FLORIDA TO GET NEW INTERNET FACILITY: Gov. Jeb Bush said that Jacksonville will be the site for Florida's next Network Access Point, accelerating the speed and efficiency of moving data on the Internet to the rest of the world and back. The governor announced that Texas-based Tera Space Networks will construct the NAP and invest up to $80-million in the first phase of development. NAPs are major intersections of the Internet, where the networks of local and regional access providers meet and pass transmissions from one network to another. Florida's other NAP is in Miami.

TRUMP MAY GO AFTER RECORD: Donald Trump has joined with Hollinger International Inc., owners of the Chicago Sun-Times, in a plan that would demolish the seven-story Sun-Times building and build a new high-rise in its place. Trump Tower Chicago would offer 2.4-million square feet for offices and luxury condominiums and could rise higher than 1,500 feet. The tallest-building title is held now by the Petronas Twin Towers (1,483 feet) in Kuala Lumpur, Malaysia, which usurped Chicago's Sears Tower (1,450) in 1996. Trump said it's not certain the building will be the world's tallest, "but there is a chance that that is the route we will be going."

AMTRAK TO CUT MANAGEMENT: Amtrak will offer early retirement and voluntary separation programs to 2,900 managers, or 13 percent of its work force to cut costs. Amtrak is under a federal mandate to cover its own operating costs by the end of next year or be shut down. It hopes to save as much as $85-million.

THRIFT CLOSED: Federal regulators closed Superior Bank, a Chicago-area thrift half-owned by the multibillionaire Pritzker family. The thrift's failure is expected to cost the federal insurance fund an estimated $500-million, according to banking experts, making it one of the costliest failures of a U.S. financial institution. The thrift will open for business Monday as Superior Federal FSB, a full-service savings bank under a new charter, the federal Office of Thrift Supervision said, adding depositors "will have immediate access to their insured funds." Superior specialized in making high-interest mortgage, auto and other loans to consumers with troubled credit histories. The Pritzkers' interests include control of the Hyatt Corp. hotel chain.

ENTERPRISE FLORIDA DENIES ALLEGATIONS: Responding to a draft audit by the state comptroller's office, Enterprise Florida Inc. rejected allegations that it recycled public funds for restricted purposes, provided inadequate reasons for expenditures and hired contractors without adequate written procedures. The group asked Friday that at least 25 of the comptroller's 30 findings either be withdrawn, narrowed or reworded. Enterprise Florida is a public-private partnership created by the state to promote economic development.

SHELLS IN TALKS WITH CREDITORS: Shells Seafood Restaurants Inc. said it is trying to renegotiate payment terms with its creditors, and that it may need additional outside funding during the latter half of this year to stay afloat. The Tampa chain had net income of $107,000, or 2 cents per share, in the quarter ended July 1 on revenues of $15-million. During the same quarter last year it earned $169,000, or 4 cents per share, on revenues of $24.5-million. Shells has closed 11 restaurants in the past year and currently has 29. Its stock closed unchanged at 75 cents.

LAST TEST VERSION OF WINDOWS: Microsoft Corp. will release the last test version of its newest Windows operating system today, a signal to analysts that the company is likely to deliver Windows XP as scheduled on Oct. 25. The so-called second release candidate has all the features of the final version and is meant as a test for last-minute bugs. The computer industry is counting on Windows XP to help spark a recovery in sales of PCs and software. Separately, Compaq became the first computer manufacturer to take advantage of Microsoft's loosened restrictions, announcing that it would promote America Online's Internet service over Microsoft's in Windows XP.

PALM TO FORM SUBSIDIARY: Palm Inc. will form a subsidiary for its operating system, separating the software business from the production of Palm handheld computers. Palm licenses its software to Handspring Inc., Sony Corp. and other companies that make competing organizers. The new structure could pave the way for an initial public offering of shares in the subsidiary, a move that chief executive Carl Yankowski has said is under consideration. Palm shares rose 3 cents to $5.21. They've fallen 82 percent this year.

N.Y. TIMES NAMES MANAGING EDITOR: Gerald M. Boyd has been named managing editor of the New York Times, the first black to hold that position at the newspaper. Boyd, 51, will replace Bill Keller, who is set to become an op-ed columnist and senior writer for the New York Times Magazine. Boyd takes over in September, coinciding with the promotion of Howell Raines to executive editor.

Back to Business

Contact the Times | Privacy Policy
Standard of Accuracy | Terms, Conditions & Copyright

Special Links

Stocks

From the Times
Business report

GDP growth slows to crawl

Business digest

We're ready to work

Airline merger grinds to a halt

Shareholders seal IMRglobal deal

Doctors offering 'concierge' care

From the AP
Business wire

From the state business wire

Judge denies dismissal of Citigroup shareholder suits

Carnival to buy 4 cruise ships from Italian builder