12th of January 1993 News
الأخبار كما ظهرت في الصفحة الأولى لصحيفة نيويورك تايمز في ١٢ يناير ١٩٩٣
ANALYST SAYS SEARS PLANS 'A TOTAL RESTRUCTURING'
Date: 12 January 1993
By Bloomberg News
Bloomberg News
Sears, Roebuck & Company plans to pare retail operations to streamline its management structure, according to Walter Loeb, retail analyst with Loeb Associates in New York. "By the end of the month Sears will announce a total restructuring," he said. Analysts also expect Sears to close as many as 125 of its smaller stores and change its catalogue. A Sears spokesman declined comment beyond saying, "We haven't announced any changes in the merchandise group." (Bloomberg Business News)
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JUDGE DISMISSES INTEGRATED RESOURCES FRAUD SUITS
Date: 12 January 1993
By Bloomberg News
Bloomberg News
Securities fraud lawsuits against the sponsors of investment partnerships syndicated by Integrated Resources Inc. have been dismissed. Integrated-affiliated entities acted as general partners and sponsored more than 3,000 limited partnerships. Some investors sued the sponsors, alleging that the partnerships promised tax breaks and substantial profits. Instead, Integrated filed for bankruptcy protection in 1990. Federal Judge Robert Sweet ruled Friday, though, that the partnerships required investors to be sophisticated, and that they couldn't claim to be misled because Integrated Resources' problems were well publicized. (Bloomberg Business News)
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FIELDCREST CANNON TO CLOSE TOWEL-MAKING PLANT
Date: 12 January 1993
By Bloomberg News
Bloomberg News
Fieldcrest Cannon Inc. said yesterday that it expected to post a fourth-quarter pretax charge of $3 million to $3.5 million for the closing of one of its York, S.C., towel manufacturing plants. Fieldcrest, based in Greensboro, N.C., expects to reduce operating costs by about $2 million by closing the plant, know as Plant 3, by April. No reduction in total towel production is expected, the company said. Production will be shifted to the company's Plant 19 in York and its Kannapolis, N.C., operations. Of the 280 employees at Plant 3, the company expects to need 125 to 150 at the other York site. (Bloomberg Business News)
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COKE INTRODUCES PLASTIC VERSION OF 'CLASSIC' BOTTLE
Date: 12 January 1993
By Bloomberg News
Bloomberg News
The Coca-Cola Company yesterday introduced a plastic version of its 78-year-old distinctively contoured bottle. The 20-ounce recyclable plastic bottle is on shelves in Birmingham, Ala., and Chattanooga, Tenn. The Atlanta-based beverage concern plans to stock both classic Coca-Cola and diet Coke in the new bottle on shelves across the country soon. The company contended that its contoured bottle was the most recognized consumer package in the world. It will support the introduction with television, radio, print and outdoor advertising.
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SUPER AMERICA TO SELL FLORIDA SERVICE STATIONS
Date: 13 January 1993
By Bloomberg News
Bloomberg News
Super America Group Inc., a unit of Ashland Oil Inc., said yesterday that it had agreed in principle to sell its 51 Florida service stations and convenience stores to the Shell Oil Company in an effort to reduce debt. No price was given for the cash sale, which was expected to be completed in several weeks, according to an Ashland spokesman. Shell said it intended to operate the stations under its name.
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ASEA BROWN BOVERI'S U.S. UNIT SELLS INCINERATORS
Date: 12 January 1993
By Bloomberg News
Bloomberg News
The Ogden Corporation of New York and its Ogden Projects Inc. subsidiary said yesterday that they had completed a previously announced purchase of Asea Brown Boveri's United States waste-to-energy business for about $50 million. Ogden Projects assumed operation yesterday of A.B.B. incinerator projects in Detroit, Honolulu and Hartford. The purchase expanded Ogden's operating base to 24 sites with capacity to process 28,135 tons of waste a day. A.B.B. is a Swiss-based power generation company, with United States offices in Stamford, Conn.
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Executive Takes News Job
Date: 12 January 1993
Ira Ellenthal, the president and publisher of The Atlantic Monthly, has assumed a senior management position at The Daily News, the newspaper said yesterday. Both publications are owned by Mortimer B. Zuckerman. A spokesman for The News, John G. Campi, said no details of Mr. Ellenthal's responsibilities would be announced immediately, though at the magazine he played a larger role in business than in editorial operations. At The Atlantic Mr. Ellenthal is being replaced by Jayne Young, who has been associate publisher for six years.
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Guild Quits Umbrella Group in News Fight
Date: 13 January 1993
The union fight over The Daily News took a new turn yesterday when the Newspaper Guild of New York said it was withdrawing from the Allied Printing Trades Council, a 140-year-old union umbrella group. The guild, which hired a labor organizer to set up a boycott of The News after Mortimer B. Zuckerman took over as publisher without reaching a contract for its members, announced that its executive board had voted unanimously to pull out of the council "in the best interests of our members."
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2 Get Ready to Lock Horns at The Daily News
Date: 12 January 1993
By Robert D. McFadden
Robert
One is an editor and former police reporter who has worked on every tabloid in town, spinning slasher tales and municipal scandals into front-page scoops. The other is a tough labor organizer who has dragged corporate giants to the bargaining table with campaigns of innovative, often harsh, pressure tactics. Tomorrow the two men, who have never met, take on new jobs and become foes of a sort in a titanic fight over The Daily News -- the editor, Richard Esposito, helping to rebuild it for a new owner; the labor organizer, Ray Rogers, trying to undermine it, at least temporarily, with a reader-and-advertiser boycott for a newspaper union that wants to win back some of the 170 jobs cut last week in an economy move.
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Paine Loses $9.7 Million in Arbitration
Date: 12 January 1993
By Bloomberg News
Bloomberg News
Paine Webber Inc. has been ordered to pay $9.69 million by a three-member arbitration panel of the National Association of Securities Dealers for misleading the nephew of the late Sam Walton, founder of Wal-Mart Stores Inc. John Robson of Tulsa, Okla., the 38-year-old nephew of Mr. Walton, claimed damages for an errant trading strategy set up by a Paine Webber broker, which involved 403,300 Wal-Mart shares. "It's the only transaction I've ever done with them and it's the only transaction I'll ever do with them," Mr. Robson said of Paine Webber.
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Global Merger Value Up 33%
Date: 12 January 1993
By Bloomberg News
Bloomberg News
The dollar value of international mergers increased 33 percent in 1992, led by big United States companies expanding overseas through inexpensive acquisitions, according to KPMG Peat Marwick, one of the Big Six accounting concerns. Cross-border acquisitions rose to $72.6 billion last year from $54.4 billion in 1991. The number of transactions declined to 1,810 in 1992 from 1,960 a year earlier, Peat Marwick said.
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Big Board Seat: $500,000
Date: 12 January 1993
By Bloomberg News
Bloomberg News
A seat on the New York Stock Exchange has been sold for $500,000, down $25,000 from the previous sale on Dec. 15, the New York Stock Exchange said yesterday. The current bid price for a seat on the exchange is $455,000 and the offer price is $550,000.
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Company News
Date: 12 January 1993
COMERICA INC., Detroit, has signed a definitive agreement to acquire First of Michigan Capital Corp. for about $45 million in Comerica common stock. GENERAL MILLS INC., Minneapolis, said it had raised prices of most of its cereal brands by an average of 3.5 percent, citing increases in operating costs. IMAGEAMERICA, Nashville, said it had acquired Medical Diagnostics, Warwick, R.I., for a combination of cash and assumption of certain liabilities. The dollar amount was not disclosed.
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