SEC chair resigns

Securities and Exchange Commission Chairman William Donaldson, picked by President Bush to restore confidence in a stock market shaken by corporate scandals, announced his resignation Wednesday.

Donaldson, 74, above, has been an activist who often has clashed with traditional GOP business allies, who chafed over what they perceived as an excessive regulatory zeal during his tenure.

President Bush intends to nominate California Rep. Christopher Cox to head the Securities and Exchange Commission, Republican officials said late Wednesday. The announcement could be today.

Nextel Acquisition

Sprint chief expects July merger vote

Sprint Corp. shareholders likely will vote on the company’s proposed merger with Nextel Communications Inc. early next month, with federal approval of the deal expected to come shortly afterward, Sprint chairman and CEO Gary Forsee said Wednesday.

During a presentation to analysts in New York, Forsee said he expected the two companies to combine early enough in the third quarter to come up with a unified brand and “hit the fourth-quarter sweet spot” of the holiday shopping season.

Sprint, based in Overland Park, and Nextel, based in Reston, Va., announced in December they would unite in a deal worth $35 billion.

Attorney general

STAR bonds’ use passes state test

Officials with the Unified Government of Wyandotte County and Kansas City, Kan., didn’t violate state laws in developing a sprawling retail district near Kansas Speedway, according to a legal opinion from the attorney general’s office.

The opinion was sought by legislators concerned that the Unified Government didn’t follow the intent of a law that allows bonds for economic development and repays the debt through sales tax revenues.

Known as STAR bonds, the bonds are supposed to be for construction of the Village West project and related infrastructure.

Wichita

Boeing workers await job letters

The Canadian buyer of Boeing Co.’s commercial aircraft operations said Wednesday it was sending letters this weekend to all workers at the aerospace giant’s Kansas and Oklahoma plants informing them whether they still have a job.

The letters from Onex Corp.’s newly formed subsidiary, Mid-Western Aircraft Systems, come a week after Onex said it would go through with its purchase of Boeing’s commercial aircraft operations in Kansas and Oklahoma, despite a vote by Wichita machinists rejecting Onex’s final contract offer.