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2nd of October 1995 News
Ειδήσεις όπως εμφανίστηκαν στην πρώτη σελίδα των New York Times στο 2 Οκτωβρίου 1995
CNN and Others Look Past the Trial
Date: 02 October 1995
By Lawrie Mifflin
Lawrie Mifflin
Last spring, Cable News Network decided to introduce an hourlong program to cover world events extensively, with co-anchors in London and Washington, competing directly with the evening newscasts of the broadcast networks. Two months ago, CNN was all set to go, with only one thing holding it up: the O. J. Simpson trial. Such is the golden straitjacket that the Simpson trial has put on CNN. The same constraint to a lesser extent has been felt at the other two channels that have carried virtually every minute of the proceedings in Judge Lance Ito's courtroom: Court TV and E! Entertainment Television.
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The Not-So-Free Eastern European Press
Date: 02 October 1995
Pity the Romanian journalist who publishes evidence that a policeman is on the take. Under an amendment to the Criminal Code passed last week, the journalist could serve seven years in jail for insulting a public official, even if the story was true. The amendment awaits the signature of President Ion Iliescu, who is now visiting the United States in search of preferential trading status, among other treasure. The Clinton Administration should take the opportunity to encourage him to scrap this and several other proposed laws that not only revive defamation standards in effect under the dictator Nicolae Ceausescu but stiffen penalties.
Full Article
Nigeria Chief Offers Foes Concessions
Date: 02 October 1995
By Howard W. French
Howard French
In a bid to defuse Nigeria's increasing political tensions, the country's leader, Gen. Sani Abacha, said today that he would commute the death sentences looming for as many as 40 opponents of his military Government and that he would hand over power to an elected government in three years. Making repeated references to foreign friends, whose forbearance he solicited openly, General Abacha seemed to have carefully tailored his early-morning announcement to break the deepening international isolation of Africa's most populous country. Since democratic elections were annulled two years ago, and their apparent winner imprisoned, the Nigerian leader has been increasingly accused of human rights abuses and of denying the country the opportunity for democracy.
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INTERMET SAYS OFFER WAS UNSOLICITED
Date: 03 October 1995
By Bloomberg News
Bloomberg News
The Intermet Corporation, a maker of precision iron parts for auto makers and other industrial customers, said yesterday that it had received an unsolicited offer worth $337.5 million from GWM Inc. of Atlanta and Kelso & Company, the New York-based investment bank, to acquire all of Intermet's common stock for $13.50 a share in cash. The stock of Intermet, which has moved its headquarters from Atlanta to Detroit, rose $1.875, to $13.125, on Nasdaq. "It's an absurdly low offer," said Phillip Fricke, a Prudential Securities analyst. Intermet said its board had not yet reviewed the proposal. Intermet reported a loss of $11 million on sales of $501 million in 1994.
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KELLOGG TO CLOSE A CEREAL PLANT IN CALIFORNIA
Date: 03 October 1995
By Bloomberg News
Bloomberg News
The Kellogg Company said yesterday that it would close its cereal plant in San Leandro, Calif., by December, eliminating 325 jobs. Kellogg, the nation's largest cereal maker, said in August that it was considering shutting the plant, which is the smallest of the company's six in the United States. At that time, Kellogg also said it planned to cut 800 jobs in Battle Creek, Mich., where it is based, and eliminate 75 jobs from its plant in Memphis, which employs 600. Kellogg said previously that the California cuts could save $20 million to $30 million annually and that they would reduce overcapacity in the slow-growing domestic cereal market. Kellogg had 15,500 workers worldwide before the August reductions were announced.
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TRACOR PLANS TO BUY AEL INDUSTRIES FOR $114 MILLION
Date: 03 October 1995
By Bloomberg News
Bloomberg News
Tracor Inc., a maker of electronic systems for the military, said yesterday that it would acquire AEL Industries for $28 a share, or a total of about $114.8 million. The stock of AEL, which makes electronic systems like radar equipment, rose 75 cents, to $27, on Nasdaq. The stock of Tracor, which is based in Austin, Tex., fell 62.5 cents, to $15.875. AEL is based in Lansdale, Pa.
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IDEX BUYS MAKER OF RESCUE EQUIPMENT FOR $35 MILLION
Date: 03 October 1995
By Bloomberg News
Bloomberg News
The Idex Corporation said yesterday that it had acquired Lukas Hydraulik G.m.b.H. of Germany for about $35 million in cash, making it the world's largest maker of emergency rescue tools. Idex plans to fold Lukas, the largest maker of rescue tools in Europe, into its Hale unit, which makes firefighting pumps and rescue tools under the brand name Hurst Jaws of Life. The shares of Idex rose $1, to $36.75, on the New York Stock Exchange. Lukas had revenue of $25 million last year. Idex said it planned to expand the rescue tools business by adding products and by entering new markets.
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AT&T INTERACTIVE SYSTEM DRAWS TOO LITTLE INTEREST
Date: 03 October 1995
By Bloomberg News
Bloomberg News
The AT&T Corporation said yesterday that it was shelving its Home Center interactive television system because it did not attract enough consumer interest. AT&T also said it had failed to sign up enough service providers to make the system affordable. AT&T tested system prototypes this summer and found that most consumers were unwilling to pay for it. The system was to include a remote control and a computer box that sits atop a television set. It was intended to let users look at television listings, listen to their telephone messages, pay bills, check the value of stock portfolios and receive local weather and traffic updates.
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TEXACO TO CUT ITS WORK FORCE BY ANOTHER 1,500
Date: 03 October 1995
By Bloomberg News
Bloomberg News
Texaco Inc. said yesterday that it expected to post a charge of $55 million against earnings for the third quarter to cut its work force by an additional 1,500 people. Texaco, the oil company based in White Plains, said it had already reduced its work force by 2,500 people under a plan announced in June 1994. The plan, which included the sale of assets and changes in management, has produced $300 million in annual savings, the company said. Texaco said it would extend the plan to save another $150 million a year by eliminating the 1,500 jobs by the end of 1996. The jobs will be cut through continuing efforts to reduce the management ranks and by giving work to outside vendors. The company employs about 26,000 people.
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JUDGE DENIES REQUEST TO BLOCK A BID FOR BALLY GAMING
Date: 03 October 1995
By Bloomberg News
Bloomberg News
A Federal judge has denied a request by Bally Gaming International Inc. and WMS Industries for a preliminary injunction to block the Alliance Gaming Corporation's hostile effort to acquire Bally. In a Sept. 5 suit, Bally Gaming and WMS argued that Alliance had not adequately disclosed details about its investors and its ability to complete the transaction. United States District Judge Sue Robinson in Wilmington, Del., ruled that enough public information was available on Alliance for investors to make decisions on whether to support Alliance's bid or Bally Gaming's agreement to be acquired by WMS. Alliance said yesterday that it had extended its tender offer to acquire Bally Gaming, which makes slot and video gaming machines and is based in Las Vegas, Nev., to Oct. 16. Alliance has offered to buy 59.5 percent of Bally Gaming's shares for $13 each in cash.
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