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wsj_0816
{ "id": "t0", "text": "10/27/89" }
Some lousy earnings reports whacked the stock market, but bond prices fell only slightly and the dollar rose a little against most major currencies. The Dow Jones Industrial Average tumbled 39.55 points, to 2613.73, in active trading. Long-term Treasury bonds ended slightly higher. The dollar rose modestly against the mark and the yen, but soared against the pound following the resignation of Britain's chancellor of the Exchequer, Nigel Lawson. Analysts have complained that third-quarter corporate earnings haven't been very good, but the effect hit home particularly hard yesterday. Compaq Computer nose-dived $8.625 a share, to $100, and pulled other technology issues lower after reporting lower-than-expected earnings after the stock market closed Wednesday. Later yesterday, the nation's major auto makers added to the gloom when they each reported their core auto operations were net losers in the third quarter. The less-than-robust third-quarter results came amid renewed concern about the volatility of stock prices and the role of computer-aided program trading. Taken together, the worries prompted a broad sell-off of stocks. The number of stocks on the New York Stock Exchange that fell in price yesterday exceeded 1,000, a key measure of underlying sentiment among technical analysts. Although the government said the economy grew an estimated 2.5% in the third quarter, in line with expectations, analysts are increasingly predicting much more sluggish growth — and therefore more corporate earnings disappointments — for the fourth quarter. "There are a lot more downward revisions of earnings forecasts than upward revisions," said Abby Joseph Cohen, a market strategist at Drexel Burnham Lambert. "People are questioning corporate profits as a pillar of support for the equity market." The bond market was unmoved by the economic statistics. While bond investors would have preferred growth to be a little slower, they were cheered by inflation measures in the data that showed prices rising at a modest annual rate of 2.9%. That is another small encouragement for the Federal Reserve to lower interest rates in coming weeks, they reasoned. In major market activity: Stock prices fell sharply in active trading. Volume on the New York Stock Exchange totaled 175.2 million shares. Declining issues on the Big Board outstripped gainers 1,141 to 406. Bond prices were barely higher. The Treasury's benchmark 30-year bond rose fractionally. Yield on the issue was 7.88%. The dollar rose modestly against most major currencies. In late New York trading the dollar was at 1.8400 marks and 142.10 yen compared with 1.8353 marks and 141.52 yen Wednesday. The dollar soared against the pound, which was at $1.5765 compared with $1.6145 Wednesday.
Some lousy earnings reports <ei481>whacked</ei481> the stock market, but bond prices <ei482>fell</ei482> only slightly and the dollar <ei483>rose</ei483> a little against most major currencies. The Dow Jones Industrial Average <ei484>tumbled</ei484> 39.55 points, to 2613.73, in active trading. Long-term Treasury bonds <ei486>ended</ei486> slightly higher. The dollar <ei487>rose</ei487> modestly against the mark and the yen, but <ei488>soared</ei488> against the pound following the resignation of Britain's chancellor of the Exchequer, Nigel Lawson. Analysts have <ei490>complained</ei490> that third-quarter corporate earnings haven't been very good, but the effect <ei492>hit</ei492> home particularly hard yesterday. Compaq Computer <ei493>nose-dived</ei493> $8.625 a share, to $100, and <ei495>pulled</ei495> other technology issues lower after <ei496>reporting</ei496> lower-than-expected earnings after the stock market <ei498>closed</ei498> Wednesday. Later yesterday, the nation's major auto makers <ei499>added</ei499> to the gloom when they each <ei500>reported</ei500> their core auto operations were net losers in the third quarter. The less-than-robust third-quarter results came amid renewed concern about the volatility of stock prices and the role of computer-aided program trading. Taken together, the worries <ei507>prompted</ei507> a broad sell-off of stocks. The number of stocks on the New York Stock Exchange that <ei509>fell</ei509> in price yesterday exceeded 1,000, a key measure of underlying sentiment among technical analysts. Although the government <ei510>said</ei510> the economy <ei511>grew</ei511> an estimated 2.5% in the third quarter, in line with expectations, analysts are increasingly predicting much more sluggish growth — and therefore more corporate earnings disappointments — for the fourth quarter. "There are a lot more downward revisions of earnings forecasts than upward revisions," <ei519>said</ei519> Abby Joseph Cohen, a market strategist at Drexel Burnham Lambert. "People are <ei520>questioning</ei520> corporate profits as a pillar of support for the equity market." The bond market was unmoved by the economic statistics. While bond investors would have preferred growth to be a little slower, they were <ei524>cheered</ei524> by inflation measures in the data that showed prices <ei525>rising</ei525> at a modest annual rate of 2.9%. That is another small encouragement for the Federal Reserve to lower interest rates in coming weeks, they <ei528>reasoned</ei528>. In major market activity: Stock prices <ei530>fell</ei530> sharply in active trading. Volume on the New York Stock Exchange <ei531>totaled</ei531> 175.2 million shares. Declining issues on the Big Board <ei532>outstripped</ei532> gainers 1,141 to 406. Bond prices were barely higher. The Treasury's benchmark 30-year bond rose fractionally. Yield on the issue was 7.88%. The dollar rose modestly against most major currencies. In late New York trading the dollar was at 1.8400 marks and 142.10 yen compared with 1.8353 marks and 141.52 yen Wednesday. The dollar soared against the pound, which was at $1.5765 compared with $1.6145 Wednesday.
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true
matres
wsj_0533
{ "id": "t0", "text": "10/30/89" }
extended their offers to acquire the Toronto-based vaccine manufacturer Friday. Institut Merieux S.A., which offered 942 million Canadian dollars (US$801.2 million), or C$37 a share for Connaught, said it would extend its bid, due to expire last Thursday, to Nov. 6. A C$30-a-share bid by Ciba-Geigy Ltd., a pharmaceutical company based in Basel, Switzerland, and California-based Chiron Corp., a bioresearch concern, was extended to Nov. 16. It had been due to expire Friday evening. Merieux previously said it would ensure its bid remained open pending a final decision by Canadian regulators on whether to approve the takeover. Merieux, a vaccine and bioresearch firm based in Lyon, France, is controlled 50.1% by state-owned Rhone Poulenc S.A. The Canadian government previously said Merieux's bid didn't offer enough "net benefit" to Canada to be approved, and gave Merieux until mid-November to submit additional information. Merieux officials said last week that they are "highly confident" the offer will be approved once it submits details of its proposed investments to federal regulators. Both offers are conditional on regulatory approvals and enough shares being tendered to give the bidders a majority of Connaught's shares outstanding. Institut Merieux, which already holds a 12.5% stake in Connaught, said that at the close of business Thursday, 5,745,188 shares of Connaught and C$44.3 million face amount of debentures, convertible into 1,826,596 common shares, had been tendered to its offer. At the close of business Thursday, Ciba-Geigy and Chiron said 11,580 common shares had been tendered to their offer. At last report, Connaught had 21.8 million shares outstanding. Separately, the Ontario Supreme Court said it will postpone indefinitely a ruling on the lawsuit launched by the University of Toronto against Connaught in connection with the Merieux bid. In a statement prepared by lawyers for the university and Connaught, the parties said they agreed that as a result of reaching a C$415 million research accord, "It is unnecessary that there be a judgment on the merits {of the case} at this time." Lawyers for the two sides weren't immediately available for comment. The university had sought an injunction blocking Connaught's board from recommending or supporting an offer for the company by Merieux.
<ei478>extended</ei478> their offers to acquire the Toronto-based vaccine manufacturer Friday. Institut Merieux S.A., which <ei481>offered</ei481> 942 million Canadian dollars (US$801.2 million), or C$37 a share for Connaught, <ei482>said</ei482> it would extend its bid, due to <ei486>expire</ei486> last Thursday, to Nov. 6. A C$30-a-share bid by Ciba-Geigy Ltd., a pharmaceutical company based in Basel, Switzerland, and California-based Chiron Corp., a bioresearch concern, was <ei488>extended</ei488> to Nov. 16. It had been due to <ei490>expire</ei490> Friday evening. Merieux previously <ei491>said</ei491> it would ensure its bid remained open pending a final decision by Canadian regulators on whether to approve the takeover. Merieux, a vaccine and bioresearch firm based in Lyon, France, is controlled 50.1% by state-owned Rhone Poulenc S.A. The Canadian government previously <ei498>said</ei498> Merieux's bid didn't offer enough "net benefit" to Canada to be approved, and <ei501>gave</ei501> Merieux until mid-November to submit additional information. Merieux officials <ei503>said</ei503> last week that they are "highly confident" the offer will be approved once it submits details of its proposed investments to federal regulators. Both offers are conditional on regulatory approvals and enough shares being tendered to give the bidders a majority of Connaught's shares outstanding. Institut Merieux, which already holds a 12.5% stake in Connaught, <ei508>said</ei508> that at the close of business Thursday, 5,745,188 shares of Connaught and C$44.3 million face amount of debentures, convertible into 1,826,596 common shares, had been <ei511>tendered</ei511> to its offer. At the close of business Thursday, Ciba-Geigy and Chiron <ei515>said</ei515> 11,580 common shares had been <ei516>tendered</ei516> to their offer. At last report, Connaught <ei519>had</ei519> 21.8 million shares outstanding. Separately, the Ontario Supreme Court <ei521>said</ei521> it will <ei522>postpone</ei522> indefinitely a ruling on the lawsuit <ei524>launched</ei524> by the University of Toronto against Connaught in connection with the Merieux bid. In a statement prepared by lawyers for the university and Connaught, the parties <ei525>said</ei525> they <ei526>agreed</ei526> that as a result of reaching a C$415 million research accord, "It is unnecessary that there be a judgment on the merits {of the case} at this time." Lawyers for the two sides weren't immediately available for comment. The university had <ei529>sought</ei529> an injunction blocking Connaught's board from recommending or <ei532>supporting</ei532> an offer for the company by Merieux.
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true
matres
wsj_0685
{ "id": "t0", "text": "10/30/89" }
CNW Corp. said the final step in the acquisition of the company has been completed with the merger of CNW with a subsidiary of Chicago and North Western Holdings Corp. As reported, CNW agreed to be acquired by a group of investors led by Blackstone Capital Partners Limited Partnership for $50 a share, or about $950 million.
CNW Corp. <ei53>said</ei53> the final step in the acquisition of the company has been <ei55>completed</ei55> with the merger of CNW with a subsidiary of Chicago and North Western Holdings Corp. As <ei57>reported</ei57>, CNW <ei58>agreed</ei58> to be acquired by a group of investors led by Blackstone Capital Partners Limited Partnership for $50 a share, or about $950 million.
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true
matres
wsj_0904
{ "id": "t0", "text": "10/26/89" }
Compaq Computer Corp. said that its net income rose 51% in the third quarter, bolstered by unusual gains from its investment in a disk-drive maker and reflecting continued growth in its European operations. The computer maker said net jumped to $87 million, or $2.02 a share, from $58 million, or $1.40 a share, a year earlier. Sales increased 36% to $683 million from $502 million. The latest quarter's results, however, included a pretax gain of $13.7 million, or 20 cents a share, in the carrying value of the company's investment in Conner Peripherals Inc. and a $7.6 million gain, or 11 cents a share, from the sale of one million Conner shares. Net income for the nine months was $254 million, or $5.94 a share, up 56% from $163 million, or $4.06 a share, a year earlier. Sales rose 50% to $2.1 billion from $1.4 billion. Net income for the year-earlier nine months also included a gain of $9.7 million, or 15 cents a share, in the carrying value of the Conner investment. Michael Swavely, president of Compaq's North America division, attributed the company's third-quarter performance to continued increases in international sales, which accounted for 43% of the company's sales, a 74% increase from a year earlier. "Over the next couple of years we would not be surprised to see Europe and international {sales} represent 50% of the company's revenues," he said. During the third quarter, Compaq purchased a former Wang Laboratories manufacturing facility in Stirling, Scotland, which will be used for international service and repair operations. Mr. Swavely said the new space will allow Compaq to increase the manufacturing capacity of its plant in Erskine, Scotland. In New York Stock Exchange composite trading yesterday, Compaq shares fell $1.625 to $108.625.
Compaq Computer Corp. <ei351>said</ei351> that its net income <ei352>rose</ei352> 51% in the third quarter, <ei353>bolstered</ei353> by unusual gains from its investment in a disk-drive maker and reflecting continued growth in its European operations. The computer maker <ei358>said</ei358> net <ei359>jumped</ei359> to $87 million, or $2.02 a share, from $58 million, or $1.40 a share, a year earlier. Sales <ei362>increased</ei362> 36% to $683 million from $502 million. The latest quarter's results, however, included a pretax gain of $13.7 million, or 20 cents a share, in the carrying value of the company's investment in Conner Peripherals Inc. and a $7.6 million gain, or 11 cents a share, from the sale of one million Conner shares. Net income for the nine months was $254 million, or $5.94 a share, up 56% from $163 million, or $4.06 a share, a year earlier. Sales rose 50% to $2.1 billion from $1.4 billion. Net income for the year-earlier nine months also included a gain of $9.7 million, or 15 cents a share, in the carrying value of the Conner investment. Michael Swavely, president of Compaq's North America division, <ei377>attributed</ei377> the company's third-quarter performance to continued increases in international sales, which accounted for 43% of the company's sales, a 74% increase from a year earlier. "Over the next couple of years we would not be surprised to see Europe and international {sales} represent 50% of the company's revenues," he <ei384>said</ei384>. During the third quarter, Compaq <ei385>purchased</ei385> a former Wang Laboratories manufacturing facility in Stirling, Scotland, which will be used for international service and repair operations. Mr. Swavely <ei387>said</ei387> the new space will <ei388>allow</ei388> Compaq to increase the manufacturing capacity of its plant in Erskine, Scotland. In New York Stock Exchange composite trading yesterday, Compaq shares <ei390>fell</ei390> $1.625 to $108.625.
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matres
ea980120.1830.0071
{ "id": "t0", "text": "980120" }
want to know what we're going to tell Americans, in many cases, what their relatives in the United States are going to hear. Well, this is the eve of the Pope's visit to one of the last bastions of Communism anywhere in the world, and it is already causing enormous expectations. In Revolution Square, they put up a giant cross today. And right across from the Cuban revolutionary icon Che Guevara, they now have a giant portrait of Jesus. Above it in Spanish, "Jesus, in you we believe." Not all Cubans believe, but Castro has invited everyone to welcome the man who has been one of Communism's most effective adversaries, and that's why there is suspense. Everyone appears to believe that somehow Cuba is going to change. Castro has said officially that it's okay to be enthusiastic. And so, people are increasingly enthusiastic. By today, Cuban television, which clings to the Communist Party line, actually began to promote its papal coverage. Today, hundreds of people from the US began to arrive, including some Cuban Americans who left here when Castro came to power and are returning to Havana for the first time. The Pope's visit is important, but they are also coming home. This is quite an extraordinary story unfolding here. We'll come back to Havana later in the broadcast. But now we're going to go back to New York, where Diane Sawyer has the rest of the news. Diane?
<ei206>want</ei206> to know what we're going to tell Americans, in many cases, what their relatives in the United States are going to hear. Well, this is the eve of the Pope's visit to one of the last bastions of Communism anywhere in the world, and it is already <ei214>causing</ei214> enormous expectations. In Revolution Square, they <ei216>put</ei216> up a giant cross today. And right across from the Cuban revolutionary icon Che Guevara, they now have a giant portrait of Jesus. Above it in Spanish, "Jesus, in you we believe." Not all Cubans believe, but Castro has <ei219>invited</ei219> everyone to welcome the man who has been one of Communism's most effective adversaries, and that's why there is suspense. Everyone <ei221>appears</ei221> to believe that somehow Cuba is going to change. Castro has <ei224>said</ei224> officially that it's okay to be enthusiastic. And so, people are increasingly enthusiastic. By today, Cuban television, which clings to the Communist Party line, actually <ei226>began</ei226> to <ei227>promote</ei227> its papal coverage. Today, hundreds of people from the US <ei229>began</ei229> to <ei230>arrive</ei230>, including some Cuban Americans who <ei231>left</ei231> here when Castro <ei232>came</ei232> to power and are <ei234>returning</ei234> to Havana for the first time. The Pope's visit is important, but they are also <ei236>coming</ei236> home. This is quite an extraordinary story <ei238>unfolding</ei238> here. We'll come back to Havana later in the broadcast. But now we're going to go back to New York, where Diane Sawyer has the rest of the news. Diane?
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matres
wsj_1031
{ "id": "t0", "text": "10/26/89" }
Philip Morris Cos., New York, adopted a defensive measure designed to make a hostile takeover prohibitively expensive. The giant food, tobacco, and brewing company said it will issue common-share purchase rights to shareholders of record November 8. Under certain circumstances, the rights would entitle Philip Morris shareholders to buy shares of either the company or its acquirer at half price. The board is unaware of any attempts to take over Philip Morris, the company said. As of September 30, Philip Morris had 926 million shares outstanding. In composite trading on the New York Stock Exchange, Philip Morris shares closed yesterday at $43.50 each, down $1.
Philip Morris Cos., New York, <ei55>adopted</ei55> a defensive measure <ei56>designed</ei56> to make a hostile takeover prohibitively expensive. The giant food, tobacco, and brewing company <ei59>said</ei59> it will issue common-share purchase rights to shareholders of record November 8. Under certain circumstances, the rights would entitle Philip Morris shareholders to buy shares of either the company or its acquirer at half price. The board is unaware of any attempts to take over Philip Morris, the company <ei67>said</ei67>. As of September 30, Philip Morris <ei68>had</ei68> 926 million shares outstanding. In composite trading on the New York Stock Exchange, Philip Morris shares <ei69>closed</ei69> yesterday at $43.50 each, down $1.
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matres
APW19980301.0720
{ "id": "t0", "text": "03/01/1998 14:11:00" }
JERUSALEM (AP)_ Top Israeli officials sent strong new signals Sunday that Israel wants to withdraw from southern Lebanon, where a costly war of attrition has been steadily claiming soldiers' lives. Prime Minister Benjamin Netanyahu told his Cabinet on Sunday that Israel was willing to withdraw from southern Lebanon provided Israel's northern frontier could be secured. ``If the Lebanese government will cooperate with us in making appropriate security arrangements in south Lebanon, we will be happy to get out of Lebanon in the framework of implementation of U.N. Resolution 425,'' Netanyahu told his ministers. That 1978 resolution calls for Israel's unconditional withdrawal from the self-declared security zone it occupies in south Lebanon, and for the deployment of the Lebanese army and U.N. forces to ensure security along the Lebanese-Israeli border. On Friday, Netanyahu said he had ``no qualms'' about implementing the U.N. resolution, as long as Israel had ``the necessary security safeguards.'' Cabinet minister Michael Eitan said Sunday that Netanyahu's remarks marked a substantive change in Israel's position. ``We will defend our north from the international border,'' said Eitan, the science minister. ``No one wants to stay in Lebanon; thus we think it better to withdraw.'' Uri Lubrani, Israel's top official for Lebanon affairs, also suggested Israel was willing to modify its political goals in Lebanon. ``This is a new thing...it means that we are willing to talk today _ full stop _ about security,'' Lubrani told Israel's Channel One. ``We have gotten off the issue of peace, off the issue of normalization.'' As the death toll in Lebanon has mounted, the Israeli government has been faced with a growing grassroots movement calling for Israel's unilateral withdrawal from Lebanon. Since 1985, when the Israelis created a security buffer zone in southern Lebanon, nearly 200 Israeli soldiers have been killed fighting Hezbollah and other guerrillas. Last week, Hezbollah fighters killed three Israeli soldiers and seriously wounded six others. The Israelis suffered a record 39 deaths in southern Lebanon last year. In addition, 73 soldiers were killed en route to Lebanon when two military helicopters crashed last February. The Maariv newspaper said Sunday that Netanyahu's comments last week were in response to signals from Syria that it wants to renew the long-stalled peace talks between the two countries. The newspaper, quoting ``secret reports,'' said Syria had indicated its interest in resuming talks in remarks made last week by the Syrian ambassador to Washington, Walid Mualem, in a lecture to a closed forum in Baltimore. Two top aides to Netanyahu, political adviser Uzi Arad and Cabinet Secretary Danny Naveh, left for Europe on Sunday, apparently to investigate the Syrian issue, the newspaper said. Israel-Syrian talks have been cut off for nearly two years. Defense Minister Yitzhak Mordechai was the first senior Israeli official to refer to U.N. resolution 425 in a speech six weeks ago, saying at the time he was willing to withdraw troops in exchange for guarantees that Israel would not be attacked.
JERUSALEM (AP)_ Top Israeli officials <ei1998>sent</ei1998> strong new signals Sunday that Israel wants to withdraw from southern Lebanon, where a costly war of attrition has been steadily <ei2003>claiming</ei2003> soldiers' lives. Prime Minister Benjamin Netanyahu <ei2004>told</ei2004> his Cabinet on Sunday that Israel was willing to withdraw from southern Lebanon provided Israel's northern frontier could be secured. ``If the Lebanese government will cooperate with us in making appropriate security arrangements in south Lebanon, we will be happy to get out of Lebanon in the framework of implementation of U.N. Resolution 425,'' Netanyahu <ei2011>told</ei2011> his ministers. That 1978 resolution calls for Israel's unconditional withdrawal from the self-declared security zone it <ei2015>occupies</ei2015> in south Lebanon, and for the deployment of the Lebanese army and U.N. forces to ensure security along the Lebanese-Israeli border. On Friday, Netanyahu <ei2018>said</ei2018> he <ei2019>had</ei2019> ``no qualms'' about implementing the U.N. resolution, as long as Israel <ei2021>had</ei2021> ``the necessary security safeguards.'' Cabinet minister Michael Eitan <ei2022>said</ei2022> Sunday that Netanyahu's remarks <ei2024>marked</ei2024> a substantive change in Israel's position. ``We will defend our north from the international border,'' <ei2027>said</ei2027> Eitan, the science minister. ``No one wants to stay in Lebanon; thus we <ei2030>think</ei2030> it better to withdraw.'' Uri Lubrani, Israel's top official for Lebanon affairs, also <ei2033>suggested</ei2033> Israel was willing to modify its political goals in Lebanon. ``This is a new thing...it means that we are willing to talk today _ full stop _ about security,'' Lubrani <ei2038>told</ei2038> Israel's Channel One. ``We have <ei2039>gotten</ei2039> off the issue of peace, off the issue of normalization.'' As the death toll in Lebanon has <ei2040>mounted</ei2040>, the Israeli government has been <ei2041>faced</ei2041> with a growing grassroots movement <ei2043>calling</ei2043> for Israel's unilateral withdrawal from Lebanon. Since 1985, when the Israelis <ei2045>created</ei2045> a security buffer zone in southern Lebanon, nearly 200 Israeli soldiers have been <ei2046>killed</ei2046> <ei2047>fighting</ei2047> Hezbollah and other guerrillas. Last week, Hezbollah fighters <ei2048>killed</ei2048> three Israeli soldiers and seriously <ei2049>wounded</ei2049> six others. The Israelis <ei2050>suffered</ei2050> a record 39 deaths in southern Lebanon last year. In addition, 73 soldiers were <ei2052>killed</ei2052> en route to Lebanon when two military helicopters <ei2053>crashed</ei2053> last February. The Maariv newspaper <ei2054>said</ei2054> Sunday that Netanyahu's comments last week were in response to signals from Syria that it <ei2057>wants</ei2057> to renew the long-stalled peace talks between the two countries. The newspaper, <ei2060>quoting</ei2060> ``secret reports,'' <ei2062>said</ei2062> Syria had <ei2063>indicated</ei2063> its interest in resuming talks in remarks <ei2067>made</ei2067> last week by the Syrian ambassador to Washington, Walid Mualem, in a lecture to a closed forum in Baltimore. Two top aides to Netanyahu, political adviser Uzi Arad and Cabinet Secretary Danny Naveh, <ei2069>left</ei2069> for Europe on Sunday, apparently to investigate the Syrian issue, the newspaper <ei2071>said</ei2071>. Israel-Syrian talks have been <ei2073>cut</ei2073> off for nearly two years. Defense Minister Yitzhak Mordechai was the first senior Israeli official to <ei2074>refer</ei2074> to U.N. resolution 425 in a speech six weeks ago, <ei2076>saying</ei2076> at the time he was willing to withdraw troops in exchange for guarantees that Israel would not be attacked.
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wsj_0950
{ "id": "t0", "text": "10/26/89" }
General Motors Corp.'s large defense and automotive electronics unit, GM Hughes Electronics, said net income fell 22% in the third quarter, reflecting declining military spending and slumping GM vehicle production. Meanwhile, net income at GM's finance arm, General Motors Acceptance Corp., fell 3.1%. By contrast, Electronic Data Systems Corp., GM's data processing subsidiary, boosted net income 16%. GM closed down $1.875 at $44.875 in New York Stock Exchange trading yesterday. Earnings for GM common stock, reflecting the performance of GM's core automotive operations, will be disclosed this morning. GM Class H stock, which represents a dividend interest in Hughes earnings, closed at $29, up 25 cents in Big Board composite trading. GM Class E stock, which represents a dividend interest in EDS profit, fell 75 cents to $52.25 on the Big Board. The earnings drop at GM Hughes Electronics is a sign of tough times at both the defense operations of Hughes Aircraft Co. and GM's North American automotive operations, which are a primary customer for the Delco Electronics Corp. side of the GM Hughes unit. Profit at the unit fell to $110.6 million, or 37 cents a share, from $142.4 million, or 45 cents a share, largely because of a $24 million one-time charge associated with Hughes's previously announced plan to reduce employment by at least 6,000 people by year end. Even excluding the charge, however, net income fell 5%. In addition, GM's North American vehicle production fell 8.4% from a year ago, which hurt Delco Electronics' earnings, a company spokesman said. That decline was reflected in revenue for the GM Hughes unit, which edged down to $2.58 billion from $2.63 billion. In the nine months, GM Hughes net income fell 6.6% to $486.6 million, or $1.48 a share, from $521 million, or $1.58 a share. Revenue rose 3.5% to $8.47 billion from $8.18 billion. At GMAC, net income dropped 3.1% to $234.5 million from $241.9 million. The finance unit attributed the decline to higher borrowing costs compared with a year earlier. GMAC said its automotive financing and leasing business rose 35% in the U.S., largely because of dealer and customer incentives used to boost sales. GMAC profits are combined with earnings from the rest of GM's operations and attributed to the company's traditional common stock. In the first nine months, GMAC's earnings fell 8% to $859.5 million from $930.2 million. At EDS, third-quarter profit jumped 16% to a record $110.9 million, or 93 cents a share, from $95.9 million, or 79 cents a share. Revenue rose 12% to $1.37 billion from $1.22 billion. In the nine months, EDS earned $315.8 million, or $2.62 a share, up 13% from $280.7 million, or $2.30 a share. Revenue rose 14% to $4.03 billion from $3.54 billion. Revenue from non-GM accounts was 45% of EDS's total business in the latest nine months, compared with 40% a year earlier. The company has said it wants to boost non-GM revenue to at least 50% of its total business by the end of 1992.
General Motors Corp.'s large defense and automotive electronics unit, GM Hughes Electronics, <ei1991>said</ei1991> net income <ei1992>fell</ei1992> 22% in the third quarter, reflecting declining military spending and slumping GM vehicle production. Meanwhile, net income at GM's finance arm, General Motors Acceptance Corp., <ei1994>fell</ei1994> 3.1%. By contrast, Electronic Data Systems Corp., GM's data processing subsidiary, <ei1995>boosted</ei1995> net income 16%. GM <ei1996>closed</ei1996> down $1.875 at $44.875 in New York Stock Exchange trading yesterday. Earnings for GM common stock, reflecting the performance of GM's core automotive operations, will be <ei2001>disclosed</ei2001> this morning. GM Class H stock, which represents a dividend interest in Hughes earnings, <ei2002>closed</ei2002> at $29, up 25 cents in Big Board composite trading. GM Class E stock, which represents a dividend interest in EDS profit, <ei2004>fell</ei2004> 75 cents to $52.25 on the Big Board. The earnings drop at GM Hughes Electronics is a sign of tough times at both the defense operations of Hughes Aircraft Co. and GM's North American automotive operations, which are a primary customer for the Delco Electronics Corp. side of the GM Hughes unit. Profit at the unit <ei2007>fell</ei2007> to $110.6 million, or 37 cents a share, from $142.4 million, or 45 cents a share, largely because of a $24 million one-time charge associated with Hughes's previously <ei2011>announced</ei2011> plan to reduce employment by at least 6,000 people by year end. Even excluding the charge, however, net income <ei2014>fell</ei2014> 5%. In addition, GM's North American vehicle production <ei2015>fell</ei2015> 8.4% from a year ago, which <ei2016>hurt</ei2016> Delco Electronics' earnings, a company spokesman <ei2017>said</ei2017>. That decline was reflected in revenue for the GM Hughes unit, which <ei2019>edged</ei2019> down to $2.58 billion from $2.63 billion. In the nine months, GM Hughes net income <ei2022>fell</ei2022> 6.6% to $486.6 million, or $1.48 a share, from $521 million, or $1.58 a share. Revenue <ei2025>rose</ei2025> 3.5% to $8.47 billion from $8.18 billion. At GMAC, net income <ei2028>dropped</ei2028> 3.1% to $234.5 million from $241.9 million. The finance unit <ei2031>attributed</ei2031> the decline to higher borrowing costs compared with a year earlier. GMAC <ei2035>said</ei2035> its automotive financing and leasing business <ei2036>rose</ei2036> 35% in the U.S., largely because of dealer and customer incentives <ei2037>used</ei2037> to boost sales. GMAC profits are combined with earnings from the rest of GM's operations and attributed to the company's traditional common stock. In the first nine months, GMAC's earnings <ei2039>fell</ei2039> 8% to $859.5 million from $930.2 million. At EDS, third-quarter profit <ei2042>jumped</ei2042> 16% to a record $110.9 million, or 93 cents a share, from $95.9 million, or 79 cents a share. Revenue <ei2045>rose</ei2045> 12% to $1.37 billion from $1.22 billion. In the nine months, EDS <ei2048>earned</ei2048> $315.8 million, or $2.62 a share, up 13% from $280.7 million, or $2.30 a share. Revenue <ei2050>rose</ei2050> 14% to $4.03 billion from $3.54 billion. Revenue from non-GM accounts was 45% of EDS's total business in the latest nine months, compared with 40% a year earlier. The company has <ei2055>said</ei2055> it <ei2056>wants</ei2056> to boost non-GM revenue to at least 50% of its total business by the end of 1992.
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wsj_0781
{ "id": "t0", "text": "10/27/89" }
Intel Corp.'s most powerful computer chip has flaws that could delay several computer makers' marketing efforts, but the "bugs" aren't expected to hurt Intel and most computer makers. Computer experts familiar with the flaws, found in Intel's 80486 chip, say the defects don't affect the average user and are likely to be cleared up before most computers using the chip as their "brains" appear on the market sometime next year. Intel said that last week a customer discovered two flaws in its 80486 microprocessor chip's "floating-point unit," a set of circuits that perform certain calculations. On Friday, Intel began notifying customers about the bugs which cause the chip to give incorrect answers for some mathematical calculations. But while International Business Machines Corp. and Compaq Computer Corp. say the bugs will delay products, most large computer makers said the flaws don't affect them. "Bugs like this are just a normal part of product development," said Richard Archuleta, director of Hewlett-Packard Co.'s advanced systems development. Hewlett announced last week that it planned to ship a computer based on the 486 chip early next year. "These bugs don't affect our schedule at all," he said. Likewise, AST Research Inc. and Sun Microsystems Inc. said the bugs won't delay their development of 486-based machines. "We haven't modified our schedules in any way," said a Sun spokesman. To switch to another vendor's chips, "would definitely not be an option," he said. Nonetheless, concern about the chip may have been responsible for a decline of 87.5 cents in Intel's stock to $32 a share yesterday in over-the-counter trading, on a volume of 3,609,800 shares, and partly responsible for a drop in Compaq's stock in New York Stock Exchange composite trading on Wednesday. Yesterday, Compaq plunged further, closing at $100 a share, down $8.625 a share, on a volume of 2,633,700 shares. Most of Compaq's decline is being attributed to a third-quarter earnings report that came in at the low end of analysts' expectations. Intel said it had corrected the problems and would start producing bug-free chips next week. "We should not be seeing any more," said Bill Rash, Intel's director for the 486 chip. What's more, the bugs only emerge in esoteric applications such as computer-aided design and scientific calculations, he said, and then very seldom. "These errata do not affect business programs," he said. The bugs will cause problems in "specific and rare circumstances that will not occur in typical applications" such as word processing and spreadsheets, said Michael Slater, editor of the Microprocessor Report, an industry newsletter. Sun, Hewlett-Packard and others say Intel isn't wholly to blame for the problem. The real culprits, they said, are computer makers such as IBM that have jumped the gun to unveil 486-based products. "The reason this is getting so much visibility is that some started shipping and announced early availability," said Hewlett-Packard's Mr. Archuleta. "You can do that but you're taking a risk. Those companies are paying the price for taking the risk." In late September, IBM began shipping a plug-in card that converts its PS/2 model 70-A21 from an 80386 machine to an 80486 machine. An IBM spokeswoman said the company told customers Monday about the bugs and temporarily stopped shipping the product. IBM has no plans to recall its add-on cards, the spokeswoman said, and could probably circumvent the bugs without long product delays. "We don't look at this as a major problem for us," she said. Compaq, which said it discovered the bugs, still plans to announce new 486 products on November 6. Because of the glitch, however, the company said it doesn't know when its machine will be commercially available. That's a break from Compaq tradition, because the company doesn't announce products until they're actually at the dealers. The problem is being ballyhooed, experts say, because the 486 is Intel's future flagship. Intel's microprocessors are the chips of choice in many of today's personal computers and the 80486 microprocessor is the spearhead of the company's bid to guard that spot in the next generation of machines. "Although these sorts of bugs are not at all uncommon, the 486 is an extremely high-profile product," said Mr. Slater, the newsletter editor. Intel's 80486 chip is the Corvette of Intel's microprocessors, a super-fast, super-expensive chip that only the most power-hungry computer users are likely to buy for at least several years. Unveiled last April, the chip crams 1.2 million transistors on a sliver of silicon, more than four times as many as on Intel's earlier model, 80386. Intel clocks the chip's speed at 15 million instructions per second, or MIPS. That's four times as fast as the 386. Machines using the 486 are expected to challenge higher-priced workstations and minicomputers in applications such as so-called servers, which connect groups of computers together, and in computer-aided design. But while the chip's speed in processing power is dazzling, its real strength lies in its software inheritance. The 486 is the descendant of a long series of Intel chips that began dominating the market ever since IBM picked the 16-bit 8088 chip for its first personal computer. (A 16-bit microprocessor processes 16 pieces of data at a time and is slower than newer, 32-bit chips.) Since then, Intel has cornered a large part of the market with successive generations of 16-bit and 32-bit chips, all of which can run software written for previous models. That's what will keep computer makers coming in spite of the irritation of bugs. Large personal computer makers and many makers of engineering workstations are developing 486-based machines, which are expected to reach the market early next year. Of the large computer makers, only Apple Computer Co. bases its machines on Motorola chips instead. "The 486 is going to have a big impact on the industry," said Hewlett-Packard's Mr. Archuleta. "It's going to be the leading-edge technology in personal computers for the next few years. This bug is not going to have any effect on that at all." Andy Zipser in Dallas contributed to this article.
Intel Corp.'s most powerful computer chip <ei2216>has</ei2216> flaws that could delay several computer makers' marketing efforts, but the "bugs" aren't expected to hurt Intel and most computer makers. Computer experts familiar with the flaws, found in Intel's 80486 chip, <ei2221>say</ei2221> the defects don't affect the average user and are likely to be cleared up before most computers using the chip as their "brains" <ei2224>appear</ei2224> on the market sometime next year. Intel <ei2225>said</ei2225> that last week a customer <ei2226>discovered</ei2226> two flaws in its 80486 microprocessor chip's "floating-point unit," a set of circuits that perform certain calculations. On Friday, Intel <ei2228>began</ei2228> <ei2229>notifying</ei2229> customers about the bugs which <ei2231>cause</ei2231> the chip to <ei2232>give</ei2232> incorrect answers for some mathematical calculations. But while International Business Machines Corp. and Compaq Computer Corp. <ei2234>say</ei2234> the bugs will delay products, most large computer makers <ei2237>said</ei2237> the flaws don't affect them. "Bugs like this are just a normal part of product development," <ei2240>said</ei2240> Richard Archuleta, director of Hewlett-Packard Co.'s advanced systems development. Hewlett <ei2241>announced</ei2241> last week that it <ei2242>planned</ei2242> to ship a computer based on the 486 chip early next year. "These bugs don't affect our schedule at all," he <ei2245>said</ei2245>. Likewise, AST Research Inc. and Sun Microsystems Inc. <ei2246>said</ei2246> the bugs won't delay their development of 486-based machines. "We haven't <ei2249>modified</ei2249> our schedules in any way," <ei2250>said</ei2250> a Sun spokesman. To switch to another vendor's chips, "would definitely not be an option," he <ei2253>said</ei2253>. Nonetheless, concern about the chip may have been responsible for a decline of 87.5 cents in Intel's stock to $32 a share yesterday in over-the-counter trading, on a volume of 3,609,800 shares, and partly responsible for a drop in Compaq's stock in New York Stock Exchange composite trading on Wednesday. Yesterday, Compaq <ei2262>plunged</ei2262> further, <ei2263>closing</ei2263> at $100 a share, down $8.625 a share, on a volume of 2,633,700 shares. Most of Compaq's decline is being <ei2266>attributed</ei2266> to a third-quarter earnings report that came in at the low end of analysts' expectations. Intel <ei2268>said</ei2268> it had <ei2269>corrected</ei2269> the problems and would start producing bug-free chips next week. "We should not be seeing any more," <ei2274>said</ei2274> Bill Rash, Intel's director for the 486 chip. What's more, the bugs only <ei2275>emerge</ei2275> in esoteric applications such as computer-aided design and scientific calculations, he <ei2276>said</ei2276>, and then very seldom. "These errata do not affect business programs," he <ei2278>said</ei2278>. The bugs will <ei2279>cause</ei2279> problems in "specific and rare circumstances that will not occur in typical applications" such as word processing and spreadsheets, <ei2281>said</ei2281> Michael Slater, editor of the Microprocessor Report, an industry newsletter. Sun, Hewlett-Packard and others <ei2282>say</ei2282> Intel isn't wholly to blame for the problem. The real culprits, they <ei2283>said</ei2283>, are computer makers such as IBM that have <ei2284>jumped</ei2284> the gun to unveil 486-based products. "The reason this is getting so much visibility is that some <ei2286>started</ei2286> shipping and <ei2288>announced</ei2288> early availability," <ei2290>said</ei2290> Hewlett-Packard's Mr. Archuleta. "You can do that but you're taking a risk. Those companies are paying the price for taking the risk." In late September, IBM <ei2291>began</ei2291> <ei2292>shipping</ei2292> a plug-in card that converts its PS/2 model 70-A21 from an 80386 machine to an 80486 machine. An IBM spokeswoman <ei2293>said</ei2293> the company <ei2294>told</ei2294> customers Monday about the bugs and temporarily <ei2296>stopped</ei2296> <ei2297>shipping</ei2297> the product. IBM has no plans to recall its add-on cards, the spokeswoman <ei2300>said</ei2300>, and could probably circumvent the bugs without long product delays. "We don't look at this as a major problem for us," she <ei2304>said</ei2304>. Compaq, which <ei2305>said</ei2305> it <ei2306>discovered</ei2306> the bugs, still plans to announce new 486 products on November 6. Because of the glitch, however, the company <ei2310>said</ei2310> it doesn't know when its machine will be commercially available. That's a break from Compaq tradition, because the company doesn't announce products until they're actually at the dealers. The problem is being <ei2313>ballyhooed</ei2313>, experts <ei2314>say</ei2314>, because the 486 is Intel's future flagship. Intel's microprocessors are the chips of choice in many of today's personal computers and the 80486 microprocessor is the spearhead of the company's bid to guard that spot in the next generation of machines. "Although these sorts of bugs are not at all uncommon, the 486 is an extremely high-profile product," said Mr. Slater, the newsletter editor. Intel's 80486 chip is the Corvette of Intel's microprocessors, a super-fast, super-expensive chip that only the most power-hungry computer users are likely to buy for at least several years. Unveiled last April, the chip crams 1.2 million transistors on a sliver of silicon, more than four times as many as on Intel's earlier model, 80386. Intel clocks the chip's speed at 15 million instructions per second, or MIPS. That's four times as fast as the 386. Machines <ei2318>using</ei2318> the 486 are <ei2319>expected</ei2319> to challenge higher-priced workstations and minicomputers in applications such as so-called servers, which connect groups of computers together, and in computer-aided design. But while the chip's speed in processing power is dazzling, its real strength lies in its software inheritance. The 486 is the descendant of a long series of Intel chips that <ei2321>began</ei2321> <ei2322>dominating</ei2322> the market ever since IBM <ei2323>picked</ei2323> the 16-bit 8088 chip for its first personal computer. (A 16-bit microprocessor processes 16 pieces of data at a time and is slower than newer, 32-bit chips.) Since then, Intel has cornered a large part of the market with successive generations of 16-bit and 32-bit chips, all of which can run software written for previous models. That's what will keep computer makers coming in spite of the irritation of bugs. Large personal computer makers and many makers of engineering workstations are developing 486-based machines, which are expected to reach the market early next year. Of the large computer makers, only Apple Computer Co. bases its machines on Motorola chips instead. "The 486 is going to have a big impact on the industry," said Hewlett-Packard's Mr. Archuleta. "It's going to be the leading-edge technology in personal computers for the next few years. This bug is not going to have any effect on that at all." Andy Zipser in Dallas contributed to this article.
