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17th of August 1994 News
Nyheter som framträdde på New York Times framsida den 17 augusti 1994
Vox Acquisition Inquiry
Date: 18 August 1994
By Bloomberg News
Bloomberg News
The European Commission said today that it would begin an antitrust inquiry into the joint acquisition of the troubled German television channel Vox by News International P.L.C. and Bertelsmann A. G. of Germany. The initial inquiry will take up to a month, after which the commission will decide whether to start a full-scale antitrust investigation. News International, the British subsidiary of the News Corporation, took a stake of 49.9 percent in Vox after the channel went into liquidation last March, 14 months after it started. Bertelsmann owns 24.9 percent of the channel. According to German magazine reports, News International plans to invest from 200 million German marks, or $126.6 million, to 300 million marks to return Vox to profit within three years.
Full Article
Don't Call It AIDS
Date: 17 August 1994
By Tom Stoddard
Tom Stoddard
Quietly but persistently, AIDS has evolved into something quite different from the horrifying, untreatable illness of the early 80's. It is still a killer, but medical science has made major life-sustaining gains against AIDS-related infections.
Unfortunately, the Government has largely ignored these successes. So have the media; almost every report from last week's international AIDS conference in Yokohama communicated despair rather than possibility. They should start emphasizing the triumphs of science, because the well-being of thousands of people with H.I.V. is at stake.
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DSP GROUP SHARES GAIN 15% ON NEWS OF AT&T DEAL
Date: 18 August 1994
By Bloomberg News
Bloomberg News
Shares of DSP Group Inc., based in Santa Clara, Calif., rose 15 percent yesterday after the company said its voice-compression technology would be used by the AT&T Corporation's computer components unit. DSP's stock jumped $2.25, to $17.25, on Nasdaq volume of 661,000 shares, more than 14 times the daily average during the last three months. The agreement appears to be a concession by AT&T that DSP's Truespeech technology has become the industry standard. AT&T invented a similar, competing technology, one analyst said. AT&T said DSP's technology was one of many technologies that the company uses for voice compression. "We are rounding out our offerings for our customers' needs," an AT&T spokeswoman said.
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Glaxo to Alter Drug Label
Date: 17 August 1994
By Bloomberg News
Bloomberg News
The Food and Drug Administration has ordered Glaxo Holdings P.L.C. to change the labels of its anti-migraine drug Imitrex to include information about the death of an American woman who used the drug, Glaxo said today. The F.D.A. said it was continuing to investigate the safety of Imitrex, which has been taken by 25 million patients worldwide and provided $:116 million ($178 million) of sales for Glaxo in 1993.
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Penalties in Met Life Case
Date: 18 August 1994
By Bloomberg News
Bloomberg News
Two former agents for the Metropolitan Life Insurance Company in western Pennsylvania have been disciplined by state regulators, who said the two used misleading sales tactics. The action raises to six the number of former Met Life agents disciplined by the Pennsylvania Department of Insurance since June. Ronald Schram, a former Met Life agent from Wexford, Pa., and Ronald Sabilla, a former agent from Upper St. Clair, Pa., made false statements to Met Life policyholders to induce them to obtain new coverage, the Pennsylvania regulators said. The two signed consent orders with the state under which they admitted no wrongdoing. Both Mr. Schram and Mr. Sabilla could not be reached for comment.
Full Article
COMPANY NEWS: Tapping the Briny Deep; Pacific Ocean Spritzers By a California Venture
Date: 18 August 1994
By Bloomberg News
Bloomberg News
Trying to catch the wave of New Age soft drinks like Watermelon Kiwi and and Mango Madness, a California company plans to offer beverages with their own special ingredient: the Pacific Ocean. The Seaborn Beverages Company says it is the first to make its drinks from desalinated ocean water, straight out of the Pacific. The company, based in Newport Beach, Calif., says it wants to sell the public on the "qualities and mystique of drinking a great-tasting, ultra-pure, ocean-water-based product."
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MERCK PLANS SALE OF TWO UNITS
Date: 17 August 1994
By Bloomberg News
Bloomberg News
Merck & Company said yesterday that it planned to sell two specialty chemical units by the end of the year so that it could focus on its integrated pharmaceuticals business. The decision to sell Kelco and Calgon Vestal Laboratories, whose combined annual sales total $400 million, was made even though the operating performance of both units continues to be excellent, the company said. Kelco, of San Diego, makes gums and algae-base ingredients used in the health care, food-processing, oil exploration, paper, textiles and personal care industries. Calgon Vestal, of St. Louis, is involved in wound management, skin care and infection control. Analysts said the companies could fetch a total of $400 million.
Full Article
LILLY AND SPHINX SETTLE SHAREHOLDER LAWSUITS
Date: 18 August 1994
By Bloomberg News
Bloomberg News
Eli Lilly & Company and the Sphinx Pharmaceuticals Corporation of Durham, N.C., settled lawsuits that sought to block Lilly's acquisition of the company, Sphinx said. In settling the shareholder suits, the companies agreed to two changes in the terms of the proposed acquisition. The merger is now subject to approval by holders of a majority of Sphinx shares excluding shares held by Lilly, as well as Sphinx's directors and executive officers. Lilly, which already owns about 5.4 percent of Sphinx's 12.6 million shares outstanding, has offered to pay $6 a share, or about $72 million, for the remaining shares. In addition, the fee that Sphinx will have to pay Lilly if it is acquired by a third company was lowered to $2.5 million from $3.5 million. The settlements must be approved by the Delaware Court of Chancery.
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THINKING MACHINES SEEKS CHAPTER 11 PROTECTION
Date: 18 August 1994
By Bloomberg News
Bloomberg News
The Thinking Machines Corporation, the financially troubled maker of supercomputers, filed for bankruptcy yesterday. The company, which had been looking for a big investor or a buyer to keep it afloat, said on Monday that it would seek Chapter 11 protection from creditors. The company, based in Cambridge, Mass., listed total liabilities of $35.7 million and total assets of $66.6 million in its bankruptcy filing in United States Bankruptcy Court in Boston. The privately held company, which was a pioneer in supercomputing, was last profitable in 1990, when it earned $1 million on revenue of $65 million.
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CREDIT CARD TO BE ISSUED BY MEXICAN BANK AND KMART
Date: 17 August 1994
By Bloomberg News
Bloomberg News
Banamex S.A., Mexico's largest bank in terms of assets, and Kmart Mexico S.A., a 50-50 joint venture of the Kmart Corporation and the Mexican department store chain El Puerto de Liverpool S.A., agreed yesterday to issue a joint credit card. The card is expected to give Kmart customers special bargains, as well as give card holders access to Banamex's credit services. Kmart Mexico opened its first two supercenter stores in Mexico nearly three months ago and plans to have five stores in the country in two years. Banamex, a unit of Grupo Financiero Banamex-Accival S.A., has more than 690 branches across Mexico.
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