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the results <unk> analysts ' forecasts which averaged around # N million and marks & spencer responded in trading on london 's stock exchange with an eight pence rise to N pence |
profit after tax and minority interest but before extraordinary items rose N N to # N million per-share earnings rose to five pence from N pence |
marks declared an interim per-share dividend of N pence compared with N pence a year earlier |
sales increased N N to # N billion from # N billion while operating profit climbed N N to # N million from # N million |
sales in north america and the far east were inflated by acquisitions rising N N to # N million |
operating profit dropped N N however to # N million |
brooks brothers which marks bought last year saw operating profit drop in half to # N million |
federal and state thrift <unk> said they saw evidence of criminal wrongdoing in the collapse of lincoln savings & loan association and a california regulator described an attempted <unk> by deputies of chief federal regulator danny wall |
in a <unk> day of hearings before the house banking committee the <unk> described finding <unk> documents a <unk> panamanian subsidiary millions of dollars <unk> into a swiss bank and a <unk> attitude by mr. wall 's deputies one of whom was portrayed as acting more like a public-relations man for the thrift than a fed... |
a california official also said he sent the federal bureau of investigation a <unk> of documents relating to a previously reported $ N contribution from lincoln 's parent <unk> by sen. alan cranston d. calif |
federal examiner alex <unk> said lincoln 's operations amounted to <unk> debt to provide a <unk> life style for its owners |
another federal examiner john <unk> said lincoln 's principal owner charles keating jr. and his family drew off at least $ N million from the thrift in salaries bonuses and proceeds from securities sales in the N N years before federal authorities seized it earlier this year |
lincoln 's collapse may cost taxpayers as much as $ N billion according to estimates making it the most expensive thrift failure in history |
i think there 's overwhelming evidence to indicate probable criminal activity said mr. <unk> who participated last year in an examination of the irvine calif. thrift |
he said the evidence pointed to wrongdoing by mr. keating and others although he did n't <unk> any specific violation |
richard <unk> a california state official who last year examined lincoln 's parent american continental corp. said he also saw evidence that crimes had been committed |
it sure <unk> like it he said |
he said N N of the loans he <unk> were dead meat on the day they were made |
the state examiner also said supervisors of a parallel federal examination seemed so reluctant to demand write-downs of lincoln 's bad loans that he immediately grew <unk> |
later on my concerns about a <unk> became even more serious he said |
he called the sour loans <unk> and added you opened the file up and it just jumped at you |
leonard <unk> a washington attorney for lincoln 's parent corporation said in an interview we deny any criminal behavior by the association or its officers |
those who testified yesterday have consistently maintained that anyone who did n't agree with them is part of a <unk> a <unk> or the subject of excessive influence mr. <unk> said |
we simply do n't agree with that or the findings of their investigation |
mr. wall 's deputies complained that they had n't been given an opportunity to respond to the criticism brought out during the banking committee 's hearings which committee chairman henry gonzalez d. texas has used as a forum to <unk> mr. wall 's handling of the affair and to demand that he step aside from his job |
a couple of things mr. <unk> said were at least misleading said kevin o'connell one of the washington regulators responsible for the handling of lincoln |
in an interview he said federal regulators eventually declared one of the loans the state regulator cited to be a total loss and forced lincoln to make an $ N million downward adjustment on another |
our response to the <unk> would simply be look what happened another washington official alvin <unk> said in an interview |
federal officials seized the association in april a day after the parent corporation entered bankruptcy-law proceedings |
the government later brought a $ N billion fraud suit against mr. keating and others |
rep. gonzalez has complained that regulators waited far too long however ignoring a recommendation from regional officials to place lincoln into <unk> two years before it failed |
he took the reckless course of ignoring the evidence rep. gonzalez said |
state thrift examiner eugene <unk> said he found the chief federal examiner steve scott to be totally <unk> in one allegedly fraudulent series of transactions |
frankly it was like he worked for the lincoln public-relations department mr. <unk> testified |
and david <unk> a federal examiner who worked under mr. scott said he found his chief oddly upbeat about lincoln |
asked to comment a spokesman for mr. scott said mr. scott has spoken to his attorney who has advised him not to talk to anybody |
mr. <unk> said that a day or two before lincoln 's parent entered bankruptcy proceedings he and other <unk> saw a truck with a sign on it that said it was from the document destruction center |
we observed at least two large plastic bags of <unk> paper loaded into this truck |
mr. <unk> said the paper had been donated to a charitable organization that sells it for recycling |
they <unk> it simply because it contained financial information about their creditors and <unk> |
mr. <unk> said his <unk> were aroused by several foreign investments by lincoln including $ N million paid to credit suisse of switzerland an $ N million interest in saudi european bank in paris a $ N million investment in a <unk> trading company and a recently discovered holding in a <unk> company <unk> holdings |
mr. <unk> said i can see why an s&l examiner would regard these as unusual activities but said the overseas investments essentially broke even for the s&l |
ltv steel co. is boosting the prices of flat rolled steel products by an average of N N following a recent erosion in the prices of such crucial steel products |
the big questions are whether the increase effective jan. N N will stick and whether other major steelmakers will follow suit |
it is widely expected that they will |
