Intel to Build Microprocessor Plant in Arizona
Intel said it will spend $3 billion to build a factory in Arizona and $105 million more to convert an inactive New Mexico plant into a temporary test facility. The microprocessor factory is expected to create up to 1,000 new Intel jobs over the next several years, the company said. An additional 3,000 people are expected to be hired during its construction at the company's site in Chandler, Ariz.
EA Gets Expanded Rights to Tolkien Series
Video game publisher Electronic Arts said it received expanded rights to design games based on J.R.R. Tolkien's "The Lord of the Rings" series. The company already has exclusive rights for games based on film director Peter Jackson's depiction of the books. The new rights allow the company to expand its games beyond the movies and incorporate characters, environments and battles inspired by the books.
Court Cancels NorVergence Contracts
NorVergence, a defunct New Jersey telecommunications firm, had 1,600 of its contracts canceled as part of a default judgment issued by a U.S. District Court in Newark, the Federal Trade Commission announced.
The FTC had charged NorVergence with defrauding businesses by falsely claiming that its equipment could help them reap savings on their telephone, cellular and Internet bills.
When NorVergence went bankrupt last summer, about 1,600 multiyear rental contracts for its equipment hung in limbo. The judgment guarantees that those customers need not pay the remaining $47 million in rent.
BellSouth Profit Falls on Cingular's Deal
BellSouth said second-quarter profit fell 20 percent compared with the comparable quarter a year earlier, to $795 million, on costs at Cingular Wireless. Revenue rose 1.2 percent, to $5.14 billion. BellSouth owns 40 percent of Cingular, which continued to incur costs from its acquisition of AT&T Wireless.
Compiled from staff and news service reports.