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wsj_0612
{ "id": "t0", "text": "10/30/89" }
Compiled by Dow Jones Capital Markets Report: @ CORPORATES Sun Microsystems Inc. -- $125 million of 6 3/8% convertible subordinated debentures due October 15, 1999, priced at 94.90 to yield 7.51%. The debentures are convertible into common stock at $25 a share, representing a 24% conversion premium over Thursday's closing price. Rated single-B-1 by Moody's Investors Service Inc. and single-B+ by Standard & Poor's Corp., the issue will be sold through underwriters led by Goldman, Sachs & Co. Hertz Corp. -- $100 million of senior notes due November 1, 2009, priced at par to yield 9%. The issue, which is puttable back to the company in 1999, was priced at a spread of 110 basis points above the Treasury's 10-year note. Rated single-A-3 by Moody's and triple-B by S&P, the issue will be sold through underwriters led by Merrill Lynch Capital Markets. @ EUROBONDS Canadian Imperial Bank of Commerce (Canada) -- 10 billion yen of 5.7% bonds due November 17, 1992, priced at 101 1/4 to yield 5.75% less full fees, via LTCB International Ltd.
<ei2002>Compiled</ei2002> by Dow Jones Capital Markets Report: @ CORPORATES Sun Microsystems Inc. -- $125 million of 6 3/8% convertible subordinated debentures due October 15, 1999, <ei2004>priced</ei2004> at 94.90 to <ei2005>yield</ei2005> 7.51%. The debentures are convertible into common stock at $25 a share, representing a 24% conversion premium over Thursday's closing price. <ei2010>Rated</ei2010> single-B-1 by Moody's Investors Service Inc. and single-B+ by Standard & Poor's Corp., the issue will be sold through underwriters led by Goldman, Sachs & Co. Hertz Corp. -- $100 million of senior notes due November 1, 2009, <ei2013>priced</ei2013> at par to <ei2014>yield</ei2014> 9%. The issue, which is puttable back to the company in 1999, was <ei2016>priced</ei2016> at a spread of 110 basis points above the Treasury's 10-year note. <ei2017>Rated</ei2017> single-A-3 by Moody's and triple-B by S&P, the issue will be <ei2018>sold</ei2018> through underwriters led by Merrill Lynch Capital Markets. @ EUROBONDS Canadian Imperial Bank of Commerce (Canada) -- 10 billion yen of 5.7% bonds due November 17, 1992, <ei2020>priced</ei2020> at 101 1/4 to yield 5.75% less full fees, via LTCB International Ltd.
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true
matres
wsj_0266
{ "id": "t0", "text": "11/01/89" }
Pleased to note that your October 23 Centennial Journal item recognized the money-fund concept as one of the significant events of the past century. Actually, about two years ago, the Journal listed the creation of the money fund as one of the 10 most significant events in the world of finance in the 20th century. But the Reserve Fund, America's first money fund, was not named, nor were the creators of the money-fund concept, Harry Brown and myself. We innovated telephone redemptions, daily dividends, total elimination of share certificates and the constant $1 per share pricing, all of which were painstakingly thought out and not the result of some inadvertence on the part of the SEC. BRUCE R. BENT President The Reserve Fund New York
<ei123>Pleased</ei123> to <ei124>note</ei124> that your October 23 Centennial Journal item <ei125>recognized</ei125> the money-fund concept as one of the significant events of the past century. Actually, about two years ago, the Journal <ei126>listed</ei126> the creation of the money fund as one of the 10 most significant events in the world of finance in the 20th century. But the Reserve Fund, America's first money fund, was not named, nor were the creators of the money-fund concept, Harry Brown and myself. We <ei129>innovated</ei129> telephone redemptions, daily dividends, total elimination of share certificates and the constant $1 per share pricing, all of which were painstakingly <ei133>thought</ei133> out and not the result of some inadvertence on the part of the SEC. BRUCE R. BENT President The Reserve Fund New York
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matres
APW19980227.0476
{ "id": "t0", "text": "02/27/1998 08:02:00" }
rejected U.S. and British objections to a Libyan World Court case that has blocked the trial of two Libyans suspected of bombing a Pan Am jumbo jet over Scotland in 1988. Libya, which brought the case to the United Nations' highest judicial body in its dispute with the United States and Britain, hailed the ruling and said it would press anew for a trial in a third neutral country. Both U.S. and British officials filed objections to the court's jurisdiction in 1995, claiming Security Council resolutions imposed on Libya to force the suspects' extradition overruled a 1971 Convention which gives Libya the right to try the men.
<ei2091>rejected</ei2091> U.S. and British objections to a Libyan World Court case that has <ei2093>blocked</ei2093> the trial of two Libyans <ei2095>suspected</ei2095> of bombing a Pan Am jumbo jet over Scotland in 1988. Libya, which <ei2097>brought</ei2097> the case to the United Nations' highest judicial body in its dispute with the United States and Britain, <ei2099>hailed</ei2099> the ruling and <ei2101>said</ei2101> it would press anew for a trial in a third neutral country. Both U.S. and British officials <ei2104>filed</ei2104> objections to the court's jurisdiction in 1995, <ei2105>claiming</ei2105> Security Council resolutions <ei2107>imposed</ei2107> on Libya to force the suspects' extradition <ei2109>overruled</ei2109> a 1971 Convention which gives Libya the right to try the men.
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matres
CNN19980213.2130.0155
{ "id": "t0", "text": "19980213" }
President Clinton says he is committed to a possible strike against Iraq, despite objections from other countries. Steve Hurst has that. The US military buildup in the Persian Gulf continues apace, more planes headed from the United States, and senior officials say Iraq's president Saddam Hussein can expect punishing air strikes to continue well into the future if he doesn't stop building biological and chemical weapons. Saddam will know by our actions and our warning that we will be prepared to act again if we have evidence he is trying to rebuild his weapons of mass destruction capabilities. In a bit of television diplomacy, Iraq's deputy foreign minister responded from Baghdad in less than one hour, <ei597>saying</ei579> Washington would break international law by attacking without UN approval. The United States is not authorized to use force before going to the council. President Clinton, meantime, glossed over stern warnings from Moscow on Thursday that US air strikes against Iraq could do serious harm to relations with the Kremlin. We're trying to find a diplomatic solution. And I hope that, whatever happens today, that our relationships with Russia will continue to be productive and constructive and strong, because that's very important to the future of our peoples. One contrary view of the issue presented itself to the president as he arrived in Philadelphia later in the day. Nevertheless, the president said Washington would use force if diplomacy fails to force Saddam Hussein to back down. The Russian foreign minister, meanwhile, sought to soften the harsh words of his military counterpart, saying on Friday that Russia now feels the US must hold off at least until UN Secretary-General Kofi Annan visits Baghdad in a last-ditch effort at diplomacy. Annan has no trip planned so far. Meanwhile, Secretary of State Madeleine Albright, Berger, and Secretary of Defense William Cohen announced plans to travel to an unnamed city in the US heartland next week, to explain to the American people just why military force will be necessary if diplomacy fails. Steve Hurst, CNN, the State Department.
President Clinton says he is committed to a possible strike against Iraq, despite objections from other countries. Steve Hurst has that. The US military buildup in the Persian Gulf <ei578>continues</ei578> apace, more planes <ei579>headed</ei579> from the United States, and senior officials <ei580>say</ei580> Iraq's president Saddam Hussein can expect punishing air strikes to <ei583>continue</ei583> well into the future if he doesn't stop building biological and chemical weapons. Saddam will know by our actions and our warning that we will be prepared to act again if we have evidence he is trying to <ei594>rebuild</ei594> his weapons of mass destruction capabilities. In a bit of television diplomacy, Iraq's deputy foreign minister <ei596>responded</ei596> from Baghdad in less than one hour, <ei597>saying</ei579> Washington would break international law by <ei599>attacking</ei599> without UN approval. The United States is not authorized to use force before going to the council. President Clinton, meantime, <ei604>glossed</ei604> over stern warnings from Moscow on Thursday that US air strikes against Iraq could do serious harm to relations with the Kremlin. We're <ei609>trying</ei609> to find a diplomatic solution. And I <ei611>hope</ei611> that, whatever happens today, that our relationships with Russia will continue to be productive and constructive and strong, because that's very important to the future of our peoples. One contrary view of the issue <ei617>presented</ei617> itself to the president as he <ei618>arrived</ei618> in Philadelphia later in the day. Nevertheless, the president <ei619>said</ei619> Washington would use force if diplomacy fails to force Saddam Hussein to back down. The Russian foreign minister, meanwhile, <ei624>sought</ei624> to soften the harsh words of his military counterpart, <ei626>saying</ei626> on Friday that Russia now <ei627>feels</ei627> the US must hold off at least until UN Secretary-General Kofi Annan visits Baghdad in a last-ditch effort at diplomacy. Annan has no trip planned so far. Meanwhile, Secretary of State Madeleine Albright, Berger, and Secretary of Defense William Cohen announced plans to travel to an unnamed city in the US heartland next week, to explain to the American people just why military force will be necessary if diplomacy fails. Steve Hurst, CNN, the State Department.
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matres
wsj_0324
{ "id": "t0", "text": "11/01/89" }
QVC Network Inc. said it completed its acquisition of CVN Cos. for about $423 million. QVC agreed to pay $19 and one-eighth of a QVC share for each of CVN's 20 million fully diluted shares. The acquisition brings together the two largest competitors to Home Shopping Network Inc., which now reaches more viewers than any other company in the video shopping industry. Among them, Home Shopping, QVC and CVN already control most of that young and fast-growing market, which last year had sales of about $1.4 billion.
QVC Network Inc. <ei1990>said</ei1990> it <ei1991>completed</ei1991> its acquisition of CVN Cos. for about $423 million. QVC <ei1993>agreed</ei1993> to pay $19 and one-eighth of a QVC share for each of CVN's 20 million fully diluted shares. The acquisition <ei1996>brings</ei1996> together the two largest competitors to Home Shopping Network Inc., which now <ei1997>reaches</ei1997> more viewers than any other company in the video shopping industry. Among them, Home Shopping, QVC and CVN already <ei1998>control</ei1998> most of that young and fast-growing market, which last year <ei1999>had</ei1999> sales of about $1.4 billion.
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wsj_0661
{ "id": "t0", "text": "10/30/89" }
launched a $10-a-share tender offer for the outstanding shares of Dataproducts Corp., and said it would seek to liquidate the computer-printer maker as soon as possible, even if a merger isn't consummated. DPC Acquisition is controlled by Crescott Investment Associates, Wilson Investment Group, Kernel Corp., and Catalyst Partners. The investor group owns 1,534,600 Dataproducts common shares, or a 7.6% stake. The offer is based on several conditions, including obtaining financing. DPC Acquisition said it had received reasonable assurance from Chase Manhattan Bank N.A. that the financing can be obtained. In a filing with the Securities and Exchange Commission, DPC Acquisition said it expects to need about $215 million to buy the shares and pay related fees and expenses. DPC Acquisition added that it has not begun discussions with financing sources, and said it expected to repay the borrowed amounts through proceeds from the liquidation. Dataproducts officials declined to comment, and said they had not yet seen a lawsuit filed in federal court by DPC Acquisition that seeks to nullify a standstill agreement between DPC Acquisition and Dataproducts. Earlier this year, DPC Acquisition made a $15-a-share offer for Dataproducts, which the Dataproducts board said it rejected because the $283.7 million offer was not fully financed. Dataproducts has since started a restructuring and has said it is not for sale.
<ei1990>launched</ei1990> a $10-a-share tender offer for the outstanding shares of Dataproducts Corp., and <ei1992>said</ei1992> it would seek to liquidate the computer-printer maker as soon as possible, even if a merger isn't consummated. DPC Acquisition is controlled by Crescott Investment Associates, Wilson Investment Group, Kernel Corp., and Catalyst Partners. The investor group owns 1,534,600 Dataproducts common shares, or a 7.6% stake. The offer is based on several conditions, including obtaining financing. DPC Acquisition <ei2000>said</ei2000> it had <ei2001>received</ei2001> reasonable assurance from Chase Manhattan Bank N.A. that the financing can be obtained. In a filing with the Securities and Exchange Commission, DPC Acquisition <ei2006>said</ei2006> it <ei2007>expects</ei2007> to <ei2008>need</ei2008> about $215 million to buy the shares and pay related fees and expenses. DPC Acquisition <ei2011>added</ei2011> that it has not begun discussions with financing sources, and <ei2014>said</ei2014> it <ei2015>expected</ei2015> to repay the <ei2017>borrowed</ei2017> amounts through proceeds from the liquidation. Dataproducts officials <ei2019>declined</ei2019> to comment, and <ei2021>said</ei2021> they had not yet seen a lawsuit filed in federal court by DPC Acquisition that seeks to nullify a standstill agreement between DPC Acquisition and Dataproducts. Earlier this year, DPC Acquisition <ei2027>made</ei2027> a $15-a-share offer for Dataproducts, which the Dataproducts board <ei2029>said</ei2029> it <ei2030>rejected</ei2030> because the $283.7 million offer was not fully financed. Dataproducts has since <ei2032>started</ei2032> a restructuring and has <ei2034>said</ei2034> it is not for sale.
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VOA19980331.1700.1533
{ "id": "t0", "text": "19980331" }
announced new regulations designed to change the way transplant organs are made available to sick patients. Under the new guidelines, donor organs will be made available to the sickest people first, wherever they live in the country. Currently, transplant organs are rationed through a regional system of distribution. The private group that runs the current system, United Network for Organ Sharing, or UNOS, objects to the new regulations. UNOS says the regulations put the federal government in charge of deciding who gets transplants and that many hospital transplant centers would be forced to close. Health and Human Services Secretary Donna Shalala says patients who need an organ transplant should not have to take a chance that an organ will become available in their local area, nor should patients have to travel to transplant centers far from their homes to improve their chances of getting an organ. UNOS spokeswoman Donna Henry Wright says the new policy would not necessarily be more fair or effective because allowances are already made for the most needy patients. The sickest patients are already treated first. There are not huge waiting time disparities amongst the very sickest patients. It's between two to six days for each of the sickest patients across the country. So it's a fallacy that they're doing this because the sickest patients aren't being served. Doctor James Burdick, Professor of Transplant Surgery at Johns Hopkins University Hospital in Baltimore, Maryland, and former President of UNOS, said the current system has evolved over several years and it works well. You may, in a year or two, save a few more lives if you do sickest first. But the number of patients waiting then begins to increase, and over the years many more patients who are about to die without a liver transplant would accumulate. If you do the alternative extreme, you don't save as many lives in the early years, by a small fraction. Our system is balanced, it's right in the middle. And, therefore, it works very well. Nationwide, there are about ten thousand patients waiting for liver transplants each year and only four thousand organs become available for transplants. Secretary Shalala says she gave UNOS five months to develop a new plan to distribute livers, which are in the shortest supply.
<ei267>announced</ei267> new regulations <ei268>designed</ei268> to change the way transplant organs are made available to sick patients. Under the new guidelines, donor organs will be made available to the sickest people first, wherever they live in the country. Currently, transplant organs are rationed through a regional system of distribution. The private group that <ei270>runs</ei270> the current system, United Network for Organ Sharing, or UNOS, objects to the new regulations. UNOS <ei271>says</ei271> the regulations put the federal government in charge of deciding who gets transplants and that many hospital transplant centers would be <ei276>forced</ei276> to close. Health and Human Services Secretary Donna Shalala <ei278>says</ei278> patients who <ei279>need</ei279> an organ transplant should not have to take a chance that an organ will become available in their local area, nor should patients have to travel to transplant centers far from their homes to improve their chances of getting an organ. UNOS spokeswoman Donna Henry Wright <ei288>says</ei288> the new policy would not necessarily be more fair or effective because allowances are already <ei290>made</ei290> for the most needy patients. The sickest patients are already <ei291>treated</ei291> first. There are not huge waiting time disparities amongst the very sickest patients. It's between two to six days for each of the sickest patients across the country. So it's a fallacy that they're <ei294>doing</ei294> this because the sickest patients aren't being served. Doctor James Burdick, Professor of Transplant Surgery at Johns Hopkins University Hospital in Baltimore, Maryland, and former President of UNOS, <ei296>said</ei296> the current system has <ei297>evolved</ei297> over several years and it <ei298>works</ei298> well. You may, in a year or two, save a few more lives if you do sickest first. But the number of patients <ei301>waiting</ei301> then begins to <ei303>increase</ei303>, and over the years many more patients who are about to die without a liver transplant would <ei305>accumulate</ei305>. If you do the alternative extreme, you don't save as many lives in the early years, by a small fraction. Our system <ei308>is</ei308> balanced, it's right in the middle. And, therefore, it <ei309>works</ei309> very well. Nationwide, there are about ten thousand patients <ei310>waiting</ei310> for liver transplants each year and only four thousand organs <ei312>become</ei312> available for transplants. Secretary Shalala <ei314>says</ei314> she <ei315>gave</ei315> UNOS five months to develop a new plan to distribute livers, which are in the shortest supply.
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matres
wsj_0376
{ "id": "t0", "text": "10/31/89" }
Courtaulds PLC announced plans to spin off its textiles operations to existing shareholders in a restructuring to boost shareholder value. The British chemical and textile company's plan, which requires shareholder approval, would create a new, listed U.K. stock with a probable market capitalization between £300 million ($473 million) and £400 million, analysts said. The establishment of the separate company, to be called Courtaulds Textiles, could be effective as early as next year's first quarter. Investors welcomed the move. Courtaulds' shares rose 15 pence to 362 pence, valuing the entire company at about £1.44 billion. Courtaulds' spinoff reflects pressure on British industry to boost share prices beyond the reach of corporate raiders. Courtaulds' restructuring is among the largest thus far in Britain, though it is dwarfed by B.A.T Industries PLC's plans to spin off roughly £4 billion in assets to help fend off a takeover bid from Anglo-French financier Sir James Goldsmith. The divested Courtaulds textile operations had operating profit of £50 million on £980 million in revenue in the year ended March 31. Some analysts have said Courtaulds' moves could boost the company's value by 5% to 10%, because the two entities separately will carry a higher price-earnings multiple than they did combined. In addition, Courtaulds said the moves are logical because they will allow both the chemicals and textile businesses to focus more closely on core activities. Courtaulds has been under pressure to enhance shareholder value since takeover speculators -- including Australian financier Kerry Packer -- surfaced holding small stakes last year. Though Mr. Packer has since sold his stake, Courtaulds is moving to keep its institutional shareholders happy. Even without a specific takeover threat, Courtaulds is giving shareholders "choice and value," said Julia Blake, an analyst at London stockbrokers Barclays de Zoete Wedd. In a statement, the company said: "Both parts can only realize their full potential and be appropriately valued by the market if they are separately quoted companies. The sharper definition and the autonomy which each will thereby gain will benefit shareholders, customers and employees." Courtaulds Chairman and Chief Executive Sir Christopher Hogg will remain in both posts at the surviving chemical company after the spinoff.
Courtaulds PLC <ei1989>announced</ei1989> plans to spin off its textiles operations to existing shareholders in a restructuring to boost shareholder value. The British chemical and textile company's plan, which requires shareholder approval, would create a new, listed U.K. stock with a probable market capitalization between £300 million ($473 million) and £400 million, analysts <ei1995>said</ei1995>. The establishment of the separate company, to be called Courtaulds Textiles, could be effective as early as next year's first quarter. Investors <ei1997>welcomed</ei1997> the move. Courtaulds' shares <ei1999>rose</ei1999> 15 pence to 362 pence, valuing the entire company at about £1.44 billion. Courtaulds' spinoff reflects pressure on British industry to boost share prices beyond the reach of corporate raiders. Courtaulds' restructuring is among the largest thus far in Britain, though it is dwarfed by B.A.T Industries PLC's plans to spin off roughly £4 billion in assets to <ei2005>help</ei2005> <ei2006>fend</ei2006> off a takeover bid from Anglo-French financier Sir James Goldsmith. The divested Courtaulds textile operations had operating profit of £50 million on £980 million in revenue in the year ended March 31. Some analysts have <ei2009>said</ei2009> Courtaulds' moves could boost the company's value by 5% to 10%, because the two entities separately will carry a higher price-earnings multiple than they did <ei2015>combined</ei2015>. In addition, Courtaulds <ei2016>said</ei2016> the moves are logical because they will allow both the chemicals and textile businesses to focus more closely on core activities. Courtaulds has been under pressure to enhance shareholder value since takeover speculators -- including Australian financier Kerry Packer -- <ei2022>surfaced</ei2022> holding small stakes last year. Though Mr. Packer has since <ei2023>sold</ei2023> his stake, Courtaulds is <ei2024>moving</ei2024> to keep its institutional shareholders happy. Even without a specific takeover threat, Courtaulds is <ei2028>giving</ei2028> shareholders "choice and value," <ei2030>said</ei2030> Julia Blake, an analyst at London stockbrokers Barclays de Zoete Wedd. In a statement, the company said: "Both parts can only realize their full potential and be appropriately valued by the market if they are separately quoted companies. The sharper definition and the autonomy which each will thereby gain will benefit shareholders, customers and employees." Courtaulds Chairman and Chief Executive Sir Christopher Hogg will remain in both posts at the surviving chemical company after the spinoff.
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true
matres
wsj_1013
{ "id": "t0", "text": "10/26/89" }
Columbia Savings and Loan Association, reeling from thrift-accounting changes mandated by Congress and the recent collapse of the junk-bond market, announced a loss for the third quarter of $226.3 million, or $11.57 a share. For the same quarter a year ago, Columbia reported earnings of $16.3 million, or 37 cents a share. Total assets increased to $12.7 billion in the latest quarter from $12.4 billion a year earlier. The loss stems from $357.5 million of write-downs on Columbia's $4.4 billion high-yield investment securities portfolio, which includes about $3.7 billion of junk bonds, $400 million of preferred stock, and Treasury securities. Columbia owes its spectacular growth in recent years to its junk-bond portfolio, the largest of any U.S. thrift. Much of Columbia's junk-bond trading has been done through the high-yield department of its Beverly Hills neighbor, Drexel Burnham Lambert Inc. For the nine months, losses totaled $212 million, or $10.83 a share, compared with net income of $48.7 million, or $1.11 a share, a year earlier. The results include a $130.2 million write-down of the securities in the high-yield portfolio to the lower of their cost or market value. Columbia also added $227.3 million to reserves for losses on the portfolio, increasing general reserves to $300 million, or about 6.7% of the total portfolio, as of Sept. 30. On June 30, loss reserves stood at $108.3 million. Thrift officials said the $300 million reserve will be adjusted quarterly and will reflect the rate of dispositions and market conditions. The adjustments result from the recently passed thrift-industry bailout legislation, which requires thrifts to divest all high-yield bond investments by 1994. Previously, Columbia didn't have to adjust the book value of its junk-bond holdings to reflect declines in market prices, because it held the bonds as long-term investments. Because Columbia now must sell the bonds within five years, accounting rules require the thrift to value the bonds at the lower of cost or market prices. For its future strategy, Columbia officials said the thrift may branch out into commercial lending or managing outside investments, as well as strengthening more traditional thrift activities. The quarterly results also reflected $21.4 million in non-recurring losses from commercial real-estate activities in California. Thomas Spiegel, Columbia's chairman, said in a statement that the thrift was " disappointed" by the effects of the accounting changes. But he said Columbia remains "one of the most strongly capitalized thrifts in the industry," based on the economic value of its assets and tangible capital. Columbia announced the results after the close of the stock market. Its shares closed at $5.125 each in composite New York Stock Exchange trading, down 37.5 cents. The price of Columbia shares has been cut nearly in half since August, when they traded at about $10, as investors apparently realized that the thrift would be forced to take a large write-down. The stock's decline accelerated in the past two weeks, from a price of $8 a share on Oct. 9. Columbia officials said they don't know how quickly they will dispose of the thrift's junk bonds, because federal regulations, such as those that would allow thrifts to continue holding the bonds in separately capitalized subsidiaries, haven't yet been finalized. Columbia officials also said the thrift shouldn't face problems meeting regulatory capital requirements, despite the large reserves and write-downs and stricter regulatory requirements that should be in place by year's end. Its ratio of tangible equity to total assets as of Sept. 30 was 3.6%, and total equity was $457.9 million. The thrift emphasized that it has a large portfolio of equity securities issued in connection with corporate restructurings and leveraged buy-outs, which has a book value of $90 million. Although many of the transactions related to those securities haven't been completed, Columbia said the ultimate gain on the sale of those assets will range from $200 million to $300 million. Columbia also has unrealized gains in its public equity securities portfolio of more than $70 million. David B. Hilder in New York contributed to this article.
Columbia Savings and Loan Association, <ei2412>reeling</ei2412> from thrift-accounting changes <ei2414>mandated</ei2414> by Congress and the recent collapse of the junk-bond market, <ei2416>announced</ei2416> a loss for the third quarter of $226.3 million, or $11.57 a share. For the same quarter a year ago, Columbia <ei2418>reported</ei2418> earnings of $16.3 million, or 37 cents a share. Total assets <ei2419>increased</ei2419> to $12.7 billion in the latest quarter from $12.4 billion a year earlier. The loss <ei2423>stems</ei2423> from $357.5 million of write-downs on Columbia's $4.4 billion high-yield investment securities portfolio, which includes about $3.7 billion of junk bonds, $400 million of preferred stock, and Treasury securities. Columbia <ei2426>owes</ei2426> its spectacular growth in recent years to its junk-bond portfolio, the largest of any U.S. thrift. Much of Columbia's junk-bond trading has been <ei2429>done</ei2429> through the high-yield department of its Beverly Hills neighbor, Drexel Burnham Lambert Inc. For the nine months, losses <ei2430>totaled</ei2430> $212 million, or $10.83 a share, compared with net income of $48.7 million, or $1.11 a share, a year earlier. The results include a $130.2 million write-down of the securities in the high-yield portfolio to the lower of their cost or market value. Columbia also <ei2435>added</ei2435> $227.3 million to reserves for losses on the portfolio, <ei2437>increasing</ei2437> general reserves to $300 million, or about 6.7% of the total portfolio, as of Sept. 30. On June 30, loss reserves <ei2439>stood</ei2439> at $108.3 million. Thrift officials <ei2440>said</ei2440> the $300 million reserve will be adjusted quarterly and will reflect the rate of dispositions and market conditions. The adjustments <ei2446>result</ei2446> from the recently <ei2447>passed</ei2447> thrift-industry bailout legislation, which <ei2448>requires</ei2448> thrifts to divest all high-yield bond investments by 1994. Previously, Columbia didn't have to adjust the book value of its junk-bond holdings to reflect declines in market prices, because it <ei2454>held</ei2454> the bonds as long-term investments. Because Columbia now must sell the bonds within five years, accounting rules <ei2456>require</ei2456> the thrift to value the bonds at the lower of cost or market prices. For its future strategy, Columbia officials <ei2458>said</ei2458> the thrift may branch out into commercial lending or managing outside investments, as well as strengthening more traditional thrift activities. The quarterly results also <ei2465>reflected</ei2465> $21.4 million in non-recurring losses from commercial real-estate activities in California. Thomas Spiegel, Columbia's chairman, <ei2468>said</ei2468> in a statement that the thrift was " <ei2470>disappointed</ei2470>" by the effects of the accounting changes. But he <ei2472>said</ei2472> Columbia <ei2473>remains</ei2473> "one of the most strongly capitalized thrifts in the industry," based on the economic value of its assets and tangible capital. Columbia <ei2475>announced</ei2475> the results after the close of the stock market. Its shares <ei2478>closed</ei2478> at $5.125 each in composite New York Stock Exchange trading, down 37.5 cents. The price of Columbia shares has been <ei2479>cut</ei2479> nearly in half since August, when they <ei2480>traded</ei2480> at about $10, as investors apparently <ei2481>realized</ei2481> that the thrift would be forced to take a large write-down. The stock's decline <ei2486>accelerated</ei2486> in the past two weeks, from a price of $8 a share on Oct. 9. Columbia officials <ei2488>said</ei2488> they don't know how quickly they will dispose of the thrift's junk bonds, because federal regulations, such as those that would allow thrifts to continue <ei2493>holding</ei2493> the bonds in separately capitalized subsidiaries, haven't yet been finalized. Columbia officials also <ei2495>said</ei2495> the thrift shouldn't face problems meeting regulatory capital requirements, despite the large reserves and write-downs and stricter regulatory requirements that should be in place by year's end. Its ratio of tangible equity to total assets as of Sept. 30 was 3.6%, and total equity was $457.9 million. The thrift <ei2502>emphasized</ei2502> that it <ei2503>has</ei2503> a large portfolio of equity securities <ei2504>issued</ei2504> in connection with corporate restructurings and leveraged buy-outs, which <ei2506>has</ei2506> a book value of $90 million. Although many of the transactions related to those securities haven't been completed, Columbia <ei2509>said</ei2509> the ultimate gain on the sale of those assets will <ei2512>range</ei2512> from $200 million to $300 million. Columbia also <ei2513>has</ei2513> unrealized gains in its public equity securities portfolio of more than $70 million. David B. Hilder in New York <ei2515>contributed</ei2515> to this article.
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matres
PRI19980306.2000.1675
{ "id": "t0", "text": "19980306" }
reporting from Kosovo. There were more accounts of people fleeing from the villages near where the offensive was taking place. They were too afraid to stay, fearing the forces might also move their operations further afield. By mid-afternoon, official Serb sources were saying the operation was over, but that has not yet been confirmed from Belgrade, the capital of Serbia, which is where the whole attack is thought to have been planned. The ethnic Albanians here in Kosovo are considerably worried about the future and fear they are witnessing the beginnings of a much wider conflict. Karyn Coleman, BBC News, Pristina.
<ei196>reporting</ei196> from Kosovo. There were more accounts of people <ei198>fleeing</ei198> from the villages near where the offensive was <ei200>taking</ei200> place. They were too afraid to stay, <ei203>fearing</ei203> the forces might also move their operations further afield. By mid-afternoon, official Serb sources were <ei206>saying</ei206> the operation was over, but that has not yet been confirmed from Belgrade, the capital of Serbia, which is where the whole attack is <ei211>thought</ei211> to have been <ei212>planned</ei212>. The ethnic Albanians here in Kosovo are considerably <ei213>worried</ei213> about the future and fear they are <ei215>witnessing</ei215> the beginnings of a much wider conflict. Karyn Coleman, BBC News, Pristina.
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true
matres
wsj_0924
{ "id": "t0", "text": "10/26/89" }
Dominion Textile Inc. holders adopted a shareholder rights plan at the annual meeting. The so-called poison pill took effect August 9, pending ratification by holders. Rights attached to the company's common shares were issued that are triggered if a hostile bidder acquires more than 20% of the outstanding shares. Once triggered, the rights allow holders to buy additional shares at 50% of the then-current market price or, at the board's discretion, to receive securities or assets. Separately, Dominion Textile posted net income of C$4.7 million (US$4 million), or C$0.12 per share, for the fiscal first quarter ended September 30. The company had a net loss of C$2.3 million, or C$0.14 per share, a year ago. Sales were C$348.2 million compared with C$307.2 million a year earlier.
Dominion Textile Inc. holders <ei159>adopted</ei159> a shareholder rights plan at the annual meeting. The so-called poison pill <ei161>took</ei161> effect August 9, pending ratification by holders. Rights attached to the company's common shares were <ei164>issued</ei164> that are <ei165>triggered</ei165> if a hostile bidder acquires more than 20% of the outstanding shares. Once triggered, the rights allow holders to buy additional shares at 50% of the then-current market price or, at the board's discretion, to receive securities or assets. Separately, Dominion Textile <ei172>posted</ei172> net income of C$4.7 million (US$4 million), or C$0.12 per share, for the fiscal first quarter ended September 30. The company <ei174>had</ei174> a net loss of C$2.3 million, or C$0.14 per share, a year ago. Sales were C$348.2 million compared with C$307.2 million a year earlier.
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true
matres
wsj_0027
{ "id": "t0", "text": "11/02/89" }
Magna International Inc.'s chief financial officer, James McAlpine, resigned and its chairman, Frank Stronach, is stepping in to help turn the automotive-parts manufacturer around, the company said. Mr. Stronach will direct an effort to reduce overhead and curb capital spending "until a more satisfactory level of profit is achieved and maintained," Magna said. Stephen Akerfeldt, currently vice president of finance, will succeed Mr. McAlpine. An ambitious expansion has left Magna with excess capacity and a heavy debt load as the automotive industry enters a downturn. The company has reported declines in operating profit in each of the past three years, despite steady sales growth. Magna recently cut its quarterly dividend in half and the company's Class A shares are wallowing far below their 52-week high of 16.125 Canadian dollars (US$13.73). On the Toronto Stock Exchange yesterday, Magna shares closed up 37.5 Canadian cents to C$9.625. Mr. Stronach, founder and controlling shareholder of Magna, resigned as chief executive officer last year to seek, unsuccessfully, a seat in Canada's Parliament. Analysts said Mr. Stronach wants to resume a more influential role in running the company. They expect him to cut costs throughout the organization. The company said Mr. Stronach will personally direct the restructuring, assisted by Manfred Gingl, president and chief executive. Neither they nor Mr. McAlpine could be reached for comment. Magna said Mr. McAlpine resigned to pursue a consulting career, with Magna as one of his clients.
Magna International Inc.'s chief financial officer, James McAlpine, <ei1989>resigned</ei1989> and its chairman, Frank Stronach, is <ei1990>stepping</ei1990> in to help turn the automotive-parts manufacturer around, the company <ei1993>said</ei1993>. Mr. Stronach will direct an effort to reduce overhead and curb capital spending "until a more satisfactory level of profit is achieved and maintained," Magna <ei2001>said</ei2001>. Stephen Akerfeldt, currently vice president of finance, will <ei2002>succeed</ei2002> Mr. McAlpine. An ambitious expansion has <ei2004>left</ei2004> Magna with excess capacity and a heavy debt load as the automotive industry <ei2005>enters</ei2005> a downturn. The company has <ei2007>reported</ei2007> declines in operating profit in each of the past three years, despite steady sales growth. Magna recently <ei2010>cut</ei2010> its quarterly dividend in half and the company's Class A shares are <ei2011>wallowing</ei2011> far below their 52-week high of 16.125 Canadian dollars (US$13.73). On the Toronto Stock Exchange yesterday, Magna shares <ei2013>closed</ei2013> up 37.5 Canadian cents to C$9.625. Mr. Stronach, founder and controlling shareholder of Magna, <ei2014>resigned</ei2014> as chief executive officer last year to seek, unsuccessfully, a seat in Canada's Parliament. Analysts <ei2017>said</ei2017> Mr. Stronach wants to resume a more influential role in running the company. They <ei2021>expect</ei2021> him to cut costs throughout the organization. The company <ei2023>said</ei2023> Mr. Stronach will personally <ei2024>direct</ei2024> the restructuring, <ei2026>assisted</ei2026> by Manfred Gingl, president and chief executive. Neither they nor Mr. McAlpine could be <ei2027>reached</ei2027> for comment. Magna <ei2028>said</ei2028> Mr. McAlpine <ei2029>resigned</ei2029> to pursue a consulting career, with Magna as one of his clients.
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true
matres
wsj_1040
{ "id": "t0", "text": "10/26/89" }
ONEIDA Ltd. declared a 10% stock dividend, payable December 15 to stockholders of record November 17. The Oneida, N.Y., maker of consumer, food-service, and industrial products also declared a quarterly cash dividend of 12 cents a share, with the same payable and record dates. The cash dividend paid on the common stock will also apply to the new shares, the company said. The move rewards shareholders and should improve the stock's liquidity, Oneida said. The company has about 8.8 million shares outstanding. In New York Stock Exchange composite trading yesterday, Oneida's shares closed at $18.375 a share, unchanged.
ONEIDA Ltd. <ei66>declared</ei66> a 10% stock dividend, payable December 15 to stockholders of record November 17. The Oneida, N.Y., maker of consumer, food-service, and industrial products also <ei68>declared</ei68> a quarterly cash dividend of 12 cents a share, with the same payable and record dates. The cash dividend <ei69>paid</ei69> on the common stock will also apply to the new shares, the company <ei71>said</ei71>. The move rewards shareholders and should improve the stock's liquidity, Oneida <ei73>said</ei73>. The company <ei74>has</ei74> about 8.8 million shares outstanding. In New York Stock Exchange composite trading yesterday, Oneida's shares <ei75>closed</ei75> at $18.375 a share, unchanged.
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true
matres
wsj_0168
{ "id": "t0", "text": "11/02/89" }
Meridian National Corp. said it sold 750,000 shares of its common stock to the McAlpine family interests for $1 million, or $1.35 a share. The sale represents 10.2% of Meridian's outstanding shares. The McAlpine family, which operates a number of multinational companies, including a London-based engineering and construction company, also lent Meridian National $500,000. That amount is convertible into shares of Meridian common stock at $2 a share during its one-year term. The loan may be extended by the McAlpine group for an additional year with an increase in the conversion price to $2.50 a share. The sale of shares to the McAlpine family, along with the recent sale of 750,000 shares of Meridian stock to Haden MacLellan Holding PLC of Surrey, England, and a recent public offering have increased Meridian's net worth to $8.5 million, said William Feniger, chief executive officer of Toledo, Ohio-based Meridian.
