Gov. Chet Culver this morning released the Iowa Efficiency Review report, which outlines sweeping reforms and cost-saving measures to make state government leaner and more efficient. Culver said the 90 recommendations in the review, if implemented, could save $340 million in the first year and nearly $1.7 billion in the next five years. Among the recommendations are to use state master contracts for commonly purchased goods, reduce the state vehicle fleet and consolidate the state’s 233 data centers. In the coming week, Culver will sign an executive order implementing most of the recommendations for executive action, which is expected to save more than $128 million in the first year and nearly $714 million over the next five years. Click here to access a link to the full report.

The U.S. Federal Trade Commission (FTC) has accused Intel Corp., the world’s largest maker of computer chips, of illegally using its dominant market position for a decade “to stifle competition and strengthen its monopoly,” Bloomberg reported. The complaint, which will be heard by an FTC administrative law judge, says Intel tried to block “superior” products by rivals and deprived consumers of choice and innovation for 10 years. Intel has been “running roughshod” over principles of fair play, the agency charged. A hearing in the case could be held in September, the FTC said today.

Construction of new homes, helped by better weather, rebounded in November following a setback in the previous month. The Commerce Department said construction of new homes and apartments rose 8.9 percent in November to a seasonally adjusted annual rate of 574,000 units. The gain represented strength in all areas of the country although the increase was slightly lower than economists had expected. Applications for new building permits were also up, rising 6 percent to an annual rate of 584,000 units, a stronger showing than economists predicted.

Wells Fargo & Co. and Prudential Financial Inc. announced Tuesday that Wells Fargo will pay $4.5 billion in cash to purchase Prudential’s noncontrolling interest in their retail brokerage joint venture, which includes Wells Fargo Advisors LLC. Prudential had announced a year ago its intention to exercise its option to sell its interest in Wells Fargo, and on June 17 advised Wells Fargo in writing of its plan. The purchase price for Prudential’s interest is based upon an agreement between the parties on the value of Wells Fargo Advisors (then known as Wachovia Securities) on Jan. 1, 2008, prior to the contribution of the retail securities businesses of A.G. Edwards & Sons.

The asset management arm of Principal Financial Group Inc. is actively seeking opportunities to acquire boutique fund management firms over the next months, the unit’s chief executive said. In an interview with Reuters, Jim McCaughan, CEO of Principal Global Investors, said many boutique asset managers have suffered from declining sales and are looking for partners. “We’ve made several acquisitions. We have a successful track record of doing so,” he said. “So we are optimistic that the next year we’ll see opportunities for us to do more,” he said.