Microsoft Corp. Chairman Bill Gates is hoping for a repeat performance as a best-selling author when his second book is published next month, officials said. "Business at The Speed of Thought: Using a Digital Nervous System," will be published March 24 by Warner Books, according to Microsoft spokesman John Pinette.

Gates' 1995 book, "The Road Ahead," written with Nathan Myhrvold and Peter Rinearson, was a No. 1 best-seller although a second edition had to be revised heavily to take into account the sudden rise of the Internet, which took Gates by surprise. The new book will feature case studies of businesses and how they use technology. Gates, who has been working on the book for about a year and a half with some staff assistance, will get sole authorial credit.

The book, aimed at a business audience, will include a companion Internet site, ww.speedofthought.com, said Pinette.Proceeds from both books by Gates, considered the richest man in the world witha Microsoft stake alone valued at $77 billion, are being donated to charity.

Probe into eBay's illegal deals

The popular Internet auction house, eBay Inc., said that the federal government was investigating it in connection with "possible illegal transactions" on its Web site. The company said it was cooperating fully with the inquiry, but gave no further details. "In order to protect the investigations, the Court has ordered that no further public disclosures be made with respect to the matter at this time," eBay said in a statement.

Reports of fraudulent activities on the eBay auction site are not new. The company has been been working to eliminate a range of fraudulent practices, from sellers failing to deliver promised Ferbie dolls, to buyers failing to make promised payments, and others putting illegal items such as Uzi or AK-47 firearms for sale on its site.

But Friday's announcement was the first confirmed report that eBay was the target of a federal investigation. Last month, thecompany acknowledged it was being investigated by the New York City Department of Consumer Affairs for fraud on its site, which has hundreds of millions of visitors each month.

The company has always maintained that it will work with law enforcement, and last week, amid a brewing controversy, it voluntarily banned all gun and ammunition sales. It does not post items for sale itself, but hosts a Web site bringing together individual buyers and sellers. For that reason, it has often said it bears no legal liability for the fraudulent transactions between third parties who meet on its site. But it has also stepped up efforts to police its Web site, finding its original "no questions asked" policies are not always sufficient.

Illinova posts $1.39bn Q4 loss

Illinova Corp., parent of Illinois Power Co., reported a massive fourth-quarter loss of $1.39 billion, or $19.38 a share, after taking a huge writedown for a nuclear power plant.

The company, whose Illinois Power utility serves about 650,000customers in the state, took a fourth-charge of $1.33 billion linked to its decision to close or sell the 950-megawatt plant, located near Clinton, Ill. Excluding the charge, the company still suffered a loss of 82 cents a share. "Even ignoring the extreme impact of this accounting restructuring on 1998's earnings results, actual operating results for the year were among the worst in the company's history," Larry Altenbaumer, the company's Chief Financial officer, said.

In the fourth quarter of 1997 the company had a loss of $3.21 a share, including a charge of $195 million, or $2.72 a share, to write off regulatory assets. "Our decision to exit the nuclear power business and our implementation of the accounting restructuring also marks the end of a difficult financial era," Altenbaumer said. "These actions will give us a fresh start and provide the basis for achieving much improved and acceptable earnings levels in the near future," he added.

For the whole of 1998 the company's loss widened to $2.43billion, or $19.30 a share, including the Clinton writedown, versus a loss of $90.4 million, or $1.22 a share, in 1997. The Decatur, Ill.-based company said 1998 results were reduced by about 99 cents a share because of expenses required to support efforts to restart the Clinton station. The results were also cut by 29 cents a share by a 15 percent rate cut for Illinois Power residential electricity customers, which went into effect on Aug. 1.