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3rd of May 1995 News
Ειδήσεις όπως εμφανίστηκαν στην πρώτη σελίδα των New York Times στο 3 Μαΐου 1995
COMERICA TO ACQUIRE METROBANK OF LOS ANGELES
Date: 04 May 1995
By Bloomberg News
Bloomberg News
Moving to expand its operations in Southern California, Comerica Inc. of Detroit agreed yesterday to acquire Metrobank of Los Angeles in a stock swap valued at about $120 million. The acquisition of Metrobank will add $1.3 billion in assets and seven offices to Comerica's $2.6 billion in assets and network of 32 branches, most of which are in Northern California. Each Metrobank share will be exchanged for 0.789 share of Comerica. The exchange values shares of Metrobank at $22.38 each, based on Comerica's closing stock price of $28.375 yesterday on the New York Stock Exchange. Shares of Metrobank gained $5.25, to $20.75, on the American Stock Exchange.
Full Article
DICKSTEIN PARTNERS MAKES BID FOR HILLS STORES
Date: 04 May 1995
By Bloomberg News
Bloomberg News
Dickstein Partners Inc. offered to buy the Hills Stores Company yesterday for $25 a share in cash, or $242 million. Dickstein, an investment firm in New York, already owns 10 percent of Hills, a discount retailer based in Canton, Mass. Dickstein has struggled with the management of Hills since last summer to find ways to raise the company's stock price, and has failed in attempts to gain control of the board and force a buyback of Hills shares. Dickstein now says it is concerned about the company's plans to accelerate its expansion. "Our interest is no longer in influencing the existing management but in forcing the sale of the company," Mark Dickstein, the firm's president, said. Shares of Hills, which said it was reviwewing the offer, rose $2.875, to $23.50, on the New York Stock Exchange.
Full Article
USAIR GROUP REACHES AGREEMENT WITH TWO UNIONS
Date: 04 May 1995
By Bloomberg News
Bloomberg News
USAir Group Inc. and the International Association of Machinists said yesterday that they had agreed in principle on wages and other concessions covering fleet service employees and mechanics. The I.A.M. represents about 8,000 mechanics and related employees and 6,500 fleet service employees. A spokesman for USAir declined to give details about the agreement but said it was part of the company's long-term plan to cut costs by $1 billion a year through management and labor cuts. USAir, based in Arlington, Va., has already reached an agreement with the pilots' union, but has yet to reach agreements with the unions representing flight attendants and transport workers.
Full Article
FLEET UNIT BUYS MORTGAGE SERVICING FROM HOUSEHOLD
Date: 03 May 1995
By Bloomberg News
Bloomberg News
A unit of Fleet Financial Group Inc. bought $13.1 billion of mortgage servicing rights yesterday from Household International Inc. Mortgage servicing rights are the fees that banks earn for collecting homeowners' monthly mortgage payments and passing them on to the institution that owns the loans. Fleet Mortgage Group also agreed to service Household's $1.9 billion portfolio of home mortgages. Fleet's mortgage servicing portfolio is now at $105 billion, up almost 28 percent from the $82.2 billion it held at the end of 1994, according to Gerald L. Baker, chairman and chief executive of Fleet Mortgage.
Full Article
CHASE MANHATTAN TO SHUT FUTURES UNIT, CUTTING 170 JOBS
Date: 03 May 1995
By Bloomberg News
Bloomberg News
The Chase Manhattan Corporation said yesterday that it would close its worldwide futures business, laying off about 170 people. Chase, the sixth-largest United States bank, had tried to find a buyer for the Chase Manhattan Futures Corporation for about a month, according to those familiar with the situation. Most of the bank's futures traders will lose their jobs within a week. Those employed in clearing and execution will work for another three to six months as Chase closes its business, an official said. Chase will lay off 100 in New York and Chicago, 50 in London, 17 in France and a few in Ireland and Singapore.
Full Article
KEMPER TO BUY DREMAN VALUE FOR ABOUT $35 MILLION
Date: 03 May 1995
By Bloomberg News
Bloomberg News
The Kemper Corporation's money management unit said yesterday that it would buy Dreman Value Management L.P. in a move analysts said was intended to improve the firm's image as a stock picker. Kemper Financial Services Inc. would purchase Dreman Value Management's $1.6 billion of assets under management, including four mutual funds, for about $35 million, according to those familiar with the transaction. Kemper Financial Services, which has about $62 billion in assets, is the 11th-largest United States mutual fund company, although it has been losing assets while the mutual fund industry surged.
Full Article
FORD GETS 4% PRICE CUT FROM SOME STEELMAKERS
Date: 03 May 1995
By Bloomberg News
Bloomberg News
The Ford Motor Company said that some steelmakers, which it would not name, had agreed to cut their prices 4 percent, effective this week, in a joint effort to reduce costs for both the auto maker and its steel suppliers. Faced with rising costs of raw material and a slowdown in United States auto sales, Ford requested the cut while promising to take steps that will mean savings for the steel companies, Ford officials said. Ford, which spends about $2 billion a year for steel, signed three-year agreements with steelmakers last year that raised prices an average of 8 percent in the first year and a total of 5 percent in the remaining two years.
Full Article
CSX TAKING 2D-QUARTER PRETAX CHARGE TO ELIMINATE JOBS
Date: 03 May 1995
By Bloomberg News
Bloomberg News
The CSX Corporation of Richmond, Va., said yesterday that it would take a second-quarter pretax charge of $200 million to $250 million to eliminate an undetermined number of jobs and overhaul its telecommunications network. The company has not yet determined how many positions would be cut, said Suzanne S. Walston, a spokeswoman for the railroad and transportation company. Part of the charge stems from CSX's 10-year agreement, announced yesterday, for the AT&T Corporation to design and manage a new telecommunications system for the company. As a result, CSX will write down the value of certain telecommunications assets. Shares of CSX fell 12.5 cents yesterday, to $79.125, in Nasdaq trading.
Full Article
Moving Day At The News
Date: 04 May 1995
By Douglas Martin
Douglas Martin
Yesterday, as Daily News reporters and editors packed up their notebooks and personal treasures, the memories came back: The clatter of presses and acrid perfume of printer's ink. The pressmen with smudged faces and paper hats imbibing at Louie's East and other neighborhood saloons. Researchers answering hundreds of thousands of visitors' questions a year. Santa Claus in the lobby at Christmas. After 65 years and billions of papers, The Daily News is to move today from the landmark Art Deco skyscraper it built in 1930 at 42d Street and Second Avenue. On Monday, when the move is complete, some 500 news employees will occupy a single floor in an office building at 33d Street and 10th Avenue.
Full Article
Delphi Internet Plans to Hire 750 People
Date: 04 May 1995
By Bloomberg News
Bloomberg News
The Delphi Internet Services Corporation said today that it expected to hire more than 750 people to work in new offices in New York and the Boston area. The New York office, at 620 Avenue of the Americas in Manhattan, is meant to help the company make inroads into the United States publishing market.
Full Article