Meridian National Corp. <ei126>said</ei126> it <ei127>sold</ei127> 750,000 shares of its common stock to the McAlpine family interests for $1 million, or $1.35 a share. The sale <ei129>represents</ei129> 10.2% of Meridian's outstanding shares. The McAlpine family, which <ei130>operates</ei130> a number of multinational companies, including a London-based engineering and construction company, also <ei131>lent</ei131> Meridian National $500,000. That amount is convertible into shares of Meridian common stock at $2 a share during its one-year term. The loan may be extended by the McAlpine group for an additional year with an increase in the conversion price to $2.50 a share. The sale of shares to the McAlpine family, along with the recent sale of 750,000 shares of Meridian stock to Haden MacLellan Holding PLC of Surrey, England, and a recent public offering have <ei139>increased</ei139> Meridian's net worth to $8.5 million, <ei140>said</ei140> William Feniger, chief executive officer of Toledo, Ohio-based Meridian.
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true
matres
wsj_0570
{ "id": "t0", "text": "10/30/89" }
Crane Co. said it holds an 8.9% stake in Milton Roy Corp., an analytical-instruments maker, and may seek control of the company. Crane, a maker of engineered products for aerospace, construction, defense and other uses, made the disclosure in a Securities and Exchange Commission filing. In the filing, Crane said that in the past it considered seeking control of Milton Roy, of St. Petersburg, Fla., through a merger or tender offer and that it expects to continue to evaluate an acquisition from time to time. Crane officials didn't return phone calls seeking comment. Crane holds 504,200 Milton Roy shares, including 254,200 bought from September 14 to Thursday for $15.50 to $16.75 each. In New York Stock Exchange composite trading Friday, Milton Roy shares leaped $2, to $18.375 each, while Crane sank $1.125, to $21.125 a share. John M. McNamara, chief financial officer of Milton Roy, said the company has no comment on Crane's filing. Milton Roy recently fended off unsolicited overtures from Thermo Electron Corp., a Waltham, Mass., maker of biomedical products. Milton Roy disclosed in May that it was approached for a possible acquisition by Thermo Electron, which agreed to purchase Milton Roy's liquid-chromatography line for $22 million in February. Thermo Electron acquired some 6% of Milton Roy's common stock before throwing in the towel and reducing its stake in early September. Gabelli Group began raising its Milton Roy stake in July, and holds 14.6%, according to a recent SEC filing. It hasn't made merger overtures to the board. Earlier this month, Milton Roy signed a letter of intent to acquire Automated Custom Systems Inc., Orange, Calif., and its sister operation, Environmental Testing Co., in Aurora, Colo. The companies are automotive-emissions-testing concerns. Under the terms, Milton Roy will pay an initial $4 million for the operations and additional payments during the next four years based on the earnings performance of the businesses. In the nine months, Milton Roy earned $6.6 million, or $1.18 a share, on sales of $94.3 million.
Crane Co. <ei422>said</ei422> it <ei423>holds</ei423> an 8.9% stake in Milton Roy Corp., an analytical-instruments maker, and may seek control of the company. Crane, a maker of engineered products for aerospace, construction, defense and other uses, <ei426>made</ei426> the disclosure in a Securities and Exchange Commission filing. In the filing, Crane <ei430>said</ei430> that in the past it <ei431>considered</ei431> seeking control of Milton Roy, of St. Petersburg, Fla., through a merger or tender offer and that it expects to continue to evaluate an acquisition from time to time. Crane officials didn't return phone calls seeking comment. Crane holds 504,200 Milton Roy shares, including 254,200 <ei444>bought</ei444> from September 14 to Thursday for $15.50 to $16.75 each. In New York Stock Exchange composite trading Friday, Milton Roy shares <ei445>leaped</ei445> $2, to $18.375 each, while Crane <ei447>sank</ei447> $1.125, to $21.125 a share. John M. McNamara, chief financial officer of Milton Roy, <ei449>said</ei449> the company has no comment on Crane's filing. Milton Roy recently <ei453>fended</ei453> off unsolicited overtures from Thermo Electron Corp., a Waltham, Mass., maker of biomedical products. Milton Roy <ei454>disclosed</ei454> in May that it was <ei455>approached</ei455> for a possible acquisition by Thermo Electron, which <ei457>agreed</ei457> to purchase Milton Roy's liquid-chromatography line for $22 million in February. Thermo Electron <ei459>acquired</ei459> some 6% of Milton Roy's common stock before <ei460>throwing</ei460> in the towel and <ei461>reducing</ei461> its stake in early September. Gabelli Group <ei462>began</ei462> <ei463>raising</ei463> its Milton Roy stake in July, and <ei464>holds</ei464> 14.6%, <ei465>according</ei465> to a recent SEC filing. It hasn't made merger overtures to the board. Earlier this month, Milton Roy signed a letter of intent to acquire Automated Custom Systems Inc., Orange, Calif., and its sister operation, Environmental Testing Co., in Aurora, Colo. The companies are automotive-emissions-testing concerns. Under the terms, Milton Roy will pay an initial $4 million for the operations and additional payments during the next four years based on the earnings performance of the businesses. In the nine months, Milton Roy earned $6.6 million, or $1.18 a share, on sales of $94.3 million.
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true
matres
wsj_0316
{ "id": "t0", "text": "11/01/89" }
First Security Corp. said it tentatively agreed to acquire Deseret Bancorp. for stock valued at about $18 million. Terms call for First Security to issue about 0.55 shares of its stock for each Deseret share held, or a total of about 550,000 First Security shares. It has about 12.3 million shares outstanding. Deseret, with about $100 million in assets, is the parent of Deseret Bank, which has six offices and headquarters in Pleasant Grove, Utah. The purchase price is equal to about 1.65 times Deseret's roughly $10.7 million book value, or assets less liabilities. Salt Lake City-based First Security, with $5.4 billion in assets, said the agreement is subject to shareholder and regulatory approval, and that it hopes to complete the transaction early next year.
First Security Corp. <ei2094>said</ei2094> it tentatively <ei2095>agreed</ei2095> to acquire Deseret Bancorp. for stock valued at about $18 million. Terms <ei2098>call</ei2098> for First Security to issue about 0.55 shares of its stock for each Deseret share <ei2100>held</ei2100>, or a total of about 550,000 First Security shares. It <ei2101>has</ei2101> about 12.3 million shares outstanding. Deseret, with about $100 million in assets, is the parent of Deseret Bank, which <ei2102>has</ei2102> six offices and headquarters in Pleasant Grove, Utah. The purchase price is equal to about 1.65 times Deseret's roughly $10.7 million book value, or assets less liabilities. Salt Lake City-based First Security, with $5.4 billion in assets, <ei2104>said</ei2104> the agreement is subject to shareholder and regulatory approval, and that it <ei2108>hopes</ei2108> to complete the transaction early next year.
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true
matres
wsj_0150
{ "id": "t0", "text": "11/02/89" }
A.L. Williams Corp. was merged into Primerica Corp., New York, after a special meeting of Williams shareholders approved the transaction, the companies said. Primerica, which had owned nearly 70% of Williams, will pay about 16.7 million shares, currently valued at almost $472 million, for the remaining shares of Williams. The financial-services company will pay 0.82 share for each Williams share. Williams shares, which were delisted from the New York Stock Exchange after the close of composite trading yesterday, closed at $23.25, down 12.5 cents. Primerica closed at $28.25, down 50 cents. Williams, Duluth, Ga., is an insurance and financial-services holding company. Its subsidiaries' services are marketed by the closely held A.L. Williams & Associates. Primerica, as expected, also acquired certain assets of the agency and assumed certain of its liabilities. Terms were not disclosed.
A.L. Williams Corp. was <ei137>merged</ei137> into Primerica Corp., New York, after a special meeting of Williams shareholders <ei139>approved</ei139> the transaction, the companies <ei141>said</ei141>. Primerica, which had <ei142>owned</ei142> nearly 70% of Williams, will <ei143>pay</ei143> about 16.7 million shares, currently <ei144>valued</ei144> at almost $472 million, for the remaining shares of Williams. The financial-services company will <ei145>pay</ei145> 0.82 share for each Williams share. Williams shares, which were delisted from the New York Stock Exchange after the close of composite trading yesterday, <ei148>closed</ei148> at $23.25, down 12.5 cents. Primerica <ei149>closed</ei149> at $28.25, down 50 cents. Williams, Duluth, Ga., is an insurance and financial-services holding company. Its subsidiaries' services are marketed by the closely held A.L. Williams & Associates. Primerica, as expected, also <ei150>acquired</ei150> certain assets of the agency and <ei151>assumed</ei151> certain of its liabilities. Terms were not disclosed.
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true
matres
wsj_0675
{ "id": "t0", "text": "10/30/89" }
PROGRAM TRADING is being curbed by more securities firms, but big institutional investors are expected to continue the practice, further roiling the stock market. Bowing to criticism, Bear Stearns, Morgan Stanley, and Oppenheimer joined PaineWebber in suspending stock-index arbitrage trading for their own accounts. Still, stock-index funds are expected to continue launching big programs through the market. Several Big Board firms are organizing to complain about program trading and the exchange's role in it. The effort is being led by Contel. Personal spending rose 0.2% in September, the smallest gain in a year. The slowdown raises questions about the economy's strength because spending fueled much of the third-quarter GNP growth. Meanwhile, personal income edged up 0.3%. Factory owners are buying new machinery at a healthy rate this fall, machine-tool makers say. But weak car sales raise questions about future demand from the auto sector. Southern's Gulf Power unit may plead guilty this week to charges it illegally steered company money to politicians through third parties. The tentative pact would resolve part of a broad investigation of the Atlanta-based company in the past year. LIN Broadcasting and BellSouth sweetened their plan to merge cellular phone operations, offering LIN holders a special $42-a-share payout. But the new pact will force huge debt on the new firm and could still fail to thwart rival suitor McCaw Cellular. Unisys posted a $648.2 million loss for the third quarter as it moved quickly to take write-offs for various problems and prepare for a turnaround. But some analysts wonder how strong the recovery will be. RJR Nabisco agreed to sell three candy businesses to Nestle for $370 million. The accord helps RJR pay off debt and boosts Nestle's 7% share of the U.S. candy market to 12%. GM and Ford are expected to go head to head in the markets to buy up rival 15% stakes in Jaguar. GM confirmed it received U.S. antitrust clearance to boost its holding. Sansui Electric agreed to sell a 51% stake to Polly Peck of Britain for $110 million. Still, analysts said the accord doesn't suggest Japan is opening up to more foreign takeovers. Kellogg suspended work on a $1 billion cereal plant, indicating a pessimistic outlook by the cereal maker, which has been losing market share. Insurers could see claims totaling nearly $1 billion from the San Francisco earthquake, far less than the $4 billion from Hurricane Hugo. Nashua strengthened its poison-pill plan after announcing a Dutch firm is seeking to buy up to 25% of the New Hampshire copier company. Mobil is cutting back its U.S. oil and gas exploration and production group by up to 15% as part of a restructuring of the business.
PROGRAM TRADING is being <ei744>curbed</ei744> by more securities firms, but big institutional investors are expected to continue the practice, further <ei748>roiling</ei748> the stock market. <ei749>Bowing</ei749> to criticism, Bear Stearns, Morgan Stanley, and Oppenheimer <ei751>joined</ei751> PaineWebber in <ei752>suspending</ei752> stock-index arbitrage trading for their own accounts. Still, stock-index funds are expected to continue launching big programs through the market. Several Big Board firms are <ei758>organizing</ei758> to complain about program trading and the exchange's role in it. The effort is being <ei762>led</ei762> by Contel. Personal spending <ei763>rose</ei763> 0.2% in September, the smallest gain in a year. The slowdown <ei764>raises</ei764> questions about the economy's strength because spending <ei767>fueled</ei767> much of the third-quarter GNP growth. Meanwhile, personal income <ei769>edged</ei769> up 0.3%. Factory owners are <ei770>buying</ei770> new machinery at a healthy rate this fall, machine-tool makers <ei771>say</ei771>. But weak car sales <ei772>raise</ei772> questions about future demand from the auto sector. Southern's Gulf Power unit may plead guilty this week to charges it illegally <ei778>steered</ei778> company money to politicians through third parties. The tentative pact would resolve part of a broad investigation of the Atlanta-based company in the past year. LIN Broadcasting and BellSouth <ei782>sweetened</ei782> their plan to merge cellular phone operations, <ei785>offering</ei785> LIN holders a special $42-a-share payout. But the new pact will force huge debt on the new firm and could still fail to <ei791>thwart</ei791> rival suitor McCaw Cellular. Unisys <ei792>posted</ei792> a $648.2 million loss for the third quarter as it <ei794>moved</ei794> quickly to take write-offs for various problems and prepare for a turnaround. But some analysts <ei799>wonder</ei799> how strong the recovery will be. RJR Nabisco <ei801>agreed</ei801> to sell three candy businesses to Nestle for $370 million. The accord <ei804>helps</ei804> RJR pay off debt and <ei806>boosts</ei806> Nestle's 7% share of the U.S. candy market to 12%. GM and Ford are expected to go head to head in the markets to buy up rival 15% stakes in Jaguar. GM <ei810>confirmed</ei810> it <ei811>received</ei811> U.S. antitrust clearance to boost its holding. Sansui Electric <ei814>agreed</ei814> to sell a 51% stake to Polly Peck of Britain for $110 million. Still, analysts <ei816>said</ei816> the accord doesn't suggest Japan is opening up to more foreign takeovers. Kellogg <ei820>suspended</ei820> work on a $1 billion cereal plant, indicating a pessimistic outlook by the cereal maker, which has been <ei824>losing</ei824> market share. Insurers could see claims totaling nearly $1 billion from the San Francisco earthquake, far less than the $4 billion from Hurricane Hugo. Nashua <ei831>strengthened</ei831> its poison-pill plan after <ei833>announcing</ei833> a Dutch firm is seeking to buy up to 25% of the New Hampshire copier company. Mobil is <ei836>cutting</ei836> back its U.S. oil and gas exploration and production group by up to 15% as part of a restructuring of the business.
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matres
wsj_0527
{ "id": "t0", "text": "10/30/89" }
Crossland Savings Bank's stock plummeted after management recommended a suspension of dividend payments on both its common and preferred stock because Crossland may not meet the new government capital criteria effective December 7. In composite trading on the New York Stock Exchange Friday, Crossland closed at $5.25, down $1.875, a 26% decline. A spokesman said the savings bank may not qualify for the capital requirements because, under the proposed guidelines, its $380 million of preferred stock doesn't meet the "core capital" criteria outlined under the new Financial Institutions Reform, Recovery and Enforcement Act of 1989. He added that final guidelines to be published in early November will determine whether the bank is in compliance. Crossland said it retained three investment bankers to assist it in developing and implementing a financial restructuring plan. It wouldn't identify the bankers. Additionally, Crossland reported a third-quarter loss of $175.5 million, or $13.44 a share, compared with net income of $27.1 million, or $1.16 a share, a year ago. A major factor in the third-quarter loss was the write-down of $143.6 million of goodwill. The spokesman said that the proposed guidelines caused Crossland to revise its business objectives and, consequently, to write down the asset value of some previous acquisitions. Crossland recorded an additional $20 million in loan loss reserves in the third quarter. Net interest income for the third quarter declined to $35.6 million from $70.1 million a year ago. However, non-interest income rose to $23.5 million from $22 million. Third-quarter loan originations dropped sharply to $663 million from $1 billion a year ago. Standard & Poor's Corp. lowered the rating on Crossland's preferred stock to double-C from single-B-minus and placed it on CreditWatch for possible further downgrade. It also placed on CreditWatch for possible downgrade other securities, including the double-B-minus/B rating of Crossland's certificates of deposit and the single-B rating of its senior subordinated capital notes. About $518 million of debt is affected.
Crossland Savings Bank's stock <ei1990>plummeted</ei1990> after management <ei1991>recommended</ei1991> a suspension of dividend payments on both its common and preferred stock because Crossland may not meet the new government capital criteria effective December 7. In composite trading on the New York Stock Exchange Friday, Crossland <ei1995>closed</ei1995> at $5.25, down $1.875, a 26% decline. A spokesman <ei1997>said</ei1997> the savings bank may not qualify for the capital requirements because, under the proposed guidelines, its $380 million of preferred stock doesn't meet the "core capital" criteria outlined under the new Financial Institutions Reform, Recovery and Enforcement Act of 1989. He <ei2002>added</ei2002> that final guidelines to be published in early November will determine whether the bank is in compliance. Crossland <ei2006>said</ei2006> it <ei2007>retained</ei2007> three investment bankers to <ei2008>assist</ei2008> it in <ei2009>developing</ei2009> and implementing a financial restructuring plan. It wouldn't identify the bankers. Additionally, Crossland reported a third-quarter loss of $175.5 million, or $13.44 a share, compared with net income of $27.1 million, or $1.16 a share, a year ago. A major factor in the third-quarter loss was the write-down of $143.6 million of goodwill. The spokesman <ei2018>said</ei2018> that the proposed guidelines <ei2019>caused</ei2019> Crossland to <ei2020>revise</ei2020> its business objectives and, consequently, to <ei2021>write</ei2021> down the asset value of some previous acquisitions. Crossland <ei2022>recorded</ei2022> an additional $20 million in loan loss reserves in the third quarter. Net interest income for the third quarter declined to $35.6 million from $70.1 million a year ago. However, non-interest income <ei2027>rose</ei2027> to $23.5 million from $22 million. Third-quarter loan originations <ei2030>dropped</ei2030> sharply to $663 million from $1 billion a year ago. Standard & Poor's Corp. <ei2033>lowered</ei2033> the rating on Crossland's preferred stock to double-C from single-B-minus and <ei2034>placed</ei2034> it on CreditWatch for possible further downgrade. It also <ei2035>placed</ei2035> on CreditWatch for possible downgrade other securities, including the double-B-minus/B rating of Crossland's certificates of deposit and the single-B rating of its senior subordinated capital notes. About $518 million of debt is affected.
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true
matres
wsj_1006
{ "id": "t0", "text": "10/26/89" }
In a stunning shift in direction, Provigo Inc. said it will sell all its non-food operations to concentrate solely on its retail and wholesale grocery business. The non-food operations accounted for about 27% of Provigo's 7.38 billion Canadian dollars (US$6.3 billion) in sales in the latest fiscal year. In a related move, Pierre Lortie, chairman and chief executive, resigned. Mr. Lortie joined Provigo in 1985 and spearheaded the company's drive to grow outside its traditional food business. He couldn't be reached for comment. Bertin Nadeau, newly appointed chairman and interim chief executive of Provigo, wouldn't say if Mr. Lortie was asked to leave. "Mr. Lortie felt less pertinent," Mr. Nadeau said, given the decision to dump Provigo's non-food operations. "At this stage it was felt I was perhaps more pertinent as chief executive." Mr. Nadeau also is chairman and chief executive of Unigesco Inc., Provigo's controlling shareholder. At a news conference, Mr. Nadeau said the sale of the three non-food businesses, which account for nearly half the company's C$900 million in assets, should be completed in a "matter of months." The three units are a nationwide pharmaceutical and health-products distributor, a small sporting-goods chain, and a combination catalog showroom and toy-store chain. Investors and analysts applauded the news. Provigo was the most active industrial stock on the Montreal Exchange, where it closed at C$9.75 (US$8.32), up 75 Canadian cents. "I think it's a pretty positive development," said Ross Cowan, a financial analyst with Levesque Beaubien Geoffrion Inc., of the decision to concentrate on groceries. Mr. Lortie's departure, while sudden, was seen as inevitable in light of the shift in strategy. "The non-food operations were largely Mr. Lortie's creation, and his strategy didn't work," said Steven Holt, a financial analyst with Midland Doherty Ltd. Provigo's profit record over the past two years tarnished the company's and Mr. Lortie's reputations. For the six months ended Aug. 12, Provigo posted net income of C$6.5 million, or eight Canadian cents a share, compared with C$18.1 million, or 21 Canadian cents a share, a year earlier. Sales were C$4.2 billion compared with C$3.7 billion. Last month, Canadian Bond Rating Service downgraded Provigo's commercial paper and debentures because of its lackluster performance. Analysts are skeptical Provigo will be able to sell the non-food businesses as a group for at least book value, and are expecting write-downs. Mr. Nadeau said he couldn't yet say if the sale prices would match book values. He said all three non-food operations are profitable. Mr. Nadeau said discussions are under way with potential purchasers of each of the units. He declined to confirm or deny reports that Provigo executive Henri Roy is trying to put together a management buy-out of the catalog showroom unit. Mr. Roy couldn't be reached. Yvon Bussieres was named senior executive vice president and chief operating officer of Provigo, a new position. Mr. Bussieres was president and chief operating officer of Provigo's Quebec retail and wholesale grocery unit. Mr. Nadeau said he intends to remain Provigo's chief executive only until the non-food businesses are sold, after which a new chief executive will be named.
In a stunning shift in direction, Provigo Inc. <ei1990>said</ei1990> it will sell all its non-food operations to <ei1992>concentrate</ei1992> solely on its retail and wholesale grocery business. The non-food operations <ei1993>accounted</ei1993> for about 27% of Provigo's 7.38 billion Canadian dollars (US$6.3 billion) in sales in the latest fiscal year. In a related move, Pierre Lortie, chairman and chief executive, <ei1995>resigned</ei1995>. Mr. Lortie <ei1996>joined</ei1996> Provigo in 1985 and <ei1997>spearheaded</ei1997> the company's drive to grow outside its traditional food business. He couldn't be reached for comment. Bertin Nadeau, newly <ei2002>appointed</ei2002> chairman and interim chief executive of Provigo, wouldn't say if Mr. Lortie was asked to leave. "Mr. Lortie <ei2006>felt</ei2006> less pertinent," Mr. Nadeau <ei2007>said</ei2007>, given the decision to dump Provigo's non-food operations. "At this stage it was <ei2011>felt</ei2011> I was perhaps more pertinent as chief executive." Mr. Nadeau also is chairman and chief executive of Unigesco Inc., Provigo's controlling shareholder. At a news conference, Mr. Nadeau said the sale of the three non-food businesses, which account for nearly half the company's C$900 million in assets, should be completed in a "matter of months." The three units are a nationwide pharmaceutical and health-products distributor, a small sporting-goods chain, and a combination catalog showroom and toy-store chain. Investors and analysts <ei2017>applauded</ei2017> the news. Provigo was the most active industrial stock on the Montreal Exchange, where it <ei2019>closed</ei2019> at C$9.75 (US$8.32), up 75 Canadian cents. "I <ei2022>think</ei2022> it's a pretty positive development," <ei2024>said</ei2024> Ross Cowan, a financial analyst with Levesque Beaubien Geoffrion Inc., of the decision to concentrate on groceries. Mr. Lortie's departure, while sudden, was <ei2028>seen</ei2028> as inevitable in light of the shift in strategy. "The non-food operations were largely Mr. Lortie's creation, and his strategy didn't work," <ei2032>said</ei2032> Steven Holt, a financial analyst with Midland Doherty Ltd. Provigo's profit record over the past two years <ei2033>tarnished</ei2033> the company's and Mr. Lortie's reputations. For the six months <ei2034>ended</ei2034> Aug. 12, Provigo <ei2035>posted</ei2035> net income of C$6.5 million, or eight Canadian cents a share, compared with C$18.1 million, or 21 Canadian cents a share, a year earlier. Sales were C$4.2 billion compared with C$3.7 billion. Last month, Canadian Bond Rating Service <ei2040>downgraded</ei2040> Provigo's commercial paper and debentures because of its lackluster performance. Analysts are skeptical Provigo will be able to sell the non-food businesses as a group for at least book value, and are <ei2044>expecting</ei2044> write-downs. Mr. Nadeau <ei2046>said</ei2046> he couldn't yet say if the sale prices would match book values. He <ei2049>said</ei2049> all three non-food operations are profitable. Mr. Nadeau <ei2051>said</ei2051> discussions are under way with potential purchasers of each of the units. He <ei2054>declined</ei2054> to confirm or deny reports that Provigo executive Henri Roy is <ei2058>trying</ei2058> to put together a management buy-out of the catalog showroom unit. Mr. Roy couldn't be reached. Yvon Bussieres was named senior executive vice president and chief operating officer of Provigo, a new position. Mr. Bussieres was president and chief operating officer of Provigo's Quebec retail and wholesale grocery unit. Mr. Nadeau said he intends to remain Provigo's chief executive only until the non-food businesses are sold, after which a new chief executive will be named.
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true
matres
APW19980227.0487
{ "id": "t0", "text": "02/27/1998 08:09:00" }
Taking the stand in her own defense, a friend of Yitzhak Rabin's assassin said Friday that she regretted calling the prime minister a traitor and praying for his death. Margalit Har-Shefi, 22, has pleaded innocent to charges that she failed to report Yigal Amir's plan to kill Rabin. She took the stand for more than four hours Friday in a Tel Aviv magistrate's court. Amir, 27, is serving a life sentence for the November 1995 assassination of Rabin at a Tel Aviv peace rally. Newspaper reports have said Amir was infatuated with Har-Shefi and may have been trying to impress her by killing the prime minister. Har-Shefi acknowledged she told police interrogators that Rabin was a traitor and that she prayed for him to have a heart attack and die. She said Rabin's murder was "a black stain on Israel," Israel radio and Israel army radio reported. Har-Shefi said she heard Amir talk about killing Rabin but did not tell the police because she did not believe he was serious. Instead, she turned to her community rabbi in the Jewish West Bank settlement of Beit El and told him about Amir's statements. The rabbi said called the talk about killing Rabin "nonsense," and said Jews are prohibited from killing one another, the radio reports said. Har-Shefi described Amir as an "original thinker," as well as delusional and a liar. She also denied accusations made by Amir's brother, Hagai, that she joined an anti-Arab underground movement. She said she gave the Amir brothers false information regarding the location of a weapons and ammunition cache when they asked her to help organize such a movement.
<ei388>Taking</ei388> the stand in her own defense, a friend of Yitzhak Rabin's assassin <ei389>said</ei389> Friday that she <ei390>regretted</ei390> <ei391>calling</ei391> the prime minister a traitor and <ei393>praying</ei393> for his death. Margalit Har-Shefi, 22, has <ei395>pleaded</ei395> innocent to charges that she <ei398>failed</ei398> to report Yigal Amir's plan to kill Rabin. She <ei402>took</ei402> the stand for more than four hours Friday in a Tel Aviv magistrate's court. Amir, 27, is <ei403>serving</ei403> a life sentence for the November 1995 assassination of Rabin at a Tel Aviv peace rally. Newspaper reports have <ei406>said</ei406> Amir was <ei407>infatuated</ei407> with Har-Shefi and may have been trying to impress her by <ei410>killing</ei410> the prime minister. Har-Shefi <ei411>acknowledged</ei411> she <ei412>told</ei412> police interrogators that Rabin was a traitor and that she <ei414>prayed</ei414> for him to have a heart attack and die. She <ei417>said</ei417> Rabin's murder was "a black stain on Israel," Israel radio and Israel army radio <ei419>reported</ei419>. Har-Shefi <ei420>said</ei420> she <ei421>heard</ei421> Amir talk about <ei423>killing</ei423> Rabin but did not tell the police because she did not believe he was serious. Instead, she <ei427>turned</ei427> to her community rabbi in the Jewish West Bank settlement of Beit El and <ei428>told</ei428> him about Amir's statements. The rabbi <ei430>said</ei430> <ei431>called</ei431> the talk about killing Rabin "nonsense," and <ei435>said</ei435> Jews are <ei436>prohibited</ei436> from killing one another, the radio reports <ei437>said</ei437>. Har-Shefi <ei438>described</ei438> Amir as an "original thinker," as well as delusional and a liar. She also <ei439>denied</ei439> accusations made by Amir's brother, Hagai, that she <ei442>joined</ei442> an anti-Arab underground movement. She <ei443>said</ei443> she <ei444>gave</ei444> the Amir brothers false information regarding the location of a weapons and ammunition cache when they <ei445>asked</ei445> her to help organize such a movement.
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true
matres
wsj_0991
{ "id": "t0", "text": "10/26/89" }
Total Assets Protection Inc., rebounding from its earlier loss, expects to report earnings from operations of about $200,000 for the third quarter, J.C. Matlock, chairman, said. Net income includes an extraordinary gain of about $100,000 from the reversal of bad debt and interest income. Revenue was about $4.5 million. In the 1988 third quarter, the company posted a net loss of $876,706, or 22 cents a share, on revenue of about $5.1 million. Total Assets plans and designs computer centers, computer security systems, and computer backup systems.
Total Assets Protection Inc., <ei85>rebounding</ei85> from its earlier loss, <ei87>expects</ei87> to report earnings from operations of about $200,000 for the third quarter, J.C. Matlock, chairman, <ei91>said</ei91>. Net income includes an extraordinary gain of about $100,000 from the reversal of bad debt and interest income. Revenue was about $4.5 million. In the 1988 third quarter, the company posted a net loss of $876,706, or 22 cents a share, on revenue of about $5.1 million. Total Assets plans and designs computer centers, computer security systems, and computer backup systems.
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true
matres
wsj_0805
{ "id": "t0", "text": "10/27/89" }
CMS Energy Corp. said management would recommend to its board today that its common stock dividend be reinstated at a modest level later this year. The Dearborn, Michigan, energy company stopped paying a dividend in the third quarter of 1984 because of troubles at its Midland nuclear plant. In addition, CMS reported third-quarter net income of $68.2 million, or 83 cents a share, up from $66.8 million, or 81 cents a share, a year ago.
CMS Energy Corp. <ei159>said</ei159> management would recommend to its board today that its common stock dividend be reinstated at a modest level later this year. The Dearborn, Michigan, energy company <ei162>stopped</ei162> paying a dividend in the third quarter of 1984 because of troubles at its Midland nuclear plant. In addition, CMS <ei165>reported</ei165> third-quarter net income of $68.2 million, or 83 cents a share, up from $66.8 million, or 81 cents a share, a year ago.
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matres
wsj_0152
{ "id": "t0", "text": "11/02/89" }
Dow Jones & Co. said it extended its $18-a-share offer for Telerate Inc. common stock until 5 p.m. EST, November 9. The offer, valued at about $576 million for the 33% of Telerate that Dow Jones doesn't already own, had been set to expire November 6. Dow Jones, which owns about 64 million of Telerate's 95 million common shares outstanding, said that about 24,000 shares have been tendered under its offer. Telerate's two independent directors have rejected the offer as inadequate. In composite trading on the New York Stock Exchange, Telerate shares closed at $19.50, up 12.5 cents. Telerate provides an electronic financial information network. Dow Jones publishes *The Wall Street Journal*, *Barron's* magazine, and community newspapers and operates financial news services and computer databases.
Dow Jones & Co. <ei120>said</ei120> it <ei121>extended</ei121> its $18-a-share offer for Telerate Inc. common stock until 5 p.m. EST, November 9. The offer, valued at about $576 million for the 33% of Telerate that Dow Jones doesn't already own, had been <ei124>set</ei124> to expire November 6. Dow Jones, which owns about 64 million of Telerate's 95 million common shares outstanding, <ei126>said</ei126> that about 24,000 shares have been <ei127>tendered</ei127> under its offer. Telerate's two independent directors have <ei129>rejected</ei129> the offer as inadequate. In composite trading on the New York Stock Exchange, Telerate shares <ei131>closed</ei131> at $19.50, up 12.5 cents. Telerate provides an electronic financial information network. Dow Jones publishes *The Wall Street Journal*, *Barron's* magazine, and community newspapers and operates financial news services and computer databases.
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true
matres
APW19980213.1320
{ "id": "t0", "text": "02/13/1998 14:35:00" }
double its flights between Australia and India by August in the search for new markets untouched by the crippling Asian financial crisis. This move comes barely a month after Qantas suspended a number of services between Australia, Indonesia, Thailand and Malaysia in the wake of the Asian economic crisis. The airline has also cut all flights to South Korea. Qantas plans daily flights between Sydney and Mumbai, up from the current four flights a week, to boost business and tourism ties with India, the airline announced Friday. In a joint statement with Tourism Minister Andrew Thomson, it said two new flights would leave Mumbai on Monday and Tuesday nights from March 30, with the third departing each Thursday from August 6. This will add nearly 700 seats a week on the route. Thomson, in India to talk to tourism leaders, said the flights would provide extra support to the growing tourism market. Qantas' India manager Khursheed Lam said the airline was working closely with the Australian Tourist Commission to develop greater awareness of Australia in the Indian market. Qantas will also appoint a Mumbai-based public relations consultant.
<ei321>double</ei321> its flights between Australia and India by August in the search for new markets untouched by the crippling Asian financial crisis. This move comes barely a month after Qantas <ei326>suspended</ei326> a number of services between Australia, Indonesia, Thailand and Malaysia in the wake of the Asian economic crisis. The airline has also <ei329>cut</ei329> all flights to South Korea. Qantas <ei331>plans</ei331> daily flights between Sydney and Mumbai, up from the current four flights a week, to boost business and tourism ties with India, the airline <ei336>announced</ei336> Friday. In a joint statement with Tourism Minister Andrew Thomson, it <ei338>said</ei338> two new flights would leave Mumbai on Monday and Tuesday nights from March 30, with the third departing each Thursday from August 6. This will <ei342>add</ei342> nearly 700 seats a week on the route. Thomson, in India to <ei344>talk</ei344> to tourism leaders, <ei345>said</ei345> the flights would provide extra support to the growing tourism market. Qantas' India manager Khursheed Lam <ei348>said</ei348> the airline was <ei349>working</ei349> closely with the Australian Tourist Commission to <ei350>develop</ei350> greater awareness of Australia in the Indian market. Qantas will also <ei352>appoint</ei352> a Mumbai-based public relations consultant.
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matres
CNN19980227.2130.0067
{ "id": "t0", "text": "19980227" }
Live from Atlanta, good evening. Lynne Russell, CNN Headline News. New evidence is suggesting that a series of bombings in Atlanta and last month's explosion at an Alabama women's clinic might be related. Pierre Thomas has the latest. Atlanta, 1996. A bomb blast shocks the Olympic Games. One person is killed. January 1997. Atlanta again. This time a bomb at an abortion clinic. More people are hurt. And just last month, an off-duty policeman is killed when a bomb explodes at another abortion clinic in Birmingham, Alabama. This man, Eric Rudolph, has already been charged in the Birmingham bombing. Now officials are investigating whether Rudolph, who remains at large, is linked to all three attacks. Authorities have discovered tantalizing new evidence. Steel plates recovered at the Olympic Park bombing appear to match those found at the Atlanta abortion clinic bombing. Those plates may have come from a machine shop in North Carolina, where a friend of Rudolph worked. And nails found in the Atlanta abortion clinic bombing are identical to those discovered at Rudolph's storage shed in North Carolina. A senior law enforcement source tells CNN, "There is a lot of circumstantial evidence, and it would be extraordinary to have all these bits and pieces and there not be a connection." Law enforcement sources say they can't ignore letters penned under the name "Army of God." Army of God is a secret organization that hates abortion providers, homosexuals, and the U.S. government. Army of God letters claim responsibility for the Atlanta abortion clinic bombing, a 1997 attack on a gay lounge, and the Birmingham assault. An intense manhunt conducted by the FBI and the Bureau of Alcohol, Tobacco, and Firearms continues for Rudolph in the wilderness of western North Carolina. This week, FBI Director Louis Freeh assigned more agents to the search. Freeh also ordered the investigation consolidate information under the Atlanta task force, another indication officials suspect a link between all the bombings. Privately, authorities say Rudolph has become a focus of their investigation. Publicly, they are unwilling to make any sweeping assertion. They remember Richard Jewell. Pierre Thomas, CNN, Washington.
Live from Atlanta, good evening. Lynne Russell, CNN Headline News. New evidence is <ei1998>suggesting</ei1998> that a series of bombings in Atlanta and last month's explosion at an Alabama women's clinic might be <ei2001>related</ei2001>. Pierre Thomas has the latest. Atlanta, 1996. A bomb blast shocks the Olympic Games. One person is killed. January 1997. Atlanta again. This time a bomb at an abortion clinic. More people are <ei2006>hurt</ei2006>. And just last month, an off-duty policeman is <ei2007>killed</ei2007> when a bomb <ei2008>explodes</ei2008> at another abortion clinic in Birmingham, Alabama. This man, Eric Rudolph, has already been <ei2009>charged</ei2009> in the Birmingham bombing. Now officials are <ei2011>investigating</ei2011> whether Rudolph, who remains at large, is <ei2012>linked</ei2012> to all three attacks. Authorities have <ei2014>discovered</ei2014> tantalizing new evidence. Steel plates <ei2015>recovered</ei2015> at the Olympic Park bombing <ei2016>appear</ei2016> to match those <ei2018>found</ei2018> at the Atlanta abortion clinic bombing. Those plates may have come from a machine shop in North Carolina, where a friend of Rudolph <ei2021>worked</ei2021>. And nails <ei2022>found</ei2022> in the Atlanta abortion clinic bombing are identical to those <ei2024>discovered</ei2024> at Rudolph's storage shed in North Carolina. A senior law enforcement source <ei2025>tells</ei2025> CNN, "There is a lot of circumstantial evidence, and it would be extraordinary to have all these bits and pieces and there not be a connection." Law enforcement sources say they can't ignore letters penned under the name "Army of God." Army of God is a secret organization that hates abortion providers, homosexuals, and the U.S. government. Army of God letters <ei2032>claim</ei2032> responsibility for the Atlanta abortion clinic bombing, a 1997 attack on a gay lounge, and the Birmingham assault. An intense manhunt conducted by the FBI and the Bureau of Alcohol, Tobacco, and Firearms <ei2038>continues</ei2038> for Rudolph in the wilderness of western North Carolina. This week, FBI Director Louis Freeh <ei2039>assigned</ei2039> more agents to the search. Freeh also <ei2041>ordered</ei2041> the investigation consolidate information under the Atlanta task force, another indication officials <ei2043>suspect</ei2043> a link between all the bombings. Privately, authorities <ei2046>say</ei2046> Rudolph has <ei2047>become</ei2047> a focus of their investigation. Publicly, they are unwilling to make any sweeping assertion. They remember Richard Jewell. Pierre Thomas, CNN, Washington.
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matres
wsj_0907
{ "id": "t0", "text": "10/26/89" }
Chandler Insurance Co. said it expects to report third-quarter net income that jumped 97% to $2.8 million, or 51 cents a share. In the year-earlier quarter, the automobile and trucking insurer had earnings of $1.4 million, or 28 cents a share on a restated basis, on revenue of $16.5 million. In an interview, W. Brent LeGere, chairman and chief executive officer, said he expects revenue in the latest quarter to total about $28 million. The earnings-per-share figures reflect a 25% stock dividend in June 1989. Mr. LeGere attributed the earnings increase to growth in the company's long-haul trucking insurance lines and the ability to keep premium rates firm.
