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It's not a flying frog ... it's the future

By In brief
Published June 13, 2006

Spirit to fly weekly from TIA to Cancun

Spirit Airlines will begin service between Tampa International Airport and Cancun, Mexico, on Saturday. The weekly flight will leave TIA at 12:55 p.m. and arrive in Cancun at 1:55 p.m. Central time. According to Edward Garduno, station manager for Spirit at TIA, the flight will use new Airbus 319 aircraft with eight first-class and 130 coach seats. The flight will arrive at TIA from Atlantic City, N.J. As of Monday, 97 seats aboard Saturday's inaugural flight already had been booked, Garduno said.

Kentucky bank to buy Port Richey institution

Republic Bancorp Inc. of Louisville, Ky., said it will purchase GulfStream Community Bank of Port Richey for $18.1-million in cash to enter the Florida market and expand in Pasco County and the nearby Tampa market. GulfStream began operations in 2000 and has $66-million in assets. The deal is expected to be completed in the fourth quarter.

Jeep to issue recall on Grand Cherokees

DaimlerChrysler AG said Monday that it was recalling about 111,000 Jeep Grand Cherokees after receiving reports of injuries from fires caused by overheated front seat warmers. The automaker said it had received 32 complaints of the front seat electric heater element overheating or leading to a fire. Fifteen injuries, mostly from burns to the legs, were reported, said DaimlerChrysler spokesman Max Gates. The recall involves the 2003-2004 model years of the Grand Cherokee sport utility vehicle with heated seats. Owners are expected to receive letters about the recall in July.

Energy supplier takes back $8B bid for rival

Energy supplier Mirant Corp. of Atlanta said Monday it is rescinding its nearly $8-billion bid to acquire rival NRG Energy Inc., an about-face that analysts say was not surprising given NRG's unwillingness to consider a deal. Shares of NRG of Princeton, N.J., fell more than 7 percent on the news. Edward Muller, Mirant's chief executive, said that while the company believes a combination of the two companies would be a good idea, Mirant acknowledges a long battle is not.

T-bill rates rise

Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels since early 2001. The Treasury Department auctioned $15-billion in three-month bills at a discount rate of 4.800 percent, up from 4.710 percent last week. An additional $14-billion in six-month bills was auctioned at a discount rate of 4.925 percent, up from 4.815 percent last week. The three-month rate was the highest since they averaged 4.905 percent on Feb. 20, 2001. The six-month rate was the highest since these bills averaged 5.055 percent on Jan. 16, 2001.

[Last modified June 13, 2006, 07:09:25]

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