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Date: 21 July 1999
By Michael R. Gordon
Michael Gordon
Russian military court drops treason charge against Grigory Pasko, who disclosed Navy's dumping at sea of nuclear wastes; rules he overstepped authority as military journalist; grants him amnesty; Pasko, who spent 20 months in jail, says he will fight for complete vindication; photo (M)
Date: 21 July 1999
By Bloomberg News
Bloomberg News
Healtheon Corp, which links doctors, insurers and patients through the Internet, will provide prescription services to customers of Merck & Co's pharmacy benefits unit Merck-Medco; unit will help pay for development of Internet-based service that will allow doctors to see patient's medical history and drugs available for treatment (S)
Date: 21 July 1999
By Bloomberg News
Bloomberg News
Tyco International Ltd will split its stock two shares for one (S)
Date: 21 July 1999
By Bloomberg News
Bloomberg News
Enron Corp says it will exchange 76 percent of its ownership in Enron Oil and Gas Co, stake valued at $1.2 billion, for properties that Enron Oil and Gas owns in India and China (S)
Date: 21 July 1999
By Bloomberg News
Bloomberg News
Corbis Corp, owned by Microsoft Corp chairman William H Gates, forms alliance with Picture Press, based in Hamburg, Germany, to sell pictures in Austria and Germany; Corbis will license 2.1 million digital images to Picture Press, unit of Gruner & Jahr Publishing House; Corbis has 65 million pictures by photographer Ansel Adams and news photographers from United Press International and other agencies (S)
Date: 20 July 1999
By Bloomberg News
Bloomberg News
Biochem Pharma Inc., Canada's No. 1 biotechnology company, said yesterday that it had bought back eight million shares from Glaxo Wellcome P.L.C., the world's biggest maker of AIDS drugs, for $160 million. The buyback, at $20 a share, cut Glaxo's stake in Biochem, based in Laval, Quebec, from 12.2 percent to 5.3 percent of the 100.9 million remaining common shares outstanding. Biochem, which invented the AIDS and hepatitis B drug lamivudine, or 3TC, paid Glaxo $80 million yesterday and will pay another $80 million in 18 months. The two companies began their drug development in 1990.
Date: 21 July 1999
By Bloomberg News
Bloomberg News
Sonic Automotive Inc, third-largest publicly traded auto retailer, agrees to buy 11 dealerships for $54 million in cash and stock as it builds its network in Las Vegas, Nev, and southern US (S)
Date: 21 July 1999
By Bloomberg News
Bloomberg News
Bell Atlantic Corp will buy 50 percent of Frontier Cellular, wireless phone venture in New York and Pennsylvania, that it does not already own from Frontier Corp; price is undisclosed (S)
Date: 20 July 1999
By Bloomberg News
Bloomberg News
After dismissing 5,850 employees to cut costs, the First Union Corporation will hire more than 2,000 tellers, after the sixth-largest United States bank realized its branch staff was not adequately serving customers. A First Union spokeswoman, Allison Rash, said the bank had been short by about 1,000 tellers for several months. The bank decided last week that it needed to hire another 1,000. There is a high turnover rate among tellers, she said. In March, the bank, based in Charlotte, N.C., said it was eliminating 5,850 jobs, or 7 percent of its work force, to offset higher spending on businesses including capital markets, capital management and retail delivery. Of that number, fewer than 2 percent worked in branches, Ms. Rash said.
Date: 21 July 1999
By Bloomberg News
Bloomberg News
Lycos Inc., the Internet search site, plans to form a $70 million venture-capital fund to invest in start-up Internet companies that may provide content and services to its Web sites. Lycos said today that it would invest $10 million in Lycos Ventures L.P. Other investors include Mellon Ventures Inc. and the Vulcan Ventures firm of the Microsoft co-founder Paul Allen. The fund will focus on companies in electronic commerce, on-line media and the development of Internet technology, content or services.