Chandler Insurance Co. <ei125>said</ei125> it <ei126>expects</ei126> to report third-quarter net income that jumped 97% to $2.8 million, or 51 cents a share. In the year-earlier quarter, the automobile and trucking insurer <ei129>had</ei129> earnings of $1.4 million, or 28 cents a share on a restated basis, on revenue of $16.5 million. In an interview, W. Brent LeGere, chairman and chief executive officer, <ei132>said</ei132> he expects revenue in the latest quarter to total about $28 million. The earnings-per-share figures reflect a 25% stock dividend in June 1989. Mr. LeGere attributed the earnings increase to growth in the company's long-haul trucking insurance lines and the ability to keep premium rates firm.
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true
matres
wsj_0815
{ "id": "t0", "text": "10/27/89" }
Di Giorgio Corp. said it is continuing talks with potential buyers of certain units, but has reached no agreement on any deals. Di Giorgio, a food wholesaler and building products maker, is seeking alternatives to an unsolicited $32-a-share tender offer from DIG Acquisition Corp., a unit of Rose Partners Limited Partnership. DIG is the vehicle being used to pursue the acquisition. Robert Mellor, Di Giorgio's executive vice president, said the company stands to reap more money through the sale of individual units to other buyers than by accepting DIG's offer.
Di Giorgio Corp. <ei132>said</ei132> it is <ei133>continuing</ei133> talks with potential buyers of certain units, but has reached no agreement on any deals. Di Giorgio, a food wholesaler and building products maker, is <ei138>seeking</ei138> alternatives to an unsolicited $32-a-share tender offer from DIG Acquisition Corp., a unit of Rose Partners Limited Partnership. DIG is the vehicle being <ei142>used</ei142> to pursue the acquisition. Robert Mellor, Di Giorgio's executive vice president, <ei145>said</ei145> the company <ei146>stands</ei146> to reap more money through the sale of individual units to other buyers than by accepting DIG's offer.
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true
matres
wsj_0670
{ "id": "t0", "text": "10/30/89" }
National Intergroup Inc. said it expects to report a charge of $5.3 million related to the sale of its aluminum unit's extrusion division for the third quarter. The company said it has agreed to sell the extrusion division for $15 million to R.D. Werner Co., a closely held firm based in Greenville, Pennsylvania. The charge is offset by an after-tax gain of about $30 million in the quarter from the previously announced pact to sell National Aluminum's rolling division. National Intergroup in the year-ago third quarter earned $22.5 million, or 97 cents a share, including a gain of $18 million from the sale of a steel tube company. Revenue was $778.6 million. The company also said it continues to explore all options concerning the possible sale of National Aluminum's 54.5% stake in an aluminum smelter in Hawesville, Kentucky. The sale of the extrusion division is subject to audit adjustments for working capital changes through the closing. The agreement also provides for potential payments of additional proceeds to National Aluminum over the next two years, depending on the plant's shipping levels. The extrusion unit produces bare and painted custom extrusions for building products and the construction industry. In fiscal 1989, it had sales of about $40 million and an operating loss of $1.5 million.
National Intergroup Inc. <ei1990>said</ei1990> it <ei1991>expects</ei1991> to report a charge of $5.3 million related to the sale of its aluminum unit's extrusion division for the third quarter. The company <ei1995>said</ei1995> it has <ei1996>agreed</ei1996> to sell the extrusion division for $15 million to R.D. Werner Co., a closely held firm based in Greenville, Pennsylvania. The charge is offset by an after-tax gain of about $30 million in the quarter from the previously announced pact to sell National Aluminum's rolling division. National Intergroup in the year-ago third quarter earned $22.5 million, or 97 cents a share, including a gain of $18 million from the sale of a steel tube company. Revenue was $778.6 million. The company also <ei2006>said</ei2006> it <ei2007>continues</ei2007> to <ei2008>explore</ei2008> all options concerning the possible sale of National Aluminum's 54.5% stake in an aluminum smelter in Hawesville, Kentucky. The sale of the extrusion division is subject to audit adjustments for working capital changes through the closing. The agreement also provides for potential payments of additional proceeds to National Aluminum over the next two years, depending on the plant's shipping levels. The extrusion unit produces bare and painted custom extrusions for building products and the construction industry. In fiscal 1989, it had sales of about $40 million and an operating loss of $1.5 million.
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matres
wsj_1038
{ "id": "t0", "text": "10/26/89" }
Benjamin Franklin Federal Savings and Loan Association said it plans to restructure in the wake of a third-quarter loss of $7.7 million, or $1.01 a share, reflecting an $11 million addition to loan-loss reserves. The Portland, Ore., thrift said the restructuring should help it meet new capital standards from the Financial Institutions Reform, Recovery, and Enforcement Act. A year ago, Benjamin Franklin had a profit of $1.8 million, or 23 cents a share. In over-the-counter trading yesterday, Benjamin Franklin rose 25 cents to $4.25. The company said the restructuring's initial phase will feature a gradual reduction in assets and staff positions. The plan may include selling branches, consolidating or eliminating departments, and winding down or disposing of unprofitable units within 18 months. Initially, the company said it will close its commercial real-estate lending division and stop originating new leases at its commercial lease subsidiary. Details of the restructuring won't be finalized until regulators approve the regulations mandated by the new federal act, the company said.
Benjamin Franklin Federal Savings and Loan Association <ei1989>said</ei1989> it plans to restructure in the wake of a third-quarter loss of $7.7 million, or $1.01 a share, <ei1993>reflecting</ei1993> an $11 million addition to loan-loss reserves. The Portland, Ore., thrift <ei1995>said</ei1995> the restructuring should help it meet new capital standards from the Financial Institutions Reform, Recovery, and Enforcement Act. A year ago, Benjamin Franklin had a profit of $1.8 million, or 23 cents a share. In over-the-counter trading yesterday, Benjamin Franklin <ei2000>rose</ei2000> 25 cents to $4.25. The company <ei2001>said</ei2001> the restructuring's initial phase will feature a gradual reduction in assets and staff positions. The plan may include selling branches, consolidating or eliminating departments, and winding down or disposing of unprofitable units within 18 months. Initially, the company <ei2010>said</ei2010> it will close its commercial real-estate lending division and stop <ei2013>originating</ei2013> new leases at its commercial lease subsidiary. Details of the restructuring won't be finalized until regulators approve the regulations <ei2016>mandated</ei2016> by the new federal act, the company <ei2017>said</ei2017>.
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matres
wsj_0541
{ "id": "t0", "text": "10/30/89" }
closed at $46.50 a share, down $2.25. If all the debt is converted to common, Automatic Data will issue about 3.6 million shares; last Monday, the company had nearly 73 million shares outstanding. Automatic Data is redeeming the bonds because the after-tax cost of the interest on the bonds is higher than the dividend yield on the common, a spokesman said.
<ei90>closed</ei90> at $46.50 a share, down $2.25. If all the debt is converted to common, Automatic Data will issue about 3.6 million shares; last Monday, the company <ei94>had</ei94> nearly 73 million shares outstanding. Automatic Data is <ei95>redeeming</ei95> the bonds because the after-tax cost of the interest on the bonds is higher than the dividend yield on the common, a spokesman <ei96>said</ei96>.
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matres
wsj_0557
{ "id": "t0", "text": "10/30/89" }
RJR Nabisco Inc. said it agreed to sell its Baby Ruth, Butterfinger, and Pearson candy businesses to Nestle S.A.'s Nestle Foods unit for $370 million. The sale, at a higher price than some analysts had expected, helps the food and tobacco giant raise funds to pay debt and boosts Nestle's 7% share of the U.S. candy market to about 12%. The candy businesses had sales of about $154 million last year, which was roughly 12% of total revenue for RJR's Planters LifeSavers unit, according to a memorandum distributed by RJR's owner, Kohlberg Kravis Roberts & Co., to bankers last December. The Nestle acquisition includes a candy plant in Franklin Park, Ill., which employs about 800 workers. The sale, which had been expected, is part of KKR's program to pay down $5 billion of a $6 billion bridge loan by February. Roughly $2 billion of that debt has already been repaid from previous asset sales, and RJR expects to use another $2 billion from the pending, two-part sale of most of its Del Monte unit. That sale, however, could still fall through if financing problems develop. Thus, it remains crucial for RJR to obtain top dollar for its smaller assets like the candy brands. Louis Gerstner Jr., chairman and chief executive officer of New York-based RJR, called the sale a "significant step" in the company's divestiture program, as well as a "strategic divestiture." Since KKR bought RJR in February for $25 billion in debt, it has agreed to sell nearly $5 billion of RJR assets. RJR's executives have said they will dispense with certain brands, in particular, those that aren't leaders in their markets. "RJR Nabisco and Planters LifeSavers will concentrate more on our core businesses," Mr. Gerstner said Friday. Baby Ruth and Butterfinger are both among the top-selling 15 chocolate bars in the U.S., but RJR's overall share of the roughly $5.1 billion market is less than 5%. Nestle's share of 7% before Friday's purchase is far below the shares of market leaders Hershey Foods Corp. and Mars Inc., which have about 40% and 36% of the market, respectively. "This means Nestle is now in the candy bar business in a big way," said Lisbeth Echeandia, publisher of Orlando, Fla.-based Confectioner Magazine. "For them, it makes all kinds of sense. They've been given a mandate from Switzerland" to expand their U.S. chocolate operations. Nestle S.A. is based in Vevey, Switzerland. The new candy bars "make an important contribution to our Nestle Foods commitment to this very important strategic unit," said C. Alan MacDonald, president of Nestle Foods in Purchase, N.Y.
RJR Nabisco Inc. <ei1989>said</ei1989> it <ei1990>agreed</ei1990> to sell its Baby Ruth, Butterfinger, and Pearson candy businesses to Nestle S.A.'s Nestle Foods unit for $370 million. The sale, at a higher price than some analysts had expected, <ei1995>helps</ei1995> the food and tobacco giant raise funds to pay debt and <ei1998>boosts</ei1998> Nestle's 7% share of the U.S. candy market to about 12%. The candy businesses <ei2000>had</ei2000> sales of about $154 million last year, which was roughly 12% of total revenue for RJR's Planters LifeSavers unit, <ei2002>according</ei2002> to a memorandum <ei2003>distributed</ei2003> by RJR's owner, Kohlberg Kravis Roberts & Co., to bankers last December. The Nestle acquisition includes a candy plant in Franklin Park, Ill., which employs about 800 workers. The sale, which had been expected, is part of KKR's program to pay down $5 billion of a $6 billion bridge loan by February. Roughly $2 billion of that debt has already been repaid from previous asset sales, and RJR expects to use another $2 billion from the pending, two-part sale of most of its Del Monte unit. That sale, however, could still fall through if financing problems develop. Thus, it remains crucial for RJR to obtain top dollar for its smaller assets like the candy brands. Louis Gerstner Jr., chairman and chief executive officer of New York-based RJR, called the sale a "significant step" in the company's divestiture program, as well as a "strategic divestiture." Since KKR <ei2015>bought</ei2015> RJR in February for $25 billion in debt, it has <ei2016>agreed</ei2016> to sell nearly $5 billion of RJR assets. RJR's executives have <ei2018>said</ei2018> they will dispense with certain brands, in particular, those that aren't leaders in their markets. "RJR Nabisco and Planters LifeSavers will <ei2021>concentrate</ei2021> more on our core businesses," Mr. Gerstner <ei2022>said</ei2022> Friday. Baby Ruth and Butterfinger are both among the top-selling 15 chocolate bars in the U.S., but RJR's overall share of the roughly $5.1 billion market is less than 5%. Nestle's share of 7% before Friday's purchase is far below the shares of market leaders Hershey Foods Corp. and Mars Inc., which have about 40% and 36% of the market, respectively. "This means Nestle is now in the candy bar business in a big way," said Lisbeth Echeandia, publisher of Orlando, Fla.-based Confectioner Magazine. "For them, it makes all kinds of sense. They've been given a mandate from Switzerland" to expand their U.S. chocolate operations. Nestle S.A. is based in Vevey, Switzerland. The new candy bars "<ei2029>make</ei2029> an important contribution to our Nestle Foods commitment to this very important strategic unit," <ei2031>said</ei2031> C. Alan MacDonald, president of Nestle Foods in Purchase, N.Y.
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PRI19980216.2000.0170
{ "id": "t0", "text": "19980216" }
The British government has formally called for Sinn Fein, the IRA's political wing, to be expelled from the multi-party peace talks on Northern Ireland. The move had been widely expected after Northern Ireland police said they believed the IRA was behind two killings in Belfast last week. Sinn Fein chairman Mitchell McLaughlin says the party will challenge the move by legal means if necessary. "We're going to fight it. And we've already challenged, very strongly, the terms in which this has been presented. But we're challenging it on the grounds that the RUC have offered an opinion, and this opinion is going to be used as a mechanism for ejecting us from the talks, and that's very serious." Any decision to expel Sinn Fein must be agreed jointly by the governments of both Britain and the Irish Republic.
The British government has formally <ei222>called</ei222> for Sinn Fein, the IRA's political wing, to be <ei223>expelled</ei223> from the multi-party peace talks on Northern Ireland. The move had been widely <ei226>expected</ei226> after Northern Ireland police <ei227>said</ei227> they believed the IRA was behind two killings in Belfast last week. Sinn Fein chairman Mitchell McLaughlin <ei231>says</ei231> the party will challenge the move by legal means if necessary. "We're going to fight it. And we've already <ei235>challenged</ei235>, very strongly, the terms in which this has been <ei237>presented</ei237>. But we're challenging it on the grounds that the RUC have <ei239>offered</ei239> an opinion, and this opinion is going to be used as a mechanism for <ei241>ejecting</ei241> us from the talks, and that's very serious." Any decision to expel Sinn Fein must be <ei245>agreed</ei245> jointly by the governments of both Britain and the Irish Republic.
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wsj_0172
{ "id": "t0", "text": "11/02/89" }
First of America Bank Corp. said it completed its acquisition of Midwest Financial Group Inc. for about $250 million. First of America, which now has 45 banks and $12.5 billion in assets, announced an agreement to acquire the Peoria, Ill., bank holding company in January. Midwest Financial has $2.3 billion in assets and eight banks. The Midwest Financial subsidiary banks will continue to operate under their current names until early 1990, when each will adopt the First of America name. Kalamazoo, Mich.-based First of America said it will eliminate 13 management positions of the former Midwest Financial parent company. First of America said some of the managers will take other jobs with First of America. But it said that severance payments to those executives not staying with the company will reduce First of America's operating results for 1989 by $3 million to $4 million, or 15 cents to 20 cents a share.
First of America Bank Corp. <ei148>said</ei148> it <ei149>completed</ei149> its acquisition of Midwest Financial Group Inc. for about $250 million. First of America, which now <ei151>has</ei151> 45 banks and $12.5 billion in assets, <ei152>announced</ei152> an agreement to acquire the Peoria, Ill., bank holding company in January. Midwest Financial has $2.3 billion in assets and eight banks. The Midwest Financial subsidiary banks will <ei155>continue</ei155> to operate under their current names until early 1990, when each will adopt the First of America name. Kalamazoo, Mich.-based First of America <ei158>said</ei158> it will eliminate 13 management positions of the former Midwest Financial parent company. First of America <ei160>said</ei160> some of the managers will <ei161>take</ei161> other jobs with First of America. But it <ei162>said</ei162> that severance payments to those executives not staying with the company will reduce First of America's operating results for 1989 by $3 million to $4 million, or 15 cents to 20 cents a share.
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APW19980418.0210
{ "id": "t0", "text": "04/18/1998 06:07:00" }
BUDAPEST, Hungary (AP)_ Tired of being sidelined, Hungarian astronaut Bertalan Farkas is leaving for the United States to start a new career, he said Saturday. ``Being 48 is too early to be retired,'' a fit-looking Farkas said on state TV's morning talk show. With American astronaut Jon McBride, Farkas set up an American-Hungarian joint venture called Orion 1980, manufacturing space-travel related technology. Farkas will move to the company's U.S. headquarters. Farkas, an air force captain, was sent into space on board the Soyuz 36 on May 26, 1980. He spent six days aboard the Salyut 6 spacecraft with three Soviet astronauts, Valery Kubasov, Leonid Popov and Valery Ryumin. McBride, 54, of Lewisburg, West Virginia, was part of a seven-member crew aboard the Orbiter Challenger in October 1984 and later served as assistant administrator for congressional relations for NASA. Farkas expressed the hope that he would one day follow in the footsteps of fellow astronaut John Glenn, who at 77 is about to go into space again. On May 22, 1995, Farkas was made a brigadier general, and the following year he was appointed military attaché at the Hungarian embassy in Washington. However, after being cited by District of Columbia traffic police in December for driving under the influence of alcohol, Farkas was ordered home and retired.
BUDAPEST, Hungary (AP)_ Tired of being sidelined, Hungarian astronaut Bertalan Farkas is <ei2126>leaving</ei2126> for the United States to start a new career, he <ei2128>said</ei2128> Saturday. ``Being 48 is too early to be retired,'' a fit-looking Farkas <ei2129>said</ei2129> on state TV's morning talk show. With American astronaut Jon McBride, Farkas <ei2130>set</ei2130> up an American-Hungarian joint venture called Orion 1980, manufacturing space-travel related technology. Farkas will move to the company's U.S. headquarters. Farkas, an air force captain, was <ei2133>sent</ei2133> into space on board the Soyuz 36 on May 26, 1980. He <ei2134>spent</ei2134> six days aboard the Salyut 6 spacecraft with three Soviet astronauts, Valery Kubasov, Leonid Popov and Valery Ryumin. McBride, 54, of Lewisburg, West Virginia, was part of a seven-member crew aboard the Orbiter Challenger in October 1984 and later <ei2136>served</ei2136> as assistant administrator for congressional relations for NASA. Farkas <ei2138>expressed</ei2138> the hope that he would one day follow in the footsteps of fellow astronaut John Glenn, who at 77 is about to go into space again. On May 22, 1995, Farkas was <ei2142>made</ei2142> a brigadier general, and the following year he was <ei2144>appointed</ei2144> military attaché at the Hungarian embassy in Washington. However, after being <ei2146>cited</ei2146> by District of Columbia traffic police in December for <ei2147>driving</ei2147> under the influence of alcohol, Farkas was <ei2148>ordered</ei2148> home and <ei2149>retired</ei2149>.
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wsj_0810
{ "id": "t0", "text": "10/27/89" }
said his board unanimously rejected as too low the $1.77 billion bid by Cie. Financière de Paribas to bring its stake in Navigation Mixte to 66.7%. At a news conference, Mr. Fournier accused Paribas of planning to pay for the takeover by selling parts of the company, whose interests include insurance, banking, tuna canning, sugar and orange juice. The chairman said his board members, including representatives of West German insurance giant Allianz AG and French banks Crédit Lyonnais and Société Générale, hold nearly 50% of Navigation Mixte's capital. Mr. Fournier said that as Navigation Mixte chairman, he is prohibited by takeover regulations from organizing his own defense or doing anything besides managing current company business. But sources said he will be urging his allies to boost their stakes in Navigation Mixte, which is being traded in London and is to resume trading in Paris Tuesday. At the same time, he is expected to seek legal and regulatory means of blocking or delaying Paribas's bid. For the moment, the sources said, he has decided against seeking a white knight or organizing a counterbid for Paribas. Mr. Fournier said Navigation Mixte's 1989 unconsolidated, or parent-company, profit is likely to be 4.7 billion francs ($754.4 million), up from 633.8 million francs last year. That is due mostly to payments from Allianz for most of the 50% stake it has agreed to acquire in Navigation Mixte's insurance business. Mr. Fournier said the exceptional gain would mean nearly twice as high a dividend this year as last. If holders avoid tendering to Paribas, he added, they can expect strong dividends again next year. Analysts noted that over the past 20 years, Mr. Fournier has built his company through astute stock-market activity and has warded off at least three takeover attempts. This time, however, some analysts think he could face a real battle. "Without some unexpected "coup de théâtre", I don't see what will block the Paribas bid," said Philippe de Cholet, analyst at the brokerage Cholet-Dupont & Cie. Mr. de Cholet said Mr. Fournier's biggest hope was to somehow persuade regulatory authorities to block the bid. Paribas still needs the go-ahead from the Commission des Opérations de Bourse, a government regulatory agency, but analysts said that is considered likely. Mr. Fournier also noted that Navigation Mixte joined Paribas's core of shareholders when Paribas was denationalized in 1987, and said it now holds just under 5% of Paribas's shares. Once he realized that Paribas's intentions weren't friendly, he said, but before the bid was launched, he sought approval to boost his Paribas stake above 10%. The petition is still pending, but Mr. Fournier downplayed the likelihood of his organizing a takeover bid of his own for the much-larger Paribas. One big question now is the likely role of Mr. Fournier's allies. Mr. Fournier said the large institutions that hold nearly 50% of Navigation Mixte's capital all strongly support him, but some analysts said they aren't so sure. Allianz, for example, has said in official comments so far that it will remain neutral. Paribas is Allianz's lead French bank. Paribas said Monday that it intends to bid to boost its stake in Navigation Mixte to 66.7%, from the 18.7% it already owns. The purchase of the additional 48% stake is expected to cost more than 11 billion francs ($1.77 billion). Paribas says it will offer 1,850 francs ($296.95) each for Navigation Mixte shares that enjoy full dividend rights, and 1,800 francs each for a block of shares issued July 1, which will receive only partial dividends this year. Alternatively, it is to offer three Paribas shares for one Navigation Mixte share. The Paribas offer values Navigation Mixte at about 23 billion francs, depending on how many of Navigation Mixte's warrants are converted into shares during the takeover battle.
<ei2645>said</ei2645> his board unanimously <ei2646>rejected</ei2646> as too low the $1.77 billion bid by Cie. Financière de Paribas to bring its stake in Navigation Mixte to 66.7%. At a news conference, Mr. Fournier <ei2651>accused</ei2651> Paribas of planning to pay for the takeover by selling parts of the company, whose interests include insurance, banking, tuna canning, sugar and orange juice. The chairman <ei2656>said</ei2656> his board members, including representatives of West German insurance giant Allianz AG and French banks Crédit Lyonnais and Société Générale, <ei2657>hold</ei2657> nearly 50% of Navigation Mixte's capital. Mr. Fournier <ei2658>said</ei2658> that as Navigation Mixte chairman, he is <ei2659>prohibited</ei2659> by takeover regulations from organizing his own defense or doing anything besides <ei2662>managing</ei2662> current company business. But sources <ei2663>said</ei2663> he will be urging his allies to boost their stakes in Navigation Mixte, which is being <ei2666>traded</ei2666> in London and is to resume trading in Paris Tuesday. At the same time, he is <ei2669>expected</ei2669> to seek legal and regulatory means of blocking or delaying Paribas's bid. For the moment, the sources <ei2674>said</ei2674>, he has <ei2675>decided</ei2675> against seeking a white knight or organizing a counterbid for Paribas. Mr. Fournier <ei2679>said</ei2679> Navigation Mixte's 1989 unconsolidated, or parent-company, profit is likely to be 4.7 billion francs ($754.4 million), up from 633.8 million francs last year. That is due mostly to payments from Allianz for most of the 50% stake it has <ei2683>agreed</ei2683> to acquire in Navigation Mixte's insurance business. Mr. Fournier <ei2685>said</ei2685> the exceptional gain would mean nearly twice as high a dividend this year as last. If holders avoid tendering to Paribas, he <ei2690>added</ei2690>, they can expect strong dividends again next year. Analysts <ei2693>noted</ei2693> that over the past 20 years, Mr. Fournier has <ei2694>built</ei2694> his company through astute stock-market activity and has <ei2696>warded</ei2696> off at least three takeover attempts. This time, however, some analysts think he could face a real battle. "Without some unexpected "coup de théâtre", I don't <ei2703>see</ei2703> what will block the Paribas bid," <ei2706>said</ei2706> Philippe de Cholet, analyst at the brokerage Cholet-Dupont & Cie. Mr. de Cholet <ei2707>said</ei2707> Mr. Fournier's biggest hope was to somehow persuade regulatory authorities to block the bid. Paribas still needs the go-ahead from the Commission des Opérations de Bourse, a government regulatory agency, but analysts <ei2712>said</ei2712> that is considered likely. Mr. Fournier also <ei2714>noted</ei2714> that Navigation Mixte <ei2715>joined</ei2715> Paribas's core of shareholders when Paribas was <ei2716>denationalized</ei2716> in 1987, and <ei2717>said</ei2717> it now <ei2718>holds</ei2718> just under 5% of Paribas's shares. Once he <ei2719>realized</ei2719> that Paribas's intentions weren't friendly, he <ei2721>said</ei2721>, but before the bid was <ei2723>launched</ei2723>, he <ei2724>sought</ei2724> approval to boost his Paribas stake above 10%. The petition is still <ei2728>pending</ei2728>, but Mr. Fournier <ei2729>downplayed</ei2729> the likelihood of his organizing a takeover bid of his own for the much-larger Paribas. One big question now is the likely role of Mr. Fournier's allies. Mr. Fournier <ei2732>said</ei2732> the large institutions that hold nearly 50% of Navigation Mixte's capital all strongly <ei2733>support</ei2733> him, but some analysts <ei2734>said</ei2734> they aren't so sure. Allianz, for example, has <ei2736>said</ei2736> in official comments so far that it will <ei2738>remain</ei2738> neutral. Paribas is Allianz's lead French bank. Paribas <ei2739>said</ei2739> Monday that it intends to bid to boost its stake in Navigation Mixte to 66.7%, from the 18.7% it already <ei2745>owns</ei2745>. The purchase of the additional 48% stake is <ei2747>expected</ei2747> to cost more than 11 billion francs ($1.77 billion). Paribas <ei2749>says</ei2749> it will <ei2750>offer</ei2750> 1,850 francs ($296.95) each for Navigation Mixte shares that <ei2751>enjoy</ei2751> full dividend rights, and 1,800 francs each for a block of shares issued July 1, which will receive only partial dividends this year. Alternatively, it is to offer three Paribas shares for one Navigation Mixte share. The Paribas offer values Navigation Mixte at about 23 billion francs, depending on how many of Navigation Mixte's warrants are converted into shares during the takeover battle.
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wsj_0321
{ "id": "t0", "text": "11/01/89" }
StatesWest Airlines, Phoenix, Ariz., said it withdrew its offer to acquire Mesa Airlines because the Farmington, N.M., carrier didn't respond to its offer by the close of business yesterday, a deadline StatesWest had set for a response. However, StatesWest isn't abandoning its pursuit of the much-larger Mesa. StatesWest, which has a 7.25% stake in Mesa, said it may purchase more Mesa stock or make a tender offer directly to Mesa shareholders. StatesWest had proposed acquiring Mesa for $7 a share and one share of a new series of StatesWest 6% convertible preferred stock it values at $3 a share. Earlier, Mesa had rejected a general proposal from StatesWest to combine the two carriers in some way. StatesWest serves 10 cities in California, Arizona and Nevada. Mesa flies to 42 cities in New Mexico, Arizona, Wyoming, Colorado, and Texas.
StatesWest Airlines, Phoenix, Ariz., <ei150>said</ei150> it <ei151>withdrew</ei151> its offer to acquire Mesa Airlines because the Farmington, N.M., carrier didn't respond to its offer by the close of business yesterday, a deadline StatesWest had <ei158>set</ei158> for a response. However, StatesWest isn't abandoning its pursuit of the much-larger Mesa. StatesWest, which has a 7.25% stake in Mesa, <ei161>said</ei161> it may purchase more Mesa stock or make a tender offer directly to Mesa shareholders. StatesWest had <ei165>proposed</ei165> acquiring Mesa for $7 a share and one share of a new series of StatesWest 6% convertible preferred stock it values at $3 a share. Earlier, Mesa had <ei167>rejected</ei167> a general proposal from StatesWest to combine the two carriers in some way. StatesWest serves 10 cities in California, Arizona and Nevada. Mesa flies to 42 cities in New Mexico, Arizona, Wyoming, Colorado, and Texas.
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wsj_0135
{ "id": "t0", "text": "11/02/89" }
Elco Industries Inc. said it expects net income in the year ending June 30, 1990, to fall below a recent analyst's estimate of $1.65 a share. The Rockford, Illinois, maker of fasteners also said it expects to post sales in the current fiscal year that are "slightly above" fiscal 1989 sales of $155 million. The company said its industrial unit continues to face margin pressures and lower demand. In fiscal 1989, Elco earned $7.8 million, or $1.65 a share. The company's stock fell $1.125 to $13.625 in over-the-counter trading yesterday.
Elco Industries Inc. <ei1990>said</ei1990> it <ei1991>expects</ei1991> net income in the year <ei1992>ending</ei1992> June 30, 1990, to fall below a recent analyst's estimate of $1.65 a share. The Rockford, Illinois, maker of fasteners also <ei1994>said</ei1994> it <ei1995>expects</ei1995> to post sales in the current fiscal year that are "slightly above" fiscal 1989 sales of $155 million. The company <ei1999>said</ei1999> its industrial unit <ei2000>continues</ei2000> to face margin pressures and lower demand. In fiscal 1989, Elco <ei2004>earned</ei2004> $7.8 million, or $1.65 a share. The company's stock <ei2005>fell</ei2005> $1.125 to $13.625 in over-the-counter trading yesterday.
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wsj_0313
{ "id": "t0", "text": "11/01/89" }
Ocean Drilling and Exploration Co. will sell its contract-drilling business, and took a $50.9 million loss from discontinued operations in the third quarter because of the planned sale. The New Orleans oil and gas exploration and diving operations company added that it does not expect any further adverse financial impact from the restructuring. In the third quarter, the company, which is 61%-owned by Murphy Oil Corp. of Arkansas, had a net loss of $46.9 million, or 91 cents a share, compared with a restated loss of $9 million, or 18 cents a share, a year ago. The latest period had profit from continuing operations of $4 million. Revenue increased 13% to $77.3 million from $68.5 million. Ocean Drilling said it will offer 15% to 20% of the contract-drilling business through an initial public offering in the near future. It has long been rumored that Ocean Drilling would sell the unit to concentrate on its core oil and gas business. Ocean Drilling said it will not hold any shares of the new company after the restructuring.
Ocean Drilling and Exploration Co. will sell its contract-drilling business, and <ei224>took</ei224> a $50.9 million loss from discontinued operations in the third quarter because of the planned sale. The New Orleans oil and gas exploration and diving operations company <ei229>added</ei229> that it does not expect any further adverse financial impact from the restructuring. In the third quarter, the company, which is 61%-owned by Murphy Oil Corp. of Arkansas, <ei233>had</ei233> a net loss of $46.9 million, or 91 cents a share, compared with a restated loss of $9 million, or 18 cents a share, a year ago. The latest period <ei236>had</ei236> profit from continuing operations of $4 million. Revenue <ei239>increased</ei239> 13% to $77.3 million from $68.5 million. Ocean Drilling <ei242>said</ei242> it will <ei243>offer</ei243> 15% to 20% of the contract-drilling business through an initial public offering in the near future. It has long been <ei245>rumored</ei245> that Ocean Drilling would sell the unit to concentrate on its core oil and gas business. Ocean Drilling <ei248>said</ei248> it will not hold any shares of the new company after the restructuring.
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true
matres
SJMN91-06338157
{ "id": "t0", "text": "Tuesday, December 3, 1991" }
One of President Bush's sons has informed White House Chief of Staff John Sununu that he has lost much of his support among Republicans, prompting an intense effort by Sununu to hold on to his job by demonstrating his GOP backing, White House and Republican sources said Monday. Sununu was told Wednesday by Bush's son, George, that he had alienated members of the Cabinet, the White House staff, and the Republican political community, creating a situation that puts his effectiveness in significant doubt, the sources said. The message to the chief of staff was meant to be taken as a suggestion that Sununu offer to resign, one highly placed source said. Instead, Sununu sought to prove to the president that his supporters outnumbered his critics and that he should remain in his post. One senior official Monday described the White House as "a collection of small groups of aides holding their breaths," waiting to see whether Sununu survives. One GOP source, reporting on a call from the chief of staff to a Republican leader, said Sununu lamented that "the noose is tightening around my neck, and I need your help." Another highly placed source said the president's son met with Sununu last week after holding a series of conversations about the structure of the White House staff and of the campaign with other Bush loyalists and GOP activists. The source said the younger Bush "sketched out for Sununu" problems the president is encountering because of the chief of staff's tenure. "He was told...the handwriting was on the wall," the source said Monday. That, the source said, was when Sununu started calling congressional Republicans and asking them to tell Bush that the conservative wing of the party, in particular, would object if he were fired. Officials said the president himself met with Sununu Sunday. A source said the outcome of that session was unclear.
One of President Bush's sons has <ei335>informed</ei335> White House Chief of Staff John Sununu that he has <ei336>lost</ei336> much of his support among Republicans, <ei337>prompting</ei337> an intense effort by Sununu to hold on to his job by <ei339>demonstrating</ei339> his GOP backing, White House and Republican sources <ei340>said</ei340> Monday. Sununu was <ei341>told</ei341> Wednesday by Bush's son, George, that he had <ei342>alienated</ei342> members of the Cabinet, the White House staff, and the Republican political community, <ei343>creating</ei343> a situation that puts his effectiveness in significant doubt, the sources <ei344>said</ei344>. The message to the chief of staff was meant to be taken as a suggestion that Sununu offer to resign, one highly placed source <ei351>said</ei351>. Instead, Sununu <ei352>sought</ei352> to prove to the president that his supporters <ei354>outnumbered</ei354> his critics and that he should remain in his post. One senior official Monday <ei356>described</ei356> the White House as "a collection of small groups of aides <ei357>holding</ei357> their breaths," waiting to see whether Sununu survives. One GOP source, <ei361>reporting</ei361> on a call from the chief of staff to a Republican leader, <ei363>said</ei363> Sununu <ei364>lamented</ei364> that "the noose is <ei365>tightening</ei365> around my neck, and I <ei366>need</ei366> your help." Another highly placed source <ei368>said</ei368> the president's son <ei369>met</ei369> with Sununu last week after <ei370>holding</ei370> a series of conversations about the structure of the White House staff and of the campaign with other Bush loyalists and GOP activists. The source <ei372>said</ei372> the younger Bush "<ei373>sketched</ei373> out for Sununu" problems the president is <ei374>encountering</ei374> because of the chief of staff's tenure. "He was <ei375>told</ei375>...the handwriting was on the wall," the source <ei377>said</ei377> Monday. That, the source <ei378>said</ei378>, was when Sununu <ei379>started</ei379> <ei380>calling</ei380> congressional Republicans and asking them to tell Bush that the conservative wing of the party, in particular, would object if he were fired. Officials <ei385>said</ei385> the president himself <ei386>met</ei386> with Sununu Sunday. A source <ei387>said</ei387> the outcome of that session was unclear.
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true
matres
wsj_1025
{ "id": "t0", "text": "10/26/89" }
Sotheby's Holdings Inc., the parent of the auction house Sotheby's, said its net loss for the seasonally slow third quarter narrowed from a year earlier on a leap in operating revenue. The New York-based company reported a third-quarter net loss of $5.1 million, or 10 cents a share, compared with a year-earlier net loss of $6.2 million, or 12 cents a share. Operating revenue surged 54% in the latest period to $42.9 million from $27.7 million. The company said 80% of its auction business is usually conducted in the second and fourth quarters, with the current quarter having begun "extremely well."
Sotheby's Holdings Inc., the parent of the auction house Sotheby's, <ei59>said</ei59> its net loss for the seasonally slow third quarter <ei61>narrowed</ei61> from a year earlier on a leap in operating revenue. The New York-based company <ei63>reported</ei63> a third-quarter net loss of $5.1 million, or 10 cents a share, compared with a year-earlier net loss of $6.2 million, or 12 cents a share. Operating revenue <ei66>surged</ei66> 54% in the latest period to $42.9 million from $27.7 million. The company <ei67>said</ei67> 80% of its auction business is usually conducted in the second and fourth quarters, with the current quarter having <ei69>begun</ei69> "extremely well."
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true
matres
wsj_0106
{ "id": "t0", "text": "11/02/89" }
ROGERS COMMUNICATIONS Inc. said it plans to raise $175 million to $180 million Canadian dollars (US$148.9 million to $153.3 million) through a private placement of perpetual preferred shares. Perpetual preferred shares are not retractable by the holders, the company said. Rogers said the shares will be convertible into Class B shares, but that the company has the option to redeem the shares before conversion. A spokesman for the Toronto cable television and telecommunications concern said the coupon rate has not yet been fixed, but will probably be set at around 8%. He declined to discuss other terms of the issue.
ROGERS COMMUNICATIONS Inc. <ei128>said</ei128> it plans to raise $175 million to $180 million Canadian dollars (US$148.9 million to $153.3 million) through a private placement of perpetual preferred shares. Perpetual preferred shares are not retractable by the holders, the company <ei132>said</ei132>. Rogers <ei133>said</ei133> the shares will be convertible into Class B shares, but that the company <ei135>has</ei135> the option to redeem the shares before conversion. A spokesman for the Toronto cable television and telecommunications concern <ei140>said</ei140> the coupon rate has not yet been fixed, but will probably be set at around 8%. He <ei143>declined</ei143> to discuss other terms of the issue.
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true
matres
APW19980227.0494
{ "id": "t0", "text": "02/27/1998 08:17:00" }
MOSCOW (AP)_ Presidents Leonid Kuchma of Ukraine and Boris Yeltsin of Russia signed an economic cooperation plan Friday, and Yeltsin claimed they resolved even more pressing problems. Russia and Ukraine share similar cultures and languages, and Ukraine was ruled from Moscow for centuries. But while the two Slavic neighbors see themselves as natural partners, their relations since the breakup of the Soviet Union have been bedeviled by a number of disputes: Black Sea naval bases, border problems, and Ukraine's natural gas debts. ``We have covered the entire list of questions and discussed how we will be tackling them,'' Yeltsin was quoted as saying by the ITAR-Tass news agency. ``I must say there are no unsettled problems any more. We have solved them all.'' But his sweeping statement contained no details and gave no indication of how the disputes could be resolved. Their solution would require a compromise between the two nations' parliaments. A major dispute concerns a broad political treaty calling for border demarcation, which the two presidents signed last May. In effect, the treaty amounts to Russian recognition of Ukraine's sovereignty and borders, and the Ukrainian parliament has already ratified it. However, Russia has stalled ratification, trying to tie it to an agreement that would permit the Russian navy to use a naval base on Ukraine's Crimean peninsula for at least 20 more years. In their joint statement issued after the talks, Yeltsin and Kuchma called for the fastest possible ratification of the treaty, saying it would create a ``strong legal foundation'' for bilateral ties and help stability in Europe. Kuchma assured Yeltsin that Ukraine would not join NATO, Yeltsin's spokesman Sergei Yastrzhembsky said, according to the Interfax news agency. The Russian leadership has staunchly opposed the western alliance's expansion into Eastern Europe. In their joint statement, released by the Kremlin, the two leaders also pledged to consult each other regularly on their approaches to relations with NATO and, in particular, their actions within the framework of NATO's Partnership for Peace program. Last year, Russian officials assailed Ukraine for holding joint naval exercises with NATO in the Black Sea – an area Moscow considers its own turf. Kuchma has said repeatedly that Ukraine would remain neutral for the foreseeable future. Yeltsin and Kuchma also called for developing the stagnant relations between the members of the Commonwealth of Independent States, a loose coalition of former Soviet republics. In the past, Russia has often claimed that Ukraine was undermining efforts at closer cooperation within the CIS. A major goal of Kuchma's four-day state visit was the signing of a 10-year economic program aimed at doubling the two nations' trade turnover, which fell to $14 billion last year, down $2.5 billion from 1996. The two presidents on Friday signed the plan, which calls for cooperation in the metallurgy, fuel, energy, aircraft building, missile, space, and chemical industries. A major project is joint manufacturing of An-70 cargo planes, the Kremlin statement said. The program also calls for coordination of economic reforms and joint improvement of social programs in the two countries, where many people have become impoverished during the chaotic post-Soviet transition to capitalism. Kuchma also planned to visit Russian gas giant Gazprom, most likely to discuss Ukraine's $1.2 billion debt to the company.
