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8th of February 1996 News
Nyheter som framträdde på New York Times framsida den 8 februari 1996
COMPANY REPORTS;News Corporation Plans Big Cutbacks at On-Line Unit
Date: 08 February 1996
By Mark Landler
Mark Landler
The News Corporation is joining the growing roster of communications companies that are shelving their on-line services and placing their bets on the Internet. Executives close to the News Corporation said yesterday that the company's on-line service, News Corp. Internet, would dismiss nearly half its 515 employees today. The cutbacks will come a week after MCI Communications announced that it would reduce its 50 percent stake in the service, and would back a rival on-line service just started by the Microsoft Corporation.
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INTERNATIONAL BRIEFS;Media Merger Planned By British Companies
Date: 09 February 1996
MAI Group P.L.C. and United News and Media P.L.C. said yesterday that they would merge, creating a $4.4 billion British media company. MAI's shareholders are to be offered 64 United Media shares for each 100 ordinary shares held. United News will own 50.7 percent of the unnamed new company. The merger is intended to capitalize on a bill now before Parliament. Under the current broadcasting laws, United News's national papers like The Daily Express, The Sunday Express and The Daily Star would not be allowed to merge with MAI, which has television broadcasting licenses. The companies are structuring the transaction to conform to existing law by placing the national newspapers in a separate unit. The new company will also sell some of MAI's financial services businesses. (Bloomberg Business News)
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COMPANY NEWS;STOCK OF DYNATECH UP ON NEWS IT WILL SELL UNITS
Date: 08 February 1996
Bloomberg Business News
Bloomberg News
The Dynatech Corporation's stock jumped as much as 14 percent yesterday after the company said it would sell seven units to focus on communications technology and would buy back as many as a million of its shares. Dynatech ended up $1.875 at $21.125. Dynatech, which is based in Burlington, Mass., said it planned to sell seven broadcast video equipment and data transmission operations, plus four medical and diagnostic operations that were earmarked for sale last month. The 11 businesses have total annual sales of $180 million. Dynatech said it expected the sale of the 11 businesses to net about $100 million. After the sale the company will have three core businesses: communications test instruments, industrial and scientific communications systems, and nonbroadcast video technologies.
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NEWS SUMMARY
Date: 08 February 1996
International A3-15
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NEWS SUMMARY
Date: 09 February 1996
International A3-12
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More Bad News on Foster Care
Date: 08 February 1996
The Federal Government has filed a civil lawsuit contending that New York City bilked it of millions of dollars for foster care services that were not delivered. Washington says that most of the alleged transgressions occurred during the Dinkins administration. But it is Mayor Rudolph Giuliani, already strapped for money to cover the municipal deficit, who will have to pay up if the Government wins the case. City officials insist that the suit is more about bookkeeping errors than fraud. This case will play itself out over time. But there may be consolation for Mr. Giuliani even if he loses. The case portrays a child welfare system run for the convenience of bureaucrats at the expense of abused children. Mr. Giuliani himself has lately agreed that the system is in poor shape. Of course he questions whether shelling out $100 million in damages is the best way to shape it up. But the lawsuit's all-too-familiar description of shoddy record-keeping and poor management should give new urgency to his efforts to reform an agency that has clearly fallen short in its mission to protect New York's most vulnerable children.
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COMPANY NEWS;GENCORP OFFERS EARLY RETIREMENTS IN REVAMPING
Date: 08 February 1996
Bloomberg Business News
Bloomberg News
Gencorp Inc., a maker of aerospace and automotive products, said yesterday that it was offering early retirement to 100 employees and eliminating its office of chief executive in a reorganization aimed at making the company more competitive. As part of the plan, four Gencorp officers, including two in the four-member office of chief executive, will retire early. The moves will result in a charge against earnings of an undisclosed amount.
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COMPANY NEWS;UNILEVER TO REVAMP, CLOSING A U.S. PLANT
Date: 09 February 1996
Bloomberg Business News
Bloomberg News
Unilever N.V. said yesterday that it would restructure its European foods businesses and close its Lever Brothers powder laundry detergent operation in St. Louis, taking charges in the fourth quarter of $344 million. In a statement late yesterday, Unilever declined to provide details of the restructuring. The British-Dutch consumer products company said its Lever Brothers American subsidiary would transfer production of Surf, All and Rinso powder detergent from St. Louis to its Cartersville, Ga., plant by the end of the year. It will continue to make dishwashing liquids and fabric softeners in St. Louis. About half of the 450 employees at the St. Louis plant "could be affected" by the closing, the plant's manager, Jim Hartman, said. He would not be more specific. A Unilever spokesman, John Gould, said the company would have no further comment on the revamping until the company released its fourth-quarter results on Feb. 20.
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COMPANY NEWS;SOROS TRIMS STAKE IN NEWMONT MINING
Date: 08 February 1996
The billionaire investor George Soros has cut his stake in the Newmont Mining Corporation to 9.1 percent from 10.67 percent. Mr. Soros sold 1.33 million common shares at $56.50 a share to $59.53 a share, between Jan. 22 and Monday, according to a filing yesterday with the Securities and Exchange Commission. Mr. Soros reported holding the 10.67 percent stake last Nov. 14. A Soros associate, Stanley Druckenmiller, who files jointly with Mr. Soros, cut his stake in the company to 1 percent, from the 1.5 percent that he previously held. Newmont, based in Denver, explores for gold and has refining arrangements with domestic and foreign refiners. The company's shares closed today at $57, down $2.75.
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COMPANY NEWS;LITTON INDUSTRIES BUYS SPERRY MARINE
Date: 09 February 1996
Bloomberg Business News
Bloomberg News
Litton Industries Inc. will purchase Sperry Marine Inc., a maker of navigation and guidance systems, for about $160 million, the companies said yesterday. Litton, which makes military electronics systems as well as destroyers for the Navy, will give Sperry's owner, the investment partnership J. F. Lehman & Company, two million shares of common stock and will assume Sperry's $52 million debt. Additionally, it will purchase the company's preferred stock, worth about $7 million. Sperry is based in Charlottesville, Va., and its operations will remain in Virginia. In New York Stock Exchange trading yesterday, shares of Litton closed unchanged at $49.25 before the deal was announced. Sperry's 1995 sales totaled $145 million. Litton's sales last year were $3.32 million.
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