Brascan and Weyerhaeuser completed their $1.1 billion deal yesterday for Weyerhaeuser's mills and timberlands on the Pacific...
Brascan and Weyerhaeuser completed their $1.1 billion deal yesterday for Weyerhaeuser’s mills and timberlands on the Pacific coast of British Columbia.
Toronto-based Brascan said the assets will be held by two newly created units. Cascadia Forest Products will take the mills and harvesting rights on public land, while the private forest lands will held by Island Timberlands.
The companies had announced the deal in February.
Federal Way-based Weyerhaeuser is keeping its forestry operations in the British Columbia interior region. It plans to use the proceeds from the sale to help pay down debt.
Good Technologies gets potential boost
Cingular Wireless is adding Good Technologies’ mobile e-mail service to its product lineup for business customers and offering a sizable discount, a big boost for Good as it wrestles for market share with the dominant BlackBerry service.
Today’s announcement marks the first time the product will be sold directly by a major carrier in nearly a year.
Cingular and the other four national cell carriers already sell BlackBerry devices from Research In Motion, and its e-mail system directly to their corporate customers.
Cingular is bundling the GoodLink service with its wireless Internet service for mobile phones at no extra cost, charging $45 a month for unlimited usage. There is a one-time account fee of $1,500 plus a one-time setup fee of $99 for each individual user.
Indian companies help restart plant
General Electric said yesterday it has teamed up with two of India’s state-owned energy companies to restart a power plant built by bankrupt Enron.
After its bankruptcy, Enron’s majority stake in the power plant in western India was transferred to GE and Bechtel Group, which together hold a controlling 85 percent stake in the plant at Dabhol.
GE said the company will join with National Thermal Power, India’s main generation company, and Bharat Heavy Electricals.
The 2,184-megawatt Dabhol project, India’s largest foreign investment project to date, was shut down in 2001 after a dispute over electricity tariffs between Enron and its only customer, the Maharashtra State Electricity Board.
Travel officials say taxes hurt industry
Governments need to lower taxes and relax restrictions on air travel to help airlines stay competitive amid rising pressures for cost cuts, officials at the World Air Transport Summit said yesterday in Tokyo.
Taxes remain a burden on the industry, with taxes on a $200 plane ticket in the United States averaging 26 percent, said Giovanni Bisignani, chief executive of the International Air Transport Association.
Compiled from The Associated Press and Reuters