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9th of October 1995 News
Nyheter slik de dukket opp på forsiden av New York Times på 9. oktober 1995
Coffins and Wedding Cake: Four Sitcoms Tie the Knot
Date: 10 October 1995
By John J. O'Connor
John O'Connor
In real estate, it's location, location, location. Increasingly in television, it's packaging, packaging, packaging. That encompasses stunts like having the star of one sitcom show up in another, much to the delight of the laugh track. Or then you get tonight's stretch on NBC in a two-hour sitcom linkup that has been advertised as "Three Funerals and a Wedding." They could also be called "Three Goofy Farewells and a Gay Caper." The funerals come first, beginning on "Wings" at 8 when Joe (Tim Daly) and his brother Brian (Steven Weber) are hired by a wealthy Nantucket matron to fly to Miami and bring back the body of her deceased father. When the two charming incompetents return with the wrong body, Joe ends up in the coffin impersonating the corpse. Nothing is impossible in sitcom land.
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ALUMAX IN DEAL TO BUY CRESSONA ALUMINUM
Date: 10 October 1995
By Bloomberg News
Bloomberg News
Alumax Inc., a large aluminum producer, said yesterday that it had agreed to acquire the Cressona Aluminum Company, a maker of extruded aluminum products, for $430 million in cash. Alumax, based in Norcross, Ga., will also assume or retire about $70 million in debt owed by the Cressona, Pa., company. Alumax said it expected to complete the deal in January, and that Cressona shareholders had approved it. Cressona has annual revenue exceeding $500 million and about 1,500 employees at plants in Spanish Fork, Utah; Franklin, N.H., and Elizabethton, Tenn., as well as in Pennsylvania.
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GOLDMAN, SACHS IS SUED ABOUT A TRADING LOSS
Date: 10 October 1995
By Bloomberg News
Bloomberg News
Goldman, Sachs & Company has been sued in arbitration for $45 million by the Minebea Company about a trading loss the Japanese maker of bearings and machine parts said it suffered, people familiar with the case said yesterday. Minebea, of Tokyo, says that Goldman sold it $40 million of debt securities in 1989 that were backed by corporate loans and whose principal was guaranteed in writing by a Goldman trader. The company contends that Goldman did not disclose the risks of the securities.
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ORACLE SAYS IT IS DESIGNING LOW-COST COMPUTER
Date: 10 October 1995
By Bloomberg News
Bloomberg News
The Oracle Corporation said yesterday it was designing a $500 computer using chips from an Apple Computer Inc. venture. Oracle's chairman, Lawrence J. Ellison, told shareholders that the new machine would be much simpler than personal computers costing three times as much and would provide functions like electronic mail, word processing and Internet access. The Oracle computer uses the ARM chip, from Advanced RISC Machines Group, in which Apple holds a controlling stake. Mr. Ellison declined to say who would build the machines.
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BID RAISED TO $288 MILLION FOR ARAN ENERGY
Date: 10 October 1995
By Bloomberg News
Bloomberg News
The Atlantic Richfield Company raised its bid yesterday for the Irish oil company Aran Energy P.L.C. to 178 million Irish pounds, or $288 million, topping its previous offer by 13 percent. The announcement came just after Statoil, the Norwegian state oil company, said it was in talks with Aran that could result in a competing cash offer for the company. Aran, which has vigorously opposed the hostile bid by the Los Angeles-based ARCO, told shareholders to reject the revised offer, maintaining that the bid still undervalued it.
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LOCOMOTIVE UNIT MAY CUT AS MANY AS 1,500 JOBS
Date: 10 October 1995
By Bloomberg News
Bloomberg News
The Transportation Systems unit of the General Electric Company said yesterday that, as a cost-cutting measure, it might eliminate as many as 1,500 jobs in the next six to nine months because of a decline in freight locomotive and transit orders. It would use attrition and offer a voluntary job elimination program to help manage the cuts. David L. Calhoun, president and chief executive of the unit, which is based in Erie, Pa., said mergers among railroads was the primary reason for the drop in orders.
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DURACRAFT SHARES DROP AFTER POOR PROFIT FORECAST
Date: 10 October 1995
By Bloomberg News
Bloomberg News
Shares in the Duracraft Corporation plunged yesterday after the company said it expected that production and shipping delays would cause third-quarter earnings to drop more than 60 percent. The shares closed down $12.50, or 34 percent, at $24.75 in Nasdaq trading, after falling to $20.75 a share, their lowest level since July 1993. Duracraft, which is based in Whitinsville, Mass., and is the country's largest maker of heaters, fans and humidifiers, said it expected third-quarter net income to fall to $1.85 million to $2.1 million; a year ago, Duracraft reported profit of $5.25 million.
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DART GROUP DEAL COULD END HAFT FAMILY CONTROL
Date: 10 October 1995
By Bloomberg News
Bloomberg News
The Dart Group Corporation said yesterday that its board approved a settlement with company president Ronald Haft that would remove voting control of the company from the feuding Haft family. Under the deal, Ronald Haft would resign his posts, sell his interest in the company and drop a lawsuit against his father, Herbert Haft, Dart's founder, chairman and chief executive. Herbert Haft, his ex-wife Gloria Haft, eldest son Robert Haft and daughter Linda Haft may challenge the agreement and it still requires court approval. As part of the deal, Dart would give Ronald Haft a $37.9 million loan and pay $11.6 million to Herbert Haft. Ronald Haft agreed to repay the loan to his father. Dart's treasury also would buy 172,730 class B shares from Ronald Haft. Herbert Haft had the voting rights to the shares, which represented about 57 percent of Dart's voting shares. Ronald Haft also had been president of Dart's Crown Books unit, and director of the Trak Auto Corporation.
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Japanese Markets Closed
Date: 10 October 1995
By Bloomberg News
Bloomberg News
Japanese markets were closed today in observance of a national holiday, Health Sports Day. On Monday, stocks fell sharply; the Nikkei index of 225 issues closed down 330.01 points, or 1.78 percent, at 18,176.27.
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Lloyds Seeks Merger to Create No. 1 British Retail Bank
Date: 10 October 1995
By Bloomberg News
Bloomberg News
Lloyds Bank P.L.C. said today that it was involved in talks with the TSB Group P.L.C. about a merger that would create Britain's largest retail bank, with assets of $:150 billion, or $238 billion. A combination of Lloyds and TSB would create a company with a market capitalization of $21.25 billion.
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