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EXIM BACKS JAMAICA MOBILE NETWORK PROJECT

WASHINGTON, DC – Cable and Wireless Jamaica Limited (CWJ) is purchasing US -manufactured cellular communications and equipment from Nortel Networks Inc., and eight other US exporters as part of the project, with the assistance of a $72.3 million, seven-year loan guarantee from the Export-Import Bank of the United States (EXIM).

One California-based company – Digital Island Inc. of San Francisco – will provide design services for the $173 million project. 

Nortel, of Sunrise, FL, is the lead exporter and is providing base station transceivers.

Other participating US companies are Hewlett Packard Company of Wellington, FL, providing computer hardware and software; PowerTech Services Inc., of Hamilton, NJ, providing emergency generators; Glenayre Electronics Inc., of Duluth, GA, providing messaging hardware and software; Tallard Technologies of Miami, FL., providing a PABX system; Global Communications Consulting of Avon, CO, providing radio equipment; and Rohn Industries Inc. of Peoria, IL, providing transmission towers.

CWJ, a majority-owned subsidiary of British-based Cable and Wireless PLC, has contracted with Nortel to create a general service mobile (GSM) network with island wide coverage and to upgrade CWJ's existing data-transmission landline network.

EXIM is guaranteeing a loan by Citibank N.A., of New York, NY, to CWJ.

BA, FLEETBOSTON MERGER GIVEN GO-AHEAD

WASHINGTON, DC – Federal regulators have given antitrust clearance to the proposed merger between the Bank of America Corp. and FleetBoston Financial Corporation.

After a review, the Federal Trade Commission and the Justice Department, both agencies signed off on the deal, which was initially valued at $47 billion when announced on Oct. 27.

The merger has already been approved by both boards of directors, but the companies still needs the blessing of the Federal Reserve.

Bank of America's planned purchase of FleetBoston would create the nation's second-biggest banking company. Bank of America, currently No. 3, would have about 33 million customers and 2.5 million business clients in 35 countries.

The deal would also give Bank of America a foothold in the New England financial market and eliminate the Fleet name.

Executives from both companies have said they expect the number of jobs in the Boston area to remain about the same, though FleetBoston has acknowledged there would be some layoffs.

Bank of America expects the merger to save approximately $1.1 billion.  

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