Finance and Commerce Daily Newspaper, MN articles from February 2003

Finance and Commerce Daily Newspaper, MN archives from February 2003

Sistina Software hopes to ride new surge in Linux market.
February 1, 2003... Byline: Dave Price The door, it appears, hasn't shut completely on open-source software. Considered a formidable, potential challenger to Microsoft's Windows operating system, companies attempting to market Linux, or open-source...

Minnesota Dept. of Revenue tax enforcement progresses.(almost $60 million in additional tax revenue was collected by the Minnesota Department of Revenue)(Brief Article)
February 1, 2003... Byline: F&C Staff Nearly $60 million in additional tax revenue was collected through expanded tax enforcement activities by the Minnesota Dept. of Revenue, according to a report released by the Office of the Legislative Auditor. ...

Space program ties to Minnesota high-tech, aerospace companies run deep.(local companies have NASA contracts)
February 4, 2003... Byline: Dave Price One of the many projects NASA has commissioned in recent years was the feasibility of supplying space orbiters with a rapid-prototyping device to manufacture spare parts during flights. It's all but impossible that...

Private Bank Minnesota taps 'emerging affluent' in the Twin Cities area.
February 4, 2003... Byline: Mark Anderson Private Bank Minnesota passed the $100 million-asset milestone this fall, providing more evidence that nice rewards are still out there for niche players during an era of full-service financial businesses. The...

Former Katun Corp. CEO convicted on tax charges.(Terence Michael Clark)
February 5, 2003... Byline: F&C Staff Former Katun Corp. CEO Terence Michael Clark, pleaded guilty Tuesday to state and federal charges that he evaded taxes by using the Bloomington-based company as a shield to disguise his purchases of jewelry, guns and...

Twin Cities construction companies brace for a challenging year.
February 6, 2003... Byline: Liz Wolf The weak economy and slow recovery are taking their toll on the construction industry nationally and in the Twin Cities. Local experts say 2003 is going to be another tough year for the industry. "The struggling...

FirstEnergy Corp. requests arbitration with NRG.(dispute with NRG Energy)(Brief Article)
February 6, 2003... Byline: F&C Staff Jilted power-plant seller FirstEnergy Corp. is seeking arbitration to resolve its dispute with a subsidiary of Minneapolis-based NRG Energy over the cancelled sale of four generating facilities in Ohio last year. ...

Mesaba Aviation reports capacity and traffic for January.(Brief Article)
February 6, 2003... Byline: F&C Staff Mesaba Aviation Inc., a subsidiary company of Mesaba Holdings Inc., reported capacity and traffic for January. Mesaba Aviation flew 234.2 million available seat miles in January, which was up 4.7% year over last year....

Xcel Energy makes its case for nuclear storage.
February 6, 2003... Byline: David Knutson While Minneapolis-based Xcel Energy made a pitch for additional radioactive waste storage to lawmakers earlier this week, it also might have to woo the Prairie Island Indian Community. Under the agreement reached...

Duluth architect sees promise in Japanese framing technology.(Interview)
February 7, 2003... Byline: Brian Johnson James Brew has long been fascinated with the culture and architecture of Japan. The Duluth architect has made several trips to Asia, and he and his wife have hosted enough Japanese exchange students through the years...

Local firm smells success with bio-refining process.(BioRefining Inc.)
February 7, 2003... Byline: Dave Price A Twin Cities firm thinks it has come up with a way to transform the odors associated with producing ethanol into the smell of money. The company, BioRefining Inc., has been developing a process to extract a wide...

Target Corporation January sales up 7.7%.(Brief Article)
February 7, 2003... Byline: F&C Staff Target Corp. reported that its net retail sales for the four weeks ended Feb. 1, 2003 increased 7.7 percent to $2.738 billion from $2.543 billion for the four-week period ended Feb. 2, 2002. Comparable-store sales...

Northeast Ventures Corp. elects new CEO.(Greg Sandbulte appointment)(Brief Article)
February 7, 2003... Byline: F&C Staff Greg Sandbulte was named CEO of Northeast Ventures Corp. The company's founder and chairman of the board, Nick Smith, announced Sandbulte's election to the CEO position. Smith had previously served as CEO. He...

