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14th of July 1994 News
Nyheter som framträdde på New York Times framsida den 14 juli 1994
The Eye That Educates
Date: 15 July 1994
By Steven Brill
Steven Brill
In the wake of the coverage of O.J. Simpson's preliminary hearing by the three broadcast networks, CNN and Court TV -- legal reporting unprecedented in American history -- and the deluge of coverage of the Bronco chase, leaks and so much else remotely associated with the case, the issue of cameras in the courts has come under intense scrutiny.
As is the case in the handful of state court systems that do not yet allow cameras, what's worrisome about this otherwise healthy debate is that much of the opposition to cameras in the court has to do with revulsion against coverage outside the courtroom.
Full Article
COMPANIES WITHDRAW BID FOR TABLOID PUBLISHER
Date: 14 July 1994
By Bloomberg News
Bloomberg News
Enquirer/Star Group Inc. said yesterday that Macfadden Holdings Inc. and Boston Ventures L.P. had withdrawn their bid to acquire Enquirer/Star for $17.50 a share, because it would not be "the best available transaction for all shareholders." Macfadden, a New York publisher, and Boston Ventures, which own about 57 percent of Enquirer/Star, first offered to acquire the remainder of the company on April 28. The bid, totaling $315 million, was at a premium of 21 percent over the closing price of the stock, $14.50, the previous day. Shares of Enquirer/Star, which is based in Lantana, Fla., fell 12.5 cents, to $17.25, on the New York Stock Exchange yesterday.
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QUALCOMM AND NORTHERN TELECOM IN WIRELESS TALKS
Date: 15 July 1994
By Bloomberg News
Bloomberg News
Qualcomm Inc. and Northern Telecom Ltd. said yesterday that they were negotiating an agreement to develop and make digital wireless communications networks. The proposed accord would go one step further than agreements between Qualcomm, of San Diego, and other equipment makers because Qualcomm will share its designs with Northern Telecom, Thomas Crawford, a spokesman for Qualcomm, said. Qualcomm shares rose $3, to $19.50, in Nasdaq trading yesterday, while shares of Northern Telecom, based in Mississauga, Ontario, closed up 50 Canadian cents, to $41.125, on the Toronto Stock Exchange.
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ADOBE SYSTEMS REVISES ALDUS ACQUISITION
Date: 15 July 1994
By Bloomberg News
Bloomberg News
Adobe Systems Inc. said yesterday that it had reduced by about $70 million, or 13 percent, the amount it will pay for the Aldus Corporation, after settling a lawsuit delaying the deal. Adobe, of Mountain View, Calif., will now pay $446.3 million in stock, based on Wednesday's closing share prices, down from $513.2 million when the acquisition was announced on March 15. Adobe, which with Aldus created the desktop publishing software industry, said it would pay one common share for each Aldus common share; Adobe had earlier offered 1.15 shares.
Full Article
WOOLWORTH NEARLY HALVES ITS DIVIDEND
Date: 14 July 1994
By Bloomberg News
Bloomberg News
The Woolworth Corporation cut its dividend nearly in half yesterday, in a move it said was designed to put more money into its retail chains. In cutting its quarterly payout to 15 cents a share from 29 cents, Woolworth brought its dividend down to its lowest level since 1987, but also brought it more in line with the dividend yields other retail companies have been offering their shareholders recently, analysts said. The dividend cut also reflects problems in Woolworth's core discount store business, and concern that its Foot Locker unit's growth has slowed, said Tobi Mason, an analyst at Spare, Tengler, Kaplan & Bichel. Woolworth shares slipped 37.5 cents, to $15.625, on the New York Stock Exchange. The new dividend will be paid on Sept. 1 to shareholders of record as of Aug. 1.
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BUFFETT INCREASES HIS STAKE IN COCA-COLA
Date: 15 July 1994
By Bloomberg News
Bloomberg News
Warren E. Buffett bought another 1.57 million shares of the Coca-Cola Company in June, bringing his holdings in the giant beverage company to 94.97 million shares, the Washington Service, a news agency, reported yesterday. Citing Securities and Exchange Commission documents, the agency said the billionaire investor bought the shares between June 23 and June 30 at prices from $40.27 to $41.06 a share. Mr. Buffett, the chairman of the Omaha-based investment firm Berkshire Hathaway Inc., is a director of Coca-Cola and has praised its management.
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GLENDALE FEDERAL TO SELL UNIT TO FIRST INTERSTATE
Date: 14 July 1994
By Bloomberg News
Bloomberg News
Glendale Federal Bank signed a definitive agreement yesterday to sell its Washington unit, University Savings Bank, to First Interstate Bancorp for $190.4 million plus a few months of the unit's earnings. The sale continues Glendale Federal's plan to sell its operations outside California and adds 25 branch offices to First Interstate's 124-office Washington operations. University Savings, which was acquired by Glendale in March 1989, has $1.1 billion in assets. Glendale Federal had $17.9 billion in assets at the end of 1993.
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ALLIANCE WITH BRITISH TELECOM WINS F.C.C. APPROVAL
Date: 15 July 1994
By Bloomberg News
Bloomberg News
The Federal Communications Commission yesterday approved a $4.3 billion alliance between the MCI Communications Corporation and British Telecommunications P.L.C., moving the union one step closer to completion. The plan -- in which British Telecom will buy 20 percent ownership in MCI -- still needs approval of the European Commission and a Federal District Court in Washington before it is final. Officials at MCI, the No. 2 provider of United States long-distance services, expect to complete the deal by September. The MCI-British Telecom combination, first announced in June 1993, is just one of several global alliances that have recently emerged in the race to provide telecommunications services to multinational companies.
Full Article
GOULDS BUYS STAKE IN AUSTRIAN PUMP MAKER
Date: 14 July 1994
By Bloomberg News
Bloomberg News
Goulds Pumps Inc. said yesterday that it had agreed to buy the outstanding shares of Pumpenfabrik Ernst Vogel G.m.b.H., an Austrian pump manufacturer with $60 million in 1993 sales. Terms of the agreement were not disclosed. Goulds Pumps, which recently said earnings would be below expectations because of a $2.5 million charge for a revamping and other costs, does not expect quick profits from this purchase, the corporate controller, Diana Kurty, said. The transaction "provides an entry into the Eastern European bloc countries," she said, adding that these areas are "the markets of opportunity." Pumpenfabrik, which employs about 600 people worldwide, has sales divisions in Germany, Hungary and Poland.
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CONCORD CAMERA OUSTS CHIEF AND SETTLES WITH S.E.C.
Date: 15 July 1994
By Bloomberg News
Bloomberg News
Ending an investigation into allegations of wrongdoing first made in 1991, the Concord Camera Corporation dismissed its chief executive and announced a settlement yesterday with the Securities and Exchange Commission. The former chief executive, J. C. Benun, will be replaced by Ira B. Lampert, president of the company, a maker of cameras based in Avenel, N.J. Mr. Lampert will also serve as chairman.
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