12th of February 1994 News
الأخبار كما ظهرت في الصفحة الأولى لصحيفة نيويورك تايمز في ١٢ فبراير ١٩٩٤
INTERSPEC SHARES RISE 34% ON ACQUISITION REPORT
Date: 12 February 1994
By Bloomberg News
Bloomberg News
Shares of Interspec Inc. rose 34 percent in Nasdaq trading yesterday on news that the company would be bought by a competitor, Advanced Technology Laboratories Inc., in a $40.5 million stock swap. Interspec's stock rose $1.375, to $5.375. Under the merger agreement announced late Thursday, Advanced Technology will exchange 0.3835 share of its common stock for each of Interspec's 6.3 million common shares. The ratio will increase to 0.4130 if the transaction can be treated for accounting purposes as a pooling of interests instead of a purchase. Shares of Advanced Technology slipped 25 cents, to $16.50, in Nasdaq trading yesterday. Both companies make ultrasound equipment. Interspec is based in Ambler, Pa.; Advanced Technology in Bothell, Wash.
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New Officer At Kodak
Date: 12 February 1994
By Bloomberg News
Bloomberg News
The Eastman Kodak Company named Harry Kavetas, former head of the International Business Machines Corporation's credit unit, as its chief financial officer, ending a 10-month search that began when Christopher Steffen abruptly resigned in April. Mr. Kavetas, 56, was president and chief executive of the IBM Credit Corporation until the end of 1993, when he took early retirement.
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ELDEC SHARES RISE ON ACQUISITION AGREEMENT
Date: 12 February 1994
By Bloomberg News
Bloomberg News
The shares of the Eldec Corporation, an aerospace and military electronics subcontractor, rose almost 26 percent in heavy trading after the Crane Company signed an agreement to acquire the company for about $74 million. Eldec, based in Lynnwood, Wash., said Crane's tender offer of $13 a share would begin next Friday. Eldec has about 5.7 million shares outstanding. Eldec's stock jumped $2.625, to $12.75, in Nasdaq trading. Crane, based in Stamford, Conn., makes engineered products for the aerospace, construction, fluid handling and automatic merchandising industries. Its shares fell 50 cents, to $26.
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Two Chains Swapping Some Stores
Date: 12 February 1994
By Bloomberg News
Bloomberg News
National Convenience Stores Inc. and the Circle K Corporation, two convenience-store chains that survived recent trips through bankruptcy proceedings, have agreed to swap some stores to focus on crucial market areas. The agreement allows National Convenience Stores, based in Houston, to fulfill a goal of selling 80 stores in Southern California and the Atlanta area so it can concentrate on Texas. In exchange, National Convenience will acquire 88 Circle K stores in the Houston and Dallas-Fort Worth areas. Terms Kept Secret Terms of the transaction were not disclosed, and the companies would not comment on whether it was a straight exchange of stores or whether cash was also involved. National Convenience Stores' stock was up 50 cents a share, at $18.75, in Nasdaq trading. Circle K no longer has publicly traded stock. It is owned by Investcorp, based in Bahrain.
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BROWNING-FERRIS WILL SELL STOCK TO PAY FOR ACQUISITION
Date: 12 February 1994
By Bloomberg News
Bloomberg News
Browning-Ferris Industries said yesterday that it planned to sell as many as 13.8 million shares of common stock to pay the indebtedness from its acquisition of a 50 percent stake in Otto Waste Services of Germany. Browning-Ferris acquired the stake on Feb. 4 from Otto Holding International B. V. for $400 million in stock and cash. Browning-Ferris, a waste-management company based in Houston, said it was filing with the Securities and Exchange Commission to offer 12 million common shares and as many as 1.8 million additional shares to cover overallotments. Based on yesterday's closing stock price of $28.875, up 37.5 cents, the secondary offering would raise almost $400 million.
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GENERAL CABLE COMPLETES SALE OF UNIT'S ASSETS
Date: 12 February 1994
By Bloomberg News
Bloomberg News
The General Cable Corporation completed the sale yesterday of the assets of its Marathon LeTourneau Company subsidiary to the Rowan Companies for about $52.1 million in cash and promissory notes. General Cable said the proceeds from the sale would be a partial payment of subordinated debt due to the Penn Central Corporation. General Cable was spun off from Penn Central in July 1992, and the company's debt to Penn Central was part of that spinoff, a spokeswoman for General Cable said. General Cable, based in Highland Heights, Ky., makes electrical, electronic and telecommunications wire and cable for the construction and automotive industries. Rowan, based in Houston, performs contract drilling for oil and natural gas.
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FIAT TO USE TEMPORARY LAYOFFS TO CUT CAR PRODUCTION
Date: 12 February 1994
By Bloomberg News
Bloomberg News
Fiat S.p.A. said yesterday that it would use temporary layoffs to cut its car production by 24,200 in the month starting on Monday because of the continued crisis in Italy's car market. Fiat used temporary layoffs to cut its production by 36,500 in November, and by 28,000 in October. Factories in Italy largely close during Christmas and in early January, so the company did not have temporary layoffs. Fiat produced about 1.7 million cars in Italy last year, down from more than two million two years ago.
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'Tabloid' Charge Rocks Network News
Date: 13 February 1994
By Walter Goodman
Walter Goodman
TELEVISION NEWS, AS YOUR local anchor might put it, is under fire. The target is not the violence that is agitating viewers and politicians, but a creeping tabloidization, not only of local news, which serious observers have never considered of much account, but of national news too, pride of the networks. On Tuesday, "Frontline" delivers a hardboiled report, "Tabloid Truth: The Michael Jackson Scandal," which makes a strong case that more or less respectable news programs are succumbing to the subjects and techniques of the gossip shows. A similar lament, from professional watchers and perpetrators, was heard a few weeks ago at the annual Alfred I. Dupont Forum at the Columbia University Journalism School. The picture, simply put, is of television journalists chasing ratings.
