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the joint venture <unk> co. would generate total annual revenue of about $ N million and have N employees a unocal spokesman said |
unocal said the venture would enable it to recover more of its refining and marketing investment and prepare for expected growth in exploration production chemicals and other areas |
it said financing would consist of $ N million from a private placement obtained through shearson lehman hutton inc. and a $ N million revolving credit line underwritten by chase manhattan bank |
in addition to unocal 's N <unk> refinery near <unk> ill. the new venture would control N distribution terminals a <unk> <unk> and packaging plant and N company-owned unocal service stations |
it said the venture expected to take control of the facilities dec. N would also serve another N independent unocal gasoline stations |
<unk> will supply N barrels of oil a day for the refinery unocal said |
mitsubishi heavy industries ltd. said unconsolidated pretax earnings in the fiscal first half surged N N to a record N billion yen $ N million reflecting strong demand for a variety of products |
in the period ended sept. N net income rose N N to N billion yen or N yen a share from N billion yen or N yen a share |
a year ago the tokyo company had pretax profit of N billion yen |
sales amounted to N trillion yen climbing N N from N billion yen |
encouraged by the brisk performance mitsubishi plans to raise its per-share dividend to N yen from three yen |
company officials said the current robust domestic demand that has been fueling sustained economic expansion helped push up sales of products like ships steel structures power systems and machinery and resulted in sharply higher profit |
senate leaders traded proposals aimed at speeding action on legislation to narrow the deficit and raise the federal government 's debt limit but the major <unk> block remains president bush 's proposal to cut the capital-gains tax rate |
democrats want the tax provision to be a separate bill subject to the usual procedural obstacles |
republicans meanwhile want to try to protect the measure by combining it with two politically popular issues that democrats could find hard to block |
the talks between senate majority leader george mitchell of maine and his gop counterpart sen. robert dole of kansas are expected to resume today |
last night after meeting with mr. bush and administration officials at the white house mr. dole proposed streamlining the fiscal N deficit-reduction bill now stalled in a house-senate conference committee and passing a long-term extension of the federal debt ceiling without any accompanying amendments |
under this plan two provisions currently in the house version of the <unk> bill repeal of both the <unk> insurance program and a controversial N tax provision intended to counter discrimination in <unk> plans would be made into a separate bill |
republicans would try to <unk> a capital-gains provision to that legislation hoping the political popularity of its other two parts would <unk> democrats from blocking it |
democrats want to avoid having to make that choice by making the capital-gains tax cut an individual bill |
sen. mitchell is confident he has sufficient votes to block such a measure with procedural actions |
both plans would drop child-care provisions from the house version of the deficit-reduction legislation and let it progress as a separate bill |
while that could make it vulnerable to a veto by mr. bush democrats argue that a presidential rejection would give their party a valuable issue in next year 's congressional elections |
senate democrats are to meet today to consider the gop proposal |
yesterday mr. dole seemed <unk> of the bush administration 's strategy of pushing the capital-gains measure at every chance in the face of democratic procedural hurdles |
pushing the issue on legislation needed to avoid default by the federal government he told reporters does n't seem to be very good strategy to me |
at N a.m. est today the federal government 's temporary $ N trillion debt limit expired |
to avoid default lawmakers must pass legislation raising the limit to $ N trillion from $ N trillion by next wednesday according to the treasury |
pressed by chairman dan <unk> d. ill of the house ways and means committee treasury undersecretary robert <unk> told a congressional hearing that the administration would give up its demand for the capital-gains tax cut if faced with a potential default |
price stern sloan inc. said it hired an investment banking firm to assist in evaluating restructuring or merger alternatives and reported a net loss of $ N million or $ N a share for the third quarter ended <unk> |
these results compare with net income of $ N million or N cents a share for the corresponding period last year |
this quarter 's loss includes pretax charges of $ N million on the proposed <unk> of the company 's troubled british subsidiary and $ N million of other write-offs the company said were <unk> and <unk> related to inventory publishing advances and <unk> costs |
the publishing concern said it retained the investment banking firm of donaldson lufkin & jenrette securities inc. to act as its financial adviser <unk> in the evaluation of various financial and strategic alternatives including debt refinancing raising capital recapitalization a merger or sale of the company |
the company also retained attorney martin p. <unk> a director of the company and former head of the <unk> publishing group as an adviser |
net sales for this year 's third quarter were $ N million down from $ N million last year |
the company attributed the decrease in part to the exclusion of the company 's british sales from the current year 's figures as a result of the subsidiary 's status as a proposed discontinued operation and in part to lower sales in certain key foreign and domestic accounts |
u.k. sales for last year 's quarter were about $ N million |
stock prices surged as a multibillion-dollar takeover proposal helped restore market players ' confidence about the prospects for further <unk> |
paper and forest-products stocks were especially strong as the offer for great northern nekoosa by georgia-pacific triggered speculation that the industry could be in for a wave of merger activity |
the dow jones industrial average climbed N to N even though some late selling caused the market to retreat from session highs |
trading was moderate with N shares changing hands on the new york stock exchange |
aside from the takeover news big buy orders were placed for blue-chip shares in afternoon trading |
traders said the buy programs came from very large institutional accounts that were also active in the stock-index futures markets |
at one point almost all of the shares in the <unk> major market index which <unk> the industrial average were sharply higher |
some N big board issues advanced in price and only N declined while broader market averages rose sharply |
standard & poor 's 500-stock index climbed N to N the dow jones equity market index added N to N and the new york stock exchange composite index climbed N to |
