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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: Frank A. Coluccio who wrote (1297)	7/7/1999 1:22:00 AM
From: AnnieO	Read Replies (1) \| Respond to of 15615

Ireland Lures Cable Deal by Karlin Lillington 3:00 a.m. 6.Jul.99.PDT -- DUBLIN, Ireland -- A US$80 million undersea fiber-optic cable project that will link Ireland directly to the United States and Europe was announced Monday by Bermuda-based telecommunications company Global Crossing and the Irish government. "Ireland will be one of the best-connected countries in the world," said the Global Crossing Ireland's chief executive K. Eugene Shutler. "Ireland has had the sense to see the future and act upon it." According to Shutler, when the project is completed in the second quarter of 2000, Ireland will have a broadband network with more than half of the current capacity that Global Crossing provides to all its customers in the North Atlantic. As part of the cable deal, Global Crossing will base its transatlantic sales office in Dublin. Global Crossing (GBLX) will run two alternately routed cables between Ireland and Land's End, England. There, it has facilities that link to its European fiber network and its existing transatlantic cable, which lands at Long Island, New York. The company is in the process of installing a second transatlantic cable and a transpacific network to the Far East. With a population of 3.5 million, Ireland has had a hard time persuading global telecommunications companies to install the broadband networks needed to attract new e-commerce ventures and retain the technology companies that already do business on the island, including Microsoft, Intel, Compaq, Gateway, Apple, Dell, and Hewlett-Packard. But Ireland has demonstrated its willingness to solicit, then act, on expert advice. Last year, the government assembled an Advisory Committee on Telecommunications, which included luminaries such as Vint Cerf, vice president at MCI WorldCom and a pioneering developer of the Internet. President Clinton's former technology adviser, Ira Magaziner, has also acted as an unofficial adviser to the Irish government. The broadband-cable initiative arises directly from advice given by the ACT, said Mary O'Rourke, the Irish minister for public enterprise. "This is the day the vision translates into action." A range of telecommunications companies already located in Ireland are expected to join the project to obtain capacity from Global Crossing. One of those is the former state-owned telco Telecom Eireann, which has its initial public offering on Wall Street, London, and Dublin this week. The government's role is one of pump-priming, said Irish government spokesman Brendan Tuohy. "The current project will provide connectivity far beyond Ireland's immediate needs," he said. But capacity on the transatlantic link could be increased by tenfold if the demand is there. "This is the leap of faith into the future." Shutler added, "All of Europe is in a race to complete capacity, but I believe Ireland has acted with great speed and great understanding. You're talking about a growth curve here that's very extraordinary. Ireland is certainly well into the race." Click Here

To: Frank A. Coluccio who wrote (1297)	7/12/1999 9:15:00 PM
From: Robert S.	Read Replies (1) \| Respond to of 15615

For what its worth: Global Crossing May Make Bid for IXC, Dorfman Says (Update1) (Updates to add company comment.) Austin, Texas, June 15 (Bloomberg) -- Global Crossing Ltd. may make an offer to acquire IXC Communications Inc. for $1.6 billion to $1.8 billion, or $45 to $50 a share, Dan Dorfman reported in his JagNotes.com column, citing unconfirmed Wall Street speculation. IXC provides long-distance carriers that buy their network capacity and services from IXC with long-distance phone traffic. Its shares rose 1 3/16 to 36 1/8 in late trading. Richard Laubscher, Global Crossing's vice president of corporate communications, said speculation of such a bid is false. (JagNotes.com 6/15 www.jagnotes.com) NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min. quote.bloomberg.com