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the N deficit would have been nearly $ N billion larger had the government been able to spend as much as congress intended on cleaning up the thrift industry before the year ended on sept. N |
because the resolution trust corp could n't spend the money fast enough the savings-and-loan outlays were pushed into fiscal N |
nevertheless the N deficit still exceeded the $ N billion target set by the gramm-rudman deficit-reduction law by $ N billion a reminder of that law 's <unk> |
the law sets a deficit target of $ N billion for fiscal N |
a <unk> fight over cutting capital-gains taxes has slowed the progress of N deficit-reduction legislation almost to a halt triggering across-the-board spending cuts under the gramm-rudman law |
the white house and the democratic leadership in congress blame each other for turning capital-gains taxes into such a divisive issue this year |
neither side showed any sign of retreating |
meeting with reporters friday mr. darman again said he would rather live with across-the-board spending cuts than accept a deficit-reduction bill like the one passed by the house which would increase spending in future years |
<unk> the size of the deficits of the past few years the treasury report showed that for the first time interest paid on the public debt $ N billion exceeded spending on social security the single largest government program |
in all federal outlays amounted to $ N trillion in N up N N from the previous year the treasury said |
federal revenues rose N N to $ N billion |
the treasury said a surge in tax receipts noted earlier in the year did n't turn out to be quite as strong as it first appeared |
the treasury marked up its forecast by $ N million in july but that proved to be about $ N billion too optimistic |
the government ran a deficit of $ N billion in september compared with a surplus of $ N billion in september N |
outlays for the month totaled $ N billion up from $ N billion a year earlier |
the increase reflects spending on the s&l rescue as well as payroll and social security checks normally issued in october that were issued in september this year because oct. N fell on a sunday |
revenues were $ N billion up from $ N billion a year earlier |
cms energy corp. said it would begin paying a <unk> quarterly dividend the company 's first since N |
consumers power co. now the main unit of cms energy ran into financial problems over its $ N billion midland nuclear plant which was abandoned as a nuclear facility in N because of construction delays and high costs |
cms is nearly done converting the midland plant to a <unk> <unk> facility at a cost of $ N million |
cms management said thursday that they planned to recommend paying a modest dividend when the board of directors met friday |
the dividend will be paid nov. N to shares of record nov. N |
the company suffered a loss of $ N million in N but its financial situation has been improving since then |
humana inc. said it expects to receive about $ N million in federal income-tax refunds and interest from a court ruling on a tax dispute |
the health-care company said it expects the refund to be included in the first quarter ending nov. N |
the refund is about $ N million |
accrued interest on the refund was about $ N million as of oct. N |
the refund stems from a court ruling that found certain payments by humana subsidiaries to its insurance subsidiary during fiscal N through N were deductible as premiums for liability insurance |
polly peck international inc. 's agreement to acquire N N of sansui electric co. proves that foreign companies can acquire japanese companies if the alternative for the japanese company is <unk> |
polly peck a fast-growing british conglomerate will pay N billion yen $ N million for N million new shares of sansui a well-known maker of <unk> audio equipment that failed to adjust to changing market conditions |
japanese government officials eager to <unk> foreign criticism of japanese investments overseas hailed the transaction as proof foreigners can make similar investments in japan |
polly peck 's chairman <unk> <unk> <unk> the official japanese view of the accord which was announced friday |
the <unk> that japan is not open to concerns from outside has i think been <unk> at a <unk> mr. <unk> said |
but analysts say sansui is a special case |
it expects to post a loss of N billion yen for the year ending tomorrow and its liabilities currently exceed its assets by about N billion yen |
if you find sound healthy companies in japan they are not for sale said george <unk> a <unk> at tokyo-based asia advisory services inc |
statistics on acquisitions by foreigners vary in detail because unlike sansui which is listed on the tokyo and osaka stock exchanges most of the japanese companies acquired by foreigners are privately held |
but by all accounts foreign companies have bought only a relative handful of japanese companies this year while japanese companies have acquired hundreds of foreign companies |
nor do analysts expect the sansui deal to touch off a fresh wave of foreign purchases |
if the strong yen and the high stock prices of japanese companies were n't <unk> enough <unk> of <unk> between friendly japanese companies and fiercely independent japanese corporate attitudes <unk> most would-be <unk> |
usually when a japanese company is ready to sell it has few alternatives remaining and the grim <unk> of sansui 's directors at a joint news conference here left little doubt that this was not the company 's <unk> hour |
sansui was once one of japan 's premier makers of expensive high-quality stereo gear for <unk> |
but in recent years the market has moved toward less expensive <unk> sets <unk> <unk> and <unk> and software players that could be <unk> on top of each other |
some of sansui 's fellow <unk> companies such as <unk> co. and pioneer electric corp. responded to the challenge by quickly bringing out <unk> products of their own by moving heavily into the booming compact disk businesses or by diversifying into other <unk> fields including laser disks or portable <unk> players |
sansui was late into the <unk> business and failed to branch into other new businesses |
as the yen soared in recent years sansui 's <unk> financial problems became a vicious circle |
while competitors moved production offshore in response to the sagging competitiveness of japanese factories sansui lacked the money to build new plants in southeast asia |
