Reported by Star-Bulletin staff & wire
Tuesday, October 6, 1998
Fiber-optic cable to link Hawaii with Down Under
WELLINGTON, New Zealand -- Alcatel SA and Fujitsu Ltd. won a $800 million contract to build a 18,000-mile submarine fiber-optic cable linking Australia and New Zealand with Hawaii.The first phase, linking Australia and New Zealand via Hawaii to the United States, will be completed by the end of 1999. The second phase linking the United States to Australia via Hawaii and Fiji is due for completion in the year 2000, the companies said.
"The project is a huge boost for our Australian plant at Port Botany where most of the cable will be produced," Alcatel's South Asia Pacific President Ron Spithill said, adding that the company will invest $14.7 million to increase the plant's capacity.
Paris-based Alcatel is the world's fourth-largest telecommunications equipment maker, while Tokyo-based Fujitsu is Japan's largest computer maker.
GM reorganizes; picks Wagoner as president
DETROIT -- General Motors Corp. today named G. Richard Wagoner Jr. as president and chief operating officer in a major reorganization that will consolidate the company's North American and international automotive operations into one unit, which Wagoner will lead. Jack Smith, who will give up the president's title, will remain as chairman and chief executive officer, but Wagoner's promotion could put him in line to succeed the 60-year-old Smith when he retires.
Sports Authority warns of larger quarterly loss
FORT LAUDERDALE, Fla. -- Sports Authority Inc., the largest U.S. sporting-goods chain, said it will have a wider-than-expected fiscal third-quarter loss because of weak sales and that it will close 18 unprofitable stores. The retailer expects a loss before a charge of 27 cents to 32 cents a share for the quarter ending Oct. 25. Analysts forecast a loss of 3 cents.
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