ENERGY
Electricity consumption in May was 11% less than in May 2000; state officials said that helped avoid blackouts in the warmer-than-normal weather The state said the price it is paying for power has come down recently as long-term contracts kick in; other observers credited mild weather, conservation and increased production The Justice Department is probing whether AES Corp. and Williams Energy Services conspired to limit power plant construction in Southern California and drive up prices The new Senate Energy and Natural Resources Committee chairman, Sen. Jeff Bingaman, D-N.M., said if federal regulators don’t act to rein in wholesale electricity prices, Congress will The state Senate Rules Committee approved subpoenas to eight out-of-state power companies seeking documents related to California electricity sales A House bill to help ease a bottleneck in the state’s electrical grid and allow the governor to ease emission rules for power producers was declared dead by its Republican sponsors, who blamed Democrats’ insistence that wholesale electricity price controls be added to the measure Taco Bell Corp., Irvine, began adding a 15-cent surcharge to purchases in some outlets to cover rising energy prices.
TOP STORIES
Ingram Micro Inc., Santa Ana, will cut 1,000 jobs, or 6% of its worldwide workforce,including about 600 jobs in OC,and take a second-quarter charge of up to $15 million Broadcom Corp., Irvine, lowered its second-quarter revenue projection, saying it now expects sales to fall 32% to 35% from the first quarter’s $318 million; it expects to take a second-quarter charge for cost cutting, including layoffs Beckman Coulter Inc., Fullerton, expects to raise about $200 million in a convertible debt offering Pick Up Stix Inc., San Clemente, agreed to be acquired by Carlson Restaurants Worldwide, Dallas; owner Charles Zhang and “nearly all” 1,300 employees of Pick Up Stix are expected to stay on Bergen Brunswig Corp., Orange, signed a five-year contract worth about $500 million to supply pharmaceuticals to May’s Drug Stores Co-founder Robert E. Gray will retire as chairman of Irvine-based St. John Knits International Inc. at year’s end and be succeeded by CEO Hugh Mullins; Gray will retain his board seat and act as a St. John consultant.
TECHNOLOGY
Boeing Co. received a $1.5 billion Air Force contract to develop and install new electronics on its fleet of C-130 cargo planes David Doyle, co-founder and president of Quest Software Inc., will sell 1.9 million company shares for $57.5 million and retain a 12.7% stake Western Digital Corp., Lake Forest, will sell 9 million shares for about $36 million to an unnamed Boston-based shareholder whose stake will increase to 5% France’s Titus Interactive SA said it is in talks to sell the 34% of common shares it holds in Irvine-based Interplay Entertainment Corp. Lantronix Inc., Irvine, said its plan to acquire Milford, Conn.-based Lightwave Communications Inc. is on again after an earlier bid fell through Shares of Dense-Pac Microsystems, Garden Grove, rose 24% to 2.66 on rumors it may be acquired by Micron Technology Inc. SRS Labs Inc., Santa Ana, will supply sound-enhancing technology to Mitsubishi Electric Corp. for use in wireless phones Powerwave Technologies Inc., Santa Ana, adopted a poison pill but said it’s not in response to an offer NQL Inc., Santa Ana, said it will sell its technology unit if it cannot improve the division’s financial condition.
HEALTHCARE
PacifiCare Health Systems Inc., Santa Ana, initiated a tender offer for $100 million in bonds it inherited in its 1997 buy of Fountain Valley-based FHP International Inc. Sybron Dental Specialties Inc., Orange, expects to raise $50.4 million in a secondary offering and use the proceeds to pay off loans that financed its $45 million buy of Hawe Neos Holdings SA last month Edwards Lifesciences Corp., Irvine, agreed to sell its surgical-services unit to the Germany’s Fresenius Medical Care for $45 million Cardiac Science Inc., Irvine, restructured its acquisition of Minnesota’s Survivalink Corp. to pay $1 million more,$72 million in all,but defer payment of $26 million of that for nine months.
GOVERNMENT
In a report requested by the White House, a National Academy of Sciences panel chaired by UCI Chancellor Ralph Cicerone and including UCI professor F. Sherwood Rowland said emission of greenhouse gases contributes to global warming, but more research is needed to determine to what extent The Navy and OC and Irvine water officials agreed on a $169 million project to clean groundwater near the former El Toro base A $39 million school bond passed in Laguna Beach; a $25 million school bond failed in Huntington Beach The Assembly passed a bill by state Sen. Joe Dunn, D-Santa Ana, to give schools for two Santa Ana districts priority in redeveloping the former Tustin air base The Huntington Beach City Council rejected Councilman Dave Garofalo’s request that the city pay his legal fees in a conflict-of-interest investigation.
REAL ESTATE
The Newport Beach Planning Commission approved plans for a 10-story office tower at Koll Center Newport that, if approved by the City Council, would have to be put to a citywide vote under the terms of the so-called Greenlight Initiative passed last year.
WHAT ELSE IS NEWS
A group of Irvine-based Taco Bell Corp.’s franchisees, along with its parent and its taco shell suppliers reached agreement for the suppliers to pay $60 million to the franchisees for sales lost in the scare over genetically engineered corn in Taco Bell’s supermarket products; meanwhile, the parent of Taco Bell Corp. signed a $90 million deal with Fox network to advertise it and sister chains KFC and Pizza Hut A Los Angeles judge ordered Walt Disney Co. to turn over by June 25 a complete list of theme-park patrons who have suffered brain hemorrhages after riding park attractions to lawyers for a woman suing Disney alleging she was injured by the Indiana Jones ride at Disneyland; Disney officials had admitted that a listing of eight such injuries,that also noted 313 people had complained of neck or back injuries from the Indiana Jones ride,was incomplete The 91 Express Lanes is attempting to restructure its debt Josh Slocum’s restaurant and co-owners Dennis Rodman and Kevin Finegold were sued by a man who alleges he was hit by a bouncer at the Newport Beach eatery.
