Newspaper article The Florida Times Union

Morning Briefing

Newspaper article The Florida Times Union

Morning Briefing

Article excerpt

CYGNET RAISES CASH, ELECTS OFFICERS

Cygnet Private Bank, a new bank expected to open later this year in Ponte Vedra Beach, has raised $9.6 million in funding through its recent stock offering. That is $2 million more than required by regulators to open a new bank.

Luther Coggin, chairman and CEO of Coggin Automotive Group, was elected to chairman of the board of the full-service bank. Coggin owns a chain of 17 automobile dealerships throughout Florida.

Guy Nix, former president and CEO of Ponte Vedra National Bank, is president and CEO-elect of Cygnet Private Bank.

NATION

CRUISE LINE ADDS BALTIMORE AS PORT

Royal Caribbean Cruises Ltd., the world's second-largest cruise line, yesterday said it will expand its schedule next year, adding Baltimore as a departure port.

Cruises originating in the city will sail primarily to Florida and the Caribbean, Royal Caribbean said.

The Miami-based company -- which trails only the combined Carnival Corp. and Carnival PLC in size -- said it will also add a ship to its New York service, alternating between trips to Canada and the Caribbean.

Royal Caribbean, which had 2002 revenue of $3.43 billion, has 17 ships and is planning to take two more into service by April.

EXEC: BOEING UNIT STILL PROFITABLE

Although Boeing's passenger jet deliveries will be down sharply in 2003 from previous years, its commercial airplanes unit still expects to post an operating profit, a top executive said yesterday.

Chicago-based Boeing plans to deliver 280 jets in 2003, down from 381 in 2002 and 527 in 2001. A Boeing official reiterated yesterday that the company expects to deliver 275 to 290 commercial jets in 2004, and does not foresee an uptick in deliveries until 2005.

The 2003 deliveries are expected to number roughly 20 fewer than those of European rival Airbus, which is poised to surpass Boeing as the world's largest commercial jet maker. …

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