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24th of June 1995 News
Nyheter som framträdde på New York Times framsida den 24 juni 1995
International Briefs; News Corp. Gets Rugby
Date: 24 June 1995
By Bloomberg News
Bloomberg News
The News Corporation, headed by Rupert Murdoch, signed a $550 million, 10-year agreement for the exclusive worldwide broadcast rights to rugby union in Australia, New Zealand and South Africa. The agreement, announced by the News Corporation and rugby officials on the eve of the rugby union world cup final being played in Johannesburg, gives Mr. Murdoch a dominant position in the television rights to the two dominant forms of rugby: league and union. The union agreement begins next year.
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Summer Musings
Date: 25 June 1995
By Max Frankel
Max Frankel
ON THE WAY TO A SUMMER'S sabbatical, I've been rummaging in a file marked "Media Thoughts Rarely Examined in the Media." Here are some of the seeds that I wish I had brought to life over the last nine months. Policy Rut: "When Social Security was enacted, life expectancy was only 62 -- three years less [ my emphasis ] than retirement with full benefits. Today, life expectancy is 76 and still climbing. With the same relationship today, retirement would be set at almost 80!" -- Jessica Mathews in The Washington Post.
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'Hello. This is Alan Smith of the National Enquirer . . . About that matter we discussed. Had you ever seen signs of O.J.'s violent side before?'
Date: 25 June 1995
By Pat Jordan
Pat Jordan
Alan Smith, A.K.A. Alan Braham Smith, a.k.a. Braham Smith, a.k.a. "the Big Dog," lives in a big, expensive house on a hill in Calabasas, Calif., in the San Fernando Valley. The house is built in a land of earthquakes, mud slides, fires and floods, which is why Smith sleeps in shorts with four pockets. He stuffs those pockets with his wallet, credit cards, cash and car keys in case of a catastrophe. Smith doesn't fear catastrophes; he just always likes to be meticulously prepared.
At 9 A.M. Smith's face brightens. He pads past photographs of himself with celebrities like Tom Arnold and Roseanne up to his second-floor office. "I can't wait to get out of bed in the morning," he says. "Make the calls, work 10 stories at a time. I love the adrenaline rush. You're like a soldier in a war."
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FLEET FINANCIAL SAID TO SEEK STOCK REPURCHASE
Date: 24 June 1995
By Bloomberg News
Bloomberg News
Fleet Financial Group Inc. wants to buy back a stake worth as much as $1 billion from the investment banking firm Kohlberg, Kravis, Roberts & Company, people close to the companies said yesterday, confirming a report in The Wall Street Journal. The buyback would clear an obstacle to Fleet's $3.7 billion stock swap acquisition of the Shawmut National Corporation of Boston, which is expected to close by the end of the year. Kohlberg, Kravis paid $283 million in 1991 for preferred shares of Fleet, based in Providence, R.I. Those shares can be converted into either Fleet common stock or 50 percent ownership stakes in the company's Massachusetts and Connecticut bank units.
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NEW ENGLAND INVESTMENT TO ACQUIRE HARRIS ASSOCIATES
Date: 24 June 1995
By Bloomberg News
Bloomberg News
The New England Investment Companies L.P. agreed yesterday to acquire the Chicago-based Harris Associates L.P., which manages the Oakmark family of funds. New England Investment, based in Boston, said it would pay $175 million now and make another payment in 1997 based on how much Harris earns in 1996. After buying Harris, New England Investment will have more than $70 billion in assets, making it the nation's fourth- largest publicly traded money-management firm. Harris oversees about $6.5 billion in assets, including about $3.2 billion invested in two proprietary mutual funds: the Oakmark Fund and the Oakmark International Fund. New England Investment oversees about $65 billion in assets, including about $14 billion invested in mutual funds.
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U.S. CAN STOCK IS OFF 12% ON EXPECTED EARNINGS SLIDE
Date: 24 June 1995
By Bloomberg News
Bloomberg News
The stock of the U.S. Can Corporation fell 12 percent after the company said second-quarter earnings will fall significantly below analysts' estimates. Earnings for the quarter will be in the low- to mid-30 cents-a-share range, compared with Wall Street estimates of more than 50 cents a share, according to the company, a metal container maker, based in Oak Brook, Ill. The company said it also did not expect to meet analysts' expectations for the year as a whole. U.S. Can's stock was down $2.125, at $14.375, on the New York Stock Exchange.
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Packard Bell Faces a Joint Investigation
Date: 24 June 1995
By Bloomberg News
Bloomberg News
The sales practices of Packard Bell Electronics Inc. are under investigation by 12 states trying to determine if the company deceptively markets personal computers that contain used parts. The joint investigation, led by Florida and Illinois, is trying to find out if the company, which is based in Chatsworth, Calif., sells home computers as new even if they contain parts from returned equipment, said Joe Bizzaro, spokesman for Florida's Attorney General.
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International Briefs; India Phone Bids
Date: 24 June 1995
By Bloomberg News
Bloomberg News
The Indian Government accepted bids yesterday from 16 groups wishing to run local telephone services. A venture between the Nynex Corporation and Reliance Industries, India's largest petrochemicals company, submitted the most bids, competing for 20 of the 21 licenses available. An Israeli telecommunications group, Bezeq, and HFCL of India were second, jointly seeking nine licenses. All 16 groups are joint ventures of a foreign company and an Indian concern, with the Indian company holding the majority stake. The winners will be chosen by Sept. 15.
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International Briefs; Banque Pallas Dispute
Date: 24 June 1995
By Bloomberg News
Bloomberg News
The Bank of France said yesterday that its supervisory arm, the banking commission, had named an administrator to oversee Banque Pallas Stern of Paris. The bank is trying to resolve a dispute with its parent company over repayment of 3 billion francs $616 million tied up in bad property loans. Pallas is a small bank that has a high profile partly because it is owned by several blue-chip French and foreign companies through a holding company called Comipar. Comipar acquired the bad loans by buying them from the bank.
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Royal Mail Takes On U.S. Postal Service
Date: 24 June 1995
By Bloomberg News
Bloomberg News
The Royal Mail, a part of the British Post Office, is teaming up with the Metromail Corporation of Chicago to challenge the United States Postal Service in the $1.5 billion business of sending Americans' bulk mail overseas. Metromail, a unit of R. R. Donnelley & Sons, will use the Royal Mail as its preferred carrier for Donnelley's direct-marketing clients that want to make inroads in Britain and other European countries. In turn, the Royal Mail will offer North American clients access to Metromail's direct-marketing services.
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