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By BLOOMBERG NEWS | August 16, 2005
DENVER - Qwest Communications International Inc., the largest local-telephone service provider in the Northwest, and the Communications Workers of America, which represents 60 percent of its workers, remain at odds on central elements in a new contract more than a day after the old one expired. Contract talks between the company and the CWA are "stalled," said Candice Johnson, a union spokeswoman. She said the two sides are "still very far apart on key issues." Qwest negotiators averted a walkout after failing to reach an agreement before a 12:01 a.m. deadline Sunday, when the old contract ended.
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BUSINESS
April 15, 2009
Economy heightens retirement worry DES MOINES, Iowa : Rising costs and uncertainty about the economy have workers less confident in their ability to save enough money to retire comfortably, say the authors of a study released Tuesday. Even though workers are saving more and expecting to work longer to improve their chances of a happy retirement, there's still a disconnect. The survey shows many are failing to plan appropriately and making incorrect assumptions about retirement income. The new survey by the nonpartisan Employee Benefit Research Institute reveals only 13 percent of U.S. workers say they're very confident they'll have enough money to retire comfortably.
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BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | April 7, 2005
Legg Mason's star mutual fund manager William H. Miller III said he will vote against the proposed merger between MCI Inc. and Verizon Communications Inc. after he failed to persuade MCI's board to accept a different offer. Miller fired off a letter Tuesday to MCI Chairman Nicholas deB. Katzenbach expressing support for Qwest Communications in its bid to woo MCI away from Verizon. Miller's last-ditch effort failed, and the MCI board decided late Tuesday that it would stick with Verizon and again reject a higher offer from Qwest.
BUSINESS
By The Denver Post | April 3, 2007
DENVER -- Denver oil billionaire Philip Anschutz has given few media interviews since the mid-1970s. Friends describe him as intensely private. But Anschutz will step into the spotlight during the next few weeks as a key witness for former Qwest chief executive Joseph P. Nacchio, who is on trial for alleged insider trading. "There's really no place to hide in that courtroom," said Tony Leffert, a former federal prosecutor and a lawyer with Robinson, Waters & O'Dorisio in Denver. "Nobody likes to testify in a case like this."
BUSINESS
By THE DENVER POST | November 2, 2005
Denver -- Lawyers for Qwest shareholders are now gunning for former CEO Joe Nacchio and former CFO Robert Woodruff. Nacchio, who led Qwest Communications International Inc. from 1997 to 2002, and Woodruff were not included in a $400 million settlement yesterday of a class action lawsuit against Qwest and former executives and board members. The suit claimed accounting fraud under Nacchio's watch that resulted in the company's restating $2.5 billion in revenue and the same amount in earnings.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | July 13, 2002
Qwest Communications International could become the latest telecommunications company to review its published financial results. A new team of top executives is considering a restatement that would erase about $1 billion of revenue from last year's results, people briefed on the matter said yesterday. Richard C. Notebaert, who replaced Joseph Nacchio as chief executive of Qwest last month, is said to be considering the restatement, these people said, as a way to restore investor confidence in the company's finances.
BUSINESS
By BLOOMBERG NEWS | April 30, 2002
WASHINGTON - A Qwest Communications International Inc. executive called to rebut testimony supporting tough antitrust restrictions on Microsoft Corp. acknowledged yesterday that he didn't know about the software giant's business plans. Qwest Senior Vice President Gregg Sutherland was called to challenge testimony by an SBC Communications Inc. executive that remedies sought by nine states are needed to prevent Microsoft from squashing competition from providers of Internet-based services.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | April 1, 2005
Signaling its refusal to back down from a two-month bidding war, Qwest Communications International has once again raised its offer for MCI. The fresh offer of $8.9 billion, made yesterday, was made two days after MCI's board tried to end the contest by accepting a $7.6 billion bid from Verizon Communications. Qwest's new bid would give MCI shareholders $27.50 a share, with $13.50 in cash and the rest in stock. Qwest had previously offered $8.45 billion, or $25.60 a share, in cash and stock.
BUSINESS
By Jon Van and Jon Van,CHICAGO TRIBUNE | March 2, 2005
Pitching a Qwest-MCI combination as a cost-saving bonanza, Qwest Communications International Inc.'s chief executive officer lashed out yesterday at MCI management, which is ignoring his company's bid for the nation's No. 2 long-distance carrier. Frustrated that his $8 billion offer hasn't evoked even a courtesy response from MCI's management, Richard C. Notebaert stepped up his campaign on Wall Street by appealing directly to MCI shareholders. Notebaert said Qwest's plan for MCI would generate cost savings exceeding $10 billion, resulting from the elimination of 15,000 jobs.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | February 22, 2005
Qwest Communications International Inc. spent the weekend weighing several proposals to make an another $8 billion bid for MCI Inc. executives close to the company said yesterday. Qwest, which lost an auction for MCI to Verizon Communications Inc. last week despite making a higher offer, is hoping to break up that deal and get a seat at the negotiating table. MCI is under increasing pressure from some shareholders to reconsider its decision to accept Verizon's $6.75 billion cash and stock bid over Qwest's $8 billion offer.
BUSINESS
By The Denver Post | March 22, 2007
DENVER -- Qwest's former investor-relations director Lee Wolfe testified yesterday that he committed illegal insider trading, but has received partial immunity. His testimony came during the first full day of witness examinations in the insider-trading trial of former Qwest chief executive Joseph P. Nacchio, who is accused of dumping $101 million in Qwest shares shortly before the stock tumbled. Wolfe was the first witness to be questioned. From January 2001 to April 30, 2001, Wolfe exercised and sold 25,000 stock options for a pretax profit of $646,000, he said.