Christopher & Banks Corp. reports total sales numbers.(Brief Article)
February 7, 2003... Byline: F&C Staff Christopher & Banks Corp. reported total sales for the five-week period ending Feb. 1, 2003 increased 11 percent to $26.1 million from $23.6 million last year, while January same-store sales declined 9 percent. For...

Sistina Software snags $10M in funding.
February 8, 2003... Byline: Dave Price Sistina Software just got a $10 million vote of confidence. The Minneapolis-based software developer plans to announce Monday it has closed on a new venture-funding package led by Crescendo Ventures, also of...

Builders Association Minnesota names new president.(Curt Swanson appointment)(Brief Article)
February 11, 2003... Byline: F&C Staff Curt Swanson, a small volume builder and developer of single-family homes, was inducted as the 2003 president of the statewide Builders Association Minnesota during the organization's third annual builder's symposium....

U.S. Bank mortgage unit courts first-time buyers.
February 11, 2003... Byline: Mark Anderson U.S. Bank Home Mortgage extended its effort recently to become the preferred lender to first-time homebuyers with slim wallets. The Bloomington-based lender rolled out a new product, the Payment Buster, on Jan. 30...

Residential construction off to a promising start.(Brief Article)
February 11, 2003... Byline: F&C Staff Fueled by increasing demand for multifamily housing, the local residential construction industry is off to a good start in 2003, according to the Builders Association of the Twin Cities. The builders' group...

Colorado group hopes to rescue SpectraScience.
February 12, 2003... Byline: Dave Price The lights may not go out for SpectraScience after all. Prospects for the firm were all but snuffed out last fall after SpectraScience officials initiated a Chapter 7 liquidation. The Plymouth-based medical-device...

Thrivent Financial plans to lay off up to 500 workers.(Brief Article)
February 12, 2003... Byline: F&C Staff Minneapolis-based Thrivent Financial will trim as many as 500 positions in Minneapolis and Wisconsin - or about 14 percent of its current workforce - over the next 18 months as part of efforts to reduce annual...

SBA fixes lending rules for small businesses.
February 12, 2003... Byline: Mark Anderson The Small Business Administration's 2004 budget proposal last week mended some fences with business borrowers and lenders, but not without adding a few new questions about the focus of the administration's economic...

Ambient Consulting appoints chief consulting officer.(Bruce D. Shoger )(Brief Article)
February 13, 2003... Byline: F&C Staff Ambient Consulting LLC, a management and technology consulting company, has appointed Bruce D. Shoger as chief consulting officer. Shoger, a veteran of technology and consulting industries, brings more than 30...

OSHA taking closer look at construction injuries.(Occupational Safety and Health Administration to conduct survey )
February 13, 2003... Byline: Monte Hanson Hoping to better allocate its resources and improve safety, the Occupational Safety and Health Administration is planning to study how work-related injuries and illnesses relate to different types of construction. ...

Velocity Express postpones quarterly report to SEC.(Brief Article)
February 13, 2003... Byline: F&C Staff Velocity Express is going to be a little late delivering its latest quarterly report to the SEC. The Minneapolis-based same-day delivery company said on Wednesday it would delay filing its second-quarter financial...

A sticky issue: 3M mum about duct tape sales.(Brief Article)
February 14, 2003... Byline: Dave Price It's not just duct tape -- it's a polyethylene coated cloth with rubber adhesive that is good for moisture proofing and probably a thousand other general-purpose applications. And suddenly, it's 3M's hottest product....

Study concludes more construction waste could be reused.
February 14, 2003... Byline: Brian Johnson Twin Cities builders could significantly reduce construction waste, but economic disincentives often discourage them from reusing wood, brick, concrete and other waste materials. A newly released study by...

Vintage comics are more than funny business for investors.
February 15, 2003... Byline: Monte Hanson With the stock market giving early warning signs of a fourth straight losing year, some investors are seeking refuge in the arms of the Incredible Hulk, Superman and Captain America. Sellers of collectible comic...

Virtualfund drops public stock listing.(Brief Article)
February 15, 2003... Byline: F&C Staff In a move that may rebuff efforts by dissident shareholders to reshape the company's management, officials at Virtualfund Inc. disclosed Friday they are removing its stock from the public markets. The termination...

Crystal Court is valuable piece of real estate for banks.(TCF Bank adds location)
February 18, 2003... Byline: Mark Anderson TCF Bank understands the value of location. After all, with branches in 244 supermarkets, the Wayzata-based financial company is more likely than any local competitor to offer people a free checking account while...

