BUSINESS BRIEFS
Hawaii Biotech wins U.S. award
Advertiser Staff and News Services
'Aiea-based Hawaii Biotech Inc. has won its third Tibbetts Award given by the U.S. Small Business Administration to organizations and individuals "judged to exemplify the very best in scientific innovation and community impact."
Leonard Firestone, chief executive of Hawaii Biotech, is scheduled to receive the award on behalf of the company today at the Small Business Innovation Research Awards Ceremony in Washington, D.C.
Hawaii Biotech Inc., the state's leading private biotechnology company, is recognized as a leader in the development of vaccines for emerging infectious disease. These include seasonal and avian influenza, West Nile encephalitis and dengue fever.
EBBERS BEGINS SENTENCE TODAY
JACKSON, Miss. — Former WorldCom Corp. Chief Executive Bernard Ebbers, 65, is to report to prison today to serve his 25-year sentence for fraud and conspiracy. Ebbers was sentenced in July for his role in the $11 billion accounting fraud that toppled WorldCom. The former high school basketball coach had taken a small telecommunications firm and transformed it into an industry giant before WorldCom collapsed in bankruptcy in 2002.
REFUNDS DUE FOR DIET PRODUCTS
Buyers of diet products endorsed by TV psychologist "Dr. Phil" McGraw will be eligible for cash refunds or replacement vitamin supplements under the terms of a $10.5 million settlement of a lawsuit alleging that the products didn't work as advertised.
The Shape Up! products, which are no longer distributed or sold, included shakes, bars and multivitamins made by CSA Nutraceuticals of Irving, Texas.
REVLON CUTTING WORKFORCE BY 8 PERCENT
NEW YORK — Revlon Inc. is cutting 250 jobs, or 8 percent of its workforce, and is canceling its recently launched Vital Radiance cosmetics line aimed at older women, in a bid to return the company to profitability. The steps announced yesterday come a week after Revlon, which is controlled by financier Ron Perelman, ousted its president and chief executive officer, Jack Stahl, and replaced him with the company's CFO, David L. Kennedy.
