Bloomberg article of the same news:
Global Crossing Building Phone, Data Network to Link Americas
Bloomberg News
March 11, 1999, 7:42 a.m. PT
Global Crossing Building Phone, Data Network to Link Americas
Hamilton, Bermuda, March 11 (Bloomberg) -- Global Crossing
Ltd. said it's building a phone network to connect North and
South America for about $1 billion, adding most of South
America's continent's major cities to its worldwide system.
Hamilton, Bermuda-based Global Crossing, which sells
capacity on its undersea fiber-optic network to other phone
companies, expects to begin offering services over the 18,000
kilometer link next year.
The South American network will extend Global Crossing's
reach to 80 of the world's largest cities, one step closer to its
goal of connecting the top 100. The company is looking to attract
more phone companies and business by building the capacity they
need to handle mushrooming Internet and data traffic.
The network ''gives South America's great cities seamless,
one-system access to the world,'' Bob Annunziata, chief executive
of Global Crossing, said in a statement.
Global Crossing shares rose 3 5/8 to 32 1/4 in midmorning
trading.
The company is already building links between North America
and Europe and Asia.
The first phase of construction will link Argentina and
Brazil to Global Crossing's worldwide network, the company said.
--Andrew Brooks in the Princeton newsroom (609) 279-4066/dl |
