Progress Energy Inc. said Monday it informed the U.S. Nuclear Regulatory Commission that it is preparing plans for a possible application to open a new nuclear power plant. The Raleigh, N.C., parent of Progress Energy Florida of St. Petersburg said it expects to choose a potential plant site by the end of the year. Progress operates four nuclear power plants, including three in the Carolinas and the 838-megawatt Crystal River nuclear reactor in Citrus County.
China not planning more currency moves
China's central bank does not plan more abrupt changes in the yuan's value, a People's Bank of China official said, squelching speculation over further currency revaluations. After a 2 percent revaluation July 21 that raised the yuan's level to 8.11 to the dollar, further adjustments will be depend on the yuan's movement in the currency market, state media cited the official as saying.
Intelsat acquires PanAmSat Holding
Satellite pioneer Intelsat Ltd. said Monday it is acquiring PanAmSat Holding Corp. for $3.2-billion in a deal that would create a commercial satellite powerhouse with expanded capacity to deliver video, corporate data and government communications. Intelsat said it is paying $25 a share for PanAmSat's outstanding stock. The combined company is expected to generate more than $1.9-billion in annual revenue, with 53 satellites.
Electrical workers okay Verizon contract
Local 824 of the International Brotherhood of Electrical Workers voted Saturday to ratify a new five-year collective-bargaining agreement with Verizon Communications. The Tampa union declined to release the final vote count. The new labor pact covers about 4,400 repair personnel, call-center employees and other Florida workers.
Cut in workers' comp rates proposed
NCCI has proposed cutting the industrial class for workers' compensation insurance in Florida by an average of 4.5 percent effective Jan. 1. It marks the third consecutive rate decrease filed since workers' comp reform in 2003. NCCI, a Boca Raton organization involved in such rate filings nationwide, said that if its filing were approved, the overall average rate decrease for Florida employers since 2003 would be 22.1 percent.
T-bill rates hit four-year high
Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in more than four years. The Treasury Department auctioned $17-billion in three-month bills at a discount rate of 3.495 percent, up from 3.460 percent last week. Another $15-billion in six-month bills was auctioned at a discount rate of 3.705 percent, up from 3.690 percent last week.