Upcoming construction law seminar to focus on mold, insurance and other issues.
February 19, 2003... Byline: Brian Johnson Mold claims, insurance and indemnification, and new legislation affecting the construction industry are among the topics to be discussed at an upcoming construction law seminar sponsored by Minneapolis-based Faegre &...

SBA loan funding approved, but concerns about caps remain.(Small Business Administration)
February 20, 2003... Byline: Mark Anderson Small business lenders are hoping Washington can match last week's good news with a couple more favors before winter ends. After a four-month logjam, Congress finally approved funding for the Small Business...

NRG Energy Inc. settles with seven former executives.(Brief Article)
February 20, 2003... Byline: F&C Staff Minneapolis-based NRG Energy Inc. said Wednesday that it has settled with seven former executives who had attempted to force a Chapter 11 bankruptcy for the company. Terms of the agreement were not disclosed. The...

Quantech Ltd. seeks Chapter 7 bankruptcy protection.(Brief Article)
February 20, 2003... Byline: F&C Staff Stymied in its bid to market a new line of emergency-room diagnosis tools, management at Eagan-based Quantech Ltd. finally threw in the towel. The company on Tuesday filed for Chapter 7 bankruptcy protection...

Stahl Construction announces completion of church, school projects.(Brief Article)
February 20, 2003... Byline: F&C Staff Minnetonka-based Stahl Construction Co. announced the recent completion of three major projects - a $3.5 million addition to the Education Center for the Church of St. Therese in Deephaven and two projects for the...

U.S. Bank to spin off Piper Jaffray brokerage.
February 20, 2003... Byline: Dave Price Ending weeks of speculation, Minneapolis-based U.S. Bancorp announced Wednesday it will spin off its Piper Jaffray brokerage subsidiary to its shareholders. Under the plan, expected to be completed by October, U.S....

Rutabaga Capital Management unloads its shares in Nash Finch.(Brief Article)
February 21, 2003... Byline: Dave Price Don't be surprised if rutabaga gets harder to find in Nash Finch-owned grocery stores. Rutabaga Capital Management, a Boston-area investment company affiliated with the Salomon Smith Barney arm of Citibank, recently...

Wireless Ronin cancels plans to merge with IQ Universe.
February 22, 2003... Byline: Dave Price After taking a long, long look at the public markets, Wireless Ronin decided its best spot was simply in the marketplace. The Minneapolis-based startup last month tabled plans to merge with IQ Universe, a small...

Wal-Mart takes back seat to 'lifestyle' concept in Oakdale.(shopping center development)
February 25, 2003... Byline: Monte Hanson When it comes to developing an attractive piece of land in a growing east metro Twin Cities suburb, Wal-Mart's loss appears to be Robert Muir Co.'s gain. Robert Muir, a Bloomington-based developer that specializes...

Caution remains the watchword for Twin Cities businesses.
February 26, 2003... Byline: Brian Johnson Despite the sobering news that comes most days from the international scene and Wall Street, signs of economic strength keep peeking through this winter. For instance, February brought reports that tech...

Mara-Mi acquires designer-manufacturer World of Journals.(guest book, photo album manufacturer acquired)(Brief Article)
February 26, 2003... Byline: F&C Staff Mara-Mi Inc., a Minneapolis-based creator and distributor of high-quality stationery and gift products, has acquired World of Journals, a designer and manufacturer of hand-made guest books, photo albums and journals....

Hard Hats campaign aims for diversity in construction field.
February 26, 2003... Byline: Brian Johnson LouShanda Montgomery is a Summit Academy success story. After 18 weeks of training at the north Minneapolis vocational school, she's ready to start working in a traditionally male-dominated field. She hopes to join...

Construction industry has mixed views on OSHA downsizing.(Occupational Safety and Health Administration)
February 28, 2003... Byline: Brian Johnson Gov. Tim Pawlenty's plan to allow the federal government to regulate worker safety in Minnesota is drawing mixed reviews from local construction safety experts. The plan, part of the governor's budget proposal,...

Former senator takes aim at health-care reform.(Dave Durenberger)
February 28, 2003... Byline: David Knutson Health care must be reformed from the "inside-out" -- focusing on the doctor-patient relationship rather than third parties such as insurance companies or managed-care organizations, says Dave Durenberger. The...