ENERGY
The state Public Utilities Commission, which approved a power rate increase of up to 46% last week, will consider reinstating the right of utilities to levy fines on customers in the so-called “interruptible” program in a bid to counter predicted summer power shortages The state Energy Commission staff recommended that the panel give AES Corp. a five-year permit to restart two generators at its Huntington Beach plant.
TOP STORIES
Conexant Systems Inc., Newport Beach, will lay off 450 OC workers and more than 1,500 in all, about 20% of its workforce, shutter some operations for two weeks this quarter and put two units up for sale; the company also said its sales and earnings this quarter will be lower than expected HomeBase Inc., Irvine, said it will close 25 of 67 stores originally slated to be converted into House2Home stores and lay off 2,500 workers Walt Disney Co. said it will cut 4,000 jobs, about 3% of its workforce, including up to 250 at its Anaheim parks Stephen Van Amburgh was named CEO of Koll Development Co., replacing founder Donald Koll, who remains chairman U.S. Census data showed that Orange County’s population was 2.846 million in 2000, up 18% from 1990, making it the second-largest county in California; the largest ethnic groups in the county were non-Hispanic whites, 51.3%; Hispanics, 30.8%; and Asians, 13.6% Fidelity National Financial Inc., Irvine, filed a shelf registration to offer up to $500 million in debt securities and shares The city of Huntington Beach pleaded guilty to criminal charges for allowing sewage to leak from aging pipes and was placed on five years’ probation, during which time it must comply with a cleanup order from the state water board President Bush reportedly will name George Argyros ambassador to Spain.
TECHNOLOGY
Intersil Corp., Irvine, will close its Findlay, Ohio, chip plant and lay off most of the 430 workers there Alliance Imaging Inc., Anaheim, canceled a planned IPO (see related coverage in Special Report: Mergers and Acquisitions, beginning on page 21) Go2 Systems Inc., Irvine, laid off 30 people, about 27% of its work force Shares of Newport Corp., Irvine, fell 12% to 35 4/16 on a rumor that Corning Inc. had canceled orders; the company said potential reductions by Corning were factored into guidance issued last month Microsoft Corp.’s new Xbox videogame system will use video-encoder chips from Newport Beach-based Conexant Systems Inc. Sea Launch, Long Beach, received a contract to launch two satellites for Hughes Electronics Corp. EMachines Inc., Irvine, will cut 21 jobs, or 16% of its work force, close three offices and take a $3.7 million restructuring charge in the first quarter; meanwhile, EMachines, Tickets.com Inc., Costa Mesa, and buy.com Inc., Aliso Viejo, received delisting notices from Nasdaq Broadband Interactive Group, Irvine, named Andrew R. Coulson CEO, replacing Matthew Jacobson, who left in August McGlen Internet Group Inc., Tustin, said it had eliminated its $4.4 million in long-term debt through cash payments and conversion to shares Peter C. DeAngelis was named president and CEO of IQinVision Corp., Santa Ana Long Distance Charges Inc. and National Telecommunications Inc., both of Santa Ana, agreed without admitting liability to pay more than $450,000 in fines and restitution to settle charges it switched customers’ long distance carriers without their permission NetGuru Inc., Yorba Linda, will consolidate its Boston technical-support operation into its OC headquarters, eliminating 10 jobs Creativepro.com Inc. acquired a non-exclusive license for technology from Markzware, Santa Ana, to settle a patent-infringement suit brought by the OC firm Ted Carrier was named president and CEO of Willtech International, Santa Ana Digevent, Irvine, opened a New York office staffed by director of marketing Melissa May Quantum Group Inc., Tustin, changed its name to Advanced Recycling Sciences Inc.
HEALTHCARE
Core Inc., Irvine, agreed to be acquired by Fortis Inc., New York, for $45 million Bergen Brunswig Corp., Orange, received a $122 million supply contract from the Defense Department The Arnold and Mabel Beckman Foundation, Irvine, donated $10 million to USC’s Doheny Eye Institute Sangui BioTech International Inc., Santa Ana, agreed to stop selling its alcohol abuse test kit to settle a patent-infringement suit brought by Norway’s Axis/Shields ASA Biomerica Inc., Newport Beach, licensed its thyroid testing kits for distribution in India, Sri Lanka and Bangladesh.
GOVERNMENT
Assembly Republicans ousted Bill Campbell of Villa Park as their leader and elected Dave Cox of Fair Oaks to replace him A coalition of South County cities opposed to the planned El Toro airport said air-travel demand in OC should be met by raising the passenger cap at John Wayne Airport from 8.4 million to 14 million annually; meanwhile, the pro-El Toro airport OC Regional Airport Authority hired Townsend Raimundo Besler & Usher, Sacramento, to oversee a $5 million PR campaign The county will pay $60,000 to reimburse the legal fees of a doctor named in a suit the county filed to test the constitutionality of the Measure H tobacco-funds initiative State Sen. Ross Johnson (R-Irvine) introduced a bill to remove regional water boards’ authority to issue cease-and-desist orders in cases of pollution with multiple sources The Orange County Transportation Authority is sending PR specialists to several Western cities that built light-rail systems with public support.
REAL ESTATE
Standard Pacific Corp., Irvine, named CEO Stephen J. Scarborough chairman, replacing founder Arthur E. Svendsen, who becomes chairman emeritus Birtcher Real Estate Group, Laguna Niguel, and New York-based Praedium Funds acquired the Buena Park Commerce Plaza from Cornerstone Realty Advisors for $13.5 million.
FINANCE
Khanh Tran was named executive VP and CFO of Pacific Life Insurance Co., Newport Beach First American Title Insurance Co., Santa Ana, will acquire Hall Abstract and Title Co., St. Joseph, Mo. Experian, Orange, was selected by the Hughes Aircraft Employees Federal Credit Union to supply software and data analysis for credit applications.
WHAT ELSE IS NEWS
Sears, Roebuck & Co. will acquire 18 former Montgomery Ward & Co. stores, including the one in the Huntington Beach Mall, which will be made into a Great Indoors home-decorating store Krause’s Furniture Inc., Brea, delayed the announcement of fourth-quarter results The Disneyland Resort resumed selling annual passes to Disneyland and California Adventure.
