20th of August 1994 News
الأخبار كما ظهرت في الصفحة الأولى لصحيفة نيويورك تايمز في ٢٠ أغسطس ١٩٩٤
Simpson Case Has California Debating Muzzles for Lawyers
Date: 21 August 1994
By B. Drummond Ayres Jr
Most states have either laws or bar association rules governing pretrial publicity, though enforcement is usually lax. California, however, has no such regulations to enforce, and now, because of the O.J. Simpson spectacle, some of the state's lawmakers are moving to change that. Noting that judges in the Simpson proceedings have had to step in twice to halt leaks by lawyers on both sides, State Senator Quentin L. Kopp, an independent from San Francisco, has introduced legislation that would forbid prosecutors and defense lawyers to say anything outside court that might adversely affect a case. Trial participants, especially witnesses and jurors, would be barred from selling their stories to the news media until 90 days after the close of a trial.
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The Nation: Baseball Walkout Is a Throwback; Strikes: They Don't Make 'Em Like They Used To
Date: 21 August 1994
By Louis Uchitelle
Louis Uchitelle
BASEBALL, with its memories and heroes and old records to be broken, brings so much of the past into American lives. Certainly the Major League baseball strike is out of the past: a traditional, fist-in-the-face defiance of management that seldom succeeds anymore for other striking workers. For them, strikes -- the few that they try -- are becoming a different animal. The press coverage of the 760 striking players is prolific. And since many lives are touched by the absence of baseball in August, the players have leverage. But contrast that with another old-time strike. Nearly 8,000 workers walked out in July at four tire manufacturers. These companies account for nearly 10 percent of all American-made tires. But who hears much about their plight? Tires are so plentiful they often sell for a discount.
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STOCK RETREATS AS DEFICIT TOPS EXPECTATION
Date: 20 August 1994
By Bloomberg News
Bloomberg News
Fokker N.V. shares fell yesterday after the company reported a larger-than-expected loss for the first half Thursday night. The Dutch aircraft maker said yesterday that its loss in the first six months of the year widened to 196 million guilders, or $113 million, from 127 million guilders a year earlier. Analysts had expected a loss of 80 million to 100 million guilders. Fokker, 51 percent owned by Deutsche Aerospace A.G., said its loss was caused by the lack of demand for new aircraft and large, but unspecified, provisions to pay for cost-cutting operations.
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SHARES OF 20TH CENTURY INDUSTRIES SLIDE 22%
Date: 20 August 1994
By Bloomberg News
Bloomberg News
Shares of 20th Century Industries, based in Woodland Hills, Calif., fell 22 percent yesterday in heavy trading after the California Supreme Court reinstated an order to force the insurer to pay more than $119 million in customer refunds. Uncertainty about when the refunds would have to be paid, on top of losses from January's California earthquake, prompted investor concern. "Obviously this is a significant event and the stock is reflecting how people perceive it," said Ric Hill, a 20th Century vice president. 20th Century stock fell $3.625, to $12.75 yesterday. The court decision cleared the way for the state to demand about $1 billion in refunds to consumers from insurance companies under a 1988 measure to change insurance practices.
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LOEWS TENDERS ALL OF ITS SHARES IN CBS
Date: 20 August 1994
By Bloomberg News
Bloomberg News
The Loews Corporation, the largest shareholder in CBS Inc., said yesterday that it had tendered all of its shares in CBS as part of the network's previously announced buyback of 3.5 million shares. In a filing with the Securities and Exchange Commission, Loews said it had tendered 3.03 million CBS shares, equal to a 19.5 percent stake in the company. The actual number of shares that CBS will purchase at the agreed-upon price of $325 a share will be determined later. The Loews decision is not entirely surprising, given that Laurence A. Tisch is chairman of both CBS and Loews. CBS's self-tender offer is prorated, meaning that only a fraction of the shares tendered will be purchased if more than 3.5 million shares are tendered. The offer expires at 8 P.M. Monday.
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MCDONNELL-DOUGLAS GETS NAVY AIRCRAFT CONTRACT
Date: 20 August 1994
By Bloomberg News
Bloomberg News
The McDonnell Douglas Corporation received a Navy contract valued at $531.3 million for continued work on 36 F/A-18C weapons packages, the Defense Department said yesterday. The work will be done by the company's aircraft division, based in St. Louis, and is to be completed by September 1996. The F/A-18C is the one-seat version of the Navy's primary fighter/ground-attack jet. The plane carries a 20-millimeter cannon and can employ Sparrow or Sidewinder air-combat missiles, or air-to-ground ordnance. The F/A-18 is powered by two engines, each generating 16,000 pounds of thrust. The plane can reach speeds of about 1.7 times the speed of sound.
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AMERICAN GENERAL SUES UNITRIN TO BAR REPURCHASE
Date: 20 August 1994
By Bloomberg News
Bloomberg News
The American General Corporation sued its takeover target, Unitrin Inc., yesterday to block a stock repurchase program and force it into merger negotiations. American General, which has made a hostile $2.6 billion bid for Unitrin, a Chicago-based insurer, said the board's approval of the repurchase program automatically put Unitrin on the auction block. American General, based in Houston, is also seeking a court order to force Unitrin to provide American General with its nonpublic financial data, and drop its takeover defenses. The suit was filed in Delaware Chancery Court. Unitrin announced on Aug. 12 that it would expand an earlier repurchase plan by 10 million shares, or more than 19 percent of its common stock. Unitrin said the move would bolster its undervalued stock.
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MEREDITH TO ACQUIRE TV STATION FROM COOK INLET
Date: 20 August 1994
By Bloomberg News
Bloomberg News
The Meredith Corporation said yesterday that it would acquire an NBC-affiliated television station from Cook Inlet Television Partners for $159 million. Meredith, a magazine publishing and television broadcasting company based in Des Moines, said it would purchase WSMV-TV in Nashville, Tenn., with cash and debt. Meredith said it had no plans to switch the NBC affiliate to another network. In June Meredith said that two of its stations, in Phoenix and Saginaw, Mich., would switch to CBS Inc. The transaction, subject to approval by the Federal Communications Commission, is expected to close early next year. The terms of the deal were not disclosed. Meredith owns five television stations and publishes home and family magazines, including Ladies' Home Journal and Better Homes. Cook Inlet, based in New York, is a partnership owned by Whitcom Partners and Cook Inlet Communications Inc., which is a subsidiary of Cook Inlet Region Inc.
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J. P. MORGAN STOCK FALLS AS HUGE STAKE IS SOLD
Date: 20 August 1994
By Bloomberg News
Bloomberg News
Shares of J. P. Morgan & Company fell yesterday as one investor sold about 500,000 of the banking company's shares, accounting for a third of the day's trading. The stock declined $1.375, to $63, before closing down $1.125, to $63.25. More than 1.5 million shares traded, over three times the daily average. The stock started falling as Ernst & Company, a New York brokerage that specializes in banking stocks, began selling a large block of shares for an investor. By the end of trading, Ernst had sold almost 500,000 shares, said William P. Behrens, chairman of the company. A J. P. Morgan spokesman declined to comment.
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Starter Names New President
Date: 20 August 1994
By Bloomberg News
Bloomberg News
The Starter Corporation has named a new president to help turn around the struggling sportswear company. John Tucker, a member of the board since last October, will take over the position on Wednesday from the chairman and chief executive, David A. Beckerman, who will remain in the other posts.
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