great northern surged N N to N N well above georgia-pacific 's offering price of $ N a share amid speculation that other suitors for the company would surface or that the bid would be raised |
nearly N million shares or about N N of the company 's shares outstanding changed hands in big board composite trading |
with stocks having been battered lately because of the collapse of takeover offers for ual the parent company of united airlines and amr the parent of american airlines analysts viewed the proposal as a psychological lift for the market |
the $ N billion bid which had been rumored since last week creates a better feeling that there 's value in the market at current levels and <unk> prospects for a hot tape says a.c. moore director of research at <unk> research corp |
traders and analysts alike said the market 's surge also reflected an easing of concerns about volatility because of moves by a number of brokerage firms to curtail or cease stock-index arbitrage |
much of the <unk> in stock prices lately has been blamed on arbitrage trading designed to profit from differences in prices between stocks and index futures |
people are looking for an ability to try and read the market rather than be <unk> said <unk> a. <unk> manager of equity trading at donaldson lufkin & jenrette |
he noted that institutional investors showed pretty general interest in stocks in the latest session |
but traders also said <unk> trading contributed to the market 's surge as buy programs boosted prices shortly after the opening and <unk> through the remainder of the session |
georgia-pacific fell N N to N N but most paper and forest-products stocks firmed as market players speculated about other potential industry takeover targets |
within the paper sector mead climbed N N to N N on N million shares union camp rose N N to N N federal paper board added N N to N N <unk> gained N N to N N stone container rose N to N N and <unk> jumped N N to N N |
forest-products issues showing strength included champion international which went up N N to N N weyerhaeuser up N to N N <unk> up N N to N N and <unk> cascade up N to N |
the theme of industry consolidation had surfaced earlier this year among drug stocks which posted solid gains in the latest session |
pfizer gained N N to N N schering-plough added N N to N N eli lilly rose N N to N N and upjohn firmed N to N |
also <unk> <unk> rose N N to N N |
an advisory committee of the food and drug administration recommended that the agency approve <unk> the company 's heart drug |
two rumored restructuring candidates in the oil industry moved higher chevron which rose N N to N N on N million shares and usx which gained N N to N N |
pennzoil is rumored to be <unk> a stake in chevron in order to push for a revamping of the company investor carl icahn has recently increased his stake in usx which separately reported earnings that were in line with expectations |
paramount communications which completed the $ N billion sale of its associates corp financial-services unit to ford motor gained N N to N N after losing one point monday amid rumors of a delay |
the company said the sale would produce a $ N billion gain in the fourth quarter |
bankamerica climbed N N to N after painewebber boosted its investment opinion on the stock to its highest rating |
the upgrade reflected the N N decline in shares of the bank since the firm lowered its rating in early october based on the belief the stock had become expensive |
sea containers which unveiled a proposed restructuring advanced N to N |
the company said it would repurchase half of its common shares at $ N each sell an estimated $ N billion in assets and pay a special <unk> dividend to <unk> holders |
shaw industries which agreed to acquire armstrong world industries ' carpet operations for an undisclosed price rose N N to N N |
armstrong added N to N N |
<unk> corp. rose N to N |
the company agreed definitively to be acquired by ogden corp. in a stock swap valued at about $ N million |
ogden gained N N to N N |
ocean drilling & research dropped N N to N N following news of a restructuring plan that calls for the company to <unk> its drilling business into a separate company and offer a N N to N N stake to the public |
the american stock exchange market value index rose N to N |
volume totaled N shares |
imperial <unk> fell N N to N N in the wake of its third-quarter earnings report |
net income was down from a year ago when a gain from the restructuring of a retirement plan boosted <unk> |
cilcorp inc. <unk> ill. said it agreed to acquire the environmental consulting and analytical service businesses of hunter environmental services inc. of <unk> conn |
the utility holding company said hunter will receive N shares of a new series of cilcorp convertible preferred stock with a face value of $ N million for the businesses |
cilcorp will also assume $ N million of hunter 's existing debt |
as part of the agreement cilcorp said it will pay hunter $ N million in exchange for agreements not to compete |
cilcorp said the businesses to be acquired had revenue of $ N million for the year ended march N |
separately cilcorp said it plans to purchase as many as N million shares or N N of its common stock outstanding from time to time on the open market and through privately negotiated transactions |
the company which currently has N million common shares outstanding said it has no specific plans for the shares |
bush and gorbachev will hold two days of informal talks next month |
the president said that he and the kremlin leader would meet dec. N aboard u.s. and soviet naval vessels in the <unk> to discuss a wide range of issues without a formal agenda |
a simultaneous announcement was made in moscow |
bush said that neither he nor gorbachev expected any substantial decisions or agreements |
the <unk> meetings wo n't disrupt plans for a formal summit next spring or summer at which an arms-control treaty is likely to be completed |
the two leaders are expected to discuss changes sweeping the east bloc as well as human-rights issues regional disputes and economic cooperation |
israel 's army lifted a <unk> around a palestinian town in the occupied west bank ending a <unk> campaign of <unk> cars furniture and other goods to crush a tax <unk> |
while residents claimed a victory military authorities said they had confiscated the equivalent of more than $ N million to make up for the unpaid taxes |
east german leader krenz arrived in moscow for talks today with gorbachev on restructuring proposals |
in east berlin communist party officials considered <unk> new forum the country 's largest opposition alliance as about N demonstrators staged protests in three cities to press demands for democratic freedoms |
the house approved a permanent smoking ban on nearly all domestic airline routes as part of a $ N billion transportation bill that must still overcome budget obstacles in congress |
the chamber also sent to bush a nearly $ N billion fiscal N measure that includes the first construction funds for a space station |
nicaragua 's ortega postponed until today a decision on whether to end a <unk> cease-fire in the conflict with the contra rebels |
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