MOSCOW (AP)_ Presidents Leonid Kuchma of Ukraine and Boris Yeltsin of Russia <ei2306>signed</ei2306> an economic cooperation plan Friday, and Yeltsin <ei2307>claimed</ei2307> they <ei2308>resolved</ei2308> even more pressing problems. Russia and Ukraine share similar cultures and languages, and Ukraine was <ei2309>ruled</ei2309> from Moscow for centuries. But while the two Slavic neighbors see themselves as natural partners, their relations since the breakup of the Soviet Union have been <ei2311>bedeviled</ei2311> by a number of disputes: Black Sea naval bases, border problems, and Ukraine's natural gas debts. ``We have <ei2313>covered</ei2313> the entire list of questions and <ei2314>discussed</ei2314> how we will be tackling them,'' Yeltsin was <ei2316>quoted</ei2316> as <ei2317>saying</ei2317> by the ITAR-Tass news agency. ``I must say there are no unsettled problems any more. We have solved them all.'' But his sweeping statement contained no details and gave no indication of how the disputes could be resolved. Their solution would require a compromise between the two nations' parliaments. A major dispute concerns a broad political treaty calling for border demarcation, which the two presidents <ei2325>signed</ei2325> last May. In effect, the treaty amounts to Russian recognition of Ukraine's sovereignty and borders, and the Ukrainian parliament has already <ei2326>ratified</ei2326> it. However, Russia has <ei2327>stalled</ei2327> ratification, <ei2329>trying</ei2329> to tie it to an agreement that would permit the Russian navy to use a naval base on Ukraine's Crimean peninsula for at least 20 more years. In their joint statement <ei2334>issued</ei2334> after the talks, Yeltsin and Kuchma <ei2336>called</ei2336> for the fastest possible ratification of the treaty, <ei2338>saying</ei2338> it would create a ``strong legal foundation'' for bilateral ties and help stability in Europe. Kuchma <ei2341>assured</ei2341> Yeltsin that Ukraine would not join NATO, Yeltsin's spokesman Sergei Yastrzhembsky <ei2343>said</ei2343>, according to the Interfax news agency. The Russian leadership has staunchly <ei2345>opposed</ei2345> the western alliance's expansion into Eastern Europe. In their joint statement, <ei2347>released</ei2347> by the Kremlin, the two leaders also <ei2348>pledged</ei2348> to consult each other regularly on their approaches to relations with NATO and, in particular, their actions within the framework of NATO's Partnership for Peace program. Last year, Russian officials <ei2350>assailed</ei2350> Ukraine for <ei2351>holding</ei2351> joint naval exercises with NATO in the Black Sea – an area Moscow considers its own turf. Kuchma has <ei2353>said</ei2353> repeatedly that Ukraine would remain neutral for the foreseeable future. Yeltsin and Kuchma also <ei2355>called</ei2355> for developing the stagnant relations between the members of the Commonwealth of Independent States, a loose coalition of former Soviet republics. In the past, Russia has often <ei2357>claimed</ei2357> that Ukraine was undermining efforts at closer cooperation within the CIS. A major goal of Kuchma's four-day state visit was the signing of a 10-year economic program <ei2361>aimed</ei2361> at doubling the two nations' trade turnover, which <ei2363>fell</ei2363> to $14 billion last year, down $2.5 billion from 1996. The two presidents on Friday <ei2364>signed</ei2364> the plan, which <ei2365>calls</ei2365> for cooperation in the metallurgy, fuel, energy, aircraft building, missile, space, and chemical industries. A major project is joint manufacturing of An-70 cargo planes, the Kremlin statement <ei2368>said</ei2368>. The program also <ei2369>calls</ei2369> for coordination of economic reforms and joint improvement of social programs in the two countries, where many people have become impoverished during the chaotic post-Soviet transition to capitalism. Kuchma also <ei2374>planned</ei2374> to visit Russian gas giant Gazprom, most likely to discuss Ukraine's $1.2 billion debt to the company.
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true
matres
wsj_1073
{ "id": "t0", "text": "10/25/89" }
Advanced Medical Technologies Inc. said it purchased 93% of a Henley Group Inc. unit. Advanced Medical paid $106 million in cash for its share in a unit of Henley's Fisher Scientific subsidiary. The unit manufactures intravenous pumps used by hospitals and had more than $110 million in sales last year, according to Advanced Medical.
Advanced Medical Technologies Inc. <ei1989>said</ei1989> it <ei1990>purchased</ei1990> 93% of a Henley Group Inc. unit. Advanced Medical <ei1991>paid</ei1991> $106 million in cash for its share in a unit of Henley's Fisher Scientific subsidiary. The unit manufactures intravenous pumps used by hospitals and <ei1992>had</ei1992> more than $110 million in sales last year, according to Advanced Medical.
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true
matres
wsj_0928
{ "id": "t0", "text": "10/26/89" }
Sun Microsystems Inc., snapping back to profitability after its first quarterly loss as a public firm, said it earned $5.2 million, or seven cents a share, in the fiscal first quarter. Sun, a maker of computer workstations, reported sales of $538.5 million for the quarter ended September 29, up 39% from $388.5 million a year earlier. In the 1988 period, the company earned $20.6 million, or 26 cents a share. Sun's results were slightly better than expectations. Earlier this month, the company said it expected to break even for the quarter on sales of $530 million. In a statement, Scott McNealy, Sun's chief executive officer, said the company's performance was hampered by problems tied to the introduction of a major new family of computers in April. One of those new computers, called Sparcstation 1, accounted for nearly half of the 28,000 systems Sun shipped in the quarter, he said. More than two-thirds of the systems shipped, meanwhile, were products introduced in April. But problems in manufacturing, forecasting demand, and getting the bugs out of a new management information system made it extremely difficult for Sun to meet demand for its newest computers well into the summer. These problems also resulted in Sun reporting a $20.3 million loss for its fourth quarter ended June 30. Mr. McNealy said the issues that hurt Sun's performance earlier this year are now "largely" behind the firm, and he indicated that Sun's profitability should increase throughout the fiscal year. Sun also reported a record backlog of orders. While this indicates continued strong demand for the company's desktop computers, Sun faces increasing competition from Digital Equipment Corp. and Hewlett-Packard Co. Recently, analysts have said Sun also is vulnerable to competition from International Business Machines Corp., which plans to introduce a group of workstations early next year, and Next Inc.
Sun Microsystems Inc., <ei1991>snapping</ei1991> back to profitability after its first quarterly loss as a public firm, <ei1993>said</ei1993> it <ei1994>earned</ei1994> $5.2 million, or seven cents a share, in the fiscal first quarter. Sun, a maker of computer workstations, <ei1995>reported</ei1995> sales of $538.5 million for the quarter ended September 29, up 39% from $388.5 million a year earlier. In the 1988 period, the company <ei1998>earned</ei1998> $20.6 million, or 26 cents a share. Sun's results were slightly better than expectations. Earlier this month, the company <ei1999>said</ei1999> it expected to break even for the quarter on sales of $530 million. In a statement, Scott McNealy, Sun's chief executive officer, <ei2004>said</ei2004> the company's performance was <ei2005>hampered</ei2005> by problems tied to the introduction of a major new family of computers in April. One of those new computers, called Sparcstation 1, <ei2007>accounted</ei2007> for nearly half of the 28,000 systems Sun <ei2008>shipped</ei2008> in the quarter, he <ei2009>said</ei2009>. More than two-thirds of the systems <ei2010>shipped</ei2010>, meanwhile, were products <ei2011>introduced</ei2011> in April. But problems in manufacturing, forecasting demand, and getting the bugs out of a new management information system <ei2013>made</ei2013> it extremely difficult for Sun to meet demand for its newest computers well into the summer. These problems also <ei2017>resulted</ei2017> in Sun <ei2018>reporting</ei2018> a $20.3 million loss for its fourth quarter ended June 30. Mr. McNealy <ei2020>said</ei2020> the issues that <ei2021>hurt</ei2021> Sun's performance earlier this year are now "largely" behind the firm, and he <ei2022>indicated</ei2022> that Sun's profitability should increase throughout the fiscal year. Sun also <ei2024>reported</ei2024> a record backlog of orders. While this indicates continued strong demand for the company's desktop computers, Sun <ei2027>faces</ei2027> increasing competition from Digital Equipment Corp. and Hewlett-Packard Co. Recently, analysts have <ei2029>said</ei2029> Sun also is vulnerable to competition from International Business Machines Corp., which plans to introduce a group of workstations early next year, and Next Inc.
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[ { "relation": "AFTER", "source": "ei1995", "target": "ei1998" }, { "relation": "AFTER", "source": "ei2004", "target": "ei2011" }, { "relation": "BEFORE", "source": "ei1994", "target": "ei1995" }, { "relation": "BEFORE", "source": "ei1991", "target": "ei199...
[ { "relation": "<", "source": "start ei2007", "target": "start ei2022" }, { "relation": "<", "source": "start ei2007", "target": "start ei2017" }, { "relation": "<", "source": "start ei2011", "target": "start ei2020" }, { "relation": "<", "source": "start ei201...
true
matres
wsj_0706
{ "id": "t0", "text": "10/27/89" }
Security Pacific Corp. has set its sights on buying its second bank holding company this year. Security said it signed a letter of intent to purchase La Jolla Bancorp, agreeing to pay $15 of its own stock for each share of La Jolla. Based on the current number of La Jolla shares, that gives the transaction a value of $104 million. La Jolla is the parent company of La Jolla Bank & Trust Co., which has 12 branches in San Diego County. As of Sept. 30, the bank had assets of $511 million and deposits of $469 million, Security Pacific said. Earlier this month, Security Pacific, which is among the 10 largest bank holding companies in the U.S., completed the acquisition of San Diego-based Southwest Bancorp.
Security Pacific Corp. has <ei1990>set</ei1990> its sights on buying its second bank holding company this year. Security <ei1992>said</ei1992> it <ei1993>signed</ei1993> a letter of intent to purchase La Jolla Bancorp, <ei1996>agreeing</ei1996> to pay $15 of its own stock for each share of La Jolla. Based on the current number of La Jolla shares, that gives the transaction a value of $104 million. La Jolla is the parent company of La Jolla Bank & Trust Co., which <ei2000>has</ei2000> 12 branches in San Diego County. As of Sept. 30, the bank <ei2007>had</ei2007> assets of $511 million and deposits of $469 million, Security Pacific <ei2003>said</ei2003>. Earlier this month, Security Pacific, which is among the 10 largest bank holding companies in the U.S., <ei2004>completed</ei2004> the acquisition of San Diego-based Southwest Bancorp.
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[ { "relation": ">", "source": "start ei1992", "target": "start ei1993" }, { "relation": "<", "source": "start ei1990", "target": "start ei1992" }, { "relation": "=", "source": "start ei2004", "target": "start ei2007" }, { "relation": ">", "source": "start ei200...
true
matres
APW19980227.0489
{ "id": "t0", "text": "02/27/1998 08:13:00" }
said Friday it would investigate the Hutu-organized genocide of more than 500,000 minority Tutsis in Rwanda nearly four years ago. Foreign ministers of member-states meeting in the Ethiopian capital agreed to set up a seven-member panel to investigate who shot down Rwandan President Juvenal Habyarimana's plane on April 6, 1994. The assassination touched off a murderous rampage by Hutu security forces and civilians, who slaughtered mainly Tutsis but also Hutus who favored reconciliation with the minority. It also reignited the civil war. The panel also will look at the exodus of about 2 million Rwandan Hutus to neighboring countries where they lived in U.N.-run refugee camps for 2 1/2 years. The investigation will consider the role of "internal and external forces" prior to the genocide and subsequently, and the role of the United Nations and its agencies and the OAU before, during and after the genocide, the OAU said. The panel will be based in Addis Ababa, and will finish its investigation within a year, it said. It is to be funded by voluntary contributions from within and outside the continent.
<ei2055>said</ei2055> Friday it would investigate the Hutu-organized genocide of more than 500,000 minority Tutsis in Rwanda nearly four years ago. Foreign ministers of member-states meeting in the Ethiopian capital <ei2059>agreed</ei2059> to set up a seven-member panel to investigate who shot down Rwandan President Juvenal Habyarimana's plane on April 6, 1994. The assassination <ei2064>touched</ei2064> off a murderous rampage by Hutu security forces and civilians, who <ei2066>slaughtered</ei2066> mainly Tutsis but also Hutus who <ei2067>favored</ei2067> reconciliation with the minority. It also <ei2069>reignited</ei2069> the civil war. The panel also will look at the exodus of about 2 million Rwandan Hutus to neighboring countries where they <ei2073>lived</ei2073> in U.N.-run refugee camps for 2 1/2 years. The investigation will consider the role of "internal and external forces" prior to the genocide and subsequently, and the role of the United Nations and its agencies and the OAU before, during and after the genocide, the OAU <ei2080>said</ei2080>. The panel will be based in Addis Ababa, and will <ei2082>finish</ei2082> its investigation within a year, it <ei2084>said</ei2084>. It is to be <ei2085>funded</ei2085> by voluntary contributions from within and outside the continent.
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true
matres
wsj_0356
{ "id": "t0", "text": "11/01/89" }
Rally's Inc. said it adopted a shareholders' rights plan to protect shareholders from an inadequately priced takeover offer. The plan provides for the distribution of one common stock-purchase right as a dividend for each share of common stock outstanding. Each right entitles shareholders to buy one-half share of common stock for $30. Earlier this month, a group led by three of the company's directors, Burt Sugarman, James M. Trotter III, and William E. Trotter II, indicated it had a 45.2% stake in the Louisville, Ky., fast-food company and that it planned to seek a majority of seats on Rally's nine-member board. The company said it was " concerned about the announced intent to acquire control of the company" by a Sugarman-led group.
Rally's Inc. <ei90>said</ei90> it <ei91>adopted</ei91> a shareholders' rights plan to protect shareholders from an inadequately priced takeover offer. The plan provides for the distribution of one common stock-purchase right as a dividend for each share of common stock outstanding. Each right entitles shareholders to buy one-half share of common stock for $30. Earlier this month, a group led by three of the company's directors, Burt Sugarman, James M. Trotter III, and William E. Trotter II, <ei93>indicated</ei93> it <ei94>had</ei94> a 45.2% stake in the Louisville, Ky., fast-food company and that it <ei96>planned</ei96> to seek a majority of seats on Rally's nine-member board. The company <ei99>said</ei99> it was " <ei100>concerned</ei100> about the announced intent to acquire control of the company" by a Sugarman-led group.
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true
matres
wsj_0637
{ "id": "t0", "text": "10/30/89" }
John Labatt Ltd. said it plans a private placement of 150 million Canadian dollars (US$127.5 million) in preferred shares, to be completed around November 1. Proceeds will be used to reduce short-term debt at the beer and food concern, said Robert Vaux, vice president, finance. The preferred shares will carry a floating annual dividend equal to 72% of the 30-day bankers' acceptance rate until December 31, 1994. Thereafter, the rate will be renegotiated. Mr. Vaux said that if no agreement is reached, other buyers will be sought by bid or auction. The shares are redeemable after the end of 1994. Mr. Vaux said the share issue is part of a strategy to strengthen Labatt's balance sheet in anticipation of acquisitions to be made during the next 12 to 18 months. Labatt has no takeover bids outstanding currently, he said. Lead underwriter to the issue is Toronto Dominion Securities Inc.
John Labatt Ltd. <ei1995>said</ei1995> it <ei1996>plans</ei1996> a private placement of 150 million Canadian dollars (US$127.5 million) in preferred shares, to be completed around November 1. Proceeds will be <ei1999>used</ei1999> to reduce short-term debt at the beer and food concern, <ei2001>said</ei2001> Robert Vaux, vice president, finance. The preferred shares will <ei2002>carry</ei2002> a floating annual dividend equal to 72% of the 30-day bankers' acceptance rate until December 31, 1994. Thereafter, the rate will be renegotiated. Mr. Vaux said that if no agreement is reached, other buyers will be sought by bid or auction. The shares are redeemable after the end of 1994. Mr. Vaux <ei2011>said</ei2011> the share issue is part of a strategy to strengthen Labatt's balance sheet in anticipation of acquisitions to be made during the next 12 to 18 months. Labatt has no takeover bids outstanding currently, he <ei2017>said</ei2017>. Lead underwriter to the issue is Toronto Dominion Securities Inc.
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true
matres
WSJ910225-0066
{ "id": "t0", "text": "02/25/91" }
"So far, the offensive is progressing with dramatic success," said a buoyant Gen. Norman Schwarzkopf, commander of U.S. forces. Similarly, while cautioning about the uncertainty of early battle reports, White House spokesman Marlin Fitzwater said late yesterday that "the operation has been very successful." Amid reports that thousands of Iraqi soldiers had surrendered, administration aides were also upbeat in private, with one even talking of victory within a week. But even continued military success carries political and diplomatic risks for President Bush and the U.S. The allied rejection of the last-minute Soviet-led diplomatic effort to avoid the ground war enabled Mr. Bush to seize the initiative from an Iraq seemingly bent on dictating peace terms. But it has offended some, especially in Arab countries, who now believe that Mr. Bush's real objectives are the demise of Saddam Hussein and the destruction of the Iraqi military, not just the liberation of Kuwait. "Why have a war?" asked Abdul Latif Shekar, a customs officer in Egypt, a country participating in the attack on Iraqi troops. "I think the Gorbachev plan was a good one. Iraq was ready to withdraw." Now, he says, "it looks like the West just wants to destroy Iraq." Despite the early indications of success, the allied forces could still suffer greater casualties and become bogged down militarily, especially when they encounter the tough Republican Guard, which is entrenched along the Iraq-Kuwait border. If so, and if it appears that the American goal actually is to destroy the Iraqi regime even at the cost of badly hurting Iraqi society, "the lingering cost of that could be high," worries former national security adviser Zbigniew Brzezinski. But, he notes, "If everything crumbles totally, that won't be such a problem." American officials staunchly disavow any interest in driving through Iraq toward Baghdad, either in pursuit of Saddam Hussein himself or to set up some American-controlled government inside Iraq. The Americans say their battle plans call for operating against forces inside Iraq as far north as the city of Basra, about 30 miles north of Kuwait, but say there isn't any plan to drive beyond that. Indeed, French President Francois Mitterrand said yesterday that some allied forces are crossing Iraqi territory as part of a "pincer" movement to trap the soldiers occupying Kuwait, but insisted, "The purpose isn't to invade Iraqi territory, that's not the aim, that isn't the mandate." Nevertheless, American officials over the weekend became more open in declaring that by destroying Saddam Hussein's military machine they hope to destroy his regime -- a goal likely to be supported by most Americans. In a pre-attack message, Lt. Gen. Walter Boomer, the top Marine in the Persian Gulf, told U.S. Marines that their goal is to "restore {Kuwait} to its citizens." He went on to add that "in so doing you not only return a nation to its people, but you will destroy the war machine of a ruthless dictator." Secretary of State James Baker said on ABC-TV's "This Week With David Brinkley" that the series of United Nations resolutions condemning Iraq's invasion of Kuwait "imply that the restoration of peace and stability in the Gulf would be a heck of a lot easier if he and that leadership were not in power in Iraq." Of course, it is still far too early to assume that the military situation on the ground will stay as smooth for allied forces as it appears to have been so far. Iraq still has the potential to cause significant problems by using forces and weapons that don't yet seem fully engaged. For one thing, Iraq still apparently hasn't unleashed its stockpile of chemical weapons. Gen. Schwarzkopf said that some early reports that chemical weapons were used against allied troops turned out to be "bogus." Iraq is believed to have the ability to deliver chemical weapons in artillery shells or, perhaps, atop Soviet-made Frog-7 missiles. Perhaps more important, it appears that allied troops haven't yet fully engaged Iraq's vaunted Republican Guard, which has been sitting just north of the Iraq-Kuwait border and is considered the most potent element in the Iraqi defense. It remains to be seen how much damage the allied air campaign was able to inflict on the Guard, and whether President Hussein will commit his most valued troops to a fight-to-the-death finish. Certainly Saddam Hussein continues to implore his country to fight on. "Fight them," he urged Iraqis in a radio address. "All Iraqis, fight them with all the power you have, and all struggle for everything." American war planners have long assumed that the early stage of the ground attack, in which American forces would use their speed to sweep around Iraqi defenses and their strength to punch through the relatively weak Iraqi front line, would be the easiest part. Despite these early successes, the mere fact that a ground campaign has begun almost guarantees that the Bush administration will face fresh problems growing out of the military situation. There are likely to be additional American prisoners of war taken, and there are signs that President Hussein is taking Kuwaiti hostages. U.S. and Kuwaiti officials say there are reports that large numbers of civilians from Kuwait City are being rounded up and held by Iraqi troops, apparently either for use as human shields or for use later in bargaining once the war is over. President Bush's political argument for going to a ground war has been strengthened by the growing stream of reports of wanton Iraqi destruction inside Kuwait. U.S. officials say that hundreds of Kuwaiti oil wells now may have been set afire. And Robert Gates, Mr. Bush's deputy national security adviser, asserted in an interview on the Cable News Network that Iraqi troops have set fire to "large sections" of Kuwait City. Mr. Bush and his aides were leaning toward a military conclusion of the crisis even before the latest reports of Iraqi atrocities in Kuwait came to light. The president and his top aides tentatively decided on Feb. 11 that a ground war would be necessary. The decision was made after Defense Secretary Dick Cheney and Gen. Colin Powell, chairman of the Joint Chiefs of Staff, returned from a visit with military commanders in Saudi Arabia, administration officials say. Then, a week or so ago, Gen. Schwarzkopf secretly picked Saturday night as the optimal time to start the offensive. The date was unaffected by the last-ditch Soviet peace initiative. The real problem with the Soviet proposals, U.S. officials now say, was that they all would have required lifting economic sanctions against Iraq. The Bush administration considers the sanctions essential to keeping Saddam Hussein under control should he survive the war. Mr. Bush forestalled further diplomatic maneuvering by issuing an ultimatum on behalf of the allies demanding that Iraq withdraw within a week, starting at noon Saturday. Administration aides said that the idea of the ultimatum was Gen. Powell's. He argued that setting an explicit deadline for Saddam Hussein to break would, when it was broken, give the U.S. military a clear green light to proceed. In setting out his final challenge to Saddam Hussein, Mr. Bush continued the intensive personal diplomacy he began after the invasion last August. After cabling world leaders about his intention to give Saddam Hussein a final deadline to exit Kuwait, he offered him a week to withdraw fully, instead of the four days he originally considered, because of objections from some European partners that four days seemed punitive and unrealistic. And when he and President Gorbachev spoke about the decision in a talk lasting nearly an hour, the President took pains to listen to what his counterpart had to say, although he already had decided that the Soviet alternative to the allied deadline was unacceptable. Finally, when Iraq failed to respond to the U.S. ultimatum, Mr. Bush let the ground offensive begin as previously planned Saturday night. The attack was lightning quick, as allied forces punched through tall sand berms on the border and pushed forward into Iraq and Kuwait. U.S. Marines were said to have breached troublesome mine fields along the Iraqi lines but Pentagon officials said no amphibious assault on Kuwait's beaches had begun. Long columns of Iraqi prisoners of war could be seen trudging through the desert toward the allied rear. U.S. commanders said 5,500 Iraqi prisoners were taken in the first hours of the ground war, though some military officials later said the total may have climbed above 8,000. The U.S. hopes its troops will drive Iraqi forces out of Kuwait quickly, leaving much of Iraq's offensive military equipment destroyed or abandoned in Kuwait. It expects that tens of thousands of Iraqi soldiers will surrender to the U.S. and its allies over the next few days. If the allies succeed, Saddam Hussein will have plunged his country first into a fruitless eight-year war against Iran and then into a humiliating war against the U.S. and the allies to defend his conquest of Kuwait, leaving much of his country's military establishment and modern infrastructure in ruins. Meanwhile, the U.S. hopes, economic sanctions and an international arms embargo will remain in effect until Iraq pays war reparations to Kuwait to cover war damages. That would undermine any chances of rebuilding either Iraq or its armed forces in short order as long as Saddam Hussein remains in power. The American hope is that someone from within Iraq, perhaps from the army's professional ranks, will step forward and push Saddam Hussein aside so that the country can begin recovering from the disaster. Outside analysts think Saddam Hussein's position is indeed precarious. "I think frankly Saddam is finished, no matter what happens," says Christine Helms, a Middle East scholar who has written extensively about Iraq. "These guys simply don't retire to condos over the Euphrates." Despite the lack of any obvious successors, the Iraqi leader's internal power base appeared to be narrowing even before the war began. Some analysts say he appeared to be relying on a smaller and smaller circle of close advisers and relatives. If that's true, the narrowing of his support would make it easier for someone to push him aside from within. Yet, paradoxically, the perception that the U.S. wants to destroy Iraq may increase Saddam Hussein's support within the Iraqi military. And the U.S. now will face sharper questions in the Arab world since it didn't back the peace proposals worked out in Moscow. "We looked to the United States, we expected you to have the moral edge," says Nasser Tahboub, a Jerusalem-born Jordanian who has an American wife and a doctorate in political science from Duke University. "Now we see that edge eroded. For me, it is a great tragedy. For the first time in history, the U.S. has gone to war with an Arab and Muslim nation, and we know a peaceful solution was in reach."
"So far, the offensive is progressing with dramatic success," <ei1191>said</ei1191> a buoyant Gen. Norman Schwarzkopf, commander of U.S. forces. Similarly, while cautioning about the uncertainty of early battle reports, White House spokesman Marlin Fitzwater <ei1195>said</ei1195> late yesterday that "the operation has been very successful." Amid reports that thousands of Iraqi soldiers had <ei1198>surrendered</ei1198>, administration aides were also upbeat in private, with one even <ei1199>talking</ei1199> of victory within a week. But even continued military success carries political and diplomatic risks for President Bush and the U.S. The allied rejection of the last-minute Soviet-led diplomatic effort to avoid the ground war <ei1208>enabled</ei1208> Mr. Bush to <ei1209>seize</ei1209> the initiative from an Iraq seemingly bent on dictating peace terms. But it has <ei1211>offended</ei1211> some, especially in Arab countries, who now <ei1212>believe</ei1212> that Mr. Bush's real objectives are the demise of Saddam Hussein and the destruction of the Iraqi military, not just the liberation of Kuwait. "Why have a war?" <ei1218>asked</ei1218> Abdul Latif Shekar, a customs officer in Egypt, a country <ei1219>participating</ei1219> in the attack on Iraqi troops. "I <ei1221>think</ei1221> the Gorbachev plan was a good one. Iraq was ready to withdraw." Now, he <ei1223>says</ei1223>, "it looks like the West just wants to destroy Iraq." Despite the early indications of success, the allied forces could still suffer greater casualties and <ei1230>become</ei1230> bogged down militarily, especially when they <ei1232>encounter</ei1232> the tough Republican Guard, which is <ei1233>entrenched</ei1233> along the Iraq-Kuwait border. If so, and if it appears that the American goal actually is to destroy the Iraqi regime even at the cost of badly hurting Iraqi society, "the lingering cost of that could be high," <ei1239>worries</ei1239> former national security adviser Zbigniew Brzezinski. But, he <ei1240>notes</ei1240>, "If everything crumbles totally, that won't be such a problem." American officials staunchly disavow any interest in driving through Iraq toward Baghdad, either in pursuit of Saddam Hussein himself or to set up some American-controlled government inside Iraq. The Americans <ei1246>say</ei1246> their battle plans <ei1247>call</ei1247> for operating against forces inside Iraq as far north as the city of Basra, about 30 miles north of Kuwait, but say there isn't any plan to drive beyond that. Indeed, French President Francois Mitterrand <ei1252>said</ei1252> yesterday that some allied forces are <ei1253>crossing</ei1253> Iraqi territory as part of a "pincer" movement to trap the soldiers occupying Kuwait, but <ei1257>insisted</ei1257>, "The purpose isn't to invade Iraqi territory, that's not the aim, that isn't the mandate." Nevertheless, American officials over the weekend <ei1262>became</ei1262> more open in <ei1264>declaring</ei1264> that by destroying Saddam Hussein's military machine they hope to destroy his regime -- a goal likely to be supported by most Americans. In a pre-attack message, Lt. Gen. Walter Boomer, the top Marine in the Persian Gulf, <ei1272>told</ei1272> U.S. Marines that their goal is to "restore {Kuwait} to its citizens." He <ei1275>went</ei1275> on to <ei1276>add</ei1276> that "in so doing you not only return a nation to its people, but you will destroy the war machine of a ruthless dictator." Secretary of State James Baker <ei1280>said</ei1280> on ABC-TV's "This Week With David Brinkley" that the series of United Nations resolutions <ei1282>condemning</ei1282> Iraq's invasion of Kuwait "<ei1284>imply</ei1284> that the restoration of peace and stability in the Gulf would be a heck of a lot easier if he and that leadership were not in power in Iraq." Of course, it is still far too early to assume that the military situation on the ground will stay as smooth for allied forces as it <ei1293>appears</ei1293> to have been so far. Iraq still <ei1295>has</ei1295> the potential to cause significant problems by using forces and weapons that don't yet seem fully engaged. For one thing, Iraq still apparently hasn't <ei1301>unleashed</ei1301> its stockpile of chemical weapons. Gen. Schwarzkopf <ei1302>said</ei1302> that some early reports that chemical weapons were <ei1304>used</ei1304> against allied troops <ei1305>turned</ei1305> out to be "bogus." Iraq is <ei1306>believed</ei1306> to have the ability to deliver chemical weapons in artillery shells or, perhaps, atop Soviet-made Frog-7 missiles. Perhaps more important, it appears that allied troops haven't yet fully engaged Iraq's vaunted Republican Guard, which has been <ei1311>sitting</ei1311> just north of the Iraq-Kuwait border and is <ei1312>considered</ei1312> the most potent element in the Iraqi defense. It <ei1314>remains</ei1314> to be seen how much damage the allied air campaign was able to <ei1319>inflict</ei1319> on the Guard, and whether President Hussein will commit his most valued troops to a fight-to-the-death finish. Certainly Saddam Hussein <ei1322>continues</ei1322> to <ei1323>implore</ei1323> his country to fight on. "Fight them," he <ei1326>urged</ei1326> Iraqis in a radio address. "All Iraqis, fight them with all the power you have, and all struggle for everything." American war planners have long <ei1331>assumed</ei1331> that the early stage of the ground attack, in which American forces would use their speed to sweep around Iraqi defenses and their strength to punch through the relatively weak Iraqi front line, would be the easiest part. Despite these early successes, the mere fact that a ground campaign has <ei1337>begun</ei1337> almost guarantees that the Bush administration will face fresh problems growing out of the military situation. There are likely to be additional American prisoners of war taken, and there are signs that President Hussein is <ei1344>taking</ei1344> Kuwaiti hostages. U.S. and Kuwaiti officials <ei1345>say</ei1345> there are reports that large numbers of civilians from Kuwait City are being rounded up and <ei1348>held</ei1348> by Iraqi troops, apparently either for use as human shields or for use later in bargaining once the war is over. President Bush's political argument for going to a ground war has been <ei1356>strengthened</ei1356> by the growing stream of reports of wanton Iraqi destruction inside Kuwait. U.S. officials <ei1359>say</ei1359> that hundreds of Kuwaiti oil wells now may have been set afire. And Robert Gates, Mr. Bush's deputy national security adviser, <ei1362>asserted</ei1362> in an interview on the Cable News Network that Iraqi troops have <ei1364>set</ei1364> fire to "large sections" of Kuwait City. Mr. Bush and his aides were <ei1366>leaning</ei1366> toward a military conclusion of the crisis even before the latest reports of Iraqi atrocities in Kuwait <ei1371>came</ei1371> to light. The president and his top aides tentatively <ei1372>decided</ei1372> on Feb. 11 that a ground war would be necessary. The decision was <ei1376>made</ei1376> after Defense Secretary Dick Cheney and Gen. Colin Powell, chairman of the Joint Chiefs of Staff, <ei1377>returned</ei1377> from a visit with military commanders in Saudi Arabia, administration officials <ei1379>say</ei1379>. Then, a week or so ago, Gen. Schwarzkopf secretly <ei1380>picked</ei1380> Saturday night as the optimal time to start the offensive. The date was unaffected by the last-ditch Soviet peace initiative. The real problem with the Soviet proposals, U.S. officials now <ei1387>say</ei1387>, was that they all would have required lifting economic sanctions against Iraq. The Bush administration <ei1391>considers</ei1391> the sanctions essential to keeping Saddam Hussein under control should he survive the war. Mr. Bush <ei1397>forestalled</ei1397> further diplomatic maneuvering by <ei1399>issuing</ei1399> an ultimatum on behalf of the allies demanding that Iraq withdraw within a week, starting at noon Saturday. Administration aides <ei1404>said</ei1404> that the idea of the ultimatum was Gen. Powell's. He <ei1406>argued</ei1406> that setting an explicit deadline for Saddam Hussein to break would, when it was broken, give the U.S. military a clear green light to proceed. In <ei1412>setting</ei1412> out his final challenge to Saddam Hussein, Mr. Bush <ei1414>continued</ei1414> the intensive personal diplomacy he <ei1416>began</ei1416> after the invasion last August. After <ei1418>cabling</ei1418> world leaders about his intention to give Saddam Hussein a final deadline to exit Kuwait, he <ei1422>offered</ei1422> him a week to <ei1423>withdraw</ei1423> fully, instead of the four days he originally <ei1424>considered</ei1424>, because of objections from some European partners that four days seemed punitive and unrealistic. And when he and President Gorbachev <ei1427>spoke</ei1427> about the decision in a talk lasting nearly an hour, the President <ei1430>took</ei1430> pains to <ei1432>listen</ei1432> to what his counterpart had to <ei1434>say</ei1434>, although he already had <ei1435>decided</ei1435> that the Soviet alternative to the allied deadline was unacceptable. Finally, when Iraq <ei1437>failed</ei1437> to respond to the U.S. ultimatum, Mr. Bush <ei1440>let</ei1440> the ground offensive <ei1442>begin</ei1442> as previously <ei1443>planned</ei1443> Saturday night. The attack was lightning quick, as allied forces <ei1445>punched</ei1445> through tall sand berms on the border and <ei1446>pushed</ei1446> forward into Iraq and Kuwait. U.S. Marines were <ei1447>said</ei1447> to have <ei1448>breached</ei1448> troublesome mine fields along the Iraqi lines but Pentagon officials <ei1449>said</ei1449> no amphibious assault on Kuwait's beaches had begun. Long columns of Iraqi prisoners of war could be <ei1452>seen</ei1452> <ei1453>trudging</ei1453> through the desert toward the allied rear. U.S. commanders <ei1454>said</ei1454> 5,500 Iraqi prisoners were <ei1455>taken</ei1455> in the first hours of the ground war, though some military officials later <ei1457>said</ei1457> the total may have climbed above 8,000. The U.S. <ei1459>hopes</ei1459> its troops will drive Iraqi forces out of Kuwait quickly, leaving much of Iraq's offensive military equipment destroyed or abandoned in Kuwait. It expects that tens of thousands of Iraqi soldiers will surrender to the U.S. and its allies over the next few days. If the allies succeed, Saddam Hussein will have plunged his country first into a fruitless eight-year war against Iran and then into a humiliating war against the U.S. and the allies to defend his conquest of Kuwait, leaving much of his country's military establishment and modern infrastructure in ruins. Meanwhile, the U.S. hopes, economic sanctions and an international arms embargo will remain in effect until Iraq pays war reparations to Kuwait to cover war damages. That would undermine any chances of rebuilding either Iraq or its armed forces in short order as long as Saddam Hussein remains in power. The American hope is that someone from within Iraq, perhaps from the army's professional ranks, will step forward and push Saddam Hussein aside so that the country can begin recovering from the disaster. Outside analysts think Saddam Hussein's position is indeed precarious. "I think frankly Saddam is <ei1486>finished</ei1486>, no matter what <ei1487>happens</ei1487>," <ei1488>says</ei1488> Christine Helms, a Middle East scholar who has <ei1489>written</ei1489> extensively about Iraq. "These guys simply don't retire to condos over the Euphrates." Despite the lack of any obvious successors, the Iraqi leader's internal power base <ei1491>appeared</ei1491> to be narrowing even before the war <ei1494>began</ei1494>. Some analysts <ei1495>say</ei1495> he <ei1496>appeared</ei1496> to be <ei1497>relying</ei1497> on a smaller and smaller circle of close advisers and relatives. If that's true, the narrowing of his support would make it easier for someone to push him aside from within. Yet, paradoxically, the perception that the U.S. wants to destroy Iraq may increase Saddam Hussein's support within the Iraqi military. And the U.S. now will face sharper questions in the Arab world since it didn't back the peace proposals worked out in Moscow. "We <ei1508>looked</ei1508> to the United States, we <ei1509>expected</ei1509> you to have the moral edge," <ei1511>says</ei1511> Nasser Tahboub, a Jerusalem-born Jordanian who <ei1512>has</ei1512> an American wife and a doctorate in political science from Duke University. "Now we <ei1513>see</ei1513> that edge <ei1514>eroded</ei1514>. For me, it is a great tragedy. For the first time in history, the U.S. has <ei1516>gone</ei1516> to war with an Arab and Muslim nation, and we <ei1518>know</ei1518> a peaceful solution was in reach."
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true
matres
wsj_0032
{ "id": "t0", "text": "11/02/89" }
Italian chemical giant Montedison S.p.A., through its Montedison Acquisition N.V. indirect unit, began its $37-a-share tender offer for all the common shares outstanding of Erbamont N.V., a maker of pharmaceuticals incorporated in the Netherlands. The offer, advertised in today's editions of The Wall Street Journal, is scheduled to expire at the end of November. Montedison currently owns about 72% of Erbamont's common shares outstanding. The offer is being launched pursuant to a previously announced agreement between the companies.
Italian chemical giant Montedison S.p.A., through its Montedison Acquisition N.V. indirect unit, <ei102>began</ei102> its $37-a-share tender offer for all the common shares outstanding of Erbamont N.V., a maker of pharmaceuticals incorporated in the Netherlands. The offer, <ei105>advertised</ei105> in today's editions of The Wall Street Journal, is <ei106>scheduled</ei106> to expire at the end of November. Montedison currently <ei108>owns</ei108> about 72% of Erbamont's common shares outstanding. The offer is being <ei110>launched</ei110> pursuant to a previously <ei111>announced</ei111> agreement between the companies.
