ON THE MAINLAND
Qwest may restate last year's results
DENVER >> Qwest Communications International Inc., a money-losing provider of local-phone service in 14 western states, may restate 2001 financial results, Dow Jones Newswires said, citing people familiar with the matter.The restatement may involve $1 billion in revenue and widen the company's loss from last year, Dow said.
Qwest, facing a U.S. Securities and Exchange Commission accounting investigation and criminal probe by the Justice Department, may also sell its directory business in two pieces, the wire service said.
A Qwest spokesman declined to comment, Dow said.
2 California companies bid for GlobalCrossing
LOS ANGELES >> Two California investment firms were among the parties to make a formal offer for Global Crossing yesterday, as a court deadline passed for bids on the bankrupt fiber optic network operator.Gores Technology Group and Platinum Equity submitted a combined offer that was "substantially higher" than an initial bid by two Asian companies -- which creditors rejected in May as inadequate -- said Terry Fahn, a spokesman for Gores Technology.
The Asian bid proposed $750 million in cash for 79 percent of Global Crossing, which filed the largest telecom bankruptcy in U.S. history in January. Creditors, who are owed more than $12 billion, would have received $300 million and a 21 percent stake.
Former Rite Aid execs plead innocent to fraud
HARRISBURG, Pa. >> Former Rite Aid Corp. Chairman Martin L. Grass and three other one-time Rite Aid executives pleaded innocent yesterday to federal criminal charges stemming from their alleged participation in an accounting fraud intended to make the company more attractive to investors.Flanked by lawyers in a proceeding that lasted less than 30 minutes, the four men all were required to surrender their passports before being released on their own recognizance. None commented about the case to reporters as, one by one, they left the federal building after being processed and fingerprinted.
Perot denies company illustrated swindle
SACRAMENTO, Calif. >> Former presidential candidate H. Ross Perot denied yesterday that his consulting company showed power suppliers how to manipulate California's energy market to drive up wholesale prices.A California Senate committee is investigating the state's energy crisis and any role played by Perot Systems as well as power suppliers.
State Sen. Joe Dunn said Perot Systems outlined "flaws in the system to market participants" after providing computer help to the California Independent System Operator, the power grid manager, and the now-defunct Power Exchange as the state launched its deregulated energy market several years ago.
In other news ...
BENTONVILLE, Ark. >> Wal-Mart Stores Inc. nudged its earnings forecast higher, citing strong summer sales.
IN JAPAN
Japan denounces U.S. ruling on steel imports
Tokyo >> Japan's government is characterizing a ruling by the U.S. yesterday that says steelmakers in Japan sold cold-rolled steel below cost as unwarranted.The metal is priced higher for export than for sale domestically, Japan's government said.
The U.S. Department of Commerce made the ruling yesterday against steelmakers in Japan, Sweden, Australia, India and Thailand. The decision is the latest step in a case filed in September 2001, when U.S. steelmakers filed a complaint.
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[Hawaii Inc.]
Promotions
>> City Bank has promoted Paul Kim to regional manager. He is responsible for overseeing the bank's implementation of new corporate management approaches. Kim brings six years of experience in finance as banking center manager and assistant vice president at the Bank of America.>> Laser Eye Center of Hawaii LLC has appointed Jacqueline Ueda director of laser vision services. She will oversee the clinical department, which examines all patients referred to the center. Ueda, an optometrist, joined the Laser Eye Center of Hawaii in 1998, following more than a decade of work specializing in glaucoma, cataracts and refractive surgery.
>> The University of Phoenix, Hawaii Campus, has hired Debra Jonsson as director of admissions. She is responsible for the development of student recruitment strategies and the management of the admissions and marketing staff at all five Hawaii campuses: Downtown Honolulu, Kaneohe, Kapolei, Mililani and Wailuku, Maui. Jonsson has been with the University of Phoenix since 1994, most recently as director of training and development for corporate admissions in Phoenix.
On the board
>>The Association for Information and Image Management, Aloha Chapter, has elected Chuck Wall of Hawaiian Electric Industries president of its board of directors. Also at AIIM, Allan Stone was elected immediate past president and Holly Araki was named vice president. Lyn Uesato has been named secretary and Rosalie Brissette was named treasurer. Committee chairs are Jeffrey Loo and Kenneth Fukunaga, program committee; Winona Kitaoka and Brian Kanekuni, social and hospitality committee; Dick Ching, membership; and Dean Takazawa and Deb Pyrek, Web. Darlene Field and Rob Hardisty were named directors.