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Business Today

By wire services
Published February 11, 2005

SHELLS TO OPEN RESTAURANT: After years of contraction, Shells Seafood Restaurants Inc. said it plans to open its first new location since 1999 and hopes to add more. The Tampa chain will convert a former Leverock's restaurant on Clearwater Beach it recently bought with money from a private placement and warrants exercised by investors. Shells' stock closed Thursday at $1.01 per share, down 5 cents.

RANEY TO LEAVE BANK OF AMERICA: Tampa native Steve Raney, a 17-year employee and most recently Tampa president of Bank of America Corp., said he will leave the bank March 1 to join LCM Group. Raney, 39, joins the company as director of business development. Tampa-based LCM, founded in 1988 by D. Scott Luttrell, specializes in investments in hedge funds, private equity deals and real estate.

RAYTHEON GETS MORE FUNDING: Raytheon has received more funding under its multiyear defense contract to produce an extensive new communications network for the U.S. military. Raytheon received just less than $32-million for its Cooperative Engagement Capability program, a sensor netting system that improves battlefield communications on land, air and sea. More than 85 percent of the work will be performed at Raytheon's plants in St. Petersburg and Largo.

CRIST WANTS ROLE IN DSL HEARINGS: Bright House Networks' complaint before state utility commissioners about alleged anticompetitive behavior by Verizon Communications has drawn the attention of state Attorney General Charlie Crist. Most residential customers can only buy Verizon's high-speed DSL Internet service if they buy phone service from the company. This prevents them from keeping their DSL account if they switch to Bright House's Internet phone service. In a complaint filed with the Florida Public Service Commission last fall, Bright House said the arrangement was anticompetitive, although Verizon says it plans to launch standalone DSL service this year. Crist has asked the PSC for permission to participate in any evidentiary hearings in the case because of concerns Verizon may be restricting consumer choice, Crist spokesman Bob Sparks said.

COURT APPROVES TROPICAL SPORTSWEAR PURCHASE: Perry Ellis International Inc. said Thursday it received bankruptcy court approval to acquire Tropical Sportswear Int'l Corp., a Tampa manufacturer of men's pants, for $88.5-million. Closing is expected to take place by Feb. 26.

TRADE DEFICIT SWELLS: The U.S. trade deficit ballooned to an all-time high of $617.7-billion last year, pushed by soaring oil prices and Americans' insatiable appetite for everything foreign, from cars to toys and food. The Commerce Department reported Thursday that the 2004 imbalance rose 24.4 percent from the previous year and marked the third year in a row that the deficit had set a record. The imbalance with China swelled by 30.5 percent to $162-billion, the highest ever with any country.

PNC-RIGGS MERGER BACK ON: Three days after Riggs National Corp. sued PNC Financial Services Group for failing to complete a merger, the banks said Thursday they had resolved their differences and planned to merge as soon as possible. Under a revised agreement, PNC will pay $20 a share, or about $652-million, to acquire Riggs.

[Last modified February 11, 2005, 01:14:35]