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a discounted rate |
b week ended wednesday october N N and wednesday october N N |
c yields adjusted for constant maturity |
<unk> corp. said the government of spain approved the marketing of its <unk> <unk> drug to treat kidney cancer |
the biotechnology concern said spanish authorities must still clear the price for the treatment but that it expects to receive such approval by year end |
four other countries in europe have approved <unk> in recent months |
<unk> is currently trying to obtain federal regulatory clearance for u.s. distribution |
the treasury department proposed that banks be required to keep detailed records of international wire transfers which officials believe is the main vehicle used by drug traffickers to move billions of dollars in and out of the u.s. |
in recent testimony on capitol hill treasury officials said they were considering the new reporting requirements and the expected publication of the proposal in the federal register today is the first official step toward creating final regulations |
the treasury is still working out the details with bank trade associations and the other government agencies that have a hand in fighting money laundering |
among the possibilities the treasury is considering are requirements that banks keep records identifying the <unk> and recipients of international wire transfers |
another suggestion would draw banks more directly into tracking down money <unk> by developing a <unk> international wire transfer profile which banks would use to <unk> questionable payments |
but banks may prefer using a profile that targets selected transactions rather than a blanket reporting requirement |
banks now are required only to report cash deposits or withdrawals of $ N or more |
but wire transfers from a standing account including those bigger than $ N are n't reported |
officials believe this has left a <unk> <unk> that illegal drug businesses are <unk> |
authorities estimate that revenues from illegal drugs in the u.s. total about $ N billion annually |
sen. john kerry d. mass. chairman of a senate foreign relations subcommittee that oversees the issue of money laundering criticized the proposal for ignoring wire transfers between foreign banks that are executed and cleared on u.s. wire systems |
the american bankers association did n't have any comment on the plan |
the proposal now enters a <unk> comment period after which the treasury will propose final regulations followed by another comment period |
western union corp. took steps to withdraw its proposed debt swap for $ N million in high-interest notes and said it is looking at other alternatives for refinancing the debt |
western union had said two weeks ago that it might withdraw the pending offer which would have replaced $ N million in so-called reset notes now paying N N annual interest and set to come due in N with two new issues paying lower interest |
yesterday the company said it had filed a request with the securities and exchange commission to withdraw the registration statement regarding the proposed swap |
a western union spokesman citing adverse developments in the market for high-yield junk bonds declined to say what alternatives are under consideration |
but some holders of the western union notes expect the company to propose a <unk> debt swap that will give them a substantial equity stake in the company |
western union has had major losses in recent years as its <unk> business has faltered in the face of competition from facsimile machines and as other business ventures have gone <unk> |
the major question said one holder who asked not to be named is whether new york investor bennett s. <unk> whose <unk> partners controls western union is willing to offer a large enough equity stake to <unk> bondholders into agreeing to a new swap |
the $ N million in notes the largest chunk of western union 's $ N million in long-term debt stems from the company 's major restructuring in december N |
the notes became <unk> when reset provisions allowed their interest rate to be raised to N N last june |
western union had offered to swap each $ N face amount of the notes for six shares of common stock and two new debt issues a $ N note paying an interest rate starting at N N annually and rising in later years due in N and a $ N note due in N paying a fixed rate of N N and including rights protecting a holder against a... |
western union must make $ N million in interest payments on the reset notes on dec. N and a company spokesman said it fully intends to meet the payments |
but western union has said it must lower the interest rate on its debt to regain full financial health |
genentech inc. said the west german distributor of its heart drug tpa reached a joint marketing agreement with a subsidiary of hoechst ag which makes the rival <unk> agent <unk> |
the biotechnology concern said the agreement between its longtime west german distributor <unk> 's dr. <unk> <unk> <unk> subsidiary and hoechst 's <unk> subsidiary was an attempt to expand the market for <unk> drugs in general |
a genentech spokeswoman said the agreement calls for hoechst to promote tpa for heart patients and <unk> for other <unk> purposes |
investors in the over-the-counter market dumped banking and insurance issues sending the nasdaq composite index lower for the third consecutive session |
all nasdaq industry indexes finished lower with financial issues hit the hardest |
despite some early computer-guided program buying the nasdaq composite fell N to N |
the otc market now has declined in eight of the past N sessions |
the nasdaq bank index fell N to N while the insurance index fell N to N and the other finance index dropped N to N |
the largest financial issues as measured by the nasdaq financial index tumbled N to |
meanwhile the index of the N biggest <unk> stocks the nasdaq N gained N to N |
profit-taking accounted for much of the slide in otc stock prices according to david mills senior vice president of boston company advisers |
he said many portfolio managers whose year-end bonuses are tied to annual performance are selling now rather than risk seeing their gains erode further |
the profit <unk> is definitely going on said mr. mills whose firm manages $ N million for boston co |
tax-loss sellers those investors who sell <unk> stocks so they can <unk> their losses from this year 's income are also getting out mr. mills said |
that 's helping put pressure on both the market 's winners and its losers |
