By Compiled from Times wires
Published May 10, 2003
BANK PLANS IPO: A startup bank in Brooksville called Cortez Community Bank is seeking to raise up to $10-million in an initial public offering. Donald Page, a veteran of numerous banks in Connecticut and Florida, is the proposed president and chief executive of the bank, which plans to open in the third quarter. Cortez is planning to sell between 654,000 and 1-million shares of stock at $10 per share. Bank organizers plan to buy at least 167,000 shares.
EXPENSING OPTIONS FAVORED: Securities and Exchange Commission chairman William Donaldson said he favors treating employee stock options as an expense, adding impetus to an accounting rule change that is being fought by most computer-related companies and some members of Congress. "The Financial Accounting Standards Board has put itself on the line and said there's an expense attached to stock options," Donaldson said in a speech at the Economic Club of New York last night. "I am waiting restlessly for this to happen." At a Senate roundtable debate yesterday, critics such as John Doerr, the venture capitalist who bankrolled companies such as Amazon.com Inc., and executives from Intel Corp. and Cisco Systems Inc. said making U.S. companies treat options as an expense will hurt their ability to compete with foreign rivals.
USA 3000 READY TO LAND: A small, 16-month-old airline will begin flying from St. Petersburg-Clearwater International Airport in October. USA 3000 Airlines will make twice-weekly flights to Cleveland Hopkins International Airport, Newark International Airport and Chicago's O'Hare International Airport. The airline is offering introductory fares as low as $79 each way. Customers can make reservations on its Web site, www.usa3000airlines.com or by toll-free call at 1-877-872-3000.
HALLIBURTON NOTES BRIBES: The KBD subsidiary of Halliburton Co. paid a Nigerian tax official $2.4-million in bribes in 2001 and 2002 to get favorable tax treatment, the company disclosed in a federal filing made Thursday with the Securities and Exchange Commission. Halliburton said it was cooperating with the SEC in its review and none of its senior officers were involved.
THAI AIRWAYS BETS $100,000: Thailand's flag carrier Thai Airways promised Friday to pay $100,000 compensation to any passenger who gets infected with SARS while flying on its aircraft. Thai Airways chairman Thanong Bidaya told reporters the airline is confident that its preventive measures are of such high standards that no passenger would contract sudden acute respiratory syndrome while on its flights.
HE'S A TOYS "R' US PRESIDENT: Toys "R" Us Inc. said Friday it has named Richard Markee as vice chairman of the company and president of its U.S. toy stores unit. Markee, 48, joined the company in 1990 and founded Babies "R" Us. He will be responsible for the company's 680 U.S. toy stores, product development, Toysrus.com and Geoffrey, a store concept being tested in rural markets.
CHATEAU TARGETED: Real estate financier Sam Zell's Manufactured Home Communities Inc. offered to buy most of Chateau Communities Inc. for $1.82-billion to combine the two largest owners of land rented to owners of factory-built homes in the United States. Manufactured Home said the offer may be worth more than $26 a share to Chateau shareholders.
SARS QUACKERY FOUGHT: The federal government ordered 48 Web sites Friday to quit promoting bogus ways to prevent and treat SARS as health officials urged Americans to beware of quacks preying on their fears. Internet sites are illegally claiming that dietary supplements from vitamin C and oregano oil to colloidal silver and belladonna can treat or cure the new respiratory illness, regulators charged. Others promise SARS "protection kits."
EARNINGS
Global Imaging Systems Inc.: The Tampa office equipment distributor said net income in the fiscal fourth quarter ended March 31 increased 17 percent on strong sales of automated office equipment and office technology solutions.
Berkshire Hathaway Inc.: Warren Buffett's company said first-quarter profit almost doubled, boosted by a turnaround at General Reinsurance Corp., which made an underwriting profit for the first time in four years. Earnings declined in its building products companies such as Benjamin Moore Paints, and its aviation businesses, mainly NetJets Inc., had a loss.
