sub-contract its network operations to Global Crossing.

The partnership, which is worth a minimum of $300 million in revenue to Global Crossing, enables SWIFT to sharpen its focus on messaging services, transaction processing and standards setting while at the same time ensuring a more robust offering for its member-customers, the company said.

In a release the company said the partnership leverages the expertise and scale of Global Crossing to achieve the highest levels of availability, reliability and security for SWIFT's Internet provider (IP) network while delivering lower costs and faster time to market.

Under the terms of the agreement, Global Crossing will manage the development and operation of SWIFT's Secure IP Network (SIPN) infrastructure, which will become a Virtual Private Network (VPN) within Global Crossing's existing IP extranet infrastructure.

Global Crossing will also assume responsibility for maintaining SWIFT's current X.25 network, which over time will be replaced by the SIPN to provide a seamless and unified network to support SWIFT's global products and services.

TYCO EARNINGS A SURPRISE BUC Tyco earnings a surprise Tyco International, the Bermuda-based industrial conglomerate, surprised the market yesterday and beat first-quarter earnings estimates by one cent, despite a slowing US economy.

"Although we face an uncertain economic environment, we remain comfortable with Tyco's outlook for the remainder of 2001,'' said Dennis Kozlowski, Tyco's chairman and chief executive.

Tyco, which makes diapers, fibre-optic cable and fire sprinklers, said some parts of its business will see slower growth in 2001, but overall results will be in line with expectations.

Consensus estimates for earnings are $2.74 a share. Tyco's recently bedded down acquisitions -- including the $1.15 billion deal to buy Simplex Time Recorder -- would add to earnings growth.