Deadline for Daily News May Be About 6 Weeks
Date: 26 December 1991
By Roger Cohen
Roger Cohen
Controlled by an accounting firm, overseen by a group of creditors including ink and paper manufacturers, and still losing money, The Daily News appears to have about six weeks to turn itself into a viable business after the Maxwell debacle, industry experts and advisers to the paper say. That is clearly an unenviable, as well as cumbersome, situation. And in a fiercely competitive newspaper market like New York, some analysts believe the News's convoluted management group now has less chance than ever of developing a blueprint for survival before the money runs out. "There is no deep pocket to support further losses, so the difference between incoming and outgoing now has to be resolved very quickly," said John Morton, a newspaper investment analyst at Lynch, Jones & Ryan. "To do that, you probably need rapid concessions from unions, and I don't see that happening. I am very doubtful that the paper can survive."
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CHRONICLE
Date: 26 December 1991
The Italians have replaced the Japanese as the No. 1 buyers of art in the world, according to an annual list of the top 200 collectors, appearing in the January issue of Art News Magazine. In fact, the number of Japanese collectors on the list dropped to 10 from 15, the steepest decline from last year, while those from Germany increased to 18 from 10, the biggest increase.
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Anglo Irish Deal With Hill Samuel
Date: 25 December 1991
By Bloomberg News
Bloomberg News
Anglo Irish Bankcorp P.L.C. said it had agreed to buy the Hill Samuel (Ireland) Ltd. merchant bank for an undisclosed cash amount from Hill Samuel Bank Ltd., a unit of the TSB Group. The Hill Samuel Fagan investment management unit is not included in the sale and will remain part of the Hill Samuel Group, Anglo Irish said. Hill Samuel (Ireland) has total assets of about $285 million, with customers primarily in the Dublin region. Anglo Irish said that Seamus O'Shea, the managing director of Hill Samuel (Ireland), is expected to retire after the acquisition. Frank P. Kennedy, the deputy managing director of Hill Samuel (Ireland), is expected to join Anglo Irish's board, the bank said.
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Maxwell's Shell Game Could Happen Here
Date: 26 December 1991
To the Editor: "Robert Maxwell's Shell Game" (editorial, Dec. 12) strikes an ironic and slightly complacent note in its willingness to shift the blame for the plight of New York's Daily News across the Atlantic.
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NEWS SUMMARY
Date: 25 December 1991
INTERNATIONAL 2-6 GORBACHEV TO RESIGN TODAY Yielding to political rejection and the plummeting economy, Mikhail S. Gorbachev plans to announce his resignation as President of the defunct Soviet Union on television today, his office said. Page 1
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NEWS SUMMARY
Date: 26 December 1991
International A3-17 UNBOWED, GORBACHEV RESIGNS Mikhail S. Gorbachev told an anxious nation that he was resigning as President. In a leanly worded television address, Mr. Gorbachev made no attempt to mask his regret at being forced from office or his concern that the Soviet Union was no more. A1 WHERE IDEOLOGY FAILED The Soviet state, marked throughout its history by great achievement and terrible suffering, died after a long and painful decline. Conceived in utopianism and born in the violence of Lenin's revolution, the union heaved its last, bankrupt and hungry. A1 U.S. TO RECOGNIZE REPUBLICS President Bush praised Mr. Gorbachev for his role in history, bade him farewell, and said the U.S. would recognize the independence of the 12 former Soviet republics. A1 And what is to happen now, a Soviet militiaman was asked. A13 U.S. will need embassies in at least half a dozen new capitals. A16 Georgia's beleaguered President promised to fight to the death. A16 KURDS STRIKE IN ISTANBUL Separatists shouting "Long live Kurdistan!" threw firebombs at a department store in Istanbul, setting the seven-story building ablaze and killing 11 people. A5 ISRAEL AND THE GULF WAR The Israeli Air Force commander was quoted as saying that the United States had a contingency plan in the gulf war that would have allowed Israel to retaliate against Iraq for its Scud missile attacks while American pilots kept out of the way. A3 MUSLIM CHALLENGE IN ALGERIA Elections for Algeria's Parliament, scheduled to start today, will be the first open challenge in free voting by Islamic fundamentalists to a secular Arab Government. A3 Prince Rupert Journal: The fishermen and the nuclear subs. A4 Iraqi foes of Hussein planning a new uprising. A6 Kim Il Sung's son was named to head the North Korean Army. A8 The Pope, seeing some hope, deplored the Yugoslav civil war. A10 Christmas in Croatia can be a brief respite, like Mass in shelters. A11 After Communism, fear of vengeance in Prague and Budapest. A9 National A18-21, A26, B13-15, D11-12 AND A GLOOMY NEW YEAR Christmas was bleak for retailers, who expect spending for the month to be flat or up only slightly over last December. A1 HAWAII WITHOUT PINEAPPLES Hawaii is losing its pineapple plantations to foreign competition, and when the fields go to