EXECUTIVE SUMMARY
ENERGY
S. David Freeman, chairman of the state Power and Conservation Financing Authority, said the long-term power contracts he negotiated for the state should be renegotiated; he also backed the idea of public ownership of Pacific Gas & Electric’s hydroelectric network, which the bankrupt utility has proposed to sell.
TECHNOLOGY
The three major U.S. airlines dropped plans to invest in Irvine-based Connexion by Boeing, which is developing an in-flight Internet service EMachines Inc., Irvine, began selling its computers directly to consumers online Conexant Systems Inc., Newport Beach, said it will post better sales than it previously predicted for its fiscal first quarter ending this month Quest Software Inc., Irvine, denied a report in an Israeli newspaper that it is in talks to acquire Tel Aviv-based Precise Software Solutions Ltd.
HEALTHCARE
Cardiac Science Inc., Irvine, raised $38 million in two private placements of shares; meanwhile, the company said its offer of $15 million for Sweden-based Artema Medical AB had been approved by 94.7% of Artema shareholders and it expected the deal to close within a week Employers’ healthcare costs will rise more than 15% next year, according to Watson Wyatt.
GOVERNMENT
George Argyros was sworn in as U.S. ambassador to Spain by Secretary of State Colin Powell in the Treaty Room of the State Department in Washington, D.C. The county terminated its contract with American Livery Inc. for taxi service at John Wayne Airport as Ford Motor Credit Co. repossessed American Livery’s 140 cars; the airport franchise was shifted to a consortium of three other taxi companies A petition drive to force a vote on Newport Beach’s planned annexation of the Newport Coast came up 165 signatures short and the annexation was approved by the Local Agency Formation Commission, effective Jan. 1 The Newport-Mesa Unified School District and its teachers union reached tentative agreement on a two-year contract that includes a 6% salary increase Seal Beach property owners voted down proposed city fee increases for more-frequent street sweeping and tree trimming County Clerk-Recorder Gary Granville indicated he will not run for re-election next year.
FINANCE
First American Corp., Santa Ana, agreed to pay $1.2 million to settle a federal investigation of its referral practices and agreed to halt practices that violate federal law Donald Allyson Williams, owner of Coastline Financial, Mission Viejo, was convicted of securities fraud and grand theft in San Diego Superior Court.
WHAT ELSE IS NEWS
GolfGear International Inc., Garden Grove, in posting a 27% drop in third-quarter sales and announcing cost-cutting measures including layoffs, said it may not survive Fluor Corp., Aliso Viejo, said it expects to meet analysts’ expectations in 2002 Stephen V. Coffey will step down as chief executive of Edwards Theatres Circuit Inc., Newport Beach, when his contract expires at the end of the year and return to his consulting practice Irvine-based Volvo Cars of America unveiled an SUV, the XC90, which it plans to begin selling next year Sideshow Network Inc., Tustin promoted Linda Zimmer from chief operations officer to chief executive, succeeding Greg Young Chapman University president James L. Doti was named one of 10 recipients of this year’s Horatio Alger Awards The Calgary Stampeders,owned by Huntington Beach businessman Michael Feterik, who also owns Orange County Container,won the Canadian Football League championship.