the increase is on the base price which is already being discounted by virtually all steel producers |
but ltv 's move marks the first effort by a major steelmaker to counter the free fall in spot prices |
major steel producers are selling cold rolled sheet steel at about $ N a ton compared with a peak price of $ N a ton in N |
<unk> companies are receiving even less per ton |
ltv 's planned increase which was announced in an oct. N memo to district managers does n't affect <unk> steel or <unk> plate |
ltv confirmed the <unk> plan saying the move is designed to more accurately reflect the value of products and to put steel on more equal footing with other commodities |
a spokesman for ltv steel which is a unit of dallas-based ltv corp. noted that steel prices adjusted for inflation increased only N N between N and the fourth quarter of N while the prices of other industrial commodities increased nearly five times as much |
at the same time steelmakers are trying to invest more to modernize technology and make themselves more competitive |
but analysts say the company is also trying to prevent further price drops |
moreover they note that ltv may be trying to send a signal to major customers such as chrysler corp. and <unk> corp. that steelmakers need more money |
both companies are in the process of negotiating contracts with ltv and others |
they ltv may believe this can impact contract negotiations and is their signal to the world that now is the time to get tough on prices said peter marcus an analyst with painewebber inc |
mr. marcus believes spot steel prices will continue to fall through early N and then reverse themselves |
he is n't convinced though that the price decline reflects falling demand because the world economy remains relatively strong |
and while customers such as steel service centers are continuing to reduce inventories through the fourth quarter they eventually will begin <unk> up again he notes |
it wo n't be clear for months whether the price increase will stick |
steelmakers announced a round of <unk> increases last year but began offering sizable discounts over the summer |
in fact ltv was the first steelmaker to publicly boost discounts for buyers of cold rolled sheet steel and hot-dipped galvanized sheet steel |
in composite new york stock exchange trading yesterday ltv common shares fell N cents to close at $ N |
the treasury plans to raise $ N billion in new cash with the sale monday of about $ N billion in short-term bills to redeem $ N billion in maturing bills |
however the treasury said it will postpone the auction unless it has assurances of enactment of legislation to raise the statutory debt limit before the scheduled auction date |
the offering will be divided evenly between 13-week and 26-week bills maturing on feb. N N and may N N respectively |
tenders for the bills available in minimum $ N denominations must be received by N p.m. est monday at the treasury or at federal reserve banks or branches |
j.c. penney co. is extending its involvement in a televised <unk> service by five to N years |
shop television network inc. of los angeles said penney agreed to continue its exclusive arrangement with shop television which does the production marketing and cable distribution for the j.c. penney television shopping channel |
the channel reaches N million homes a penney spokesman said |
michael rosen president of shop television said penney decided to extend its involvement with the service for at least five years |
if by that time the network reaches N million homes the contract will be renewed for five more years |
earlier this year penney abandoned another home shopping venture <unk> corp. after investing $ N million in it |
the company took a $ N million charge in the fiscal first quarter ended april N related to <unk> the service |
during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history |
<unk> <unk> <unk> plants to produce the billion-dollar idaho potato |
<unk> set out to <unk> that feat <unk> and <unk> with new life forms |
in N james watson and his colleagues <unk> the double <unk> of dna <unk> acid the genetic key to <unk> |
<unk> years later two california <unk> stanley cohen and herbert boyer made <unk> dna <unk> a <unk> 's gene into bacteria which then <unk> <unk> genes |
when boyer met robert <unk> an <unk> <unk> in N they saw dollar signs |
with $ N apiece and an injection of outside capital they formed genentech inc |
commercial <unk> was born |
genentech 's first product a brain protein called <unk> proved its technology |
the next to be <unk> human insulin had market potential and genentech licensed it to eli lilly which produced N N of the insulin used by N million u.s. diabetics |
their laboratory credentials established boyer and <unk> headed for wall street in N |
at the time genentech had only one profitable year behind it a modest $ N on revenue of $ N million in N and no product of its own on the market |
nonetheless the $ N million issue they <unk> in N opened at $ N and leaped to $ N within N minutes |
the trip from the test tube was not without <unk> |
boyer and cohen for instance both still university researchers had to be talked into applying for a patent on their <unk> technique and then the patent office refused to grant it |
that judgment in turn was reversed by the u.s. supreme court leaving cohen and boyer holding the first patents for making <unk> dna now assigned to their schools |
<unk> now is an <unk> part of the drug business |
genentech 's N sales were $ N million both from licensing and its own products |
the portfolio unit of the french bank group credit lyonnais told stock market regulators that it bought N shares of cie. de navigation mixte apparently to help fend off an unwelcome takeover bid for the company |
earlier yesterday the societe de <unk> <unk> was told that a unit of <unk> s.a. also bought navigation mixte shares this purchase covering more than N shares |
both companies are allies of navigation mixte in its fight against a hostile takeover bid launched last week by cie |
financiere de paribas at N french francs $ N a share |
navigation mixte 's chairman had suggested that friendly institutions were likely to buy its stock as soon as trading opened monday |
the credit lyonnais purchase for N regular common shares and N newly created shares is valued at about slightly more than N million french francs |
unocal corp. los angeles said it and <unk> de venezuela s.a. would create a petroleum marketing and refining general partnership in the midwest |
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