Reluare luni, 30 decembrie 1991

CMS Energy Unit To Redeem Bonds

Date: 31 December 1991

By Bloomberg News

Bloomberg News

The Consumers Power Company said it had set up a trust to redeem $500 million of its first-mortgage bonds. The utility, a unit of the CMS Energy Corporation, will reduce its annual interest payments by about $50 million by redeeming the bonds, said Jeffrey Gorham, director of corporate finance. The debt reduction may raise CMS's yearly earnings by as much as 40 cents a share, beginning in 1992, said John McLaughlin, head of investor relations.

Full Article

American Airlines To Lay Off 1,200

Date: 31 December 1991

By Bloomberg News

Bloomberg News

American Airlines said it planned to lay off 1,200 ground workers. The carrier said the job cutback would be its largest since the early 1980's and represented about 1 percent of the company's 97,000 employees.

Full Article

Fidelity Raises Its Bolar Stake

Date: 31 December 1991

By Bloomberg News

Bloomberg News

Fidelity International Ltd., the Boston investment management firm, said it had raised its stake in the Bolar Pharmaceutical Company to 5.5 percent. Fidelity bought 121,100 of its 1,164,400 shares between Nov. 25 and Dec. 10 at $5.50 to $6.68 a share, according to a filing with the Securities and Exchange Commission.

Full Article

After Cuts, News Says, It Has Room To Breathe

Date: 31 December 1991

By Alex S. Jones

Alex Jones

Daily News executives told representatives of the bankrupt paper's unions and creditors yesterday that $8 million in annual expenses had been cut from operating costs and that the paper was in no immediate danger of running out of money. The paper's board met yesterday morning with union representatives in a planning committee aimed at balancing the paper's costs with revenues; yesterday afternoon, the board met for the first time with the committee representing the paper's creditors.

Full Article

News Events Become Biggest Television Hits

Date: 30 December 1991

By Bill Carter

Bill Carter

In 1991, no situation comedy, ensemble drama, mini-series, movie or documentary dominated American television. Nor was the biggest thing on television this year a for-sale sign, despite incessant rumors that one or two of the networks -- specifically NBC and CBS -- would be put up for sale.

Full Article

BRIEFS

Date: 31 December 1991

* Cable and Wireless Communications, a unit of Cable and Wireless P.L.C., London, said it had agreed to purchase Network Services, a unit of Wang Laboratories Inc., Lowell, Mass., for approximately $11 million. * Fletcher Challenge Canada Ltd., Vancouver, British Columbia, a unit of Fletcher Challenge Ltd. of New Zealand, said it would sell its stake in a Quebec pulp and lumber company to Donohue Inc., Quebec, for $120 million (Canadian).

Full Article

Big Board Firms' Profits

Date: 31 December 1991

By Bloomberg News

Bloomberg News

The New York Stock Exchange said yesterday that its member firms that conduct business with the public posted after-tax profits of $842 million for the third quarter, up from a loss of $124 million a year ago. The third-quarter profits declined, however, from the $859 million posted in the second quarter, the Big Board said. In the first quarter, the firms earned $957 million, said Ray Pellechia, an exchange spokesman.

