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11th of May 1994 News
Ειδήσεις όπως εμφανίστηκαν στην πρώτη σελίδα των New York Times στο 11 Μαΐου 1994
BBC Plans International Expansion
Date: 11 May 1994
By Richard W. Stevenson
Richard Stevenson
In an effort to take a bigger share of rapidly growing television markets around the world, the British Broadcasting Corporation said today that it planned to create news and entertainment channels in Europe, Asia and the United States. The BBC said its international expansion, which would put it in more direct competition with the likes of Ted Turner, Rupert Murdoch and the American broadcasting networks, would take place through a partnership with Pearson P.L.C., one of Britain's largest communications companies.
Full Article
Press Balks at Security Plan for World Cup
Date: 11 May 1994
By William Glaberson
William Glaberson
A dispute over an unusual demand for security checks of reporters who want to cover the coming soccer World Cup matches is threatening to disrupt news coverage of the international sports event. Citing a need to deter terrorism, the organizing committee of the soccer championship is requiring reporters seeking press credentials to sign waivers authorizing law-enforcement agencies to provide any information they may have about the reporters.
Full Article
Air Products' Charge Set
Date: 12 May 1994
By Bloomberg News
Bloomberg News
Air Products and Chemicals Inc. said today that it would take an after-tax charge of $60 million, because of derivatives contracts it entered into with the Bankers Trust New York Corporation The company, which produces industrial gases, entered into five interest-rate swaps with Bankers Trust between October and December last year. The swaps were bets that United States and European interest rates would remain stable and were "leveraged," meaning that profits, or losses, could multiply very quickly.
Full Article
SHARES OF INSTRUMENT SYSTEMS DECLINE 18.6%
Date: 12 May 1994
By Bloomberg News
Bloomberg News
Shares of the Instrument Systems Corporation fell 18.6 percent yesterday after the company said the Procter & Gamble Company had canceled a $28 million-a-year contract to buy thin plastic laminate for baby diapers. P.& G. has decided to buy a lower-cost diaper moisture barrier, said Robert Balemian, president of Instrument Systems, based in Jericho, L.I. He said that P.& G. agreed to buy $10 million to $15 million a year of other plastic diaper film from Instrument Systems and that these purchases will be phased in to replace the plastic laminate purchases over the next six months. Instrument Systems stock fell $1.625, to $7.125, on the New York Stock Exchange, where the percentage decline was the worst of the day.
Full Article
IDB MERGER 'UNLIKELY,' PEOPLES TELEPHONE SAYS
Date: 11 May 1994
By Bloomberg News
Bloomberg News
The Peoples Telephone Company said yesterday that it was "highly unlikely" it would complete a proposed merger with IDB Communications Group Inc. Peoples, an operator of pay telephones based in Miami, also said it expected first-quarter earnings of 5 cents a share -- half that estimated by analysts -- and said it would cut jobs.
Full Article
TEMPLE-INLAND UNIT BUYS PACKAGING COMPANY
Date: 11 May 1994
By Bloomberg News
Bloomberg News
The Inland Container Corporation, a unit of the Temple-Inland Company, said yesterday that it had bought the Rand-Whitney Packaging Group for $57.5 million and other considerations. Rand-Whitney Packaging, one of four units of the Rand-Whitney Group, makes litho-laminate corrugated packaging and high-graphics folding cartons. Inland, of Indianapolis, will get three manufacturing plants, which are in Leominster, Mass.; Harrington, Del., and Montville, Conn. Inland, one of the world's largest makers of containerboard and corrugated products, had sales of $1.25 billion last year.
Full Article
BENSON OFFERS $21 A SHARE FOR OPTICAL RADIATION
Date: 12 May 1994
By Bloomberg News
Bloomberg News
The Benson Eyecare Corporation renewed its effort to acquire the Optical Radiation Corporation by submitting an offer of $21 a share. Benson, based in New York, already holds a 9 percent stake in Optical Radiation and would pay about $111 million to acquire the remaining 5.3 million outstanding shares, according to a filing with the Securities and Exchange Commission. Investors would receive $17 in cash and $4 in Benson common stock for each Optical Radiation share, the filing said. Benson asked Optical Radiation, based in Azusa, Calif., to respond by next Wednesday. Last summer, Optical Radiation spurned overtures from Benson. Shares of Optical Radiation rose 75 cents yesterday, to $21, in Nasdaq trading. Benson's stock was unchanged at $7.50 on the American Stock Exchange.
Full Article
MIRAGE IN AGREEMENT FOR NEW RESORT ON LAS VEGAS STRIP
Date: 12 May 1994
By Bloomberg News
Bloomberg News
Mirage Resorts Inc. and Gold Strike Resorts plan to develop a $250 million resort on the Strip in Las Vegas, Nev., that will be geared toward budget-conscious vacationers. The two companies agreed to build the resort on 43 acres at the south end of a site that formerly housed the Dunes casino-hotel, Mirage said. It will be across from the MGM Grand complex and will connect with Mirage's planned luxury resort at the Dunes-Flamingo corner. The closely held Gold Strike will manage the 50-50 project. The resort is expected to open in mid-1996.
Full Article
TENNECO MAY SELL MAJORITY OF CASE BY END OF YEAR
Date: 11 May 1994
By Bloomberg News
Bloomberg News
Tenneco Inc., which said last month that it would sell 35 percent of its Case Corporation farm and construction equipment subsidiary in an initial public offering, said yesterday that it might sell more than 50 percent of Case -- possibly by the end of the year -- if market conditions are right. Tenneco's chief executive, Dana Mead, also told shareholders at the company's annual meeting that it plans to double the specialty packaging part of its Packaging Corporation of America unit in the next five years. Tenneco's board also elected Mr. Mead to the added post of chairman, replacing Michael H. Walsh, who died on Friday after a 16-month battle with brain cancer. Tenneco's stock closed up 62.5 cents yesterday, at $46.125, on the New York Stock Exchange.
Full Article
AUCTION COMPANY BUYING IDLED GENERAL MOTORS PLANT
Date: 11 May 1994
By Bloomberg News
Bloomberg News
The General Motors Corporation said yesterday that it had agreed to sell its idled auto assembly plant in Framingham, Mass., to the Adesa Corporation, a vehicle auction company. The price was not disclosed. Adesa plans to move and expand its current auction site in Acton, Mass., and open the Framingham center in the fall of 1994. Adesa's president and chief operating officer, D. Michael Hockett, said the company had been "searching for a facility to accommodate the tremendous growth we have experienced" since it bought a Boston-area auto auction in November 1992. Adesa, based in Indianapolis, also has locations in Kentucky, Ohio, Alabama, Indiana and Tennessee.
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