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Technology Stocks : Oracle Corporation (ORCL) -- Ignore unavailable to you. Want to Upgrade?

To: sam who wrote (13296)	2/28/2000 11:42:00 AM
From: sam	Respond to of 19080

Sears, Carrefour, Oracle to Form Global Retail Exchange on Web By Heather Landy Sears, Carrefour, Oracle to Form Global Retail Exchange on Web Chicago, Feb. 28 (Bloomberg) -- Sears, Roebuck & Co., French retailer Carrefour SA and software maker Oracle Corp. said they will form a global electronic-commerce exchange to match up retailers and suppliers and cut purchasing costs. Sears, the biggest U.S. retailer behind Wal-Mart Stores Inc., and hypermarket operator Carrefour will share a majority stake in the venture. Oracle will hold minority ownership and provide software and technological support, the companies said. The system, called GlobalNetXchange, will open for business in 30 days, with its own management and financing. Initially, it will focus on Sears and Carrefour's combined network of 50,000 suppliers, partners and distributors. Other retailers will be allowed to use the exchange to buy, sell, trade or auction goods. The exchange will ``increase collaboration with suppliers and reduce supply-chain costs,' said Sears Chairman and Chief Executive Arthur Martinez in a statement. Sears shares rose 1 7/8, or 7.2 percent, to 28 in late morning trading. Oracle, based in Redwood City, California, jumped 3 7/8 or 5.5 percent, to 74 1/2. Paris-based Carrefour fell 2.6 euros to 150 in European trading. quote.bloomberg.com