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NEWS SUMMARY
Date: 12 February 1994
International -5 JAPAN TRADE TALKS FAIL President Clinton met with the Prime Minister of Japan and then declared the trade talks a failure. Administration officials threatened aggressive steps to break down barriers to American goods. 1 NEXT STEPS ON JAPAN News Analysis: after eight months of unsuccessful negotiations with Japan, the question is whether President Clinton has any options left to push Tokyo to open its markets. 4 JAPAN PLEADS ITS CASE Prime Minister Morihiro Hosokawa of Japan spoke to an audience at Georgetown University, discussing his frustrations with his country's economy and declaring that Japan would never have nuclear arms. 4 U.S. MAKES BOSNIA STANCE CLEAR News analysis: the United States is making it clear that its agreement to play a bigger role in Bosnia was for the purpose of bringing about a negotiated settlement. 5 FRANCE PRESSES BOSNIA FOR PACT The Foreign Minister of France, taking advantage of a new agreement with the United States, pressed the Bosnian Government for an approach to peace negotiations that might lead to a settlement. 5 The Bosnia countdown began, with planes moving into position. 5 President Clinton and Russia's leader talked, easing Bosnia tension. 5 SOUTH KOREA SEEKING CAUTION The Foreign Minister of South Korea said it is unlikely that North Korea will accept full nuclear inspections any time soon, but he also expressed caution on sanctions. 3 ISRAEL COOL ON SETTLERS Israel reaffirmed that it would not abandon its settlements, but said that they have been stumbling blocks to its Palestinian talks and singled out one for criticism. 3 Robben Island Journal: South Africa's campus for change. 4 National 6-9 A SCANDAL CONCLUDED The Navy moved to close the books on the Tailhook sexual harassment scandal, deciding not to appeal the dismissal of the last three cases stemming from the incident. 1 A SENATOR ACQUITTED After prosecutors unexpectedly refused to present their case, Senator Kay Bailey Hutchison was acquitted of charges that she misused her office while she was State Treasurer of Texas. 1 A CONGRESSMAN PAYS Moving to defuse accusations that he misused Congessional privileges, Representative Dan Rostenkowski has reimbursed the Government $82,000 for office supplies purchased by his office at public expense. 6 WIRETAP SOFTWARE SOUGHT The White House is pressing for legislation to force telephone and cable television companies to install software that enables law enforcement agencies to eavesdrop on phone calls and computer transmissions. 1 IMMIGRATION TREND REVERSES As the last refugees from the Vietnam War continue to arrive in Westminster, Calif., their successful countrymen are heading back with dollars in their pockets to visit relatives or open businesses. 6 A GIRL'S LIFE DEBATED A Florida hospital that has been caring for a brain-dead teen-ager is seeking permission from the courts to disconnect her life support system, despite the parents' opposition. 6 DRUG ISSUE ADDRESSED News Analysis: As crime and violence have risen to prominence on the roster of national concerns, now rivaling the economy, President Clinton is addressing their companion, the drug issue. 7 Religion Notes: Worshiping in the fast lane. 9 Metro Digest 21 BESEIGED BY SNOW The harshest storm of a relentless winter attacked the New York region yesterday with a foot or more of new snow that deepened the sense of siege for millions. 1 LIVING WITH ICE Because of the snow, so much snow, the miracle of birth had to unfold on a couch in Teaneck, N.J. In Manhattan, a delivery man had ice in his eyebrows and terror in his eyes. 1 Obituaries 9-10 Dr. Fritz John, mathematician. 9 Saul Weprin, Speaker of the New York State Assembly. 10 William Conrad, actor. 10 Neil Bonnett, race driver. 10 Sports 28-34 Baseball: Owners change commissioner's powers. 29 Basketball: Knicks' fight tougher than expected. 33 Columns: Rhoden on Chris Webber. 29 Football: CBS strikes deal with Southeastern Conference. 32 Golf: Couples holding steady. 34 Hockey: Devils hitting stride. 34 Olympics: Sides in Harding case meet in court. 29 Games set to begin. 29 Samaranch concerned over Georgia flag. 31 U.S. team may be last of its kind. 30 Tennis: Navratilova bows out. 32 Business Digest 37 Arts/Entertainment 11-17 A soprano's sudden elevation. 11 Theater: "A Body of Water." 13 Music: A Schnittke premiere. 11 Andrei Gavrilov's pianism. 16 Dance: City Ballet premiere. 11 Editorials/Op-Ed 18-19 Editorials Dodging a trade battle. Ms. Reno and the jail glut. He stands tall in Willimantic. Mr. Weprin's contribution. Letters Anna Quindlen: Diagnosis -- undue influence. Edmund Leites: Who's an American? Ask Lincoln. Joan Braunagel McShane: Paper profits. Kathy Magee: Yes, I can. Mike Jones: Critical thinkers. Vicki Matthews-Burwell: Drinking it all in. Bridge 17 Chronicle 20 Crossword 17
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NEWS SUMMARY
Date: 13 February 1994
International 3-17 A WARNING FROM JAPAN Japan's Prime Minister warned the United States against imposing sanctions, which American officials had threatened as trade talks broke down, putting the countries on the brink of a trade war. 1 TOUGHER APPROACH FROM TOKYO News analysis: Japan's Prime Minister, who inherited a postwar mandate to keep the Americans happy, has abandoned that strategy and said no at the trade talks, but it was a political gamble. 10
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