our company has not been able to cope very effectively with changes in the marketplace said <unk> <unk> sansui 's president |
but even a japanese company that looks like a dog may turn out to be a good investment for a foreign concern some management consultants maintain |
<unk> <unk> a management consultant for <unk> & hamilton japan inc. said his firm will likely be recommending acquisitions of japanese companies more often to foreign clients in the future |
attitudes toward being acquired are still negative but they 're becoming more positive mr. <unk> said |
in some industries like pharmaceuticals acquisitions make sense |
whether polly peck 's acquisition makes sense remains to be seen but at the news conference mr. <unk> <unk> with <unk> that he can turn sansui around |
sansui he said is a perfect fit for polly peck 's electronics operations which make <unk> videocassette recorders <unk> and other products on an original equipment maker basis for sale under other companies ' brand names |
he said polly peck will greatly expand sansui 's product line using sansui 's engineers to design the new products and will move sansui 's production of most products other than sophisticated audio gear offshore into polly peck 's own factories |
whatever capital it sansui needs so it can compete and become a totally global entity capable of competing with the best in the world that capital will be <unk> mr. <unk> said |
and while polly peck is n't <unk> the <unk> <unk> structure of sansui it is bringing in a former toshiba corp. executive as executive vice president and chief operating officer |
such risk taking is an everyday matter for the <unk> mr. <unk> who is N N owner of polly peck as well as its chairman |
he took polly peck once a small fabric <unk> and used it at as a base to build a conglomerate that has been doubling its profits annually since N |
in september it announced plans to acquire the <unk> business of rjr nabisco inc. 's del monte foods unit for # N million $ N million |
last month polly peck posted a N N jump in pretax profit for the first half to # N million from # N million on a N N rise in sales |
<unk> s. <unk> in london contributed to this article |
the bolstered cellular agreement between bellsouth corp. and lin broadcasting corp. carries heightened risks and could fail to fend off mccaw cellular communications inc. the rival suitor for lin |
moreover the amended pact shows how mccaw 's <unk> has pushed lin and bellsouth into a corner forcing huge debt on the proposed new company |
the debt estimated at $ N billion could mortgage the cellular company 's future earning power in order to <unk> some lin holders in the short term |
the plan still calls for lin to combine its cellular telephone properties with bellsouth 's and to spin off its broadcasting operations |
but under new terms of the agreement announced friday lin holders would receive a special cash dividend of $ N a share representing a payout of about $ N billion shortly before the proposed merger |
lin said it expects to borrow the money to pay the dividend but commitments from banks still have n't been obtained |
under previous terms holders would have received a dividend of only $ N a share |
in addition new york-based lin would exercise its right to buy out for $ N billion the N N equity interest of its partner metromedia co. in a new york cellular franchise |
that money also would have to be borrowed |
in effect mccaw has forced lin 's hand by bidding $ N billion for the stake earlier this month |
we 're taking on more debt than we would have liked to acknowledged michael <unk> lin 's vice president and treasurer |
although he expressed confidence that the proposed new company 's cash flow would be sufficient to cover interest payments on the debt he estimated that the company would n't be profitable until N or later |
analyst estimate the value of the bellsouth proposal at about $ N to $ N a share |
they value mccaw 's bid at $ N to $ N a share |
the previous bellsouth pact was valued at about $ N to $ N a share |
mccaw the largest provider of cellular telephone service in the u.s. already owns about N N of lin 's stock |
in response to bellsouth 's amended pact the <unk> wash. company extended its own offer to buy N million lin shares for $ N apiece which would give mccaw a N N controlling interest |
over the weekend mccaw continued to call for an auction of lin |
analysts said they expect mccaw to <unk> the bidding again |
this game is n't over yet said joel d. gross a vice president at donaldson lufkin & jenrette securities corp |
at some point it will become <unk> for one company |
but i do n't think we 're at that point yet |
under its revised proposal atlanta-based bellsouth would have a N N interest in the new cellular company and would be responsible for half of its debt |
to <unk> the pact further and to ease concerns of institutional investors bellsouth added a provision designed to give extra protection to holders if the regional bell company ever decides to buy the rest of the new cellular company |
the provision described as <unk> protection would require bellsouth to pay a price equivalent to what an outside party might have to pay |
mccaw 's bid also has a similar clause |
only mccaw 's proposal requires the company to begin an auction process in june N for remaining shares at <unk> prices |
to <unk> shareholders concerned about the long-term value of the company under the <unk> agreement bellsouth also agreed to pay as much as $ N a share or $ N million if after five years the trading value of the new cellular company is n't as high as the value that shareholders would have realized from the mccaw offer |
we 're very pleased with the new deal |
we did n't expect bellsouth to be so responsive said frederick a. <unk> president of <unk> asset management inc. which holds N lin shares |
bellsouth 's <unk> protection was flawed previously |
we think this is a superior deal to mccaw 's |
we 're surprised |
we did n't think a sleeping bell mentality would be willing to take on <unk> |
but kenneth leon a telecommunications analyst with bear stearns & co. finds the bellsouth proposal still flawed because the company does n't have to wait five years to begin buying more lin shares |
how many shares will be around in N he asked |
there 's nothing preventing bellsouth from buying up shares in the meanwhile |
bellsouth 's revised proposal surprised many industry analysts especially because of the company 's willingness to accept some <unk> of future earnings |
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