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true
matres
wsj_0918
{ "id": "t0", "text": "10/26/89" }
Du Pont Co. reported that third-quarter profit grew a robust 19% from a year ago on the strength of the company's operations in various chemicals and fibers, and in petroleum. Du Pont also raised its quarterly dividend to $1.20 a share from $1.05, a change that will increase the annualized payout to shareholders by some $140 million. Du Pont, unlike companies hurt badly by sharp price declines for basic chemicals and plastics, is benefiting from its broad range of businesses. The profit gain was made despite a weakening in the housing market, for which the company is a supplier, and a strengthening in the dollar, which lowers the value of overseas earnings when they are translated into dollars. The Wilmington, Del., company reported net income of $547 million, or $2.36 a share, which was in line with Wall Street estimates. In the year-earlier period, the company earned $461 million, or $1.91 a share. Sales in the latest quarter were $8.59 billion, up 9.4% from $7.85 billion. The dividend increase was Du Pont's second this year, an affirmation of statements by top executives that they intend to increase rewards to shareholders. "We haven't benefited the shareholder as much as we need to," said Edgar Woolard Jr., Du Pont's chairman and chief executive officer, in an interview several months before he assumed his current position in April. The largest beneficiary will be Seagram Co., which owns about 23% of Du Pont. A spokesman for Seagram, the Montreal wine and spirits concern controlled by the Bronfman family, said the company will report additional pretax profit of about $33 million a year because of the additional Du Pont dividends. Du Pont also announced plans for a 3-for-1 stock split, although the initial higher dividend will be paid on pre-split shares. Du Pont's stock rose $2.50 a share to close at $117.375 in New York Stock Exchange composite trading yesterday. Seagram closed at $84.75, up 12.5 cents a share in Big Board trading. Leading the gains for Du Pont in the latest quarter was its industrial products segment, where profit soared to $155 million from $99 million a year earlier. The company benefited from continued strong demand and higher selling prices for titanium dioxide, a white pigment used in paints, paper and plastics. James Fallon, a New Providence, N.J., marketing consultant to the chemicals industry, says Du Pont still holds an edge in making the pigment because the company was "first in with the technology" to lower costs. He said Du Pont holds about 23% of the world-wide market, the largest single share, at a time when growing uses for the pigment have kept it in tight supply, although others are now adding low-cost production capacity. Profit climbed to $98 million from $71 million in the petroleum segment, as Du Pont's Conoco Inc. oil company was helped by crude oil prices higher than a year ago and by higher natural gas prices and volume. In the diversified businesses segment, which includes herbicides, profit grew to $64 million from $27 million. A spokesman said herbicide use in some areas of the U.S. was delayed earlier in the year by heavy rains, thus increasing sales in the third quarter. In the fibers segment, profit rose to $180 million from $155 million, a gain Du Pont attributed to higher demand in the U.S. for most textile products. Two segments posted lower earnings for the quarter. Profit from coal fell to $41 million from $58 million, partly because of a miners' strike. And profit from polymers dropped to $107 million from $122 million amid what Du Pont called lower demand and selling prices in certain packaging and industrial markets. For the nine months, Du Pont earned $2 billion, or $8.46 a share, up 18% from $1.69 billion, or $7.03 a share, a year earlier. Sales increased 10% to $26.54 billion from $24.05 billion. The increased dividend will be paid Dec. 14 to holders of record Nov. 15. The stock split, which is subject to shareholder approval, would be paid on a still unspecified date in January to holders of record Dec. 21.
Du Pont Co. <ei1990>reported</ei1990> that third-quarter profit <ei1991>grew</ei1991> a robust 19% from a year ago on the strength of the company's operations in various chemicals and fibers, and in petroleum. Du Pont also <ei1993>raised</ei1993> its quarterly dividend to $1.20 a share from $1.05, a change that will <ei1997>increase</ei1997> the annualized payout to shareholders by some $140 million. Du Pont, unlike companies <ei1998>hurt</ei1998> badly by sharp price declines for basic chemicals and plastics, is <ei2000>benefiting</ei2000> from its broad range of businesses. The profit gain was <ei2002>made</ei2002> despite a weakening in the housing market, for which the company is a supplier, and a strengthening in the dollar, which <ei2005>lowers</ei2005> the value of overseas earnings when they are translated into dollars. The Wilmington, Del., company <ei2006>reported</ei2006> net income of $547 million, or $2.36 a share, which was in line with Wall Street estimates. In the year-earlier period, the company <ei2009>earned</ei2009> $461 million, or $1.91 a share. Sales in the latest quarter were $8.59 billion, up 9.4% from $7.85 billion. The dividend increase was Du Pont's second this year, an affirmation of statements by top executives that they intend to increase rewards to shareholders. "We haven't benefited the shareholder as much as we <ei2017>need</ei2017> to," <ei2018>said</ei2018> Edgar Woolard Jr., Du Pont's chairman and chief executive officer, in an interview several months before he <ei2020>assumed</ei2020> his current position in April. The largest beneficiary will be Seagram Co., which owns about 23% of Du Pont. A spokesman for Seagram, the Montreal wine and spirits concern controlled by the Bronfman family, <ei2022>said</ei2022> the company will <ei2023>report</ei2023> additional pretax profit of about $33 million a year because of the additional Du Pont dividends. Du Pont also <ei2025>announced</ei2025> plans for a 3-for-1 stock split, although the initial higher dividend will be <ei2028>paid</ei2028> on pre-split shares. Du Pont's stock <ei2029>rose</ei2029> $2.50 a share to <ei2030>close</ei2030> at $117.375 in New York Stock Exchange composite trading yesterday. Seagram <ei2032>closed</ei2032> at $84.75, up 12.5 cents a share in Big Board trading. <ei2034>Leading</ei2034> the gains for Du Pont in the latest quarter was its industrial products segment, where profit <ei2035>soared</ei2035> to $155 million from $99 million a year earlier. The company <ei2038>benefited</ei2038> from continued strong demand and higher selling prices for titanium dioxide, a white pigment used in paints, paper and plastics. James Fallon, a New Providence, N.J., marketing consultant to the chemicals industry, <ei2041>says</ei2041> Du Pont still <ei2042>holds</ei2042> an edge in making the pigment because the company was "first in with the technology" to lower costs. He <ei2043>said</ei2043> Du Pont <ei2044>holds</ei2044> about 23% of the world-wide market, the largest single share, at a time when growing uses for the pigment have kept it in tight supply, although others are now adding low-cost production capacity. Profit <ei2045>climbed</ei2045> to $98 million from $71 million in the petroleum segment, as Du Pont's Conoco Inc. oil company was <ei2048>helped</ei2048> by crude oil prices higher than a year ago and by higher natural gas prices and volume. In the diversified businesses segment, which includes herbicides, profit <ei2051>grew</ei2051> to $64 million from $27 million. A spokesman <ei2054>said</ei2054> herbicide use in some areas of the U.S. was <ei2056>delayed</ei2056> earlier in the year by heavy rains, thus <ei2058>increasing</ei2058> sales in the third quarter. In the fibers segment, profit <ei2059>rose</ei2059> to $180 million from $155 million, a gain Du Pont <ei2062>attributed</ei2062> to higher demand in the U.S. for most textile products. Two segments <ei2064>posted</ei2064> lower earnings for the quarter. Profit from coal <ei2066>fell</ei2066> to $41 million from $58 million, partly because of a miners' strike. And profit from polymers <ei2070>dropped</ei2070> to $107 million from $122 million amid what Du Pont called lower demand and selling prices in certain packaging and industrial markets. For the nine months, Du Pont <ei2074>earned</ei2074> $2 billion, or $8.46 a share, up 18% from $1.69 billion, or $7.03 a share, a year earlier. Sales <ei2076>increased</ei2076> 10% to $26.54 billion from $24.05 billion. The increased dividend will be <ei2079>paid</ei2079> Dec. 14 to holders of record Nov. 15. The stock split, which is subject to shareholder approval, would be paid on a still unspecified date in January to holders of record Dec. 21.
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true
matres
wsj_0584
{ "id": "t0", "text": "10/30/89" }
pushed LIN and BellSouth into a corner, forcing huge debt on the proposed new company. The debt, estimated at $4.7 billion, could mortgage the cellular company's future earning power in order to placate 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 $42 a share, representing a payout of about $2.23 billion, shortly before the proposed merger. LIN said it expects to borrow the money to pay the dividend, but commitments from banks still haven't been obtained. Under previous terms, holders would have received a dividend of only $20 a share. In addition, New York-based LIN would exercise its right to buy out for $1.9 billion the 55% 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 $1.9 billion for the stake earlier this month. "We're taking on more debt than we would have liked to," acknowledged Michael Plouf, 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 wouldn't be profitable until 1994 or later. Analysts estimate the value of the BellSouth proposal at about $115 to $125 a share. They value McCaw's bid at $112 to $118 a share. The previous BellSouth pact was valued at about $98 to $110 a share. McCaw, the largest provider of cellular telephone service in the U.S., already owns about 9.4% of LIN's stock. In response to BellSouth's amended pact, the Kirkland, Wash., company extended its own offer to buy 22 million LIN shares for $125 apiece, which would give McCaw a 50.3% controlling interest. Over the weekend, McCaw continued to call for an auction of LIN. Analysts said they expect McCaw to escalate the bidding again. "This game isn't over yet, " said Joel D. Gross, a vice president at Donaldson, Lufkin & Jenrette Securities Corp. "At some point, it will become non-economical for one company. But I don't think we're at that point yet." Under its revised proposal, Atlanta-based BellSouth would have a 50% interest in the new cellular company and would be responsible for half of its debt. To sweeten 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 "back-end" 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 1994 for remaining shares at third-party prices. To mollify shareholders concerned about the long-term value of the company under the BellSouth-LIN agreement, BellSouth also agreed to pay as much as $10 a share, or $540 million, if, after five years, the trading value of the new cellular company isn't as high as the value that shareholders would have realized from the McCaw offer. "We're very pleased with the new deal. We didn't expect BellSouth to be so responsive," said Frederick A. Moran, president of Moran Asset Management Inc., which holds 500,000 LIN shares. BellSouth's "back-end protection was flawed previously. We think this is a superior deal to McCaw's. We're surprised. We didn't think a sleeping giant mentality would be willing to take on dilution." But Kenneth Leon, a telecommunications analyst with Bear, Stearns & Co., finds the BellSouth proposal still flawed because the company doesn't have to wait five years to begin buying more LIN shares. "How many shares will be around in 1995?" 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 dilution of future earnings. William O. McCoy, president of the company's BellSouth Enterprises Inc. unit, said the revised agreement with LIN would dilute BellSouth earnings by about 9% in both 1990 and 1991 and by significantly less thereafter. Indeed, BellSouth's cellular operations were among the first in the country to become profitable. For 1988, BellSouth earned $1.7 billion, or $3.51 a share, on revenue of $13.6 billion. Analysts were predicting 1990 BellSouth earnings in the range of $3.90 a share, or $1.9 billion, but now those estimates are being scaled back. In composite trading Friday on the New York Stock Exchange, BellSouth shares fell 87.5 cents to $52.125. In national over-the-counter trading, LIN shares soared $4.625 to close at $112.625, while McCaw fell $2.50 a share to $37.75. The proposed BellSouth-LIN cellular company, including the newly acquired Metromedia stake, would give the new entity 55 million potential customers, including about 35 million in the nation's top 10 markets. Mr. Leon of Bear Stearns speculated that McCaw, in an attempt to buy time, might consider filing an antitrust suit against BellSouth with the Justice Department and U.S. District Judge Harold Greene, who oversees enforcement of the consent decree that broke up the Bell system in 1984. Indeed, McCaw seemed to hint at that option in a brief statement. Urging LIN directors to conduct "a fair auction on a level playing field," McCaw asked how well the public interest would be served "with the Bell operating companies controlling over 94% of all cellular potential customers in the nation's top 10 markets."
<ei2578>pushed</ei2578> LIN and BellSouth into a corner, <ei2579>forcing</ei2579> huge debt on the proposed new company. The debt, <ei2580>estimated</ei2580> at $4.7 billion, could mortgage the cellular company's future earning power in order to placate some LIN holders in the short term. The plan still <ei2584>calls</ei2584> 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, <ei2588>announced</ei2588> Friday, LIN holders would receive a special cash dividend of $42 a share, representing a payout of about $2.23 billion, shortly before the proposed merger. LIN <ei2592>said</ei2592> it <ei2593>expects</ei2593> to borrow the money to pay the dividend, but commitments from banks still haven't been obtained. Under previous terms, holders would have received a dividend of only $20 a share. In addition, New York-based LIN would exercise its right to buy out for $1.9 billion the 55% equity interest of its partner, Metromedia Co., in a New York cellular franchise. That money also would have to be <ei2602>borrowed</ei2602>. In effect, McCaw has <ei2603>forced</ei2603> LIN's hand by bidding $1.9 billion for the stake earlier this month. "We're <ei2605>taking</ei2605> on more debt than we would have liked to," <ei2607>acknowledged</ei2607> Michael Plouf, LIN's vice president and treasurer. Although he <ei2608>expressed</ei2608> confidence that the proposed new company's cash flow would be sufficient to cover interest payments on the debt, he <ei2612>estimated</ei2612> that the company wouldn't be profitable until 1994 or later. Analysts estimate the value of the BellSouth proposal at about $115 to $125 a share. They <ei2616>value</ei2616> McCaw's bid at $112 to $118 a share. The previous BellSouth pact was <ei2619>valued</ei2619> at about $98 to $110 a share. McCaw, the largest provider of cellular telephone service in the U.S., already owns about 9.4% of LIN's stock. In response to BellSouth's amended pact, the Kirkland, Wash., company <ei2621>extended</ei2621> its own offer to buy 22 million LIN shares for $125 apiece, which would <ei2624>give</ei2624> McCaw a 50.3% controlling interest. Over the weekend, McCaw <ei2625>continued</ei2625> to <ei2626>call</ei2626> for an auction of LIN. Analysts <ei2627>said</ei2627> they expect McCaw to escalate the bidding again. "This game isn't over yet, " <ei2631>said</ei2631> Joel D. Gross, a vice president at Donaldson, Lufkin & Jenrette Securities Corp. "At some point, it will become non-economical for one company. But I don't think we're at that point yet." Under its revised proposal, Atlanta-based BellSouth would have a 50% interest in the new cellular company and would be responsible for half of its debt. To sweeten 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 "back-end" 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 <ei2650>requires</ei2650> the company to begin an auction process in June 1994 for remaining shares at third-party prices. To mollify shareholders <ei2654>concerned</ei2654> about the long-term value of the company under the BellSouth-LIN agreement, BellSouth also <ei2657>agreed</ei2657> to pay as much as $10 a share, or $540 million, if, after five years, the trading value of the new cellular company isn't as high as the value that shareholders would have realized from the McCaw offer. "We're very pleased with the new deal. We didn't expect BellSouth to be so responsive," said Frederick A. Moran, president of Moran Asset Management Inc., which holds 500,000 LIN shares. BellSouth's "back-end protection was flawed previously. We think this is a superior deal to McCaw's. We're surprised. We didn't think a sleeping giant mentality would be willing to <ei2669>take</ei2669> on dilution." But Kenneth Leon, a telecommunications analyst with Bear, Stearns & Co., <ei2670>finds</ei2670> the BellSouth proposal still flawed because the company doesn't have to wait five years to begin buying more LIN shares. "How many shares will be around in 1995?" he asked. "There's nothing preventing BellSouth from buying up shares in the meanwhile." BellSouth's revised proposal <ei2673>surprised</ei2673> many industry analysts, especially because of the company's willingness to accept some dilution of future earnings. William O. McCoy, president of the company's BellSouth Enterprises Inc. unit, <ei2677>said</ei2677> the revised agreement with LIN would dilute BellSouth earnings by about 9% in both 1990 and 1991 and by significantly less thereafter. Indeed, BellSouth's cellular operations were among the first in the country to become profitable. For 1988, BellSouth <ei2680>earned</ei2680> $1.7 billion, or $3.51 a share, on revenue of $13.6 billion. Analysts were <ei2681>predicting</ei2681> 1990 BellSouth earnings in the range of $3.90 a share, or $1.9 billion, but now those estimates are being <ei2684>scaled</ei2684> back. In composite trading Friday on the New York Stock Exchange, BellSouth shares <ei2686>fell</ei2686> 87.5 cents to $52.125. In national over-the-counter trading, LIN shares <ei2689>soared</ei2689> $4.625 to close at $112.625, while McCaw <ei2690>fell</ei2690> $2.50 a share to $37.75. The proposed BellSouth-LIN cellular company, including the newly acquired Metromedia stake, would give the new entity 55 million potential customers, including about 35 million in the nation's top 10 markets. Mr. Leon of Bear Stearns <ei2693>speculated</ei2693> that McCaw, in an attempt to buy time, might consider filing an antitrust suit against BellSouth with the Justice Department and U.S. District Judge Harold Greene, who oversees enforcement of the consent decree that <ei2698>broke</ei2698> up the Bell system in 1984. Indeed, McCaw seemed to hint at that option in a brief statement. Urging LIN directors to conduct "a fair auction on a level playing field," McCaw asked how well the public interest would be served "with the Bell operating companies controlling over 94% of all cellular potential customers in the nation's top 10 markets."
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matres
wsj_1008
{ "id": "t0", "text": "10/26/89" }
Lawrence Insurance Group Inc. said it acquired United Republic Reinsurance Co., a Houston property and casualty reinsurance company, from United Savings Association of Texas for $28 million. Lawrence Insurance also sold 3.2 million of its shares for $7.125 each to its parent, Lawrence Group Inc. Lawrence Insurance, based in Albany, N.Y., plans to use the $22.5 million in proceeds to help finance the acquisition of United Republic. By acquiring the shares, Lawrence Group increased its stake in Lawrence Insurance to 93.2% from 91.2%. Lawrence Insurance underwrites mostly primary insurance, a company spokesman said. A reinsurance company effectively insures insurance companies that wish to spread the risk of a particular policy. Lawrence Group also owns Lawrence Agency Corp., Schenectady, N.Y., an insurance agency and brokerage.
Lawrence Insurance Group Inc. <ei102>said</ei102> it <ei103>acquired</ei103> United Republic Reinsurance Co., a Houston property and casualty reinsurance company, from United Savings Association of Texas for $28 million. Lawrence Insurance also <ei104>sold</ei104> 3.2 million of its shares for $7.125 each to its parent, Lawrence Group Inc. Lawrence Insurance, based in Albany, N.Y., <ei106>plans</ei106> to use the $22.5 million in proceeds to help finance the acquisition of United Republic. By <ei111>acquiring</ei111> the shares, Lawrence Group <ei112>increased</ei112> its stake in Lawrence Insurance to 93.2% from 91.2%. Lawrence Insurance <ei115>underwrites</ei115> mostly primary insurance, a company spokesman <ei116>said</ei116>. A reinsurance company effectively insures insurance companies that wish to spread the risk of a particular policy. Lawrence Group also owns Lawrence Agency Corp., Schenectady, N.Y., an insurance agency and brokerage.
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matres
PRI19980213.2000.0313
{ "id": "t0", "text": "19980213" }
Officials in California are warning residents that oncoming rains will cause dangerous and unpredictable landslides. From member station KQED, Auncil Martinez reports. Experts say the ground is so saturated it cannot absorb any more water. So that means soil will fall off in chunks and destroy anything in its path. In Los Angeles, that lesson was brought home today when tons of earth cascaded down a hillside, ripping two houses from their foundations. No one was hurt, but firefighters ordered the evacuation of nearby homes and said they will monitor the shifting ground. In the northern California town of Rio Nido, officials say a football field-sized slab of hillside could still break loose at any time and destroy an entire neighborhood. And in San Francisco, a mansion overlooking the Pacific Ocean and the Golden Gate Bridge is slipping toward the sea. Forecasters say the situation will get worse because more rains are on the way. For NPR news, I'm Auncil Martinez reporting.
Officials in California are warning residents that oncoming rains will cause dangerous and unpredictable landslides. From member station KQED, Auncil Martinez reports. Experts <ei208>say</ei208> the ground is so <ei209>saturated</ei209> it cannot absorb any more water. So that means soil will fall off in chunks and destroy anything in its path. In Los Angeles, that lesson was brought home today when tons of earth <ei216>cascaded</ei216> down a hillside, <ei217>ripping</ei217> two houses from their foundations. No one was <ei218>hurt</ei218>, but firefighters <ei219>ordered</ei219> the evacuation of nearby homes and <ei221>said</ei221> they will monitor the shifting ground. In the northern California town of Rio Nido, officials <ei223>say</ei223> a football field-sized slab of hillside could still break loose at any time and destroy an entire neighborhood. And in San Francisco, a mansion overlooking the Pacific Ocean and the Golden Gate Bridge is <ei226>slipping</ei226> toward the sea. Forecasters say the situation will get worse because more rains are on the way. For NPR news, I'm Auncil Martinez reporting.
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true
matres
NYT19980424.0421
{ "id": "t0", "text": "04/24/1998 21:49:00" }
The New York Times said in an editorial on Saturday, April 25: The Supreme Court took a detour this week from the core principle of gender fairness it vindicated two years ago in its ruling invalidating the use of sexual stereotypes to justify denying women admission to the Virginia Military Institute. By a 6-3 vote, the court upheld a discriminatory immigration law that gives a child born overseas to an unmarried American woman a better chance at citizenship than a child born to an unmarried American man. Under the statute, a child born abroad to an unwed American mother is automatically considered a U.S. citizen. But the child of an unwed American father has no citizenship rights unless the father takes the affirmative step of acknowledging paternity and formally agrees to provide support until the child turns 18. The majority's views were expressed in three separate opinions, the most disquieting of which was written by a liberal member, Justice John Paul Stevens, and joined by a conservative, Chief Justice William Rehnquist. The opinion, which found the gender distinction reasonable, relied heavily on outmoded generalities about family roles, including the flawed presumption that mothers have a closer relationship to their children than fathers do. As Justice Stephen Breyer asked in a strong dissent, "what sense does it make" to apply citizenship barriers "only to fathers and not to mothers in today's world where paternity can readily be proved and where women and men both are likely to earn a living in the workplace?" Justices Sandra Day O'Connor and Anthony Kennedy seemed to agree that the law amounted to unconstitutional sex discrimination. But instead of providing the votes to strike it down, they chose to uphold it on the flimsy ground that because the sex of the parent and not the child made the difference under the law, the plaintiff did not have standing to bring the case. The Justice Department, which supported the statute, did not cover itself with glory either. The department retreated from its position in the VMI case when it argued that the government could not make policy based on stereotypes "even when those stereotypes reflect current realities." As for the court, it managed with its splintered ruling to cast doubt both on the constitutionality of the immigration provisions it upheld and on its true commitment to fighting gender stereotypes.
The New York Times <ei2115>said</ei2115> in an editorial on Saturday, April 25: The Supreme Court <ei2116>took</ei2116> a detour this week from the core principle of gender fairness it <ei2117>vindicated</ei2117> two years ago in its ruling <ei2119>invalidating</ei2119> the use of sexual stereotypes to justify denying women admission to the Virginia Military Institute. By a 6-3 vote, the court <ei2121>upheld</ei2121> a discriminatory immigration law that gives a child born overseas to an unmarried American woman a better chance at citizenship than a child born to an unmarried American man. Under the statute, a child born abroad to an unwed American mother is automatically considered a U.S. citizen. But the child of an unwed American father has no citizenship rights unless the father takes the affirmative step of acknowledging paternity and formally agrees to provide support until the child turns 18. The majority's views were <ei2122>expressed</ei2122> in three separate opinions, the most disquieting of which was <ei2123>written</ei2123> by a liberal member, Justice John Paul Stevens, and <ei2124>joined</ei2124> by a conservative, Chief Justice William Rehnquist. The opinion, which <ei2126>found</ei2126> the gender distinction reasonable, <ei2128>relied</ei2128> heavily on outmoded generalities about family roles, including the flawed presumption that mothers have a closer relationship to their children than fathers do. As Justice Stephen Breyer <ei2129>asked</ei2129> in a strong dissent, "what sense does it make" to apply citizenship barriers "only to fathers and not to mothers in today's world where paternity can readily be proved and where women and men both are likely to earn a living in the workplace?" Justices Sandra Day O'Connor and Anthony Kennedy seemed to <ei2131>agree</ei2131> that the law <ei2132>amounted</ei2132> to unconstitutional sex discrimination. But instead of providing the votes to <ei2134>strike</ei2134> it down, they <ei2135>chose</ei2135> to <ei2136>uphold</ei2136> it on the flimsy ground that because the sex of the parent and not the child made the difference under the law, the plaintiff did not have standing to bring the case. The Justice Department, which <ei2139>supported</ei2139> the statute, did not cover itself with glory either. The department <ei2141>retreated</ei2141> from its position in the VMI case when it <ei2142>argued</ei2142> that the government could not make policy based on stereotypes "even when those stereotypes <ei2145>reflect</ei2145> current realities." As for the court, it <ei2146>managed</ei2146> with its splintered ruling to <ei2147>cast</ei2147> doubt both on the constitutionality of the immigration provisions it upheld and on its true commitment to fighting gender stereotypes.
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wsj_0173
{ "id": "t0", "text": "11/02/89" }
Coleco Industries Inc., a once high-flying toy maker whose stock peaked at $65 a share in the early 1980s, filed a Chapter 11 reorganization plan that provides just 1.125 cents a share for common stockholders. Under the plan, unsecured creditors, who are owed about $430 million, would receive about $92 million, or 21 cents on the dollar. In addition, they will receive stock in the reorganized company, which will be named Ranger Industries Inc. After these payments, about $225,000 will be available for the 20 million common shares outstanding. The Avon, Conn., company's stock hit a high in 1983 after it unveiled its Adam home computer, but the product was plagued with glitches and the company's fortunes plunged. But Coleco bounced back with the introduction of the Cabbage Patch dolls, whose sales hit $600 million in 1985. But as the craze died down, Coleco failed to come up with another winner and filed for bankruptcy-law protection in July 1988. The plan was filed jointly with unsecured creditors in federal bankruptcy court in New York and must be approved by the court.
Coleco Industries Inc., a once high-flying toy maker whose stock <ei2147>peaked</ei2147> at $65 a share in the early 1980s, <ei2148>filed</ei2148> a Chapter 11 reorganization plan that <ei2149>provides</ei2149> just 1.125 cents a share for common stockholders. Under the plan, unsecured creditors, who are <ei2150>owed</ei2150> about $430 million, would receive about $92 million, or 21 cents on the dollar. In addition, they will <ei2153>receive</ei2153> stock in the reorganized company, which will be <ei2154>named</ei2154> Ranger Industries Inc. After these payments, about $225,000 will be available for the 20 million common shares outstanding. The Avon, Conn., company's stock <ei2158>hit</ei2158> a high in 1983 after it <ei2159>unveiled</ei2159> its Adam home computer, but the product was <ei2160>plagued</ei2160> with glitches and the company's fortunes <ei2161>plunged</ei2161>. But Coleco <ei2162>bounced</ei2162> back with the introduction of the Cabbage Patch dolls, whose sales <ei2164>hit</ei2164> $600 million in 1985. But as the craze <ei2165>died</ei2165> down, Coleco <ei2166>failed</ei2166> to come up with another winner and <ei2168>filed</ei2168> for bankruptcy-law protection in July 1988. The plan was <ei2170>filed</ei2170> jointly with unsecured creditors in federal bankruptcy court in New York and must be approved by the court.
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true
matres
wsj_0520
{ "id": "t0", "text": "10/30/89" }
Nashua Corp., rumored a potential takeover target for six months, said that a Dutch company has sought U.S. approval to buy up to 25% of Nashua's shares. Nashua immediately responded by strengthening a poison-pill plan and saying it will buy back up to one million of its shares, or 10.4% of the 9.6 million outstanding. Nashua, whose major business is selling copiers, facsimile machines and related supplies, said Reiss & Co. B.V. of the Netherlands filed a request with the Federal Trade Commission under the Hart-Scott-Rodino Act for permission to buy more than $15 million of Nashua's stock but less than 25%. Previously, an affiliate of Unicorp Canada disclosed a stake of less than 5% in Nashua, according to Daniel M. Junius, Nashua's treasurer. Nashua's stock has fluctuated sharply on takeover speculation, rising to a high for the year of $42.875 a share in June from $29.75 in March. But the company has had weak results so far this year, with earnings declining 43% to $13.7 million, or $1.43 a share, on a 4% decline in revenue to $713.5 million through the first nine months of the year. Its stock has slumped recently, closing unchanged Friday at $29 a share in composite trading on the New York Stock Exchange; at that price, the company has a market value of about $278.4 million. Nashua announced the Reiss request after the market closed. Mr. Junius said Nashua's "intention is to remain an independent public company." The company said it amended its shareholder rights plan by reducing to 10% from 20% the level of ownership by an outsider that would trigger the issuance to other holders of rights to buy additional shares of Nashua common at half price. In addition, the company's board authorized the purchase of up to an additional one million shares. Under a program approved by the company in 1987 that didn't specify a share amount, Nashua had purchased 481,000 shares through Sept. 29. Alex Henderson, an analyst at Prudential-Bache Securities, said that while Nashua's performance this year has been "atrocious," the company nonetheless is attractive as a "classic breakup candidate because there's no similarity between its four businesses." He estimated the breakup value at $55 a share. In addition to selling Japanese-made photocopiers and facsimile machines in Europe and copier supplies in the U.S., Nashua has three other major businesses: labels and tapes, data storage disks for computers and mail-order photofinishing.
Nashua Corp., rumored a potential takeover target for six months, <ei1991>said</ei1991> that a Dutch company has <ei1992>sought</ei1992> U.S. approval to buy up to 25% of Nashua's shares. Nashua immediately <ei1995>responded</ei1995> by <ei1996>strengthening</ei1996> a poison-pill plan and <ei1997>saying</ei1997> it will buy back up to one million of its shares, or 10.4% of the 9.6 million outstanding. Nashua, whose major business is selling copiers, facsimile machines and related supplies, <ei1999>said</ei1999> Reiss & Co. B.V. of the Netherlands <ei2000>filed</ei2000> a request with the Federal Trade Commission under the Hart-Scott-Rodino Act for permission to buy more than $15 million of Nashua's stock but less than 25%. Previously, an affiliate of Unicorp Canada <ei2004>disclosed</ei2004> a stake of less than 5% in Nashua, <ei2005>according</ei2005> to Daniel M. Junius, Nashua's treasurer. Nashua's stock has <ei2006>fluctuated</ei2006> sharply on takeover speculation, <ei2007>rising</ei2007> to a high for the year of $42.875 a share in June from $29.75 in March. But the company has <ei2010>had</ei2010> weak results so far this year, with earnings <ei2013>declining</ei2013> 43% to $13.7 million, or $1.43 a share, on a 4% decline in revenue to $713.5 million through the first nine months of the year. Its stock has <ei2017>slumped</ei2017> recently, <ei2018>closing</ei2018> unchanged Friday at $29 a share in composite trading on the New York Stock Exchange; at that price, the company has a market value of about $278.4 million. Nashua <ei2020>announced</ei2020> the Reiss request after the market <ei2023>closed</ei2023>. Mr. Junius <ei2024>said</ei2024> Nashua's "intention is to remain an independent public company." The company <ei2027>said</ei2027> it <ei2028>amended</ei2028> its shareholder rights plan by <ei2029>reducing</ei2029> to 10% from 20% the level of ownership by an outsider that would trigger the issuance to other holders of rights to buy additional shares of Nashua common at half price. In addition, the company's board <ei2030>authorized</ei2030> the purchase of up to an additional one million shares. Under a program <ei2033>approved</ei2033> by the company in 1987 that didn't specify a share amount, Nashua had <ei2034>purchased</ei2034> 481,000 shares through Sept. 29. Alex Henderson, an analyst at Prudential-Bache Securities, <ei2035>said</ei2035> that while Nashua's performance this year has been "atrocious," the company nonetheless is attractive as a "classic breakup candidate because there's no similarity between its four businesses." He <ei2037>estimated</ei2037> the breakup value at $55 a share. In addition to selling Japanese-made photocopiers and facsimile machines in Europe and copier supplies in the U.S., Nashua has three other major businesses: labels and tapes, data storage disks for computers and mail-order photofinishing.
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ABC19980304.1830.1636
{ "id": "t0", "text": "19980304" }
Finally today, we learned that the space agency has finally taken a giant leap forward. Air Force Lieutenant Colonel Eileen Collins will be named commander of the Space Shuttle Columbia for a mission in December. Colonel Collins has been the co-pilot before, but this time she's the boss. Here's ABC's Ned Potter. Even two hundred miles up in space, there has been a glass ceiling. It wasn't until twenty years after the first astronauts were chosen that NASA finally included six women, and they were all scientists, not pilots. No woman has actually been in charge of a mission until now. Just the fact that we're doing the job that we're doing makes us role models. That was Eileen Collins, after she flew as the first ever co-pilot. Being commander is different. It means supervising the rest of the crew in training and leading them in flight. It is, in short, the kind of management job many American women say they've had to fight for. In space, some say female pilots were held up until now by the lack of piloting opportunities for them in the military. Once Colonel Collins was picked as a NASA astronaut, she followed a normal progression within NASA. Nobody hurried her up. No one held her back. Many NASA watchers say female astronauts have become part of the agency's routine. But they still have catching up to do; two hundred and thirty-four Americans have flown in space, only twenty-six of them women. Ned Potter, ABC News.
Finally today, we <ei258>learned</ei258> that the space agency has finally <ei259>taken</ei259> a giant leap forward. Air Force Lieutenant Colonel Eileen Collins will be <ei260>named</ei260> commander of the Space Shuttle Columbia for a mission in December. Colonel Collins has been the co-pilot before, but this time she's the boss. Here's ABC's Ned Potter. Even two hundred miles up in space, there has been a glass ceiling. It wasn't until twenty years after the first astronauts were <ei265>chosen</ei265> that NASA finally <ei266>included</ei266> six women, and they were all scientists, not pilots. No woman has actually been in charge of a mission until now. Just the fact that we're <ei268>doing</ei268> the job that we're doing <ei269>makes</ei269> us role models. That was Eileen Collins, after she <ei272>flew</ei272> as the first ever co-pilot. Being commander is different. It means supervising the rest of the crew in training and leading them in flight. It is, in short, the kind of management job many American women say they've had to fight for. In space, some say female pilots were held up until now by the lack of piloting opportunities for them in the military. Once Colonel Collins was <ei276>picked</ei276> as a NASA astronaut, she <ei278>followed</ei278> a normal progression within NASA. Nobody hurried her up. No one held her back. Many NASA watchers <ei282>say</ei282> female astronauts have <ei283>become</ei283> part of the agency's routine. But they still have <ei285>catching</ei285> up to do; two hundred and thirty-four Americans have flown in space, only twenty-six of them women. Ned Potter, ABC News.
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wsj_1014
{ "id": "t0", "text": "10/26/89" }
Anheuser-Busch Cos. said it plans to aggressively discount its major beer brands, setting the stage for a potentially bruising price war as the maturing industry's growth continues to slow. Anheuser, the world's largest brewer and U.S. market leader, has historically been reluctant to engage in price-cutting as a means of boosting sales volume. With the passing of the heady days of swelling industry sales, however, the once-sporadic and brief forays into discounting are becoming standard competitive weapons in the beer industry. Over the summer, Anheuser's competitors offered more and deeper discounts than industry observers have seen for a long time. Some experts now predict Anheuser's entry into the fray means near-term earnings trouble for all industry players. The St. Louis company said major rivals, Philip Morris Co.'s Miller Brewing unit and Adolph Coors Co., "have been following a policy of continuous and deep discounting for at least the past 18 months" on their premium brands, pricing their product as much as 25 cents a 12-pack below Anheuser's Budweiser label in many markets. Anheuser said its discounting policy basically would involve matching such moves by rivals on a market-by-market basis. Anheuser-Busch announced its plan at the same time it reported third-quarter net income rose a lower-than-anticipated 5.2% to $238.3 million, or 83 cents a share, from $226.5 million, or 78 cents. Third-period sales were $2.49 billion, up from last year's $2.34 billion. Anheuser said its new strategy -- started in some markets last month and expected to be applied soon in selected markets nationwide -- will mean lower-than-anticipated earnings for the last half of 1989 and for 1990. The projection sent Anheuser shares plunging $4.375 in New York Stock Exchange composite trading yesterday. The stock closed at $38.50 on heavy volume of about 3.5 million shares. Shares of Coors, the company's sole publicly traded major competitor, fell $1.50 apiece to $19.125 in national over-the-counter trading, apparently on investor concerns over potential fallout from the coming pricing struggle. Anheuser noted that "beer industry sales volume in 1989 is following the trend that has characterized the last half of the '80s, with sales volume being essentially flat" while consolidation creates fewer, bigger players. "We cannot permit a further slowing in our volume trend," Anheuser said, adding it will take "appropriate competitive pricing actions to support our long-term market share growth strategy" for the premium brands. Anheuser said it continues to hold to its earlier-announced goal of a 50% U.S. market share by the mid-1990s. Beneath the tepid news-release jargon lies a powerful threat from the brewing giant, which last year accounted for about 41% of all U.S. beer sales and is expected to see that grow to 42.5% in the current year. "Anheuser is the biggest guy in the bar, and he just decided to join in the barroom brawl," said Joseph J. Doyle, an analyst with Smith Barney, Harris Upham & Co. "It's going to get bloody." Jerry Steinman, publisher of Beer Marketers Insights, a trade newsletter, said Anheuser's announcement means "everybody else in the industry is going to have a difficult time reaching their profit objectives." Prudential-Bache Securities Inc. analyst George E. Thompson downplayed the importance of the announcement, and called any comparison between the coming beer-industry tiff and the seemingly unending "cola wars" unwarranted. Mr. Thompson calls discounting "a loser's game for anyone without a dominant market share," and projected that Anheuser's statement of intent could simply be a means of warning competitors to ease up on price-cutting or face a costly and fruitless battle. Mr. Thompson noted that the disappointing earnings, which fell five cents a share short of his own projections, contributed to the sell-off by an edgy and currently unforgiving investing public. But Smith Barney's Mr. Doyle, who yesterday trimmed his 1990 Anheuser earnings projection to $2.95 a share from $3.10, called the market's reaction "justified." While the third-quarter earnings were a "moderate disappointment," he said, "the real bad news is the intensity of price competition" in the premium-beer sector. According to Mr. Steinman, the newsletter publisher, Anheuser's market share is nearly twice that of its nearest competitor, Miller Brewing, which had a 21.2% stake last year. It's followed by Stroh Brewery Co., which has agreed to sell its assets to Coors. Both Coors and Stroh have recently been ceding market share to Miller and Anheuser.