the stocks that have been the best are having big <unk> and the ones that have been the worst are getting clobbered mr. mills said |
he expects the market to sink further and to reach a low sometime next month or in december |
the selling by money managers and individual investors is turning traders bearish as well |
we are advising a lot of our clients to make moves that make sense to them rather than waiting until the last minute because things have been so volatile said william <unk> head of otc trading at a.g. edwards & sons in st. louis |
ralph <unk> head of the otc trading department at smith barney harris upham said many market players are awaiting some resolution of the current debate over program trading |
much of the market 's recent volatility has been blamed on this large-scale computerized trading technique that can send stock prices surging or <unk> in a matter of minutes |
the problem has been particularly damaging to the otc market traditionally a base for the small investor |
weisfield 's surged N to N after agreeing in principle to be acquired by a unit of ratners group for $ N a share |
the stock jumped N N friday when the company announced it was in takeover talks |
ratners and weisfield 's said they expect to sign definitive agreements shortly and to complete the transaction by dec. N |
<unk> federal savings bank advanced N N to N N after it said it is in talks with a possible acquirer |
the bank said the talks resulted from <unk> by its financial adviser |
jaguar assumed its recently <unk> place on the otc most active list as its american depository receipts gained N to N N on volume of N million shares and daimler-benz joined the list of companies interested in the british car maker |
<unk> said it has had talks with jaguar about possible joint ventures |
meanwhile general motors and ford motor continue their pursuit of the company |
ford has acquired more than N N of jaguar 's shares and gm has received u.s. regulatory clearance to buy N N |
<unk> pizza time gained N N to N |
the company reported third-quarter operating profit of N cents a share compared with N cents a share a year earlier |
a third-quarter charge of $ N million related to planned restaurant closings resulted in a net loss for the quarter |
employers casualty which reported a $ N million third-quarter loss late friday fell N N to N N |
the loss was largely due to a $ N million addition to reserves |
employers casualty had a loss of $ N million in the year-earlier quarter |
old stone fell N N to N N |
late friday the company reported a loss of $ N million for the third quarter after earning $ N million a year before |
the loss came after a $ N million addition to loan-loss reserves |
the bank made a $ N million provision in the N quarter |
old stone repeated projections that it will be profitable for the fourth quarter and will about break even for the year |
<unk> lincoln federal savings bank sank N to N N after announcing a <unk> that will change senior management and <unk> the bank 's mortgage business as a separate unit |
the bank also said it will establish a loan-loss reserve of $ N million to $ N million against a construction loan that is in default |
the bank which previously said it was for sale said it has received no offers and that its board will review whether to continue soliciting bids |
medical scientists are starting to <unk> a handful of genes which if damaged <unk> the chaotic growth of cells that <unk> cancer |
scientists say the discovery of these genes in recent months is painting a new and startling picture of how cancer develops |
an emerging understanding of the genes is expected to produce an array of new strategies for future cancer treatment and prevention |
that is for the future |
already scientists are developing tests based on the newly identified genes that for the first time can predict whether an otherwise healthy individual is likely to get cancer |
it 's a <unk> set of <unk> says <unk> vogelstein a johns hopkins university researcher who has just found a gene <unk> to the triggering of colon cancer |
only a decade ago cancer was a black box about which we knew nothing at the <unk> level |
today we know that the accumulation of several of these altered genes can <unk> a cancer and then <unk> it into a deadly state |
scientists call the new class of genes <unk> or simply <unk> genes |
when <unk> normally they make proteins that hold a cell 's growth in check |
but if the genes are damaged perhaps by radiation a chemical or through a chance accident in cell division their <unk> proteins no longer work and cells normally under control turn malignant |
the newly identified genes differ from a family of genes discovered in the early 1980s called <unk> |
<unk> must be present for a cell to become malignant but researchers have found them in normal as well as in <unk> cells suggesting that <unk> do n't cause cancer by themselves |
in recent months researchers have come to believe the two types of cancer genes work in concert an <unk> may turn <unk> cells malignant only after the tumor-suppressor gene has been damaged |
like all genes tumor-suppressor genes are inherited in two copies one from each parent |
either copy can make the proteins needed to control cell growth so for cancer to arise both copies must be <unk> |
a person who is born with one defective copy of a <unk> gene or in whom one copy is damaged early in life is especially prone to cancer because he need only lose the other copy for a cancer to develop |
emerging genetic tests will be able to spot such <unk> individuals <unk> in what some scientists believe is a new age of <unk> cancer <unk> |
bill and <unk> <unk> are among the first beneficiaries of the new findings |
the <unk> mass. couple knew even before <unk> became pregnant in N that any child of theirs had a N N chance of being at risk for retinoblastoma an eye cancer that occurs about once every N <unk> |
mr. <unk> N years old knew he carried a damaged gene having lost an eye to the rare tumor when he was only two months old after his mother had suffered the same fate when she was a baby |
because of the <unk> of the retinoblastoma tumor-suppressor gene it became possible last january to find out what threat the <unk> baby faced |
a test using new genetic <unk> showed that little will <unk> had not inherited a damaged retinoblastoma <unk> gene and therefore faced no more risk than other children of developing the rare cancer |
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