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11th of August 1994 News
Nyheter som framträdde på New York Times framsida den 11 augusti 1994
Man in the News: Abner Joseph Mikva; Judge on a Return Mission to Politics
Date: 12 August 1994
By Douglas Jehl
Douglas Jehl
In installing Abner J. Mikva, a prominent former lawmaker who is now a Federal judge, as his new White House counsel, President Clinton has turned once again to a pillar of official Washington -- a man who said recently that he was "too old, too white, too male and too liberal" ever to be named to the Supreme Court. Judge Mikva, a ruddy-faced 68-year-old Chicagoan, will return to the political wars through the unusual step of surrendering a lifetime appointment on the bench -- he is chief judge of the Federal Court of Appeals for the District of Columbia -- to enter service in the executive branch at an age when many men have already retired.
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Caterpillar Losses On Derivatives
Date: 11 August 1994
By Bloomberg News
Bloomberg News
A financial services unit of Caterpillar Inc. said yesterday it had lost $13.2 million in the first six months of this year in the derivatives market. The unit, Caterpillar Financial Services Corporation, lost its money in selling derivatives called interest-rate caps and so-called swaptions, which would force Caterpillar to make payments if interest rates rose.
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President Is Now Chief At T.W.A.
Date: 11 August 1994
By Bloomberg News
Bloomberg News
Trans World Airlines Inc. continued to rebuild its management today, naming its president, Jeffrey H. Erickson, as chief executive and appointing a turnaround specialist as chief financial officer. Their job will be to restore the financially strapped airline, which hopes in the next four months to complete a new business plan, negotiate agreements with labor unions and restructure debt obligations.
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ALLEGHENY COMMUTER AIRLINES IN PACT WITH PILOTS
Date: 12 August 1994
By Bloomberg News
Bloomberg News
The Allegheny Commuter Airlines unit of USAir Group Inc. reached a tentative four-year labor agreement yesterday with its pilots that the pilots' union said would lead to job reductions of more than 50 percent. The agreement ended a 27-hour negotiating session called by a Federal mediator after talks broke down on Saturday. The talks, which began almost two years ago, have been under Federal mediation since February. The Allegheny unit plans to lay off 218 of its 430 pilots in the next few months as it switches to new, twin-engine aircraft requiring only two pilots, the union said. Officials at USAir Group, based in Arlington, Va., could not immediately be reached for comment. The new agreement provides benefits for pilots expected to lose their jobs, the union said.
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DILLARD STOCK DROPS ON DISAPPOINTING EARNINGS
Date: 11 August 1994
By Bloomberg News
Bloomberg News
Shares of Dillard Department Stores Inc. fell sharply yesterday after the retailer reported lower-than-expected earnings and a Lehman Brothers analyst downgraded the stock. Dillard's stock fell $4.875 yesterday, to $26.625, on the New York Stock Exchange, where it was the second most active issue of the day. Dillard said after the market closed on Tuesday that its second-quarter net income fell 14 percent, to $33.8 million, or 30 cents a share, from $39.2 million, or 35 cents a share, in the 1993 period. Revenue rose to $1.18 billion from $1.1 billion. Wall Street was expecting earnings of 38 cents a share, based on a survey of 12 analysts by Institutional Brokers Estimate System. Kimberly Walin, a retail analyst with Lehman Brothers, lowered her rating on Dillard stock to "neutral" from "outperform."
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THERMO ELECTRON TO ACQUIRE COLEMAN RESEARCH
Date: 11 August 1994
By Bloomberg News
Bloomberg News
The Thermo Electron Corporation has agreed to acquire the Coleman Research Corporation of Orlando, Fla., in a stock deal valued at $114 million. "It sounds like the same kind of acquisitions that they normally do," said Jeff Robins, an analyst with Gruntal & Company in New York. "They pick up these good little companies with good niches in technologies." Thermo, based in Waltham, Mass., is an energy and engineering company with majority stakes in 10 publicly held companies. Coleman, a provider of computer and other services to government agencies, has $110 million in assets. Coleman will receive 2.656 million shares of Thermo's stock, which rose $1.875 yesterday, to $43, on the New York Stock Exchange.
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BELL ATLANTIC COMPLETES PURCHASE OF IUSACELL STAKE
Date: 12 August 1994
By Bloomberg News
Bloomberg News
The Bell Atlantic Corporation said yesterday that it had completed the purchase of a 42 percent stake in Grupo Iusacell S.A. de C.V., Mexico's largest independent cellular company. Bell Atlantic, based in Philadelphia, paid $1.04 billion for 411.1 million shares. On Monday, Bell Atlantic acquired 185 million shares for $472 million. In November 1993, the company acquired 205.6 million shares in an initial investment of $520 million. Bell Atlantic now holds a 44 percent voting interest.
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AT&T TO TAKE CHARGE FOR CLOSING OF EO DIVISION
Date: 11 August 1994
By Bloomberg News
Bloomberg News
The AT&T Corporation said yesterday that it would take a $50 million to $80 million charge in the third quarter to shut down its EO Inc. unit. AT&T closed EO, which tried to pioneer a wireless communicator, on July 29 because of an inability to raise new capital. A spokesman said the charge would take no more than 4 cents a share off the company's earnings for the year, not enough to affect AT&T's ability to meet its earnings targets. EO's machines, which combined fax, electronic mail, telephone and personal computer capabilities in a mobile device, were among the first of their kind, but potential buyers found them expensive and difficult to use. AT&T had a 52 percent stake in EO.
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WELLS FARGO EXECUTIVE NAMED AS HOUSEHOLD CHIEF
Date: 11 August 1994
By Bloomberg News
Bloomberg News
Household International Inc. named William F. Aldinger, vice chairman of Wells Fargo Bank, as president and chief executive yesterday. Mr. Aldinger, 47 years old, fills a gap in the management of Household International that was left after Edwin P. Hoffman, its president and chief operating officer, died from a heart attack in April 1993. Mr. Hoffman had been expected to become chief executive in May 1993. Mr. Aldinger assumes the title of chief executive from Donald C. Clark, 63, who will continue as chairman of Household, a financial services conglomerate based in Prospect Heights, Ill.
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AMERITECH TO SUPPLY EDS WITH INTERNAL PHONE SYSTEM
Date: 11 August 1994
By Bloomberg News
Bloomberg News
The Ameritech Corporation said it would provide an internal telephone system for Electronic Data Systems, a subsidiary of the General Motors Corporation. The seven-year agreement, which the company is calling its largest telephone contract to date, will extend Ameritech's reach to more than 40 states. Ameritech officials declined to give details, but said that the company's previous largest contract was worth between $100 million and $200 million. "Outsourcing gives Ameritech a new way to grow, and the E.D.S. contract is representative of Ameritech's current and future capabilities," said Jack Reich, president of the company's custom business services.
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