Anheuser-Busch Cos. <ei2257>said</ei2257> it <ei2258>plans</ei2258> to aggressively discount its major beer brands, <ei2260>setting</ei2260> the stage for a potentially bruising price war as the maturing industry's growth <ei2263>continues</ei2263> to <ei2264>slow</ei2264>. Anheuser, the world's largest brewer and U.S. market leader, has historically been reluctant to <ei2266>engage</ei2266> in price-cutting as a means of boosting sales volume. With the passing of the heady days of swelling industry sales, however, the once-sporadic and brief forays into discounting are <ei2273>becoming</ei2273> standard competitive weapons in the beer industry. Over the summer, Anheuser's competitors <ei2274>offered</ei2274> more and deeper discounts than industry observers have <ei2276>seen</ei2276> for a long time. Some experts now predict Anheuser's entry into the fray <ei2280>means</ei2280> near-term earnings trouble for all industry players. The St. Louis company <ei2282>said</ei2282> major rivals, Philip Morris Co.'s Miller Brewing unit and Adolph Coors Co., "have been <ei2283>following</ei2283> a policy of continuous and deep discounting for at least the past 18 months" on their premium brands, <ei2285>pricing</ei2285> their product as much as 25 cents a 12-pack below Anheuser's Budweiser label in many markets. Anheuser <ei2286>said</ei2286> its discounting policy basically would involve matching such moves by rivals on a market-by-market basis. Anheuser-Busch <ei2290>announced</ei2290> its plan at the same time it <ei2292>reported</ei2292> third-quarter net income <ei2293>rose</ei2293> a lower-than-anticipated 5.2% to $238.3 million, or 83 cents a share, from $226.5 million, or 78 cents. Third-period sales were $2.49 billion, up from last year's $2.34 billion. Anheuser <ei2296>said</ei2296> its new strategy -- <ei2297>started</ei2297> in some markets last month and <ei2298>expected</ei2298> to be applied soon in selected markets nationwide -- will mean lower-than-anticipated earnings for the last half of 1989 and for 1990. The projection <ei2302>sent</ei2302> Anheuser shares <ei2303>plunging</ei2303> $4.375 in New York Stock Exchange composite trading yesterday. The stock <ei2304>closed</ei2304> at $38.50 on heavy volume of about 3.5 million shares. Shares of Coors, the company's sole publicly traded major competitor, <ei2305>fell</ei2305> $1.50 apiece to $19.125 in national over-the-counter trading, apparently on investor concerns over potential fallout from the coming pricing struggle. Anheuser <ei2309>noted</ei2309> that "beer industry sales volume in 1989 is <ei2311>following</ei2311> the trend that has <ei2313>characterized</ei2313> the last half of the '80s, with sales volume being essentially flat" while consolidation <ei2316>creates</ei2316> fewer, bigger players. "We cannot permit a further slowing in our volume trend," Anheuser <ei2320>said</ei2320>, <ei2321>adding</ei2321> it will take "appropriate competitive pricing actions to support our long-term market share growth strategy" for the premium brands. Anheuser <ei2325>said</ei2325> it <ei2326>continues</ei2326> to <ei2327>hold</ei2327> to its earlier-announced goal of a 50% U.S. market share by the mid-1990s. Beneath the tepid news-release jargon <ei2329>lies</ei2329> a powerful threat from the brewing giant, which last year <ei2330>accounted</ei2330> for about 41% of all U.S. beer sales and is <ei2331>expected</ei2331> to see that grow to 42.5% in the current year. "Anheuser is the biggest guy in the bar, and he just <ei2334>decided</ei2334> to <ei2335>join</ei2335> in the barroom brawl," <ei2337>said</ei2337> Joseph J. Doyle, an analyst with Smith Barney, Harris Upham & Co. "It's going to get bloody." Jerry Steinman, publisher of Beer Marketers Insights, a trade newsletter, <ei2339>said</ei2339> Anheuser's announcement <ei2341>means</ei2341> "everybody else in the industry is going to have a difficult time reaching their profit objectives." Prudential-Bache Securities Inc. analyst George E. Thompson <ei2344>downplayed</ei2344> the importance of the announcement, and <ei2346>called</ei2346> any comparison between the coming beer-industry tiff and the seemingly unending "cola wars" unwarranted. Mr. Thompson <ei2347>calls</ei2347> discounting "a loser's game for anyone without a dominant market share," and <ei2348>projected</ei2348> that Anheuser's statement of intent could simply be a means of warning competitors to ease up on price-cutting or face a costly and fruitless battle. Mr. Thompson <ei2354>noted</ei2354> that the disappointing earnings, which <ei2355>fell</ei2355> five cents a share short of his own projections, <ei2357>contributed</ei2357> to the sell-off by an edgy and currently unforgiving investing public. But Smith Barney's Mr. Doyle, who yesterday <ei2358>trimmed</ei2358> his 1990 Anheuser earnings projection to $2.95 a share from $3.10, <ei2359>called</ei2359> the market's reaction "justified." While the third-quarter earnings were a "moderate disappointment," he <ei2361>said</ei2361>, "the real bad news is the intensity of price competition" in the premium-beer sector. According to Mr. Steinman, the newsletter publisher, Anheuser's market share is nearly twice that of its nearest competitor, Miller Brewing, which <ei2366>had</ei2366> a 21.2% stake last year. It's <ei2367>followed</ei2367> by Stroh Brewery Co., which has <ei2368>agreed</ei2368> to sell its assets to Coors. Both Coors and Stroh have recently been <ei2370>ceding</ei2370> market share to Miller and Anheuser.
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matres
wsj_0026
{ "id": "t0", "text": "11/02/89" }
The White House said President Bush has approved duty-free treatment for imports of certain types of watches not produced in significant quantities in the U.S., the Virgin Islands, and other U.S. possessions. The action came in response to a petition filed by Timex Inc. for changes in the U.S. Generalized System of Preferences for imports from developing nations. Previously, watch imports were denied such duty-free treatment. Timex had requested duty-free treatment for many types of watches, covered by 58 different U.S. tariff classifications. The White House said Mr. Bush decided to grant duty-free status for 18 categories but turned down such treatment for other types of watches "because of the potential for material injury to watch producers located in the U.S. and the Virgin Islands." Timex is a major U.S. producer and seller of watches, including low-priced battery-operated watches assembled in the Philippines and other developing nations covered by the U.S. tariff preferences. U.S. trade officials said the Philippines and Thailand would be the main beneficiaries of the president's action. Imports of the types of watches that now will be eligible for duty-free treatment totaled about $37.3 million in 1988, a relatively small share of the $1.5 billion in U.S. watch imports that year, according to an aide to U.S. Trade Representative Carla Hills.
The White House <ei1989>said</ei1989> President Bush has <ei1990>approved</ei1990> duty-free treatment for imports of certain types of watches not produced in significant quantities in the U.S., the Virgin Islands, and other U.S. possessions. The action <ei1994>came</ei1994> in response to a petition <ei1995>filed</ei1995> by Timex Inc. for changes in the U.S. Generalized System of Preferences for imports from developing nations. Previously, watch imports were <ei1996>denied</ei1996> such duty-free treatment. Timex had <ei1998>requested</ei1998> duty-free treatment for many types of watches, covered by 58 different U.S. tariff classifications. The White House <ei1999>said</ei1999> Mr. Bush <ei2000>decided</ei2000> to grant duty-free status for 18 categories but <ei2002>turned</ei2002> down such treatment for other types of watches "because of the potential for material injury to watch producers located in the U.S. and the Virgin Islands." Timex is a major U.S. producer and seller of watches, including low-priced battery-operated watches assembled in the Philippines and other developing nations covered by the U.S. tariff preferences. U.S. trade officials <ei2006>said</ei2006> the Philippines and Thailand would be the main beneficiaries of the president's action. Imports of the types of watches that now will be eligible for duty-free treatment <ei2010>totaled</ei2010> about $37.3 million in 1988, a relatively small share of the $1.5 billion in U.S. watch imports that year, <ei2011>according</ei2011> to an aide to U.S. Trade Representative Carla Hills.
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matres
wsj_0662
{ "id": "t0", "text": "10/30/89" }
Jayark Corp. agreed to pay $4 million in cash, $2 million of 12% convertible debentures, and 1.6 million common shares to acquire closely held Kofcoh Imports Inc. In over-the-counter trading Friday, Jayark was quoted at 87.5 cents bid, down 15.625 cents. At the market price, the transaction has a total indicated value of $7.4 million. Kofcoh is a New York holding company for Rosalco Inc., which imports furniture and other items. David L. Koffman, president and chief executive officer of Jayark, holds about 40% of Kofcoh, Jayark said. Jayark, New York, distributes and rents audio-visual equipment and prints promotional materials for retailers. In the quarter ended July 31, Jayark had an average of 5.6 million shares outstanding. The transaction is subject to approval by a panel of disinterested directors, the company said, adding that shareholder approval isn't needed.
Jayark Corp. <ei116>agreed</ei116> to pay $4 million in cash, $2 million of 12% convertible debentures, and 1.6 million common shares to acquire closely held Kofcoh Imports Inc. In over-the-counter trading Friday, Jayark was <ei120>quoted</ei120> at 87.5 cents bid, down 15.625 cents. At the market price, the transaction has a total indicated value of $7.4 million. Kofcoh is a New York holding company for Rosalco Inc., which imports furniture and other items. David L. Koffman, president and chief executive officer of Jayark, holds about 40% of Kofcoh, Jayark said. Jayark, New York, distributes and rents audio-visual equipment and prints promotional materials for retailers. In the quarter ended July 31, Jayark had an average of 5.6 million shares outstanding. The transaction is subject to approval by a panel of disinterested directors, the company said, adding that shareholder approval isn't needed.
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matres
wsj_0568
{ "id": "t0", "text": "10/30/89" }
Unisys Corp.'s announcement Friday of a $648.2 million loss for the third quarter showed that the company is moving even faster than expected to take write-offs on its various problems and prepare for a turnaround next year. At the same time, the sheer size of the loss, coupled with a slowing of orders, made some securities analysts wonder just how strong that turnaround will be at the computer maker and defense-electronics concern. "Unisys is getting clobbered. Just clobbered," said Ulric Weil, an analyst at Weil & Associates who had once been high on the company. "The quarter was terrible, and the future looks anything but encouraging." Unisys, whose revenue inched up 3.7% in the quarter to $2.35 billion from $2.27 billion in the year-earlier quarter, had an operating loss of about $30 million. On top of that, the Blue Bell, Pa., concern took a $230 million charge related to the layoffs of 8,000 employees. That is at the high end of the range of 7,000 to 8,000 employees that Unisys said a month ago would be laid off. Unisys said that should help it save $500 million a year in costs, again at the high end of the previously reported range of $400 million to $500 million. The company also took a write-off of $150 million to cover losses on some fixed-price defense contracts, as some new managers took a hard look at the prospects for that slow-growing business. In addition, Unisys set up an unspecified reserve -- apparently $60 million to $70 million -- to cover the minimum amount it will have to pay the government because of its involvement in the defense-procurement scandal. Unisys also noted that it paid $78.8 million in taxes during the quarter, even though tax payments normally would be minimal in a quarter that produced such a big loss. The tax payments will leave Unisys with $225 million in loss carry-forwards that will cut tax payments in future quarters. In addition, Unisys said it reduced computer inventories a further $100 million during the quarter, leaving it within $100 million of its goal of a reduction of $500 million by the end of the year. Still, Unisys said its European business was weak during the quarter, a worrisome sign given that the company has relied on solid results overseas to overcome weakness in the U.S. over the past several quarters. The company also reported slower growth in another important business: systems that use the Unix operating system. That would be a huge problem if it were to continue, because Unisys is betting its business on the assumption that customers want to move away from using operating systems that run on only one manufacturer's equipment and toward systems -- mainly Unix -- that work on almost anyone's machines. In addition, Unisys must deal with its increasingly oppressive debt load. Debt has risen to around $4 billion, or about 50% of total capitalization. That means Unisys must pay about $100 million in interest every quarter, on top of $27 million in dividends on preferred stock. Jim Unruh, Unisys's president, said he is approaching next year with caution. He said the strength of the world-wide economy is suspect, and doesn't see much revenue growth in the cards. He also said that the price wars flaring up in parts of the computer industry will continue through next year. He said the move toward standard operating systems means customers aren't locked into buying from their traditional computer supplier and can force prices down. That, he said, is why Unisys is overhauling its whole business: It needs to prepare for a world in which profit margins will be lower than computer companies have been used to. "We've approached this not as a response to a temporary condition in the industry but as a fundamental change the industry is going through," Mr. Unruh said. "The information-systems industry is still going to be a high-growth business, and we're confident that we have tremendous assets as a company. But we don't minimize the challenges of the near term." Securities analysts were even more cautious, having been burned repeatedly on Unisys this year. Some had predicted earnings of more than $4 a share for this year, up from last year's fully diluted $3.27 a share on earnings of $680.6 million. But the company said Friday that it had losses of $673.3 million through the first nine months, compared with earnings a year earlier of $382.2 million, or $2.22 a share fully diluted, as revenue inched up 1.4% to $7.13 billion from $7.03 billion. And Unisys is expected to do little better than break even in the fourth quarter. So Steve Milunovich at First Boston said he is cutting his earnings estimate for next year to $2 a share from $3. "I was feeling like I was too high to begin with," he said. Mr. Weil of Weil & Associates said he will remain at $1 a share for next year but said he wonders whether even that low target is at risk. "The break-even point for next year is much lower, but is it low enough?" he asked. Reflecting the concern, Unisys stock fell a further 75 cents to $16.25 in composite trading Friday on the New York Stock Exchange.
Unisys Corp.'s announcement Friday of a $648.2 million loss for the third quarter showed that the company is <ei2808>moving</ei2808> even faster than <ei2809>expected</ei2809> to take write-offs on its various problems and prepare for a turnaround next year. At the same time, the sheer size of the loss, coupled with a slowing of orders, <ei2816>made</ei2816> some securities analysts <ei2817>wonder</ei2817> just how strong that turnaround will be at the computer maker and defense-electronics concern. "Unisys is <ei2819>getting</ei2819> <ei2820>clobbered</ei2820>. Just clobbered," <ei2821>said</ei2821> Ulric Weil, an analyst at Weil & Associates who had once been high on the company. "The quarter was terrible, and the future looks anything but encouraging." Unisys, whose revenue <ei2823>inched</ei2823> up 3.7% in the quarter to $2.35 billion from $2.27 billion in the year-earlier quarter, <ei2826>had</ei2826> an operating loss of about $30 million. On top of that, the Blue Bell, Pa., concern <ei2828>took</ei2828> a $230 million charge related to the layoffs of 8,000 employees. That is at the high end of the range of 7,000 to 8,000 employees that Unisys <ei2831>said</ei2831> a month ago would be laid off. Unisys <ei2833>said</ei2833> that should help it save $500 million a year in costs, again at the high end of the previously reported range of $400 million to $500 million. The company also <ei2837>took</ei2837> a write-off of $150 million to <ei2839>cover</ei2839> losses on some fixed-price defense contracts, as some new managers <ei2841>took</ei2841> a hard <ei2842>look</ei2842> at the prospects for that slow-growing business. In addition, Unisys <ei2844>set</ei2844> up an unspecified reserve -- apparently $60 million to $70 million -- to cover the minimum amount it will have to pay the government because of its involvement in the defense-procurement scandal. Unisys also <ei2849>noted</ei2849> that it <ei2850>paid</ei2850> $78.8 million in taxes during the quarter, even though tax payments normally would be minimal in a quarter that produced such a big loss. The tax payments will <ei2852>leave</ei2852> Unisys with $225 million in loss carry-forwards that will <ei2853>cut</ei2853> tax payments in future quarters. In addition, Unisys <ei2855>said</ei2855> it <ei2856>reduced</ei2856> computer inventories a further $100 million during the quarter, <ei2857>leaving</ei2857> it within $100 million of its goal of a reduction of $500 million by the end of the year. Still, Unisys <ei2860>said</ei2860> its European business was weak during the quarter, a worrisome sign given that the company has <ei2862>relied</ei2862> on solid results overseas to overcome weakness in the U.S. over the past several quarters. The company also <ei2865>reported</ei2865> slower growth in another important business: systems that use the Unix operating system. That would be a huge problem if it were to continue, because Unisys is <ei2869>betting</ei2869> its business on the assumption that customers <ei2871>want</ei2871> to move away from using operating systems that run on only one manufacturer's equipment and toward systems -- mainly Unix -- that work on almost anyone's machines. In addition, Unisys must deal with its increasingly oppressive debt load. Debt has risen to around $4 billion, or about 50% of total capitalization. That means Unisys must pay about $100 million in interest every quarter, on top of $27 million in dividends on preferred stock. Jim Unruh, Unisys's president, <ei2878>said</ei2878> he is <ei2879>approaching</ei2879> next year with caution. He <ei2880>said</ei2880> the strength of the world-wide economy is <ei2881>suspect</ei2881>, and doesn't see much revenue growth in the cards. He also <ei2882>said</ei2882> that the price wars <ei2883>flaring</ei2883> up in parts of the computer industry will continue through next year. He <ei2885>said</ei2885> the move toward standard operating systems means customers aren't locked into buying from their traditional computer supplier and can force prices down. That, he <ei2888>said</ei2888>, is why Unisys is <ei2889>overhauling</ei2889> its whole business: It <ei2890>needs</ei2890> to prepare for a world in which profit margins will be lower than computer companies have been <ei2893>used</ei2893> to. "We've <ei2894>approached</ei2894> this not as a response to a temporary condition in the industry but as a fundamental change the industry is going through," Mr. Unruh <ei2895>said</ei2895>. "The information-systems industry is still going to be a high-growth business, and we're confident that we have tremendous assets as a company. But we don't minimize the challenges of the near term." Securities analysts were even more cautious, having been <ei2902>burned</ei2902> repeatedly on Unisys this year. Some had <ei2903>predicted</ei2903> earnings of more than $4 a share for this year, up from last year's fully diluted $3.27 a share on earnings of $680.6 million. But the company <ei2906>said</ei2906> Friday that it <ei2907>had</ei2907> losses of $673.3 million through the first nine months, compared with earnings a year earlier of $382.2 million, or $2.22 a share fully diluted, as revenue <ei2910>inched</ei2910> up 1.4% to $7.13 billion from $7.03 billion. And Unisys is <ei2913>expected</ei2913> to do little better than break even in the fourth quarter. So Steve Milunovich at First Boston <ei2915>said</ei2915> he is <ei2916>cutting</ei2916> his earnings estimate for next year to $2 a share from $3. "I was feeling like I was too high to begin with," he said. Mr. Weil of Weil & Associates said he will remain at $1 a share for next year but <ei2923>said</ei2923> he wonders whether even that low target is at risk. "The break-even point for next year is much lower, but is it low enough?" he <ei2928>asked</ei2928>. Reflecting the concern, Unisys stock <ei2930>fell</ei2930> a further 75 cents to $16.25 in composite trading Friday on the New York Stock Exchange.
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true
matres
wsj_1035
{ "id": "t0", "text": "10/26/89" }
Consolidated Freightways Inc. reported a 77% drop in third-quarter net income, citing expected losses in its Emery Worldwide shipping business. The Menlo Park, California, company said net income was $7.4 million, or 22 cents a share, down from $32.3 million, or 86 cents a share, a year ago. Revenue totaled $1.01 billion, a 43% increase from $704.4 million, reflecting the company's acquisition of Emery earlier this year. Profit also suffered because of "intense" discounting in its long-haul trucking business, the company said. Analysts had expected Consolidated to post a small profit, and the company's stock was down only 25 cents to $30.25 in New York Stock Exchange composite trading yesterday. "They have to continue to tighten their belts," said Craig Kloner, an analyst at Goldman, Sachs & Co.
Consolidated Freightways Inc. <ei1990>reported</ei1990> a 77% drop in third-quarter net income, <ei1992>citing</ei1992> expected losses in its Emery Worldwide shipping business. The Menlo Park, California, company <ei1995>said</ei1995> net income was $7.4 million, or 22 cents a share, down from $32.3 million, or 86 cents a share, a year ago. Revenue <ei1999>totaled</ei1999> $1.01 billion, a 43% increase from $704.4 million, <ei2001>reflecting</ei2001> the company's acquisition of Emery earlier this year. Profit also <ei2003>suffered</ei2003> because of "intense" discounting in its long-haul trucking business, the company <ei2005>said</ei2005>. Analysts had <ei2006>expected</ei2006> Consolidated to post a small profit, and the company's stock was down only 25 cents to $30.25 in New York Stock Exchange composite trading yesterday. "They have to continue to tighten their belts," <ei2012>said</ei2012> Craig Kloner, an analyst at Goldman, Sachs & Co.
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true
matres
wsj_0160
{ "id": "t0", "text": "11/02/89" }
Savin Corp. reported a third-quarter net loss of $35.2 million, or 31 cents a share, compared with a year-earlier profit of $3.8 million, or 1 cent a share. A spokesman for the Stamford, Connecticut-based company said operations had a loss of $5.5 million for the quarter; in addition, the loss was magnified by nonrecurring charges totaling $23.5 million and $8.2 million in asset-valuation adjustments that he described as "unusual." The charges were partly offset by a $2 million gain on the sale of investments in two joint ventures, he said. Revenue declined 8% to $85.7 million, from $93.3 million a year earlier. Savin cited "a general softening in the demand for office products in the market segments in which Savin competes."
Savin Corp. <ei148>reported</ei148> a third-quarter net loss of $35.2 million, or 31 cents a share, compared with a year-earlier profit of $3.8 million, or 1 cent a share. A spokesman for the Stamford, Connecticut-based company <ei151>said</ei151> operations had a loss of $5.5 million for the quarter; in addition, the loss was <ei154>magnified</ei154> by nonrecurring charges totaling $23.5 million and $8.2 million in asset-valuation adjustments that he described as "unusual." The charges were partly <ei155>offset</ei155> by a $2 million gain on the sale of investments in two joint ventures, he <ei158>said</ei158>. Revenue <ei159>declined</ei159> 8% to $85.7 million, from $93.3 million a year earlier. Savin <ei161>cited</ei161> "a general softening in the demand for office products in the market segments in which Savin competes."
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true
matres
wsj_0505
{ "id": "t0", "text": "10/31/89" }
Ratners Group PLC's U.S. subsidiary has agreed to acquire jewelry retailer Weisfield's Inc. for $50 a share, or about $55 million. Weisfield's shares soared on the announcement yesterday, closing up $11 to $50 in national over-the-counter trading. Ratners and Weisfield's said they reached an agreement in principle for the acquisition of Weisfield's by Sterling Inc. The companies said the acquisition is subject to a definitive agreement. They said they expect the transaction to be completed by December 15. Weisfield's, based in Seattle, Washington, currently operates 87 specialty jewelry stores in nine states. In the fiscal year ended January 31, the company reported sales of $59.5 million and pretax profit of $2.9 million. Ratners, which controls 25% of the British jewelry market, would increase the number of its U.S. stores to about 450 from 360. It has said it hopes to control 5% of the jewelry business in the U.S. by 1992; currently it controls about 2%.
Ratners Group PLC's U.S. subsidiary has <ei1993>agreed</ei1993> to <ei1994>acquire</ei1994> jewelry retailer Weisfield's Inc. for $50 a share, or about $55 million. Weisfield's shares <ei1995>soared</ei1995> on the announcement yesterday, closing up $11 to $50 in national over-the-counter trading. Ratners and Weisfield's <ei2000>said</ei2000> they <ei2001>reached</ei2001> an agreement in principle for the acquisition of Weisfield's by Sterling Inc. The companies <ei2004>said</ei2004> the acquisition is subject to a definitive agreement. They <ei2008>said</ei2008> they expect the transaction to be completed by December 15. Weisfield's, based in Seattle, Washington, currently operates 87 specialty jewelry stores in nine states. In the fiscal year ended January 31, the company reported sales of $59.5 million and pretax profit of $2.9 million. Ratners, which controls 25% of the British jewelry market, would increase the number of its U.S. stores to about 450 from 360. It has <ei2018>said</ei2018> it hopes to control 5% of the jewelry business in the U.S. by 1992; currently it <ei2022>controls</ei2022> about 2%.
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true
matres
wsj_0558
{ "id": "t0", "text": "10/30/89" }
fell 22% to $182.6 million, or $1.63 a share, reflecting the damage from Hurricane Hugo and lower results for some of the company's major divisions. Catastrophe losses reduced Aetna's net income by $50 million, including $36 million from Hugo. Last year, catastrophe losses totaled $5 million, when net income was $235.5 million, or $2.07 a share. The year-earlier results have been restated to reflect an accounting change. The insurer has started processing claims from the Northern California earthquake nearly two weeks ago. But because these claims are more difficult to evaluate and have been coming in more slowly, the company has no estimate of the impact of the earthquake on fourth-quarter results. In New York Stock Exchange composite trading on Friday, Aetna closed at $60, down 50 cents. In the latest quarter, Aetna had a $23 million loss on its auto/homeowners line, compared with earnings of $33 million last year. Profit for its commercial insurance division fell 30% to $59 million, reflecting higher catastrophe losses and the price war in the property/casualty market for nearly three years. However, Aetna's employee benefits division, which includes its group health insurance operations, posted a 34% profit gain to $106 million. Third-quarter results included net realized capital gains of $48 million, which included $27 million from the sale of Federated Investors in August and a $15 million tax credit. In the nine months, net income rose 4.3% to $525.8 million or $4.67 a share, from $504.2 million, or $4.41 a share, last year.
<ei1992>fell</ei1992> 22% to $182.6 million, or $1.63 a share, reflecting the damage from Hurricane Hugo and lower results for some of the company's major divisions. Catastrophe losses <ei1997>reduced</ei1997> Aetna's net income by $50 million, including $36 million from Hugo. Last year, catastrophe losses totaled $5 million, when net income was $235.5 million, or $2.07 a share. The year-earlier results have been <ei2001>restated</ei2001> to reflect an accounting change. The insurer has <ei2004>started</ei2004> <ei2005>processing</ei2005> claims from the Northern California earthquake nearly two weeks ago. But because these claims are more difficult to evaluate and have been <ei2008>coming</ei2008> in more slowly, the company has no estimate of the impact of the earthquake on fourth-quarter results. In New York Stock Exchange composite trading on Friday, Aetna <ei2014>closed</ei2014> at $60, down 50 cents. In the latest quarter, Aetna <ei2016>had</ei2016> a $23 million loss on its auto/homeowners line, compared with earnings of $33 million last year. Profit for its commercial insurance division <ei2019>fell</ei2019> 30% to $59 million, reflecting higher catastrophe losses and the price war in the property/casualty market for nearly three years. However, Aetna's employee benefits division, which includes its group health insurance operations, <ei2022>posted</ei2022> a 34% profit gain to $106 million. Third-quarter results included net realized capital gains of $48 million, which <ei2032>included</ei2032> $27 million from the sale of Federated Investors in August and a $15 million tax credit. In the nine months, net income <ei2028>rose</ei2028> 4.3% to $525.8 million or $4.67 a share, from $504.2 million, or $4.41 a share, last year.
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true
matres
wsj_1033
{ "id": "t0", "text": "10/26/89" }
Esselte AB, the Stockholm office supplies company, as expected, proposed to acquire the 22% it doesn't own of its U.S. unit, Esselte Business Systems Inc. The price in the proposal is $43.50 for each of the 4.9 million shares the parent doesn't own, or $213.2 million. In New York Stock Exchange composite trading, Esselte closed yesterday at $43.50 a share, up $1. A committee of outside directors for the Garden City, N.Y., unit is evaluating the proposal; the parent asked it to respond by October 31. The unit said it can provide no assurance a transaction will occur. Esselte AB sold the minority stake five years ago in a $40 million international share offering. The unit, which is the holding company for Esselte's non-Swedish units, accounted for 58% of sales and 71% of operating profit last year. Separately, Esselte Business Systems reported third-quarter net income fell 5.9% to $9.5 million, or 46 cents a share, from $10.1 million, or 49 cents a share, in the year-ago period. Sales rose 2.9% to $329.2 million from $320 million.
Esselte AB, the Stockholm office supplies company, as <ei1989>expected</ei1989>, <ei1990>proposed</ei1990> to acquire the 22% it doesn't own of its U.S. unit, Esselte Business Systems Inc. The price in the proposal is $43.50 for each of the 4.9 million shares the parent doesn't own, or $213.2 million. In New York Stock Exchange composite trading, Esselte <ei1998>closed</ei1998> yesterday at $43.50 a share, up $1. A committee of outside directors for the Garden City, N.Y., unit is <ei1999>evaluating</ei1999> the proposal; the parent <ei2001>asked</ei2001> it to respond by October 31. The unit <ei2003>said</ei2003> it can provide no assurance a transaction will occur. Esselte AB <ei2008>sold</ei2008> the minority stake five years ago in a $40 million international share offering. The unit, which is the holding company for Esselte's non-Swedish units, <ei2010>accounted</ei2010> for 58% of sales and 71% of operating profit last year. Separately, Esselte Business Systems <ei2011>reported</ei2011> third-quarter net income <ei2012>fell</ei2012> 5.9% to $9.5 million, or 46 cents a share, from $10.1 million, or 49 cents a share, in the year-ago period. Sales <ei2015>rose</ei2015> 2.9% to $329.2 million from $320 million.
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true
matres
wsj_0006
{ "id": "t0", "text": "11/02/89" }
Pacific First Financial Corp. said shareholders approved its acquisition by Royal Trustco Ltd. of Toronto for $27 a share, or $212 million. The thrift holding company said it expects to obtain regulatory approval and complete the transaction by the end of the year.
Pacific First Financial Corp. <ei73>said</ei73> shareholders <ei74>approved</ei74> its acquisition by Royal Trustco Ltd. of Toronto for $27 a share, or $212 million. The thrift holding company <ei76>said</ei76> it expects to obtain regulatory approval and complete the transaction by the end of the year.
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true
matres
APW19980219.0476
{ "id": "t0", "text": "02/19/1998 08:02:00" }
O'SMACH, Cambodia (AP)_ The top commander of a Cambodian resistance force said Thursday he has sent a team to recover the remains of a British mine removal expert kidnapped and presumed killed by Khmer Rouge guerrillas almost two years ago. Gen. Nhek Bunchhay, a loyalist of ousted Cambodian Prime Minister Prince Norodom Ranariddh, said in an interview with The Associated Press at his hilltop headquarters that he hopes to recover the remains of Christopher Howes within the next two weeks. Howes had been working for the Britain-based Mines Advisory Group when he was abducted with his Cambodian interpreter Houn Hourth in March 1996. There were many conflicting accounts of his fate. Howes' team was clearing mines 17 kilometers (10 miles) from Angkor Wat, the fabled 11th-century temple that is Cambodia's main tourist attraction, when it was attacked. In January this year, British police officers who had been searching for Howes concluded he had probably been killed soon after being captured. The Foreign Office said it had informed the family of Howes, 37 years old when he was kidnapped, that he probably died within weeks or months of his capture on March 26, 1996. ``Obviously, it is deeply discouraging for the family after 22 months, but there is no proof of life. But there is no evidence in either direction — that there is proof of life or death,'' said a Foreign Office spokesman, speaking with customary anonymity. ``We will continue to do everything we can to establish what has happened.'' Thai military officials who monitor Cambodian affairs said privately Thursday that Britain, through its embassies in Thailand and Cambodia, has been pushing hard to resolve the Howes case as the second anniversary of his abduction nears. Nhek Bunchhay, who had been closely involved in the search for Howes before having to flee the Cambodian capital after a coup d'état last year, appeared confident he would find Howes' remains. He said he received information from Khmer Rouge guerrillas on where the body had been buried, and recently ordered 10 of his men from a force of 500 near Khmer Rouge headquarters in Anlong Veng to conduct the search. If and when the remains are found, he said, they would be turned over to the British Embassy, apparently meaning they would be sent across the border into Thailand and onward to Bangkok. Nhek Bunchhay said he now believed Howes had been killed within a week of his capture by a Khmer Rouge faction loyal to Pol Pot, then the guerrilla group's leader. Pol Pot is considered responsible for the radical policies that led to the deaths of as many as 1.7 million Cambodians when the communist group held power in the late 1970s. At the time Howes was captured, the Khmer Rouge were a more or less united guerrilla force with more than 10,000 men under arms. But the group began to fall apart in mid-1996 after the defection of one of its top leaders, Ieng Sary. Other commanders, and thousands of guerrillas, followed him. A small hardcore group under Pol Pot continued to hold out at their headquarters at Anlong Veng in northern Cambodia near the Thai border. But in June last year, the remaining leadership had a falling out, and Pol Pot was arrested. In July last year in Phnom Penh, Cambodia's capital, Second Prime Minister Hun Sen staged a successful coup d'état against First Prime Minister Prince Norodom Ranariddh. Ranariddh's loyalists, including Nhek Bunchhay, his top military commander, went into hiding or fled the capital. Nhek Bunchhay, evading an intensive manhunt, made his way to O'Smach, the last major outpost held by Ranariddh's forces. His men have held the stronghold — which is on the border just opposite the Thai province of Surin — against repeated intense attacks by Hun Sen's troops. They have been aided by Khmer Rouge guerrillas from Anlong Veng, who have formed an alliance with Ranariddh's resistance forces to oppose Hun Sen.
O'SMACH, Cambodia (AP)_ The top commander of a Cambodian resistance force <ei2455>said</ei2455> Thursday he has <ei2456>sent</ei2456> a team to recover the remains of a British mine removal expert <ei2458>kidnapped</ei2458> and <ei2459>presumed</ei2459> killed by Khmer Rouge guerrillas almost two years ago. Gen. Nhek Bunchhay, a loyalist of ousted Cambodian Prime Minister Prince Norodom Ranariddh, <ei2461>said</ei2461> in an interview with The Associated Press at his hilltop headquarters that he <ei2463>hopes</ei2463> to recover the remains of Christopher Howes within the next two weeks. Howes had been <ei2465>working</ei2465> for the Britain-based Mines Advisory Group when he was abducted with his Cambodian interpreter Houn Hourth in March 1996. There were many conflicting accounts of his fate. Howes' team was clearing mines 17 kilometers (10 miles) from Angkor Wat, the fabled 11th-century temple that is Cambodia's main tourist attraction, when it was <ei2470>attacked</ei2470>. In January this year, British police officers who had been searching for Howes <ei2472>concluded</ei2472> he had probably been <ei2473>killed</ei2473> soon after being <ei2474>captured</ei2474>. The Foreign Office <ei2475>said</ei2475> it had <ei2476>informed</ei2476> the family of Howes, 37 years old when he was <ei2477>kidnapped</ei2477>, that he probably <ei2478>died</ei2478> within weeks or months of his capture on March 26, 1996. ``Obviously, it is deeply discouraging for the family after 22 months, but there is no proof of life. But there is no evidence in either direction — that there is proof of life or death,'' <ei2487>said</ei2487> a Foreign Office spokesman, <ei2488>speaking</ei2488> with customary anonymity. ``We will continue to do everything we can to establish what has <ei2492>happened</ei2492>.'' Thai military officials who monitor Cambodian affairs <ei2493>said</ei2493> privately Thursday that Britain, through its embassies in Thailand and Cambodia, has been <ei2494>pushing</ei2494> hard to resolve the Howes case as the second anniversary of his abduction nears. Nhek Bunchhay, who had been closely <ei2498>involved</ei2498> in the search for Howes before having to <ei2500>flee</ei2500> the Cambodian capital after a coup d'état last year, <ei2502>appeared</ei2502> confident he would find Howes' remains. He <ei2504>said</ei2504> he <ei2505>received</ei2505> information from Khmer Rouge guerrillas on where the body had been <ei2506>buried</ei2506>, and recently <ei2507>ordered</ei2507> 10 of his men from a force of 500 near Khmer Rouge headquarters in Anlong Veng to conduct the search. If and when the remains are <ei2510>found</ei2510>, he <ei2511>said</ei2511>, they would be turned over to the British Embassy, apparently meaning they would be <ei2513>sent</ei2513> across the border into Thailand and onward to Bangkok. Nhek Bunchhay <ei2514>said</ei2514> he now <ei2515>believed</ei2515> Howes had been <ei2516>killed</ei2516> within a week of his capture by a Khmer Rouge faction loyal to Pol Pot, then the guerrilla group's leader. Pol Pot is <ei2518>considered</ei2518> responsible for the radical policies that <ei2521>led</ei2521> to the deaths of as many as 1.7 million Cambodians when the communist group <ei2523>held</ei2523> power in the late 1970s. At the time Howes was <ei2524>captured</ei2524>, the Khmer Rouge were a more or less united guerrilla force with more than 10,000 men under arms. But the group <ei2525>began</ei2525> to <ei2526>fall</ei2526> apart in mid-1996 after the defection of one of its top leaders, Ieng Sary. Other commanders, and thousands of guerrillas, <ei2528>followed</ei2528> him. A small hardcore group under Pol Pot <ei2529>continued</ei2529> to <ei2530>hold</ei2530> out at their headquarters at Anlong Veng in northern Cambodia near the Thai border. But in June last year, the remaining leadership had a <ei2531>falling</ei2531> out, and Pol Pot was <ei2532>arrested</ei2532>. In July last year in Phnom Penh, Cambodia's capital, Second Prime Minister Hun Sen <ei2533>staged</ei2533> a successful coup d'état against First Prime Minister Prince Norodom Ranariddh. Ranariddh's loyalists, including Nhek Bunchhay, his top military commander, <ei2535>went</ei2535> into hiding or <ei2536>fled</ei2536> the capital. Nhek Bunchhay, <ei2537>evading</ei2537> an intensive manhunt, <ei2539>made</ei2539> his way to O'Smach, the last major outpost held by Ranariddh's forces. His men have held the stronghold — which is on the border just opposite the Thai province of Surin — against repeated intense attacks by Hun Sen's troops. They have been <ei2541>aided</ei2541> by Khmer Rouge guerrillas from Anlong Veng, who have <ei2542>formed</ei2542> an alliance with Ranariddh's resistance forces to oppose Hun Sen.
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matres
ed980111.1130.0089
{ "id": "t0", "text": "980111" }
continues to maintain its grip. Yesterday New York governor George Pataki toured five counties that have been declared under a state of emergency. He added one more today. Helicopters are flying over northern New York today trying to locate people stranded without food, heat, or medicine. In Maine, about a half million people still don't have power and they're going to have to live without it for a while.
<ei156>continues</ei156> to <ei157>maintain</ei157> its grip. Yesterday New York governor George Pataki <ei159>toured</ei159> five counties that have been <ei160>declared</ei160> under a state of emergency. He <ei162>added</ei162> one more today. Helicopters are <ei163>flying</ei163> over northern New York today trying to <ei165>locate</ei165> people <ei166>stranded</ei166> without food, heat, or medicine. In Maine, about a half million people still don't have power and they're going to have to live without it for a while.
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matres
wsj_0161
{ "id": "t0", "text": "11/02/89" }
Hudson Corp. said it expects to report a third-quarter net loss of $17 million to $19 million because of special reserves and continued low natural gas prices. The Oklahoma City energy and defense concern said it will record a $7.5 million reserve for its defense group, including a $4.7 million charge related to problems under a fixed-price development contract and $2.8 million in overhead costs that will not be reimbursed. In addition, Hudson said it will write off about $3.5 million in costs related to international exploration leases where exploration efforts have been unsuccessful. The company also cited interest costs and amortization of goodwill as factors in the loss. A year earlier, net income was $2.1 million, or six cents a share, on revenue of $169.9 million.
Hudson Corp. <ei141>said</ei141> it <ei142>expects</ei142> to report a third-quarter net loss of $17 million to $19 million because of special reserves and continued low natural gas prices. The Oklahoma City energy and defense concern <ei145>said</ei145> it will <ei146>record</ei146> a $7.5 million reserve for its defense group, including a $4.7 million charge related to problems under a fixed-price development contract and $2.8 million in overhead costs that will not be reimbursed. In addition, Hudson <ei151>said</ei151> it will <ei152>write</ei152> off about $3.5 million in costs related to international exploration leases where exploration efforts have been unsuccessful. The company also cited interest costs and amortization of goodwill as factors in the loss. A year earlier, net income was $2.1 million, or six cents a share, on revenue of $169.9 million.
