Former Enron CEO open for business

When Jeffrey Skilling resigned unexpectedly from Enron Corp. in August, the former chief executive cited personal reasons. Among them, it appears, was the desire to start his own company.

About five weeks after leaving Enron, Skilling created  at least on paper  Veld Interests Inc., according to public records.

What Skilling plans to do with Veld, which has a Houston office, remains unclear, but he has not been shy about its existence.

“It’s a company looking for a business,” said Skilling’s spokeswoman, Judy Leon, adding that Veld has not conducted any business.

Economy: Sales of existing homes rise in record January

Americans snapped up a record number of previously owned homes in January, a fresh sign that the country may be pulling out of a recession.

Sales of existing homes rocketed to a seasonally adjusted annual rate of 6.04 million last month, representing a 16.2 percent jump from December’s level, the National Association of Realtors reported Monday.

Economists were heartened by the report, saying it bodes well for continued spending by consumers  the lifeblood of the economy  in the coming months.

Earnings: Lowe’s beats estimates

Lowe’s Companies Inc., the nation’s second biggest home-improvement retailer, said Monday its fourth-quarter profit rose 55 percent, fueled largely by the eagerness of U.S. consumers to invest more money in their homes.

The results beat Wall Street expectations by 3 cents and company shares rose $1.44, or more than 3 percent, to $47.49 Monday.

Net earnings totaled $218.4 million, or 28 cents a share, for the quarter that ended Feb. 1, up from $140.8 million, or 18 cents a share, a year earlier.

Lowe’s said its fourth-quarter sales increased 15.6 percent to $5.3 billion from $4.54 billion a year ago.

Technology: American Express hires IBM for computer services

In one of a growing number of huge computer outsourcing deals, American Express Co. will pay IBM Corp. more than $4 billion to run its information technology operations for seven years.

The companies announced Monday that American Express would transfer most of its IT duties to IBM  along with 2,000 American Express employees  when the contract begins March 1.

By paying IBM to provide computing services as needed, American Express will save hundreds of millions of dollars, spokesman Tony Mitchell said.

IBM will operate American Express’ data centers, which contain computers that operate the company’s worldwide network, plus host the company’s Web site and provide help desk and technical support.

Medicare: Kansas doctors face cuts

A reduction in doctors’ payments by Medicare will affect Kansas doctors more than other states because of the state’s large elderly population, according to a group that lobbies for doctors.

Kansas physicians will lose an estimated $21 million, or $4,207 per physician, because of the changes. And because the elderly population is so high in Kansas, the state has only 11.2 physicians per Medicare beneficiary, below the national average of 15.7, the American Medical Assn. said.

Specialties that treat more elderly will be harder hit, with national average losses of more than $10,000 projected for urologists, opthamologists, cardiologists, oncologists and cardio-thoracic surgeons.