BUSINESS BRIEFS
Google joins groups building Pacific cable
Advertiser Staff and News Services
SAN JOSE, Calif. — Google is joining a consortium to build a trans-Pacific fiber-optic cable, yet another sign that Internet companies are becoming powerful communications entities in their own right as users increasingly turn to the Web to swap videos and talk across the globe.
The 6,200-mile cable, which is estimated to cost about $300 million, is being funded by six companies that, in addition to Google, include telecommunications companies Bharti Airtel in India and SingTel of Singapore, and Pacnet, a Hong Kong-based deep-sea fiber-optic cable network operator.
$19 BILLION IPO PLANNED BY VISA
NEW YORK — Stocks are shaky, credit is tight, the economy may be tipping into a recession. Not the best of times to be going to the markets for what could be the largest initial public offering in U.S. history.
That's the gamble Visa is taking as it gave details yesterday about an IPO that could raise up to nearly $19 billion: If it works, it could be an encouraging sign to the stock markets and may even help loosen the credit knot.
While Visa's IPO will have little direct effect on its cardholders, the banks that issue Visa cards are expected to see a windfall of more than $10 billion — which might keep them from pulling back credit lines further and pushing rates up.
NORDSTROM'S PROFIT SLIPS 8%
SEATTLE — Nordstrom Inc. said yesterday its profit fell more than 8 percent in the fourth quarter as even its high-income core customers pared back on holiday shopping.
The Seattle-based luxury retailer beat Wall Street estimates but warned that it expects 2008 to be another challenging year as it strives to overcome lackluster sales of women's apparel amid weak consumer spending.