alfalfa and oats, the pineapple crews will probably have to take jobs in the booming hotel business or leave home for work. A1 APOLOGETIC HE ISN'T Tom Harkin, driving straight for the true believers in the Democratic Party, appears to be running for President the way other men might pick a fight. D11 Heflin says he is tired of judging his fellow senators.B15 CONCERN OVER CABINET PAPERS Congressional investigators said some Cabinet members, upon leaving office, took classified Government documents without the knowledge of the agencies they headed and without properly safeguarding secret information. D12 CITY ON EDGE OF INSOLVENCY Leaders of Scranton, Pennsylvania's fifth-largest city, filed what amounts to a bankruptcy petition with the state. A18 IN BED OF ROSES, THORNS The politics of culture is casting a shadow over the Tournament of Roses parade in Pasadena. The spectacle could include protests from minority groups over one of the grand marshals, who is a descendant of Christopher Columbus. A18 CARS AS CRIME CONTROL A Portland, Ore., law that allows confiscation of cars used for prostitution and drunken driving has led to a dramatic drop in those crimes, the police say, but some lawyers argue that the law is unconstitutional. A20 Santa Claus is growing into his name. A21 A new courtroom caters to victims of domestic violence. B14 Metropolitan Digest, B1 WASTE: A 900-MILE JOURNEY Garbage isn't just garbage anymore. Following the trail of Ocke Ketelsen's garbage from Westbury, L.I., to Taylorville, Ill., shows why waste disposal is such a touchy environmental and political issue. A1 Neediest Cases B9 Business Digest D1 The Home Section C1-11 Not quite twins. C1 Encores for curtains in Britain. C1 A tiny space, big on patterns. C1 Where to Find It. C2 Inside ordinary things. C2 Currents. C3 Home Improvement. C4 Unclassifiable landscaper. C8 Arts/Entertainment C13-20 Saving the world's architectural heritage. C13 Theater: "Lotto." C13 Film: "Inspector Lavardin." C13 Music: New York String Orchestra at Carnegie Hall. C13 "Kennedy Center Honors." D18 Rethinking the campaigns. D18 Obituaries D14 General Richard G. Stilwell, former commander of U.N. forces in Korea. Sports B18-25 Baseball: Tartabull talks centering on Angels. B21 Basketball: Bulls overrun Celtics. B22 Columns: Rhoden on N.B.A. images. B19 On Horse Racing. B24 Football: Jets happy to work on a holiday. B19 Parcells reportedly offered big pact by Bucs. B20 Mario Bailey leads Washington into Rose Bowl. B22 Georgia Tech wins Aloha Bowl. B22 Hockey: Crossroads to the big time. B21 Ice Dancing: Duchesnays going for the gold. B19 Skiing: Killy hopes to make his dream come true. B24 Editorials/Op-Ed A24-25 Editorials A24 The revolutionary. Jails commissioner. Fight cancer, not RU-486. Topics: Underground. Letters A24 Tom Wicker: Toward the ideal. A25 William Safire: Optimists are realists. A25 Leonard Bernstein: Wagner's music isn't racist. A25 Marvin Kalb: Campaign coverage: What price virtue? A25
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MCI Cable Project
Date: 25 December 1991
Reuters
The MCI Communications Corporation's MCI International subsidiary said it would "actively participate" in construction and installation of TAT-11, a trans-Atlantic fiber- optic cable system between the United States, Britain and France. The system is expected to be completed in August 1993. MCI is a leader in a consortium of 25 telecommunications carriers investing in the system.
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Moscow's Main News: Prices Will Go Up Jan. 2
Date: 25 December 1991
By James F. Clarity
James Clarity
Ordinary Muscovites, their money losing buying power constantly, are aware of the cataclysmic politics giving birth to a new country. But they seemed more concerned today with the Government's announcement of price increases on food and other goods designed to move the new Russia toward a market economy. The Government plans are to take effect Jan. 2, after years of vacillation on how to move the state-controlled, heavily subsidized system of production and supply to a freer-wheeling market. Under the plan, increases are to be as high as three or four times current prices for a range of goods and services including bread, sugar, milk, butter, cooking oil, vodka, electricity, gasoline and public transport.
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Citicorp View On Write-Offs
Date: 25 December 1991
Citicorp said yesterday that Federal bank examiners had completed their annual review and that the banking company's write-offs of bad loans and reserves for future loan losses were "in line with management expectations." The company declined to say what its expectations were, but said that earnings would be announced Jan. 21.
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G.M. Gave Bonuses Before Making Cuts
Date: 25 December 1991
By Doron P. Levin
Doron Levin
The General Motors Corporation acknowledged today that it paid merit bonuses and increased the pay of much of its salaried work force just before it announced widespread job reductions and plant closings last week. John Maciarz, a G.M. spokesman, said the bonuses and raises were awarded to many of the company's 100,000 non-executive salaried workers during the week of Dec. 15.
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