BUSINESS
By Bloomberg News | February 24, 2007
DES MOINES, Iowa -- AT&T Inc. and Qwest Communications International Inc. say several Web companies and Iowa telephone carriers have bilked them of millions in a scheme that lets people throughout the United States call other countries for free. Web sites offering free chat rooms, podcasts and adult content also are involved, instructing consumers to dial Iowa phone numbers that let them access the services, Qwest said in a complaint filed Feb. 20 against 13 companies. That followed a Jan. 29 complaint from AT&T against eight of the companies.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 16, 2006
Before last week's report that Qwest Communications was apparently the lone holdout among the four major telecommunications companies secretly supplying the National Security Agency with call records on Americans, the Denver company was often referred to by online grumblers as "the Qworst." Whether or not that reputation had been healed by the company's unexpected (and perhaps overstated) turn as defiant protector of consumer privacy is unclear. A hastily conducted Washington Post-ABC News poll did suggest Friday that 63 percent of Americans thought the NSA program was "an acceptable way to investigate terrorism."
BUSINESS
By THE DENVER POST | December 23, 2005
DENVER --Bernard J. Ebbers of WorldCom had to do it. so did Enron's Kenneth L. Lay. Tyco's L. Dennis Kozlowski, too. But former Qwest CEO Joseph Nacchio, indicted in Denver Tuesday on 42 counts of illegal insider trading, was not paraded in handcuffs before photographers and TV camera crews in a ritual that's known as the "perp walk." Prosecutors allowed Nacchio to travel to Denver from his New Jersey home Monday night on a commercial flight and surrender to the FBI the next morning. Agents fingerprinted him, then drove him across the street in a car with tinted windows into the garage of the federal courthouse.
BUSINESS
By THE DENVER POST | November 2, 2005
Denver -- Lawyers for Qwest shareholders are now gunning for former CEO Joe Nacchio and former CFO Robert Woodruff. Nacchio, who led Qwest Communications International Inc. from 1997 to 2002, and Woodruff were not included in a $400 million settlement yesterday of a class action lawsuit against Qwest and former executives and board members. The suit claimed accounting fraud under Nacchio's watch that resulted in the company's restating $2.5 billion in revenue and the same amount in earnings.
BUSINESS
By BLOOMBERG NEWS | August 16, 2005
DENVER - Qwest Communications International Inc., the largest local-telephone service provider in the Northwest, and the Communications Workers of America, which represents 60 percent of its workers, remain at odds on central elements in a new contract more than a day after the old one expired. Contract talks between the company and the CWA are "stalled," said Candice Johnson, a union spokeswoman. She said the two sides are "still very far apart on key issues." Qwest negotiators averted a walkout after failing to reach an agreement before a 12:01 a.m. deadline Sunday, when the old contract ended.
BUSINESS
By BLOOMBERG NEWS | July 11, 2002
Qwest Communications International Inc. said yesterday that federal prosecutors have opened a criminal investigation of the money-losing telephone company, four months after regulators began looking into its accounting. The U.S. attorney's office in Denver didn't disclose details of the inquiry, Qwest said in a statement. In March, the Securities and Exchange Commission began investigating Qwest's accounting for so-called swaps of long-distance network capacity with rivals such as Global Crossing Ltd., also the target of a criminal probe.
BUSINESS
By BLOOMBERG NEWS | February 16, 2005
NEW YORK - MCI Inc.'s agreement to be bought by Verizon Communications Inc. for $6.75 billion is opposed by MCI shareholders who own 10.5 percent of the telephone company and say the offer undervalues their holdings. Three of MCI's top six shareholders - John Paulson at Paulson & Co., Bruce Berkowitz at Fairholme Capital Management LLC and Leon Cooperman at Omega Advisors Inc. - said yesterday that MCI, the No. 2 U.S. long-distance telephone company, should reconsider a higher bid from Qwest Communications International Inc. or stay independent.
BUSINESS
By THE DENVER POST | May 31, 2005
Qwest's local phone business is losing customers. Its fiber-optic network is a debt-laden money loser. The small long-distance unit is struggling. What Qwest Communications Inc. sorely needs - but doesn't have - is a big piece of the thriving mobile-phone business. Wireless brings in as much as 40 percent of revenue at the other regional phone companies, and the number is rising. At Qwest, which resells Sprint Corp. wireless service, the number is less than 4 percent. Its lack of a strong wireless operation is one reason Denver-based Qwest so desperately wanted to buy MCI Inc. But Qwest Chief Executive Officer Richard Notebaert conceded recently at an annual shareholders meeting that his company has been outdueled by Verizon Communications Inc. for MCI and that it's time for Qwest to move on. Locked out of a wireless market dominated by Cingular, Verizon and Sprint, Qwest had hoped that MCI's corporate long-distance business could shore up its faltering finances.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | May 3, 2005
Qwest Communications International Inc. ended its efforts to buy MCI Corp. yesterday, just hours after MCI announced that its board had accepted a sweetened $8.44 billion bid from rival suitor Verizon Communications Inc. While the Verizon deal was $1.3 billion less than Qwest's, MCI's board favored it because of Verizon's stronger financial position. "It is no longer in the best interests of shareholders, customers and employees to continue in a process that seems to be permanently skewed against [us]
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