IN BRIEF

Ex-Qwest boss gets six years in prison

Joseph Nacchio, the former chief executive of Qwest Communications International, was sentenced to six years in federal prison, a Denver judge ruled Friday in capping a lengthy investigation into questionable stock trades.

As part of the sentence, Nacchio was ordered to pay a $19 million fine and forfeit $52 million in profit from stock sales he made at a time when prosecutors contend he knew Qwest was headed for a financial downturn.

Nacchio, 58, signaled he will appeal the ruling by U.S. District Judge Edward Nottingham.

The judge also rejected a defense request that would have allowed Nacchio to remain free pending the outcome of his appeal. Instead, Nacchio must report to prison shortly after authorities determine where he will serve the bulk of his sentence.

McCarran passenger count up 7 percent

Passenger traffic at McCarran International Airport in June topped 4.1 million arrivals and departures, an increase of nearly 7 percent from the same month in 2006.

So far this year there have been 23.6 million arrivals and departures, up 4.7 percent from the 2006 pace.

Southwest remains the top carrier at McCarran, posting a 7.3 increase in June to 1.5 million passengers.

US Airways posted an 8 percent increase to 836,000. United, the third largest carrier at McCarran, posted a decrease of 7 percent to about 269,000 arrivals and departures during the month.

HOUSTON

ConocoPhillips reports lower quarterly profits

ConocoPhillips’ decision to snub an invitation from President Hugo Chavez to keep producing crude oil in Venezuela under tougher terms has had two results: much lower net profit in the second quarter and a projected drop in third-quarter production.

On Wednesday, the third-largest U.S. oil company said a $4.5 billion charge in the second quarter to write off its huge assets in Venezuela sliced net income by 94 percent.

Without that charge, operating earnings topped Wall Street expectations with the help of higher oil prices and refining margins.

The April-June results amounted to net income of $301 million, or 18 cents a share, compared with $5.18 billion, or $3.09 a share, a year earlier. Revenue rose to $47.4 billion from $47.1 billion.

SAN FRANCISCO

Treasurys rise amid rumors of fund losses

Treasury prices rose a touch on Friday, pressing yields lower, after new rumors about possible hedge fund losses linked to the subprime lending sector put the safe bid back in the market.

As the Dow Jones industrial average fell more than 200 points, driving investors to more secure assets, the 10-year Treasury note rose 0.28 points, pushing the yield down to 4.77 percent from 4.79 percent late Thursday.

The 30-year Treasury bond climbed 0.5 points, and its yield fell to 4.94 percent.