Business today

Compiled from Times wires

© St. Petersburg Times,
published August 24, 2001

MICROSOFT OFFERS SECURITY TOOL: Microsoft Corp. has released a security tool designed to help less technically sophisticated users eliminate vulnerabilities in their servers. The free, downloadable security tool helps users disable functions and settings that could leave their servers open to an attack, a spokesman said. These include Internet printing, advanced search functions and certain scripting technologies that enable viruses and worms to spread.

OFFICE DEPOT SETTLES DISPUTE: Office Depot said it has resolved race discrimination claims against the company. The office supply giant, in talks with Stuart trial lawyer Willie Gary, revealed a six-step program that includes diversity training for all workers; developing a career mentoring program for all employees, including minorities; and creating a new executive position to head a work force diversity office. Office Depot also said it expects to meet third-quarter earnings forecasts of 20 cents a share.

TREASURY BUYBACK: The U.S. Treasury purchased $1.75-billion in government bonds Thursday at an average yield of 5.49 percent. The Treasury received offers to tender $6.764-billion in face value of the bonds, paying interest rates from 7.125 percent to 8.875 percent.

CISCO REORGANIZES: Cisco Systems Inc. announced a major reorganization of its operations and reaffirmed that its business is showing signs of steadying in the first weeks of the current quarter. Changes will align Cisco's focus around customers' requirements as the networking and communications markets consolidate, CEO John Chambers said. Chambers also announced several executive changes, including the departure of Kevin Kennedy, senior vice president of the service provider line of business. In regular trading, shares rose 28 cents to $16.76.

JUDGE REJECTS STORE SETTLEMENT: Faced with objections from disabled advocacy groups and government officials, a federal judge rejected a proposed settlement to guarantee wheelchair access to 385 May Department Stores Co. stores. U.S. District Judge Federico Moreno discarded a nationwide class-certification, shrunk the case to cover six of May's Lord & Taylor stores in South Florida and set trial for Jan. 14. The agreement would have applied one set of solutions nationally, primarily by creating merchandise islands with up to a dozen racks and opening wide pathways to fitting rooms and restrooms.

WORKPLACE FATALITIES DROP: Florida workers were somewhat safer last year, but 329 employees still died on the job in 2000, the state Department of Labor and Employment Security reported. That total represented a decrease of 4.6 percent from the 345 who died on the job in 1999. It marked the fourth consecutive year the state reported a decline in worker deaths. The construction industry was the most dangerous, accounting for 80 percent of workplace deaths.

WALTER HOMES NAMES PRESIDENT: Walter Industries Inc. of Tampa named Michael M. Roberts president of its Jim Walter Homes Inc. subsidiary. Roberts, a 33-year veteran of the conglomerate, has been running day-to-day operations at Jim Walter since its prior president retired. Walter also named Joseph Troy president of its Mid-State Homes Inc. lending unit. He will remain treasurer of the parent company.

GAMECUBE LAUNCH DELAYED: Nintendo Co. will delay selling its GameCube console in North America by two weeks. Nintendo said it decided to postpone the launch to Nov. 18 to ensure initial plentiful shipments. The delay will allow Nintendo to have 700,000 machines in the initial shipment, up from 500,000, without missing the Thanksgiving shopping week, a spokesman said.

POWERCERV SETTLES LAWSUIT: Tampa-based PowerCerv Corp. has settled a class-action lawsuit that has dogged the maker of business software products for four years. In the suit first filed in July 1997, shareholders alleged that the underwriters of PowerCerv's March 1996 initial public offering, Alex. Brown & Sons and Robertson, Stephens & Co., inflated the offering's stock price with overly optimistic statements and recommendations. The stock initially rose to nearly $20 a share, but quickly fell to the $2 range. PowerCerv chief executive Marc Fratello said his company assumed no liability in the deal and that PowerCerv's insurer is picking up the undisclosed costs for settlement. Its shares were unchanged at $1.20.

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