By Staff and Wire Reports
Published October 19, 2004
SINK JOINS RAYMOND JAMES BOARD: Former banker Alex Sink has joined the board of Raymond James Financial Inc. Sink will be one of two women and one of seven independent directors on the board of the St. Petersburg financial services company. She also will be a director of subsidiary Raymond James Bank. Sink was head of Florida operations for Bank of America when she retired four years ago and is a former director of Republic Bancshares. She serves on the board of First Advantage Corp. and several nonprofit organizations.
HURRICANE CATASTROPHE FUND TO LOSE HALF ITS CASH: Insurers are expected to drain $3-billion from the state's Hurricane Catastrophe Fund, about half of its cash, Florida Chief Financial Officer Tom Gallagher said Monday. The money will be used to help pay an estimated $23.6-billion in damage from four hurricanes that struck Florida this year. The cash balance is $5.6-billion and is expected to reach $6-billion by the end of the year, Gallagher said. Insurance companies that operate in Florida pay into the fund. It can grow to $15-billion and sell bonds to get to that level if necessary.
FORD EXPANDS USE OF SATELLITE RADIO: Ford Motor Co. said Monday it will begin offering Sirius Satellite Radio as a dealer-installed option in four more vehicles by year's end and is targeting up to 20 vehicle lines for factory installation for the 2006 and 2007 model years. Ford, Lincoln and Mercury now offer Sirius as a dealer-installed option on nine models. In the coming months it also will be available on the Ford Escape and Crown Victoria and Mercury's Grand Marquis and Mariner. Sirius provides more than 120 channels of programming, including 65 commercial-free music channels and more than 55 channels of news, traffic, weather, comedy, original entertainment and sports.
DOCKERS NO LONGER FOR SALE: Levi Strauss & Co. pulled its Dockers brand off the auction block Monday, signaling the jeans maker's management believes it can rejuvenate the 18-year-old casual clothing line. The change of heart comes more than five months after Levi's said it would divest its Dockers business and use the money from the sale to reduce its $2.2-billion debt. When Levi's announced its plans in May, the company emphasized it would hold on to the Dockers brand if the bidding didn't generate an acceptable sales price.
COCA-COLA TO LAUNCH NEW ENERGY DRINK: The Coca-Cola Co. is hoping to get a lift from a new energy drink, Full Throttle, that it plans to launch in January. The 16-ounce lightly carbonated drink is citrus flavored and contains ginseng extract, guarana extract, caffeine and B-vitamins, the company said Monday. It will cost roughly the same as similar-sized energy drinks, about $1.90 to $2. Coke is targeting young men, in the 20- to 30-year-old range, for the drink.
T-BILL RATES HIGHER: Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in 30 months. The Treasury Department auctioned $20-billion in three-month bills at a discount rate of 1.770 percent, up from 1.680 percent last week. Another $18-billion in six-month bills was auctioned at a discount rate of 1.990 percent, up from 1.955 percent last week.
