportedly is consulting with investment bankers on its options, including a sale, an investment by private equity or a purchase of its own.

Beset with growing competition in the cell-phone market, Sunnyvale, Calif.-based Palm Inc. is discussing its future with bankers at Morgan Stanley, The Wall Street Journal and CNBC reported Monday, citing unidentified sources. A Palm spokeswoman wouldn't comment.

CHAIN EXTENDS PESO POLICY A pizza chain that attracted national attention for its decision to temporarily accept Mexican currency said Monday it is extending its pesos policy.

Dallas-based Pizza Patron announced in January that it would accept pesos as well as U.S. currency at its 63 locations across the U.S. The "Pizza por Pesos" program - which brought death threats and hate mail - was set to run through the end of February but will continue until the end of April. The chain has three Denver-area locations.

T-BILLS FALL Interest rates on short-term Treasury bills fell in Monday's auction with rates on six-month bills dipping to the lowest level since early December.

The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 4.965 percent, down from 5.035 percent last week. An additional $17 billion in six-month bills was auctioned at a discount rate of 4.855 percent, down from 4.950 percent last week.

HD CAR RADIOS Wal-Mart said Monday it now offers high-definition car radios in nearly 2,000 stores in the U.S., including stores in the Denver area.

Wal-Mart initially will stock the JVC HD-W10 Mobile HD Radio, which it will sell for $190.

LOCAL

Newmont CEO got $979,400 in bonuses

Denver-based Newmont Mining Corp.'s top executive received $979,400 in bonuses for 2006, according to a regulatory filing Monday.

Chief Executive Wayne Murdy earned a base salary of $1 million in addition to such benefits asgolf club fees, financial planning and personal use of administrative assistance totaling $95,686, according to a Securities and Exchange Commission filing.

Including company stock awards valued at $2.8 million, Murdy received $4.88 million for the year.

GSA SEEKS PROPOSALS The General Services Administration is soliciting proposals from developers interested in constructing a "build-to-suit" office building at Stapleton that could open by January 2010, officials said Monday.

The GSA would lease the 175,155-square-foot building for 20 years.

The building would be on 10 acres bordered by the Quebec Square regional retail center on the west, Ulster Street on the east, East 36th Avenue to the north and East 35th Avenue to the south.

METROLIST UPGRADES LISTINGS Metrolist is offering an upgraded computer multiple listing system for brokers.

The PrimeAccess system will not be available to consumers. PrimeAccess will be released in phases, and brokers will be able to access the old MLS system while learning the new one, which Metrolist says is faster.

ECONOMY

Service sector growth rate slows in Feb.

The nation's service sector expanded at a slower-than-expected rate in February amid a slowdown in new orders that economists think may help cool inflation.

The Institute for Supply Management, which is based in Tempe, Ariz., said Monday that its index of business activity in the service sector was 54.3, down from 59 in January. Wall Street analysts had expected a reading of at least 57 for the latest month.

A reading above 50 indicates expansion, while one below that indicates contraction.

February marked the 47th consecutive month of business activity growth, the trade group said.

"Members' comments in February are mixed concerning current business conditions. The overall indication in February is continued economic growth in the nonmanufacturing sector but at a slower pace than in January," said Anthony Nieves, head of ISM's survey panel.

The service industries covered by the ISM report represent about 80 percent of the nation's economic activity, and economists are looking for the sector to be a driver of growth in 2007 as the manufacturing sector struggles with weakness in the automotive and housing industries. The service economy is diverse, encompassing banking, construction, retailing and travel among other industries.

THIS JUST IN...

• Food Bank of the Rockies named Doyle Garrigus as financial manager.

• Alberta Development Partners was named Developer of the Year by the Colorado chapter of the National Association of Industrial and Office Properties at its annual Awards of Achievement luncheon.

• Ron Binz, chairman of the Colorado Public Utilities Commission, will discuss "Colorado's Energy Future" from 5:30 to 7 p.m. Wednesday at the Boulder Public Library, Canyon Auditorium. For more information, call 303-441-3100.

• Vectra Bank Colorado promoted Ted Mossman to team leader and vice president of the south metro business banking group at the Denver Tech Center branch.

• Arcadis, headquartered in Highlands Ranch, was awarded a contract to provide project management and engineering services for the Chattanooga, Tenn., to Nashville, Tenn., segment of a high-speed ground transportation/maglev project by the Chattanooga Enterprise Center.

• Keystone Medical Clinic is now St. Anthony Keystone Medical Clinic, owned and operated as a department of St. Anthony Summit Medical Center in Frisco.

• Amy Hedges Rubright has joined the Lakewood-based family law firm of Polidori, Franklin & Monahan as an associate.

• Frederick Ross Co. has added Jeff Castleton, a commercial real estate broker, as a managing director of its Denver office.

• Centura Health named Tracy Berry as senior vice president of revenue management and Rob Ryder as senior vice president of learning and leadership development.

• Steven Morgan, associate director, Denver Health Center for Complex Fractures and Limb Restoration, earned top honors from the American Academy of Orthopaedic Surgeons for his poster presentation based on research for Reamer Irrigator Aspirator and PMN Activation.

• Selwyn D. Epperson has been appointed district manager for the Colorado and Wyoming U.S. Postal Service District, effective March 17.

• Barbara Jaynes joined the Laramie Co. as senior broker.

• Home Safe Colorado, a program of the Home Builders Association of Metro Denver, received the home-building industry's Innovative Safety Program of the Year award.

Rocky staff and wire reports