Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Jeffrey D who wrote (4770)	3/8/2000 2:51:00 AM
From: Teddy	Respond to of 15615

What's this about? Japan's Tokyo Elec Pwr Denies Net Venture Pull-Out Report Tuesday, March 7, 2000 09:31 PM Mail this article to a friend TOKYO (Dow Jones)--A spokesman for Japan's Tokyo Electric Power Co. (J.TER, news, msgs or 9501) Wednesday denied a local press report that the utilities company is planning to pull-out of SpeedNet Inc., its wireless Internet connection joint-venture with Microsoft Corp. (MSFT, news, msgs) and Softbank Corp. (J.SFT, news, msgs or 9984). "There is no truth in the report that we will sever capital ties with SpeedNet," the Tokyo Electric Power spokesman said. The daily Yomiuri Shimbun reported in its Wednesday morning edition that Tepco will withdraw its 31% stake in Speednet. The decision, which resulted from conflicts between Tepco and Softbank over business plans, could lead to the curtailment in operations or dissolution of the joint company, the newspaper said According to plans, Speednet will use wireless technology to link computer users to Tepco's existing 40,000-kilometer-long network of optical-fiber lines and then to the Internet. Tepco is expected to spend billions of yen to extend the optical lines to get the project running by the summer of 2000. Other investors in the venture include Yahoo Japan Corp. (J.YHO, news, msgs or 4689), Hikari Tsushin Inc. (J.HKR, news, msgs or 9435), KDD Corp. (J.KDD, news, msgs or 9431), Tokyo Telecommunication Network Co. and Global Crossing Ltd. (GBLX, news, msgs). Japan's largest regional power company has been increasingly active in Internet-related ventures over the past few months, taking a 5% stake in a Y20 billion Internet Bank to be created by Sakura Bank Ltd. (J.MUB, news, msgs or 8314) and offering nursing care and other services for the elderly through the Internet in cooperation with companies including Nippon Life Insurance Co. (J.NLI, news, msgs). Tokyo Electric Power president Nobuya Minami has said that he aims to have non-core businesses account for 10% of total annual revenue of Y5 trillion five years from now.