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Date: 28 June 1995
By Deirdre Carmody
Deirdre Carmody
News America Publishing yesterday named Barry Golson, executive editor of TV Guide, as editor in chief of a new unit for magazine development and new media. Among his duties, Mr. Golson will oversee TV Guide Online, an electronic version of the magazine's television listings scheduled to go on the Internet in September.
Date: 28 June 1995
By Jane L. Levere
Jane Levere
WELL KNOWN as a potentially difficult experience, visiting China should be easier with the opening this month of an American Express business travel center in Beijing. Situated in the Swissotel Beijing Hong Kong-Macao Center, the new center is a cooperative effort between American Express and China International Travel Service, or Cits, the Government-owned travel agency; the Cits connection enables American Express to issue airline tickets. The center also sells rail tickets, and arranges conferences, hotel reservations, leisure excursions, airport transfers, and visa and ticket delivery.
Date: 29 June 1995
By John Sullivan
John Sullivan
Federal agents arrested a woman in Manhattan on Tuesday for allegedly trying to extort $300,000 from Darryl Strawberry, the outfielder recently signed by the Yankees. The woman was identified by Federal authorities as Judith Lee, 50, of Cathedral City, Calif. Federal prosecutors said she threatened to peddle a story to a tabloid television program if Strawberry did not pay her the money.
Date: 28 June 1995
By James Bennet
James Bennet
Of all the exaggerated claims made by both sides in the trade dispute, among the least credible is that the Big Three auto makers have earnestly attempted to penetrate the Japanese market, only to be blocked at every turn. Despite statements by the United States Government and the companies' own trade organization to the contrary, even Big Three executives concede they have barely tried. "The biggest strategic mistake that we made over the last 30 years was not aggressively attacking the Japanese market -- from the standpoint of understanding the people that have become your key or toughest competitors," said G. Richard Wagoner Jr., president of North American operations at the General Motors Corporation.
Date: 29 June 1995
By Bloomberg News
Bloomberg News
The MK Rail Corporation said yesterday that it was putting itself up for sale in a move that could help save its largest shareholder, the Morrison Knudsen Corporation, from a Chapter 11 bankruptcy filing. Morrison Knudsen, based in Boise, Idaho, has said it will need a cash infusion in July to avoid bankruptcy. The company is pursuing additional loans from its bankers and a sale of its 65 percent interest in MK Rail, whose current market value is about $69.4 million. MK Rail said it had hired Wasserstein Perella & Company and CS First Boston to handle the sale. MK Rail, a locomotive manufacturer based in Pittsburgh, also said its president and chief executive, Michael Farrell, and its executive vice president, Thomas Reinecke, would resign by the end of the year. The company did not give a reason for their departure.
Date: 28 June 1995
By Bloomberg News
Bloomberg News
Saint-Gobain, France's biggest glass maker, will become the second-largest glass-container manufacturer in the United States through a $1 billion joint venture with the Ball Corporation. The joint venture will acquire the Ball Glass Container Corporation in Muncie, Ind., and the Foster Forbes glass-making operations in Marion, Ind. Foster Forbes is a division of Pechiney of France. Ball, which had 1994 sales of $2.59 billion, will receive more than $125 million in cash and hold a 42 percent stake in the joint venture, which is subject to regulatory and other approvals. Saint-Gobain will hold the remaining equity. The new venture will initially employ about 8,500 people in 22 plants throughout the United States. Ball said it expected the transaction, which should be completed by the end of the year, to result in an after-tax charge of up to $75 million, or $2.50 a share.
Date: 29 June 1995
By Bloomberg News
Bloomberg News
Reebok International Ltd. said yesterday that it planned to cut 197 jobs in an effort to reduce costs by $75 million a year. Reebok, the nation's No. 2 maker of athletic shoes behind Nike Inc., also said it would take a one-time pretax charge of $15 million to $18 million, or 12 cents to 14 cents a share, to cover the costs of the reductions. Reebok, based in Stoughton, Mass., said its second-quarter profit from operations would be between 35 cents and 40 cents a share, down from 60 cents a share in the comparable period a year earlier.
Date: 29 June 1995
By Bloomberg News
Bloomberg News
The Dow Chemical Company said yesterday that it expected to report a second-quarter gain of 50 cents to 70 cents a share from the sale of its pharmaceuticals businesses to Hoechst A.G. for $5.25 billion. Dow, the nation's second-largest chemicals producer after Du Pont, said the sale of Marion Merrell Dow would would result in a second-quarter gain of 35 cents to 50 cents a share, and the sale of its Latin American business would increase earnings 15 cents to 20 cents a share. Dow, based in Midland, Mich., said its second-quarter sales and operating income would not include Marion Merrell Dow's results. Shares of Dow fell 87.5 cents, to $71.25, on the New York Stock Exchange.
Date: 29 June 1995
By Bloomberg News
Bloomberg News
TransCanada Pipelines Ltd. is interested in buying the 50.1 percent of the Alberta Natural Gas Company it does not already own. Alberta Natural Gas said TransCanada had approached it about making an offer but had not indicated what price it was willing to pay. Before TransCanada makes an offer, it wants to review Alberta Natural Gas's finances, Alberta said.
Date: 29 June 1995
By Bloomberg News
Bloomberg News
The Securities and Exchange Commission has accused the former president, chairman and chief executive of Littlefield Adams & Company of stealing more than $1.15 million from the company and scheming to inflate its income and manipulate its stock price. In a complaint filed on Tuesday in the United States District Court for the District of Columbia, the S.E.C. maintained that the former Littlefield Adams executive, Curtis Younts Jr., had allowed the company to record revenue based on fictitious transactions and sold stock in violation of registration requirements.