News Corporation Posts a Loss, Mostly in Gemstar Mess
Date: 15 August 2002
By Seth Schiesel
Seth Schiesel
News Corp reports loss of $1.7 billion in final quarter of company's fiscal year 2002, largely from charges of $1.8 billion related to investment in Gemstar-TV Guide International; revenue increased to $3.8 billion from $3.4 billion, while operating income rose to $452 million from $361 million; Gemstar-TV Guide, in which News Corp holds 43 percent stake, says it used improper bookkeeping in recording about $20 million in revenue over last year; announcement underlines persistent concerns on Wall Street about leadership of Gemstar's chairman Henry C Yuen; $20 million figure is in addition to more than $100 million that company had previously acknowledged booking as revenue in recent years without receiving any money; Gemstar has defended its accounting practices, but says it will effectively reverse $100 million in revenue; photo (M)
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Group Says 'Perp Walks' Violate the Law
Date: 14 August 2002
New York Civil Liberties Union says federal prosecutors in Manhattan violated court ruling barring parading of suspects before news media and urges them to cease; cites recent high-profile arrests of business executives (S)
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Waiting for the Papal Curtain to Fall
Date: 14 August 2002
By Frank Bruni
Frank Bruni
There are simple, sensible explanations for the trip Pope John Paul II has scheduled to Poland this weekend. It gives him another glimpse of his homeland.
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Pope, Again, Heads Home And, Again, Rumors Fly
Date: 15 August 2002
By Frank Bruni
Frank Bruni
Pope John Paul II's scheduled trip home to Poland spurs rumors that ailing pontiff will announce his retirement among his beloved countrymen; Vatican officials issue denials, just as they did in response to similar speculations weeks earlier and those dating back to his trips home in 1997 and 1999; constant conjecture reflects fact that John Paul commands keen and sometimes relentless attention of newspaper reporters, television producers, book editors and even many lay Catholics who are essentially watching, and waiting, for curtain to fall; media is taking steps to be ready for final farewell; more than five years ago, television networks began fierce, secretive competition to lease prime real estate near Vatican for coverage of conclave of cardinals that will choose next pope; for last decade, publising industry executives have been lining up books about John Paul or process by which Roman Catholic Church makes transition to new pope (M)
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ALKERMES DROPS PLAN TO BUY RELIANT PHARMACEUTICALS
Date: 15 August 2002
By Bloomberg News
Bloomberg News
Alkermes, which makes long-acting drugs, ends its agreement to buy 81 percent of Reliant Pharmaceuticals that it does not already own after Alkermes's shares dropped 72 percent since deal was announced (S)
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KMART SEEKS AN ADDITIONAL $500 MILLION IN LOANS
Date: 15 August 2002
By Bloomberg News
Bloomberg News
Kmart Corp asks federal judge in Chicago for permission to borrow another $500 million so it can pay suppliers through holiday season; company wants creditors to adjust some of terms governing its loan agreements; chief financial officer Al Koch comments (S)
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VERIDIAN BUYS SIGNAL AS SECURITY COMPANIES JOIN
Date: 14 August 2002
By Bloomberg News
Bloomberg News
Veridian Corp agrees to buy Signal Corp, which sells computer-network security systems to government agencies, for $227 million in cash and notes (S)
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GEORGIA-PACIFIC WILL SELL UNIT TO REDUCE DEBT
Date: 15 August 2002
By Bloomberg News
Bloomberg News
Georgia-Pacific Corp sells 60 percent of its Unisource Worldwide distribution unit for $850 million to Bain Capital to reduce debt before spinning off its tissue and packaging business (S)
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ANDRX SHARES FALL AFTER IT REPORTS OVERSTATEMENT
Date: 14 August 2002
By Bloomberg News
Bloomberg News
Shares of Andrx Corp, maker of generic drugs, decline 12 pecent after it says it inadvertently overstated its accounts receivable by $15 million since January 1999 (S)
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LUCENT SAYS IT IS AIDING U.S. INQUIRY BUT IS NOT A TARGET
Date: 14 August 2002
By Bloomberg News
Bloomberg News
Lucent Technologies says US attorney's office is investigating information company gave to Securities and Exchange Commission, but it is not target of probe; Lucents says investigation primarily concerns Sept 2000 software licensing agreement between Lucent and Winstar Communications (S)
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