NATIONAL

AFL-CIO leaves endorsements in hands of locals

The AFL-CIO, the nation's largest federation of labor unions, will not immediately endorse any of the Democratic presidential candidates in next year's primary, The Associated Press learned Wednesday.

The decision means that the AFL-CIO's 55 unions - representing about 10 million workers - are free to endorse whomever they want. Several unions have made plans to endorse one of the eight Democratic candidates after Labor Day.

HOME BUILDING Luxury home builder Toll Brothers Inc. reported a 21 percent decline in preliminary home-building revenues for the third quarter and said the housing market is so volatile, it won't give earnings guidance.

In the third quarter, Toll Brothers said revenues in its Western region - Arizona, California, Colorado and Nevada - were hit the hardest, falling 24 percent to $321.7 million.

OPTIONS WINDFALL Dell Inc. former Chief Executive Officer Kevin Rollins will receive $48.5 million for stock options awarded during his tenure at the world's second-largest personal-computer maker.

The payout is based on 7.37 million shares that were vested when Rollins retired May 4, Round Rock, Texas-based Dell said in a filing with the U.S. Securities and Exchange Commission.

BACK ON SHELVES Peter Pan peanut butter will return to stores this month with a 100 percent satisfaction guarantee as ConAgra Foods seeks to reassure customers it has fixed the problems that allowed salmonella to contaminate the product.

ConAgra Foods announced a nationwide recall in February after federal health officials linked its peanut butter to a salmonella infection that sickened at least 625 people in 47 states.

David Palfenier, president of ConAgra's grocery division, said the level of consumer and retailer demand for Peter Pan makes him optimistic the company will be able to restore annual sales to pre-recall levels of about $150 million sooner than expected. The first shipments go out next week.

"We're going to be hitting them from all sides," Palfenier said.

LOCAL

Qwest, Loomis reach agreement on networking

Qwest Communications announced it has signed a multiyear, multimillion-dollar agreement with Loomis Armored US Inc.

Qwest will provide Houston-based Loomis, which has 175 locations across the country, with national networking services, as well as voice services.

BANKING EXPANSION Lakewood-based FirstBank Holding Co. has entered the Phoenix market with the opening of a bank last week.

Bryce Lloyd has been named president of the new bank.

FirstBank plans to open three more branches in the Phoenix area within the year, two in Scottsdale and one in Gilbert.

FirstBank is the only locally owned bank with more than 100 Colorado locations.

Although it has three California branches, the Arizona expansion is the first major out-of-state effort for the company.

"We looked at other locations but decided that Phoenix was probably the best market for us," said John Ikard, president and CEO. "They have great demographics and a real pro-business attitude."

ECONOMY

Small Business Index slips

The Vectra Bank Colorado Small Business Index registered 90.0 in July, down from a revised 90.9 in June.

The Colorado unemployment rate - the most heavily weighted component of the index - was 3.5 percent in the most recent month, down from the previous month's 3.6 percent. It matched April's rate as the lowest in six years. A lower Colorado jobless rate has negative impact on the index because it suggests small business has greater trouble attracting employees.

• A trade group for real estate agents on Wednesday lowered its outlook for existing- home sales this year by 1 percent, or 70,000 homes, as the housing market slumps.

The National Association of Realtors' revised forecast calls for existing-home sales of 6.04 million in 2007, down from July's prediction of 6.11 million this year. The trade group expects sales to climb to 6.38 million next year, up slightly from July's forecast of 6.37 million.

• Applications for U.S. home loans rose last week as the cost of a 30-year fixed-rate mortgage dropped.

The Mortgage Bankers Association said its weekly mortgage index, which measures the volume of applications for loans to buy or refinance homes, rose 8.1 percent on a seasonally adjusted basis from a week earlier.

THIS JUST IN...

• Amory B. Lovins, Rocky Mountain Institute's chairman and chief scientist, won the Volvo Environment Prize for his outstanding contributions to understanding and protecting the environment.

• Boulder-based Nuevo Latino Natural Foods Inc., a manufacturer of all-natural side dishes and meals, named Charlie Linder as senior vice president of sales.

• CTL|Thompson hired Tom Norman as a principal engineer.

• The Magnolia Hotel Denver appointed Alexandra Ferber to the position of catering manager.

• Gorilla Wrap Translucent Housewrap from Denver-based Johns Manville was honored with a Most Valuable Product Award from Building Products magazine for its ease of use, cost savings and ability to provide value to the building and remodeling industry.

• Jeff Thompson was appointed vice president of Front Range operations for Colorado-based Encore Electric.

• Denver-based Chipotle has established the Chipotle Mexican Grill Annual Scholarship beginning in the 2007-08 academic year at the Culinary Institute of America. The $2,500 scholarship will be awarded to an emerging professional pursuing an associate's or bachelor's degree in the culinary arts or management program.

• Colorado-based PRACO Public Relations Advertising Co. promoted Craig Rae to associate creative director, Kim Podobnik to public relations account group director for government and transportation services, Jon Bross to associate media director, Erin Hannan to account supervisor, Karol Norie to senior account supervisor, Greg Morton to director of Denver operations and Cheryl Cheever to accounts payable billing administrator.

• The Credit Union Associations of Colorado and Wyoming added Carol Wojtkewicz as a first mortgage loan closer, and promoted Dale Rupp to director of information and technology and Dan Finerty to director of marketing and communications.

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