Business briefs

ENTERTAINMENT

Another Disney exec quits

Stanley Gold, a key ally of former Disney Vice Chairman Roy E. Disney, resigned from the media and entertainment conglomerate's board, becoming the second vocal opponent of Chairman and Chief Executive Michael Eisner to leave the board in two days.

On his way out, Gold issued a lengthy rebuke to Eisner and Walt Disney Co.'s board, seconding complaints made Sunday by Roy Disney and further criticizing the board for being a rubber stamp to senior management.

ENERGY

Pipeline wins tentative OK

AES Ocean Express, which has proposed a natural-gas pipeline that would connect Dania Beach and Ocean Cay in the Bahamas, cleared a major hurdle as staff of the Federal Energy Regulatory Commission concluded that the project would have ``limited adverse environmental impact.''

The project still needs approval from the full FERC board and Bahamian regulatory authorities.

A competing project, the Tractebel Calypso Pipeline, which would link Grand Bahama Island and Port Everglades, is also seeking regulatory approval.

PHARMACEUTICALS

FDA gives nod to IVAX

IVAX (IVX), a Miami pharmaceutical firm, announced that the U.S. Food and Drug Administration had declared its application for an asthma drug approvable.

The drug is albuterol sulfate, using a non-ozone-depleting propellant in a metered dose inhaler.

IVAX announced last week that it had reached agreement with Alpharma (ALO) to share profits equally on the generic diabetic drug Glucophage's 180 days of exclusivity. That settled a lawsuit in which Alpharma disputed the FDA's granting of the exclusivity period to IVAX.

TOURISM

Broward nets record visits

A record 8.3 million visitors descended on Broward County for the fiscal year ending Sept. 30, up from 8.1 million a year ago, according to figures released Monday by the Greater Fort Lauderdale Convention & Visitors Bureau.

Hotel occupancy, rates and tourist-tax collections also were up. Occupancy rose to 66.5 percent from 64 percent, and the average daily room rate was $88.36, up from $87.17, while bed-tax collections rose to $16.8 million from $15.2 million.

And Broward expects continued growth next year, Bureau President Nicki Grossman said, especially with several hotels scheduled to open.

MUTUAL FUNDS

New antitiming fees set

As part of the effort to curb market timers, who have spawned an industrywide investigation, Fidelity Investments and Putnam Investments announced plans to implement short-term redemption fees on more mutual funds in their lineups.

At Fidelity, 10 international funds in its Advisor series will start carrying 1 or 2 percent redemption fees for shares purchased after March 31, 2004, and held for less than 30 or 90 days, Fidelity spokeswoman Anne Crowley said. The fee and holding requirements depend on the fund.

Redemption fees, designed to discourage quick in-and-out market-timing trades while covering the costs incurred to the funds by such trades, are paid back to the funds, not to the fund-management companies.

Fidelity already has redemption fees on more than 100 funds in its lineup of 342 funds.

Putnam, meanwhile, is implementing a 1 percent redemption fee on two funds investing in high-yield bonds on shares sold within 90 days of purchase.

Putnam has had short-term trading fees on its international and global funds.