Those dreading the time bomb known as the Year 2000 computer bug may find some solace in another digital deadline that passed with little fanfare this weekend.
No widespread disruptions were reported when the clock governing navigational satellites was reset to zero at 8 p.m. EDT Saturday,
reports. The satellites allow people to pinpoint their location through a network called the
Global Positioning System, or GPS. The GPS clocks started ticking on Jan. 6, 1980, with a digital odometer reading 0000, measuring the passage of each week.
In other weekend news,
has a solution to the flight delays plaguing airports this summer: hand over the U.S. air traffic control system to the private sector.
Bethune, chairman of
"This Week" Sunday that federal budgeting is to blame for outdated air traffic equipment. U.S. airports have seen a 40% increase in flight delays from April to July this year,
are used to saving the planet on the silver screen, but now
Prince Alwaleed bin Talal
wants to succeed where they've failed: saving
. The Saudi billionaire told
on Sunday that he had invested $10 million in an attempt to rescue the ailing franchise. The investment raises the prince's stake in the chain to 20% from 16%.
may soon appear on a different type of line: CEO
magazine Sunday that AOL is planning a television channel called
. The channel would feature email and chat-room services and would be transmitted via cable lines and not over the Internet.
Forget next year's Olympics in Sydney. Japan is poised to defeat France in a much bigger test of international might: who will be home to the world's largest bank.
reaffirmed its opposition Sunday to a merger with
Banque Nationale de Paris
. French regulators will decide Tuesday what to make of BNP's recent three-way takeover bid, which won approval from
investors but not SG.
Industrial Bank of Japan
want to create a banking group whose assets would top $1.3 trillion.
will likely raise short-term interest rates when it meets Tuesday afternoon. A
poll found that 29 of 30 Wall Street bond dealers expect a quarter percentage point increase.
Versatility has outmuscled strength in
new advertising campaign. The company has adopted "No Boundaries" as the slogan for its emerging line of sport utility vehicles, replacing the long-running "Built Ford Tough,"
Ford, meanwhile, has not decided yet whether to keep open its Bridgend plant in South Wales. The British government has offered a 30 million pounds ($48.5 million) incentive package, the U.K's
newspaper reported. A Ford spokesman told
the company would probably make a decision this fall.
In the Papers
Internet companies may be blazing, but they don't float the
boat. That's according to
, head of the Standard & Poor's 500 Index committee at
. Blitzer tells
that the S&P generally admits companies whose "float," or percentage of stock belonging to the public, tops 50%.
don't make the grade;
comes closest, with a float of 54%.
Likely entrants to the S&P this year,
equity derivatives strategist
Level 3 Communications
. She also names
Telephone & Data Systems
First Tennessee National
Old Kent Financial
T. Rowe Price
as possible candidates.
may team up with Chinese airlines to build its new 717 jet, the
in London reports. Boeing wants to make the 717 the dominant plane among airlines in China, the
Meanwhile, the head of
Boullion Aviation Services
predicts a slump in commercial jetliner orders during the next two years. CEO
the industry may get some help from Asia's improving economy. Boullion is a wholly owned subsidiary of
Deutsche Bank AG
Despite a fierce investor backlash,
could bounce back from its recent takeover of packaging distributor
reports. Georgia-Pacific, a forest and paper giant, saw its stock price plunge to $43 from $49 a day after it announced the buyout earlier this year. Georgia-Pacific CEO
he expects to recoup his cost of capital by cutting $75 million in cost savings from Unisource the first year and saving another $75 million in 2000 as a result of synergy.
Peninsular & Oriental Steam Navigation
has rejected a 7 billion-pound ($11.3 billion) offer from
, the world's largest cruise line operator, London's
reported Sunday. Carnival was said to be mainly interested in P&O's cruise business,
, the newspaper said.
plans to open offices in Ireland as part of an effort to expand into Europe,
The Sunday Tribune
in Dublin reports. No dates have been announced.
The New York Times
reported Saturday that
Carolina Power & Light
, North Carolina's second-largest utility, may soon buy
for $5.3 billion. The newspaper, quoting unnamed sources, said a deal could be announced as early as Monday.
David Rheingold is a New York-based freelance writer. At the time of publication he had no positions in any of the securities mentioned, although holdings can change at any time.