Wednesday, August 18, 2004

Business digest



Realtors' task force to study Web site

A subcommittee will soon be named by the operations committee of the Multiple Listing Service of Greater Cincinnati to come up with ideas what to do with CincyMLS.com, its public Web site.

The moves comes after the MLS board of directors voted to suspend CincyMLS.com on Oct. 31 unless it receives a proposal for an alternative plan for a Web presence before then.

Sandra Butler, president of the Cincinnati Area Board of Realtors, said Tuesday the subcommittee will be formed soon. The MLS board of directors will vote on the recommendations before the end of October.

Mills Corp. to buy stake in Columbus mall

ARLINGTON, Va. - Mall developer The Mills Corp. will acquire a 50 percent interest in nine malls from General Motors Asset Management Corp., a unit of General Motors Corp., for about $1.03 billion before transaction costs.

Mills, a real-estate investment trust, Tuesday said it is purchasing the 50 percent stake "because of their high quality, attractive yields and potential for increased productivity."

One of the properties is The Mall at Tuttle Crossing in Columbus.

Microsoft delays security patch for XP

REDMOND, Wash. - Microsoft Corp. has delayed automated distribution of a major security upgrade to its Windows XP Professional operating system, citing a desire to give companies more time to test it.

The update, dubbed Service Pack 2, won't be available to users of XP Professional until at least Aug. 25, Windows product manager John Murchinson said Tuesday. The rollout had been scheduled for Monday.

Toyota subsidiary outbid on Mich. site

YORK TOWNSHIP, Mich. - The North American research and development arm of Japanese automaker Toyota Motor Corp. has been outbid for a 690-acre site near Ann Arbor, but still could get the property.

Toyota Technical Center USA Inc. submitted a $9 million bid to the state Department of Management and Budget on Monday, the deadline for offers on the surplus property.

But DPG York LLC, which is a part of Bloomfield Hills-based residential development company Diversified Property Group, bid $25.25 million for the land.

Former executive with Cummins dies at 95

COLUMBUS, Ind. - J. Irwin Miller, who helped build Cummins Inc. from a family business into the world's largest maker of high-powered diesel engines, died Monday at his home here. The former chairman of the company was 95.

Miller was noted for his activism and philanthropy. As president of the National Council of Churches 1960-63, he helped organized Martin Luther King Jr.'s 1963 civil rights march on Washington. He advised U.S. presidents, including John F. Kennedy, and former South African President Nelson Mandela.

Wire/staff reports