Full Article

NEWS SUMMARY

Date: 30 December 1991

International A3-7 U.N.'S NEW LEADER AND NEW HOPES Boutros Ghali of Egypt, about to take office as Secretary General of the United Nations, is eager to establish his credentials as a peacemaker. He will play a pivotal role in determining whether the organization lives up to raised expectations. Page A1 MEXICO RAISING ITS PROFILE IN U.S. Abandoning a history of diplomatic and public relations restraint, the Government of President Carlos Salinas de Gortari is trying to transform Mexico's political presence in the United States. A1 DOUBT ON QUICK SALVADORAN PACT Secretary General Javier Perez de Cuellar of the United Nations said mediators had effectively given up hopes of reaching a final settlement to El Salvador's civil war by the end of this year.A4 WHY MINSK? NO PLACE BETTER. Minsk is a gentle, long-suffering city, so the sudden occurrence of a bread panic made it seem a fitting headquarters for the fledgling Commonwealth of Independent States, whose leaders meet there today. A3 RUSSIA'S SHAPE GRIM, YELTSIN SAYS President Yeltsin acknowledged that Russians would be sorely tested as the state began to set the economy free. But he insisted in a televised address that life would be improving by the end of 1992. A3 Georgian troops drove rebels from the Parliament building. A3 SECULAR ALGERIANS URGE TURNOUT After Islamic fundamentalists won the first round of parliamentary elections, the Algerian Government, the press and secular political parties urged voters who abstained to vote in runoffs against turning the country into a religious state. A7 ISRAEL OFFERS MORE IMMIGRATION Israeli immigration officials said that if conditions deteriorate rapidly in the former Soviet Union, they are in a position to airlift as many as 100,000 Jews a month to Israel. A7 KHMER ROUGE CHIEF RETURNS The Khmer Rouge president, who was attacked by a mob in Phnom Penh a month ago, returned this morning under heavy military security for a third attempt to gather the Supreme National Council. A7 IRAN BLOCKS SWISS ENVOY'S EXIT Iran prevented a Swiss diplomat from leaving the country and restricted the movements of other Swiss envoys. Switzerland closed its embassy in Teheran in protest. A7 Calcutta Journal: Where taxis face the world's largest traffic jam. A2 National A10-13 CENTRAL FOCUS ON RACE For 30 years, Shaker Heights, Ohio, a Cleveland suburb, has made racial integration a crusade, treating it as a matter needing constant attention, prodding and pampering. A1 REDISTRICTING BATTLE After decades of complaining about being denied a fair share of Congressional seats by Democrats, Republicans may hold an early advantage in drawing district lines. A1 A QUICK POLITICAL COUP The City Council in Bell Gardens, Calif., passed an ordinance to control population density. Now most of its members are out of office after Hispanic residents led a campaign that resulted in their recall. A10 A DIMINISHING NEST EGG The plummeting of interest rates may be good news for borrowers, but not for retirees who had counted on income from investments to let them continue enjoying the good life. In retirement communities across Florida, the pinch is being felt. A10 MOSBACHER BASHES JAPAN Commerce Secretary Mosbacher became the first Administration official to say publicly that Japan was partly to blame for the lingering recession in the United States. D1 OREGON ATTACKS FRAUD While skyrocketing costs endanger workers' compensation insurance in many states, the SAIF Corporation of Salem, Ore., is a rare bird in the wilderness: a failing state-owned insurer that suddenly stopped its fall and rose to become a striking business success. D1 WILDER'S QUEST Despite disorganization in his Presidential campaign and weak fund raising, Gov. Wilder of Virginia remains optimistic because he sees the other candidates for the Democratic Party's nomination as less than overpowering. A12 For fifth consecutive year, a double-digit increase in health costs. A10 Number of farm owners fell to its lowest number in this century. A12 Metroplitan Digest, B1 SEEKING A CAUSE OF A STAMPEDE Inquiries begin into a nightmarish stampede at a City College gymnasium that left eight people dead -- buried, crushed and smothered to death -- at what was to have been a charity basketball game featuring celebrity rap stars. A1 CAUGHT IN A BOTTLENECK A 20-year-old college student who had narrowly escaped death last September was one of eight young people killed as they were trapped against the doors of the gymnasium at City College, lured to a rap-star-studded basketball game.A1 Business Digest, D1 Arts/Entertainment C9-16 How arts group struggle and cope with recession. C9 Hollywood screenwriter, angry. C9 Theater: Theater in Review C14 Music: Music Notes C9 George Winston's new-age piano. C14 Word and Image: "The World Is My Home," by James A. Michener. C16 "Aspen," by Frederick Wiseman. C9 "Age 7 in the U.S.S.R." C16 Editorials/Op-Ed A14-15 Editorials A14 Reciprocity on arms. A14 Tonic for Commerce? A14 Solid choice for health. A14 Diane Camper: Refugees. A14 Letters A14 William Safire: Office Pool, 1992. A15 Sam Johnson and Chris Marcil: Crutch words. A15 Martha Brill Olcott: Central Asia or bust. A15 Flora Lewis: Russia in NATO, and other laughs. A15 Sports C1-8 Basketball: Sweet victory for Kentucky. C3 Big East preview. C4 Sealy studies his craft well. C4 Features: Sidelines. C2 Question Box. C2 Football: Oilers beat Jets, 17-10. C1 Cowboys hold off Bears, 17-13. C1 Georgia tops Arkansas. C5 Alabama flanker stars in Blockbuster. C5 Pressure on Moon isn't enough. C6 It won't be Tampa Bay for Parcells. C7 Hockey: Penguins beat Rangers, 6-3 C3 Capitals defeat Devils, 4-3 C3 Whalers top Islanders, 6-4 C3 Olympics: Sledders in disarray. C2 Obituaries B10 Lydia Ulana Savoyka, social worker who assisted immigrants

Full Article

3 Brokerages Merge

Date: 31 December 1991

By Bloomberg News

Bloomberg News

Three member firms of the Philadelphia Stock Exchange have combined to form one of the exchange's largest equity specialists and floor brokerages, the exchange said today. The Futex Corporation and the Vendette Group, both of Philadelphia, merged to form Casella Vendette Group, the exchange said. The merged company acquired the 54 equity portfolios form the Philadelphia equity specialists unit of Johnston, Lemon & Company, based in Washington.

Full Article

Natural Gas Vehicle Unit

Date: 30 December 1991

By Bloomberg News

Bloomberg News

A unit of the Southern Union Company and the privately held Natural Gas Vehicle Development Company in Long Beach, Calif., said they would develop a natural-gas vehicle technology center in Austin. Terms were not disclosed. The Southern Union Econofuel Company, the Southern Union subsidiary, said the center would open in February.

Full Article

Machine Tool Orders Up 3%

Date: 30 December 1991

By Bloomberg News

Bloomberg News

Orders for American-made machine tools increased 3 percent in November to $231.4 million, from a revised figure of $224.7 million in October, the National Machine Tool Builders Association reported today. Many economists consider machine tool orders an indicator of the economy's long-term strength.

Full Article