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Byline: - Staff and Wire Services

Hansen awarded SBA champ prize

SHERMAN OAKS - Entrepreneurial drive and a knack for teaching earned Ceil Hansen<NO1>cq<NO> the U.S. Small Business Administration's Los Angeles District Home Business Champion of 2006 award, the agency announced Monday.

Hansen, a native of the Philippines, heads HCW, which instructs small businesses on how to integrate technology into their operations. She'll receive her award as part of the agency's weeklong small-business celebrations in May.

Sharper Image scales back costs

SAN FRANCISCO - Sharper Image Corp. said Monday that its chairman and chief executive, Richard Thalheimer, will receive a voluntary 50 percent pay cut, followed by salary reductions of other executives, as part of the company's efforts to slash expenses.

The specialty retailer, which has lost its edge to other rivals in offering the latest high-tech gadgets, also said it1/2reduced corporate office and distribution center headcount 5/8 by more than 20 percent, and store staff size by 12 percent compared with a year ago. A spokesman declined to give further details.

The company said it ``dramatically'' reduced capital expenditures from about $39 million in 2005 to a planned $12 million to $15 million in 2006, and scaled back planned store openings for the year

KPMG tax partner admits to evasion

NEW YORK - A former KPMG LLP tax partner pleaded guilty in court Monday, saying he helped wealthy investors dodge millions of dollars in taxes with fraudulent documents, sham companies and phony tax shelters.

David Rivkin, 42, entered the plea to conspiracy and tax evasion charges in U.S. District Court in Manhattan, agreeing to cooperate in what the Department of Justice has called the largest criminal tax case ever.

He was among 19 defendants charged with conspiracy last year in a tax scheme that the government alleges helped affluent KPMG clients escape $2.5 billion in taxes.

Rivkin said nothing to diminish the scope of the fraud as he described how the company, which serves some of the world's largest corporations, helped people hide millions of dollars in profits from the IRS.

Boeing to build a larger 787 model

SEATTLE - Boeing Co. has committed to building a longer version of its fuel-efficient 787 jet to meet demand from several airlines, the head of the new airplane program said Monday.

``It's not a matter of if, it's a matter of when, and finalizing some details around configuration,'' Mike Bair, vice president and general manager of the 787 program, said in a conference call with reporters.

The 787-10 will carry approximately 300 passengers, about 50 more than the largest of three models the company had previously said it would build.While some details have yet to be completed, such as the precise seating capacity and how far the plane will fly, Bair said Boeing expects to begin delivering it in Q4 of 2012.

Bair said about a dozen carriers have expressed interest in a stretch 787.

Short-term T-bills hit 1-month low

WASHINGTON - Interest rates on short-term Treasury bills fell in Monday's auction to the lowest levels in a month.

The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 4.495 percent, down from 4.545 percent last week.

An additional $15 billion in six-month bills was auctioned at a discount rate of 4.600 percent, down from 4.610 percent last week.

The three-month rate was the lowest since three-month bills averaged 4.450 percent Feb. 21. The six-month rate was the lowest since Feb.27 of this year when they averaged 4.580 percent.

Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 4.77 percent last week from 4.76 percent the previous week.