Fleet introduces ‘fileTRUST’ online data “Safe Deposit Box”
FleetBoston Financial has announced the pilot launch of fileTRUST online data storage (www.filetrust.com), the first-ever Web-based “safe deposit box” developed by a bank for its customers to securely store and access important electronic documents and images. A proprietary system, fileTRUST was created by Fleet in conjunction with Microsoft Consulting Storage and in partnership with EMC2, Compaq Computer Corporation, Plural, Inc. and StorageNetworks, Inc. fileTRUST is initially aimed at the growing number of home offices and small business professionals such as lawyers, certified public accountants and doctors who typically do not own costly backup file servers but who need to ensure the safety and integrity of their files and records. Users may rent space at fileTRUST and, with a personal identification number and password can easily upload or download their files via the Web 24 hours a day. Document storage enables a business owner to expand memory capacity without having to upgrade hardware and guarantees that files will be protected from deadly viruses, computer damage or system failure.
Cox Communications upgrades network in Little Compton
As of November 15, 2000, Cox Communications will have completed an aggressive upgrade of its communications network in the towns of Little Compton and Tiverton, bringing to those communities 200 channel choices plus high-speed Internet access. The full package of state-of-the-art telecommunications services will be completed in January when Cox launches competitive local and long distance phone service.
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Among the features are 23 new digital networks, 24 additional premium service channels, enhanced pay-per-view and Music Choice, 45 CD-quality music channels.
Shazamm to redesign Field & Stream
Shazamm, LLC, the Providence-based web design firm, has won the bid to redesign the Field & Stream and Outdoor Life web sites, which are part of The Outdoor Company, a publishing division of Times Mirror Magazines, based in New York, New York.
Shazamm plans to inject the Field & Stream and Outdoor Life sites with a new look and feel and make them easier to navigate. The sites contain stories and information on hunting, fishing and the great outdoors, directed to the 3 million paid magazine subscribers, and other visitors. Future plans include eCommerce and an extensive hunting and fishing gear database.
Quiave Technologies bought by Seattle firm
WALTHAM – Quiave Technologies, Inc., an Internet securities services company has been bought by WatchGuard Technologies, Inc. of Seattle, also a securities services company for stock valued at an estimated $66 million, the Boston Globe reported.
Biogen profits up 10 percent
CAMBRIDGE (Bloomberg) — Biogen Inc., maker of the world’s best-selling multiple sclerosis treatment, Avonex, said third-quarter profit rose 10 percent as sales of the drug rose, though not as much as some expected. Net income rose to $68.4 million, or 44 cents a share, from $62 million, or 39 cents, a year earlier. The company was expected to earn 43 cents, the average estimate of analysts polled by First Call/Thomson Financial. Sales rose 12 percent to $233.7 million from $208.4 million. Avonex sales in the third quarter were $193.2 million, up 18 percent from a year earlier and 1.7 percent from the second quarter. Some analysts had expected sales of $195 million, revised down from as much as $205 million after looking at prescription figures for the drug.
Internet used car sales seen reaching $164 billion
FRAMINGHAM (Bloomberg) — U.S. Internet sales of used cars may increase 15-fold to more than $164 billion annually by 2004 as consumers gain confidence in making purchases online, a study shows. The growth, from less than $10 billion today, could be derailed if automobile dealers don’t participate fully with Internet brokers because of concern their profits will be threatened, technology research firm Framingham, Massachusetts- based IDC said. Automakers have expanded Internet services to compete with Web-based car shopping and buying services such as Autobytel.com Inc., Autoweb.com Inc., CarsDirect.com and Greenlight.com. U.S. new vehicle sales made through the Internet will climb to more than 500,000 by 2003 from 15,000 last year, Forrester Research Inc. estimates. Internet automobile retailers will need to develop a variety of vehicle-related services such as financing, insurance and trade- in services for the market to reach its full potential, said Jonathan Gaw, research manager for IDC’s eAuto program.
PwC, Pinnacle under formal SEC investigation
WASHINGTON (Bloomberg) — The Securities and Exchange Commission has launched a formal inquiry into possible auditor-independence violations involving Pinnacle Holdings Inc. and its accounting firm, PricewaterhouseCoopers LLP, according to an SEC document. Officials at Pricewaterhouse, the world’s largest accounting firm, “may have stated in audit reports included in Pinnacle’s filings with the commission that their audits were performed in accordance with generally accepted accounting standards when (Pricewaterhouse) was not independent in fact or appearance,” said the SEC document ordering a formal investigation. The document, dated Sept. 25, didn’t identify the non-audit services that Pricewaterhouse provided — or sought to provide — to Pinnacle, a Sarasota, Florida-based company that rents space on communications towers to other companies. A spokesman for Pricewaterhouse declined immediate comment.
(Compiled from news reports and releases, print and electronic.)