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matres
wsj_0762
{ "id": "t0", "text": "10/27/89" }
said the move recognizes its strong financial position. Although profits were "squeezed" in 1989, mainly as a result of higher raw material costs, the company said it is confident about future earnings and cash flow for 1990 and beyond. In national over-the-counter trading yesterday, Cambrex shares rose 50 cents to close at $13 a share.
<ei1994>said</ei1994> the move recognizes its strong financial position. Although profits were "<ei1998>squeezed</ei1998>" in 1989, mainly as a result of higher raw material costs, the company <ei1999>said</ei1999> it is confident about future earnings and cash flow for 1990 and beyond. In national over-the-counter trading yesterday, Cambrex shares <ei2004>rose</ei2004> 50 cents to <ei2005>close</ei2005> at $13 a share.
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matres
CNN19980222.1130.0084
{ "id": "t0", "text": "19980222" }
CNN headline news, I'm Sachi Koto. Diplomacy appears to be making headway in resolving the United Nations' standoff with Iraq. A UN spokesman says UN Secretary-General Kofi Annan is on the verge of a breakthrough, but added it's not done yet. Annan wrapped up a three-hour meeting with Iraqi President Saddam Hussein in Baghdad today. He's expected to meet with Iraqi Deputy Prime Minister Tariq Aziz later this afternoon. One major sticking point has been Iraq's proposal to open its presidential sites for no more than sixty days. The UN Security Council insists any deal must allow UN inspectors unrestricted access to all suspected weapons sites.
CNN headline news, I'm Sachi Koto. Diplomacy <ei156>appears</ei156> to be <ei157>making</ei157> headway in resolving the United Nations' standoff with Iraq. A UN spokesman <ei160>says</ei160> UN Secretary-General Kofi Annan is on the verge of a breakthrough, but <ei162>added</ei162> it's not done yet. Annan <ei164>wrapped</ei164> up a three-hour meeting with Iraqi President Saddam Hussein in Baghdad today. He's <ei166>expected</ei166> to meet with Iraqi Deputy Prime Minister Tariq Aziz later this afternoon. One major sticking point has been Iraq's proposal to open its presidential sites for no more than sixty days. The UN Security Council insists any deal must allow UN inspectors unrestricted access to all suspected weapons sites.
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true
matres
APW19980306.1001
{ "id": "t0", "text": "03/06/1998 13:19:00" }
BAGHDAD, Iraq (AP)_ An American leader of a U.N. weapons inspection team resumed work in Iraq Friday, nearly two months after his team was effectively blocked. Scott Ritter led his team on a 10-hour tour of three suspected weapons sites classified as "sensitive" by the Iraqi authorities, U.N. spokesman Alan Dacey said. "All sites were inspected to the satisfaction of the inspection team and with full cooperation of Iraqi authorities," Dacey said. At least one of the sensitive sites was a barracks of the elite Republican Guard, a well-placed source told The Associated Press. Previously, the Iraqis have resisted attempts to inspect such quarters. The U.N. Security Council has charged the inspectors with verifying that Iraq has destroyed its long-range missiles and weapons of mass destruction. It was the first time that Ritter, who arrived Thursday with some 50 inspectors for a tour likely to last over a week, had been allowed to carry out an inspection since January 13. Then the Baghdad government stopped providing Ritter's team with escorts, making it impossible for him to enter any site. Iraq alleged Ritter was an American spy whose team had a disproportionately high number of Americans and Britons. The official Iraqi News Agency, which gives the daily tally of inspections, did not mention Ritter by name, but said Friday that team no. 225 — which Ritter heads — made surprise visits to a number of sites and was assisted by aerial surveillance. Five other U.N. inspection teams visited a total of nine other sites, the agency reported. An Iraqi official, speaking on customary condition of anonymity, said Ritter would not try to visit any of the eight presidential sites that Baghdad had placed off-limits to U.N. weapons inspectors. The official said these sites could only be visited by a special team of U.N. monitors and diplomats as laid down by the February 23 accord signed by U.N. Secretary-General Kofi Annan and Iraqi Deputy Prime Minister Tariq Aziz. Ritter's return is seen as something of a test of that agreement, under which Iraq agreed to give inspectors full access to eight of Saddam Hussein's presidential palaces. The United States had moved additional troops and a naval armada into the Gulf and said it would strike Iraq unless it gave the U.N. arms inspectors unfettered access to all potential weapons sites, including Saddam's palaces. Iraq had argued the presidential sites should be off limits as symbols of sovereignty. A Pentagon spokesman said Thursday that the 38,000 U.S. troops in the Gulf will remain until Iraq complies with the U.N. Security Council agreement over weapons inspections. "We are going to maintain our forces in the region for the foreseeable future," said spokesman Kenneth Bacon. The U.N.-Iraq accord was worked out by U.N. Secretary-General Kofi Annan, who appointed a retired Indian diplomat on Thursday as his special representative to Iraq. Prakash Shah, 58, a former Indian ambassador to the United Nations, is part of an effort by Annan to expand contacts with the Iraqi leadership. Palace inspections are not expected to start until the new agreement's procedures are in place. U.N. officials in New York on Friday finished drafting the rules, in consultation with Iraqi diplomats. The procedures are due to go before the Security Council next week. The Security Council has said it will not lift the sweeping sanctions imposed on Iraq after its 1990 invasion of Kuwait until the U.N. inspectors certify that Baghdad has eliminated its weapons of mass destruction.
BAGHDAD, Iraq (AP)_ An American leader of a U.N. weapons inspection team <ei1233>resumed</ei1233> work in Iraq Friday, nearly two months after his team was effectively <ei1235>blocked</ei1235>. Scott Ritter <ei1236>led</ei1236> his team on a 10-hour tour of three suspected weapons sites classified as "sensitive" by the Iraqi authorities, U.N. spokesman Alan Dacey <ei1238>said</ei1238>. "All sites were <ei1239>inspected</ei1239> to the satisfaction of the inspection team and with full cooperation of Iraqi authorities," Dacey <ei1241>said</ei1241>. At least one of the sensitive sites was a barracks of the elite Republican Guard, a well-placed source told The Associated Press. Previously, the Iraqis have <ei1242>resisted</ei1242> attempts to <ei1244>inspect</ei1244> such quarters. The U.N. Security Council has <ei1245>charged</ei1245> the inspectors with <ei1246>verifying</ei1246> that Iraq has <ei1247>destroyed</ei1247> its long-range missiles and weapons of mass destruction. It was the first time that Ritter, who <ei1248>arrived</ei1248> Thursday with some 50 inspectors for a tour likely to last over a week, had been <ei1251>allowed</ei1251> to <ei1252>carry</ei1252> out an inspection since January 13. Then the Baghdad government <ei1254>stopped</ei1254> <ei1255>providing</ei1255> Ritter's team with escorts, <ei1256>making</ei1256> it impossible for him to enter any site. Iraq <ei1258>alleged</ei1258> Ritter was an American spy whose team had a disproportionately high number of Americans and Britons. The official Iraqi News Agency, which gives the daily tally of inspections, did not mention Ritter by name, but <ei1260>said</ei1260> Friday that team no. 225 — which Ritter heads — <ei1261>made</ei1261> surprise visits to a number of sites and was <ei1263>assisted</ei1263> by aerial surveillance. Five other U.N. inspection teams <ei1264>visited</ei1264> a total of nine other sites, the agency <ei1265>reported</ei1265>. An Iraqi official, <ei1266>speaking</ei1266> on customary condition of anonymity, <ei1267>said</ei1267> Ritter would not try to visit any of the eight presidential sites that Baghdad had <ei1270>placed</ei1270> off-limits to U.N. weapons inspectors. The official <ei1271>said</ei1271> these sites could only be visited by a special team of U.N. monitors and diplomats as <ei1273>laid</ei1273> down by the February 23 accord <ei1274>signed</ei1274> by U.N. Secretary-General Kofi Annan and Iraqi Deputy Prime Minister Tariq Aziz. Ritter's return is <ei1276>seen</ei1276> as something of a test of that agreement, under which Iraq <ei1278>agreed</ei1278> to give inspectors full access to eight of Saddam Hussein's presidential palaces. The United States had <ei1280>moved</ei1280> additional troops and a naval armada into the Gulf and <ei1281>said</ei1281> it would strike Iraq unless it gave the U.N. arms inspectors unfettered access to all potential weapons sites, including Saddam's palaces. Iraq had <ei1283>argued</ei1283> the presidential sites should be off limits as symbols of sovereignty. A Pentagon spokesman <ei1285>said</ei1285> Thursday that the 38,000 U.S. troops in the Gulf will <ei1286>remain</ei1286> until Iraq complies with the U.N. Security Council agreement over weapons inspections. "We are going to <ei1288>maintain</ei1288> our forces in the region for the foreseeable future," <ei1289>said</ei1289> spokesman Kenneth Bacon. The U.N.-Iraq accord was <ei1290>worked</ei1290> out by U.N. Secretary-General Kofi Annan, who <ei1291>appointed</ei1291> a retired Indian diplomat on Thursday as his special representative to Iraq. Prakash Shah, 58, a former Indian ambassador to the United Nations, is part of an effort by Annan to <ei1293>expand</ei1293> contacts with the Iraqi leadership. Palace inspections are not expected to start until the new agreement's procedures are in place. U.N. officials in New York on Friday <ei1298>finished</ei1298> <ei1299>drafting</ei1299> the rules, in consultation with Iraqi diplomats. The procedures are due to <ei1301>go</ei1301> before the Security Council next week. The Security Council has <ei1302>said</ei1302> it will not lift the sweeping sanctions <ei1304>imposed</ei1304> on Iraq after its 1990 invasion of Kuwait until the U.N. inspectors <ei1306>certify</ei1306> that Baghdad has <ei1307>eliminated</ei1307> its weapons of mass destruction.
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WSJ900813-0157
{ "id": "t0", "text": "08/13/90" }
Iraq's Saddam Hussein, his options for ending the Persian Gulf crisis growing increasingly unpleasant, assumed the role of embattled Arab hero in offering his first rough proposal for a negotiated end to the confrontation. The Iraqi leader, in an "initiative" designed as much to rally Arab public opinion as to launch meaningful negotiations, announced yesterday that he will withdraw his troops from Kuwait only if Israel withdraws from the West Bank and Syria from Lebanon. He apparently hopes to lure support from Arabs who have spurned him so far by suggesting that Iraq will use its occupation of Kuwait as a lever to solve the Arab world's most frustrating problem, the 23-year Israeli occupation of land claimed by Palestinians. Even as Saddam Hussein was searching for a ploy to ease his isolation, though, the international pressure against him increased another notch. The White House yesterday disclosed that Kuwait's ousted government has formally asked the U.S. to enforce the total trade embargo the United Nations has imposed on Iraq, allowing the U.S. and other nations to immediately begin stopping ships carrying Iraqi goods. Secretary of State James Baker, speaking on ABC News' "This Week," said the Kuwaiti request gives the U.S. and other countries "a legal basis for stopping the export of oil and that sort of thing." The U.S. maintains that under the U.N. charter, the Kuwaiti request triggers steps for the collective enforcement of international sanctions. Mr. Baker declined to use the word blockade, but said that "interdiction" of Iraqi shipments would begin "almost instantly." In a statement, the White House said it would do "whatever is necessary" to ensure compliance with the sanctions. Other Bush administration officials said that the international naval force in the area -- consisting of American, British, French, Canadian, Soviet, German and Australian ships -- may be used both to stop oil exports from leaving Iraq and Kuwait and to stop shipments of food and other goods from entering. President Bush implied as much yesterday when reporters asked whether the interdiction would apply to food. The president responded, "Everything, everything." While shying away from actually using the word "blockade," Mr. Bush acknowledged that the U.S. and others were trying to block shipping to Iraq. "No point getting into all these semantics," he said. "The main thing is to stop the oil from coming out of there." The naval interdiction force is part of an overall American strategy that officials say is designed to leave the Iraqi leader with only the stark choice of backing out of Kuwait or launching new attacks to change his situation. Though they insist they aren't trying to lure Saddam Hussein into an attack, officials hope that if he strikes again, the U.S. and its allies will have such an impressive force in place in Saudi Arabia that they will be able to crush him in retaliation. Iraq's first option, of course, may be simply to sit tight and hope it can endure a trade embargo longer than the West can live without Iraqi and Kuwaiti oil. Speaking on the ABC program, Abdul Amir al-Anbari, Iraq's ambassador to the U.N., asserted that an embargo on Iraq could plunge the U.S. into a "depression" and the rest of the world into an economic "crisis." Iraq clearly is trying to woo back more Arab support in case the conflict drags on, hoping that its neighbors eventually will help it survive a prolonged war of economic attrition with the West. So Saddam Hussein on Friday tried to scare other Arab leaders into supporting him by calling on Arabs to rise up in a holy war against leaders who invited American and other Western soldiers into Saudi Arabia to protect the oil-rich kingdom. Then yesterday, he tried to entice Arab leaders with his proposal for a diplomatic solution linking his occupation of Kuwait with Israel's occupation of the West Bank. The proposal also called for replacing American and other Western troops in Saudi Arabia with Arab forces. The Bush administration immediately said it "categorically" rejects the proposals. And President Bush yesterday, asked whether he was at least glad Iraq is discussing negotiations, replied: "I don't see anything to be pleasing in there at all." American strategists are calculating, though, that the trade sanctions -- enforced by an effective though perhaps undeclared naval blockade -- will hold tightly enough to convince Iraq that it will lose in the long run by simply standing pat. At that point, rather than go through the humiliation of backing out of Kuwait, the Iraqis might well conclude that they need to lash out in some way to shake things up. In that event, Saddam Hussein appears to have three choices. The first would be to launch the much-feared direct invasion of Saudi Arabia, hoping to seize some Saudi oil fields and improve his bargaining position. But that option is growing less and less likely as thousands of American, British, Egyptian, Syrian and Moroccan forces assemble in and around Saudi Arabia to protect the kingdom. The Saudis even have in their possession 48 Kuwaiti jet fighters, virtually the entire Kuwaiti air force, which managed to escape the Iraqi invasion, Saudi officials said. The Saudi "window of vulnerability... is closing very fast," Prince Bandar bin Sultan, the Saudi ambassador to Washington, said over the weekend. The second possibility would be to start a fight with Israel, in hopes that all Arabs would have to move behind Iraq in a fight against their common Israeli enemy. In such an event, Saddam Hussein also might calculate, the Saudis would be under pressure to kick out U.S. troops because of America's close ties with Israel. Iraq could start hostilities with Israel either through a direct attack or by attacking Jordan. Israel has publicly declared that it will respond to an Iraqi attack on Jordan because it won't allow Iraq's dangerous army to take control of Jordan's long border with Israel. Iraq's third attack option would be to start an undeclared war on the U.S. and other Western nations through terrorism. Two Middle East terrorists with records of successful attacks against Western targets, Abu Nidal and Abu Abbas, have ties to Baghdad. And even terrorist groups that opposed Iraq in its war with Iran show signs of swinging behind Saddam Hussein now that he is in a confrontation with the U.S. And Iraq still has thousands of Americans and other Westerners under its control in Iraq and Kuwait. They aren't being allowed to leave and could become hostages. If Iraq chooses a simple war of nerves and economic attrition, the Bush administration knows a long stalemate could try the patience of the American public and the West in general, and could open the possibility that moderate Arabs -- even including Saudi Arabia -- might drop out of the effort against Iraq and accept some deal from Saddam Hussein. But U.S. officials have sized up Saddam Hussein as a man who, despite some recklessness, will back down if he must. "This is a guy who is impulsive, and therefore capable of big miscalculations," says one senior administration official involved in managing the crisis. The official adds, though, that "at the same time, we think he is someone who is capable of rational judgments when it comes to power. And when he finds something is unprofitable, then one can see certain accommodations." Thus, administration aides will be trying to calculate whether Saddam Hussein's proposed diplomatic formula for getting out of Kuwait represents the first sign he is searching for a way out or simply is a public relations stunt. There are disagreements among experts about how much pressure will be needed to make Saddam Hussein decide he's up against the wall and whether simple economic pressure will ever be enough. The biggest worry is that if he decides he needs a way out of his predicament but doesn't see a face-saving method, he could lash out in dangerous and unpredictable ways. U.S. officials claim they already see signs Saddam Hussein is getting nervous. In the first days after President Bush announced the dispatching of U.S. troops, they note, the Iraqi leader made several nationwide addresses indirectly -- having them read by a television announcer. "That shows he's nervous about pinpointing his location, either because he's afraid we'll find him, or that internal enemies will," says one U.S. official. The unpredictability of Iraq's leader is a principal reason the U.S. is going to such great lengths to build a mammoth force in and around Saudi Arabia. Pentagon officials say the goal is to put 40,000 troops in the region by the end of the month. But the administration isn't putting any upper limit on how high the force could go after that, calculating that it would be a mistake to underestimate and an advantage to keep Saddam Hussein guessing. U.S. commanders in charge of planning for Middle East crises have indicated in the past that they were capable of deploying as many as 300,000 troops. And the U.S. is taking similar steps to ensure that its naval force is adequate to carry out a blockade of Iraq and support a war if necessary. Over the weekend, Pentagon officials confirmed reports that a fourth U.S. aircraft carrier -- the John F. Kennedy -- and its powerful group of support ships could head for the Middle East within a few days. Three other carriers and their escort vessels already are stationed within striking distance of Iraq or are steaming toward the area. But unless the military situation changes drastically, military officials say, the most likely plan will be for the Kennedy to eventually replace the carrier Dwight D. Eisenhower, which has been on patrol since March and was scheduled to return to port before hostilities erupted in Kuwait.
Iraq's Saddam Hussein, his options for ending the Persian Gulf crisis growing increasingly unpleasant, <ei1129>assumed</ei1129> the role of embattled Arab hero in <ei1131>offering</ei1131> his first rough proposal for a negotiated end to the confrontation. The Iraqi leader, in an "initiative" <ei1136>designed</ei1136> as much to rally Arab public opinion as to launch meaningful negotiations, <ei1141>announced</ei1141> yesterday that he will withdraw his troops from Kuwait only if Israel withdraws from the West Bank and Syria from Lebanon. He apparently hopes to lure support from Arabs who have <ei1147>spurned</ei1147> him so far by suggesting that Iraq will use its occupation of Kuwait as a lever to solve the Arab world's most frustrating problem, the 23-year Israeli occupation of land <ei1154>claimed</ei1154> by Palestinians. Even as Saddam Hussein was <ei1155>searching</ei1155> for a ploy to ease his isolation, though, the international pressure against him <ei1160>increased</ei1160> another notch. The White House yesterday <ei1161>disclosed</ei1161> that Kuwait's ousted government has formally <ei1162>asked</ei1162> the U.S. to enforce the total trade embargo the United Nations has imposed on Iraq, <ei1166>allowing</ei1166> the U.S. and other nations to immediately begin <ei1168>stopping</ei1168> ships carrying Iraqi goods. Secretary of State James Baker, <ei1170>speaking</ei1170> on ABC News' "This Week," <ei1171>said</ei1171> the Kuwaiti request <ei1173>gives</ei1173> the U.S. and other countries "a legal basis for stopping the export of oil and that sort of thing." The U.S. <ei1176>maintains</ei1176> that under the U.N. charter, the Kuwaiti request <ei1178>triggers</ei1178> steps for the collective enforcement of international sanctions. Mr. Baker <ei1181>declined</ei1181> to use the word blockade, but <ei1184>said</ei1184> that "interdiction" of Iraqi shipments would <ei1187>begin</ei1187> "almost instantly." In a statement, the White House <ei1189>said</ei1189> it would do "whatever is necessary" to ensure compliance with the sanctions. Other Bush administration officials <ei1194>said</ei1194> that the international naval force in the area -- consisting of American, British, French, Canadian, Soviet, German and Australian ships -- may be used both to stop oil exports from leaving Iraq and Kuwait and to stop shipments of food and other goods from <ei1201>entering</ei1201>. President Bush <ei1202>implied</ei1202> as much yesterday when reporters <ei1203>asked</ei1203> whether the interdiction would apply to food. The president <ei1206>responded</ei1206>, "Everything, everything." While <ei1207>shying</ei1207> away from actually <ei1208>using</ei1208> the word "blockade," Mr. Bush <ei1210>acknowledged</ei1210> that the U.S. and others were trying to block shipping to Iraq. "No point getting into all these semantics," he <ei1214>said</ei1214>. "The main thing is to stop the oil from coming out of there." The naval interdiction force is part of an overall American strategy that officials say is designed to leave the Iraqi leader with only the stark choice of backing out of Kuwait or launching new attacks to change his situation. Though they insist they aren't trying to lure Saddam Hussein into an attack, officials hope that if he strikes again, the U.S. and its allies will have such an impressive force in place in Saudi Arabia that they will be able to crush him in retaliation. Iraq's first option, of course, may be simply to sit tight and hope it can endure a trade embargo longer than the West can live without Iraqi and Kuwaiti oil. Speaking on the ABC program, Abdul Amir al-Anbari, Iraq's ambassador to the U.N., asserted that an embargo on Iraq could plunge the U.S. into a "depression" and the rest of the world into an economic "crisis." Iraq clearly is trying to woo back more Arab support in case the conflict drags on, hoping that its neighbors eventually will help it survive a prolonged war of economic attrition with the West. So Saddam Hussein on Friday tried to scare other Arab leaders into supporting him by <ei1235>calling</ei1235> on Arabs to rise up in a holy war against leaders who <ei1238>invited</ei1238> American and other Western soldiers into Saudi Arabia to <ei1239>protect</ei1239> the oil-rich kingdom. Then yesterday, he <ei1240>tried</ei1240> to entice Arab leaders with his proposal for a diplomatic solution linking his occupation of Kuwait with Israel's occupation of the West Bank. The proposal also <ei1248>called</ei1248> for replacing American and other Western troops in Saudi Arabia with Arab forces. The Bush administration immediately <ei1250>said</ei1250> it "categorically" <ei1251>rejects</ei1251> the proposals. And President Bush yesterday, <ei1253>asked</ei1253> whether he was at least glad Iraq is <ei1254>discussing</ei1254> negotiations, <ei1256>replied</ei1256>: "I don't see anything to be pleasing in there at all." American strategists are calculating, though, that the trade sanctions -- enforced by an effective though perhaps undeclared naval blockade -- will hold tightly enough to convince Iraq that it will lose in the long run by simply standing pat. At that point, rather than go through the humiliation of backing out of Kuwait, the Iraqis might well conclude that they need to lash out in some way to shake things up. In that event, Saddam Hussein <ei1265>appears</ei1265> to <ei1266>have</ei1266> three choices. The first would be to launch the much-feared direct invasion of Saudi Arabia, hoping to seize some Saudi oil fields and improve his bargaining position. But that option is <ei1274>growing</ei1274> less and less likely as thousands of American, British, Egyptian, Syrian and Moroccan forces <ei1275>assemble</ei1275> in and around Saudi Arabia to protect the kingdom. The Saudis even have in their possession 48 Kuwaiti jet fighters, virtually the entire Kuwaiti air force, which <ei1278>managed</ei1278> to escape the Iraqi invasion, Saudi officials <ei1281>said</ei1281>. The Saudi "window of vulnerability... is <ei1282>closing</ei1282> very fast," Prince Bandar bin Sultan, the Saudi ambassador to Washington, <ei1283>said</ei1283> over the weekend. The second possibility would be to start a fight with Israel, in hopes that all Arabs would have to move behind Iraq in a fight against their common Israeli enemy. In such an event, Saddam Hussein also might calculate, the Saudis would be under pressure to kick out U.S. troops because of America's close ties with Israel. Iraq could start hostilities with Israel either through a direct attack or by attacking Jordan. Israel has publicly <ei1297>declared</ei1297> that it will <ei1298>respond</ei1298> to an Iraqi attack on Jordan because it won't allow Iraq's dangerous army to take control of Jordan's long border with Israel. Iraq's third attack option would be to start an undeclared war on the U.S. and other Western nations through terrorism. Two Middle East terrorists with records of successful attacks against Western targets, Abu Nidal and Abu Abbas, have ties to Baghdad. And even terrorist groups that opposed Iraq in its war with Iran show signs of swinging behind Saddam Hussein now that he is in a confrontation with the U.S. And Iraq still has thousands of Americans and other Westerners under its control in Iraq and Kuwait. They aren't being allowed to leave and could become hostages. If Iraq chooses a simple war of nerves and economic attrition, the Bush administration knows a long stalemate could try the patience of the American public and the West in general, and could open the possibility that moderate Arabs -- even including Saudi Arabia -- might drop out of the effort against Iraq and accept some deal from Saddam Hussein. But U.S. officials have <ei1310>sized</ei1310> up Saddam Hussein as a man who, despite some recklessness, will back down if he must. "This is a guy who is impulsive, and therefore capable of big miscalculations," <ei1313>says</ei1313> one senior administration official involved in <ei1315>managing</ei1315> the crisis. The official <ei1317>adds</ei1317>, though, that "at the same time, we <ei1318>think</ei1318> he is someone who is capable of rational judgments when it comes to power. And when he finds something is unprofitable, then one can see certain accommodations." Thus, administration aides will be trying to calculate whether Saddam Hussein's proposed diplomatic formula for getting out of Kuwait <ei1327>represents</ei1327> the first sign he is <ei1329>searching</ei1329> for a way out or simply is a public relations stunt. There are disagreements among experts about how much pressure will be needed to make Saddam Hussein decide he's up against the wall and whether simple economic pressure will ever be enough. The biggest worry is that if he decides he needs a way out of his predicament but doesn't see a face-saving method, he could lash out in dangerous and unpredictable ways. U.S. officials claim they already see signs Saddam Hussein is getting nervous. In the first days after President Bush <ei1335>announced</ei1335> the <ei1336>dispatching</ei1336> of U.S. troops, they note, the Iraqi leader <ei1337>made</ei1337> several nationwide addresses indirectly -- having them <ei1340>read</ei1340> by a television announcer. "That <ei1341>shows</ei1341> he's nervous about pinpointing his location, either because he's afraid we'll find him, or that internal enemies will," <ei1344>says</ei1344> one U.S. official. The unpredictability of Iraq's leader is a principal reason the U.S. is going to such great lengths to build a mammoth force in and around Saudi Arabia. Pentagon officials <ei1345>say</ei1345> the goal is to put 40,000 troops in the region by the end of the month. But the administration isn't putting any upper limit on how high the force could go after that, <ei1351>calculating</ei1351> that it would be a mistake to underestimate and an advantage to keep Saddam Hussein guessing. U.S. commanders in charge of planning for Middle East crises have <ei1358>indicated</ei1358> in the past that they were capable of <ei1360>deploying</ei1360> as many as 300,000 troops. And the U.S. is <ei1361>taking</ei1361> similar steps to ensure that its naval force is adequate to carry out a blockade of Iraq and support a war if necessary. Over the weekend, Pentagon officials <ei1367>confirmed</ei1367> reports that a fourth U.S. aircraft carrier -- the John F. Kennedy -- and its powerful group of support ships could head for the Middle East within a few days. Three other carriers and their escort vessels already are <ei1370>stationed</ei1370> within striking distance of Iraq or are <ei1371>steaming</ei1371> toward the area. But unless the military situation changes drastically, military officials <ei1373>say</ei1373>, the most likely plan will be for the Kennedy to eventually replace the carrier Dwight D. Eisenhower, which has been on patrol since March and was <ei1376>scheduled</ei1376> to return to port before hostilities <ei1378>erupted</ei1378> in Kuwait.
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wsj_0171
{ "id": "t0", "text": "11/02/89" }
Valley Federal Savings and Loan Association took an $89.9 million charge as it reported a third-quarter loss of $70.7 million, or $12.09 a share. The Van Nuys, Calif., thrift had net income of $132,000, or three cents a share, a year ago. The bulk of the pretax charge is a $62 million write-off of capitalized servicing assets at the mobile home financing subsidiary, which the company said had been a big drain on earnings. The company said the one-time provision would substantially eliminate all future losses at the unit. Valley Federal also added $18 million to real estate loan reserves and eliminated $9.9 million of goodwill. The thrift said that "after these charges and assuming no dramatic fluctuation in interest rates, the association expects to achieve near-record earnings in 1990." Valley Federal is currently being examined by regulators. New loans continue to slow; they were $6.6 million in the quarter compared with $361.8 million a year ago. The thrift has assets of $3.2 billion.
Valley Federal Savings and Loan Association <ei2202>took</ei2202> an $89.9 million charge as it <ei2204>reported</ei2204> a third-quarter loss of $70.7 million, or $12.09 a share. The Van Nuys, Calif., thrift <ei2206>had</ei2206> net income of $132,000, or three cents a share, a year ago. The bulk of the pretax charge is a $62 million write-off of capitalized servicing assets at the mobile home financing subsidiary, which the company <ei2210>said</ei2210> had been a big drain on earnings. The company <ei2213>said</ei2213> the one-time provision would substantially eliminate all future losses at the unit. Valley Federal also <ei2217>added</ei2217> $18 million to real estate loan reserves and <ei2218>eliminated</ei2218> $9.9 million of goodwill. The thrift <ei2219>said</ei2219> that "after these charges and <ei2221>assuming</ei2221> no dramatic fluctuation in interest rates, the association <ei2223>expects</ei2223> to achieve near-record earnings in 1990." Valley Federal is currently being <ei2226>examined</ei2226> by regulators. New loans <ei2227>continue</ei2227> to <ei2228>slow</ei2228>; they were $6.6 million in the quarter compared with $361.8 million a year ago. The thrift <ei2229>has</ei2229> assets of $3.2 billion.
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true
matres
wsj_0344
{ "id": "t0", "text": "11/01/89" }
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 $8.1 million, or $2.14 a share, for the third quarter ended September 30. These results compare with net income of $1.8 million, or 44 cents a share, for the corresponding period last year. This quarter's loss includes pretax charges of $4.9 million on the proposed discontinuation of the company's troubled British subsidiary, and $3.7 million of other write-offs the company said were non-recurring and principally related to inventory, publishing advances, and pre-publication costs. The publishing concern said it retained the investment banking firm of Donaldson, Lufkin & Jenrette Securities Inc. to act as its financial advisor, assisting 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. Levin, a director of the company and former head of the Times Mirror Publishing Group, as an advisor. Net sales for this year's third quarter were $14 million, down from $21.4 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 $3 million.
Price Stern Sloan Inc. <ei2141>said</ei2141> it <ei2142>hired</ei2142> an investment banking firm to <ei2143>assist</ei2143> in evaluating restructuring or merger alternatives and <ei2145>reported</ei2145> a net loss of $8.1 million, or $2.14 a share, for the third quarter ended September 30. These results <ei2170>compare</ei2170> with net income of $1.8 million, or 44 cents a share, for the corresponding period last year. This quarter's loss includes pretax charges of $4.9 million on the proposed discontinuation of the company's troubled British subsidiary, and $3.7 million of other write-offs the company <ei2150>said</ei2150> were non-recurring and principally related to inventory, publishing advances, and pre-publication costs. The publishing concern <ei2151>said</ei2151> it <ei2152>retained</ei2152> the investment banking firm of Donaldson, Lufkin & Jenrette Securities Inc. to act as its financial advisor, assisting 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 <ei2156>retained</ei2156> attorney Martin P. Levin, a director of the company and former head of the Times Mirror Publishing Group, as an advisor. Net sales for this year's third quarter were $14 million, down from $21.4 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 $3 million.
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true
matres
wsj_0973
{ "id": "t0", "text": "10/26/89" }
Westinghouse Electric Corp., capitalizing on a major restructuring program, expects operating margins of more than 10% and double-digit per-share earnings growth next year, top officers told securities analysts here. John C. Marous, chairman and chief executive officer, also said the company expects sales from continuing businesses to rise 8.5% annually through the next three years. In 1988, the company earned $822.8 million, or $5.66 a share, on sales of $12.49 billion. Since 1983, Westinghouse has shed 70 businesses that it didn't expect to produce 10% operating margins while acquiring 55 businesses. In the past 20 months alone, Paul E. Lego, president and chief operating officer, said the divestiture of $300 million of slow-growth, low-profit businesses has been more than offset by $600 million in profitable acquisitions. Westinghouse expects to meet its corporate goals despite a softening in the economy. Even if the gross national product is either flat or in the growth range of 2% to 2.5%, "we can handle that," Mr. Marous said. GNP is the total value of the nation's output of goods and services. A bright spot is the company's power-generation business, which is experiencing a surge of growth for the first time in years. Mr. Marous said the business will achieve higher sales this year than the company's target goal of 8.5%. While Westinghouse hasn't had a nuclear power plant order from a U.S. utility in about a decade, excess capacity is beginning to shrink. Mr. Lego said the company foresees the need for a major boost in new-generation capability throughout the 1990s. Westinghouse also is well positioned to sell steam turbine and gas turbine plants to independent power producers. The company's ability to respond to energy needs worldwide will be enhanced through a recently announced venture with Mitsubishi Heavy Industries, Mr. Lego said. He said the independent power segment could grow to provide as much as 50% of near-term generation capacity, adding: "We expect to supply a significant share of this market." Westinghouse also expects its international sales to soon grow to 25% of total corporate sales from 20% last year. The company is negotiating with the Soviets to build a Thermo King truck-refrigeration plant that would produce about 10,000 units annually. Mr. Marous said Westinghouse would own 70% of the facility. The deal, which will involve an initial $20 million investment, was struck with a handshake, he added. Company officials also said that any gain from the sale of Westinghouse's 55% stake in its transmission and distribution venture with the Swiss firm of Asea Brown Boveri will be offset by a restructuring charge in the fourth quarter. The executives didn't disclose the size of the expected gain. Capital expenditure in 1990 will rise slightly, Mr. Marous said, from an estimated $470 million this year.
Westinghouse Electric Corp., <ei1991>capitalizing</ei1991> on a major restructuring program, <ei1992>expects</ei1992> operating margins of more than 10% and double-digit per-share earnings growth next year, top officers <ei1994>told</ei1994> securities analysts here. John C. Marous, chairman and chief executive officer, also <ei1995>said</ei1995> the company expects sales from continuing businesses to rise 8.5% annually through the next three years. In 1988, the company <ei1998>earned</ei1998> $822.8 million, or $5.66 a share, on sales of $12.49 billion. Since 1983, Westinghouse has <ei1999>shed</ei1999> 70 businesses that it didn't expect to produce 10% operating margins while <ei2002>acquiring</ei2002> 55 businesses. In the past 20 months alone, Paul E. Lego, president and chief operating officer, <ei2003>said</ei2003> the divestiture of $300 million of slow-growth, low-profit businesses has been more than <ei2058>offset</ei2058> by $600 million in profitable acquisitions. Westinghouse <ei2005>expects</ei2005> to meet its corporate goals despite a softening in the economy. Even if the gross national product is either flat or in the growth range of 2% to 2.5%, "we can handle that," Mr. Marous <ei2010>said</ei2010>. GNP is the total value of the nation's output of goods and services. A bright spot is the company's power-generation business, which is <ei2011>experiencing</ei2011> a surge of growth for the first time in years. Mr. Marous <ei2013>said</ei2013> the business will <ei2014>achieve</ei2014> higher sales this year than the company's target goal of 8.5%. While Westinghouse hasn't had a nuclear power plant order from a U.S. utility in about a decade, excess capacity is <ei2017>beginning</ei2017> to <ei2018>shrink</ei2018>. Mr. Lego <ei2019>said</ei2019> the company <ei2020>foresees</ei2020> the need for a major boost in new-generation capability throughout the 1990s. Westinghouse also is well <ei2023>positioned</ei2023> to sell steam turbine and gas turbine plants to independent power producers. The company's ability to respond to energy needs worldwide will be enhanced through a recently announced venture with Mitsubishi Heavy Industries, Mr. Lego <ei2028>said</ei2028>. He <ei2029>said</ei2029> the independent power segment could grow to provide as much as 50% of near-term generation capacity, <ei2032>adding</ei2032>: "We expect to supply a significant share of this market." Westinghouse also expects its international sales to soon grow to 25% of total corporate sales from 20% last year. The company is <ei2039>negotiating</ei2039> with the Soviets to build a Thermo King truck-refrigeration plant that would produce about 10,000 units annually. Mr. Marous <ei2042>said</ei2042> Westinghouse would own 70% of the facility. The deal, which will involve an initial $20 million investment, was <ei2047>struck</ei2047> with a handshake, he <ei2049>added</ei2049>. Company officials also <ei2050>said</ei2050> that any gain from the sale of Westinghouse's 55% stake in its transmission and distribution venture with the Swiss firm of Asea Brown Boveri will be offset by a restructuring charge in the fourth quarter. The executives didn't disclose the size of the expected gain. Capital expenditure in 1990 will rise slightly, Mr. Marous said, from an estimated $470 million this year.
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true
matres
wsj_0159
{ "id": "t0", "text": "11/02/89" }
Launched a suit in a Delaware court seeking the withdrawal of Dunkin's poison pill rights and employee stock ownership plans, which it claims were put in place to deter bidders. Acquisition said 2.2 million shares, or about 38.5% of the shares outstanding, have been tendered under its offer. The partners said they already hold 15% of all shares outstanding. Dunkin' has set November 10 as the deadline for the receipt of any competing bids. DD Acquisition said the extension is to allow this process to be completed. Dunkin' is based in Randolph, Massachusetts. Cara, a food services chain operator, and Unicorp, a holding company, are based in Toronto.
<ei223>Launched</ei223> a suit in a Delaware court <ei225>seeking</ei225> the withdrawal of Dunkin's poison pill rights and employee stock ownership plans, which it <ei227>claims</ei227> were put in place to deter bidders. Acquisition <ei230>said</ei230> 2.2 million shares, or about 38.5% of the shares outstanding, have been <ei231>tendered</ei231> under its offer. The partners <ei232>said</ei232> they already <ei233>hold</ei233> 15% of all shares outstanding. Dunkin' has <ei234>set</ei234> November 10 as the deadline for the receipt of any competing bids. DD Acquisition <ei236>said</ei236> the extension is to allow this process to be completed. Dunkin' is based in Randolph, Massachusetts. Cara, a food services chain operator, and Unicorp, a holding company, are based in Toronto.
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true
matres
APW19980213.1310
{ "id": "t0", "text": "02/13/1998 14:26:00" }
Turning its back on 210 years of loyalty to the British royal family, a constitutional convention voted overwhelmingly on Friday to make Australia a republic under its own president. Prime Minister John Howard, a monarchist himself, promised to put the question to a national referendum next year after convention delegates voted 89-52 for a republic, with 11 abstentions. Spontaneous applause echoed through the chamber and public galleries as the crucial vote passed by a wide margin. ``I want a referendum,'' Howard said. ``The Australian people are owed the opportunity of expressing an opinion on this.'' ``It would be a travesty of Australian democracy for that proposition not to be put to the Australian people,'' Howard said. Even in his own Cabinet, Howard is becoming increasingly isolated with his monarchist stance. Treasurer Peter Costello, Environment Minister Robert Hill and Attorney-General Daryl Williams all voted to support the republic on Friday. ``This convention will be seen as a turning point in our history,'' Australian Republican Movement spokeswoman Mary Delahunty said. Pro-republicans hope to have an Australian president by the opening of the 2000 Olympics and the 100th anniversary of Australian federation. Calling for an amended constitution with a new preamble, to be written by Australian poets, republican Janet Holmes a Court said, ``We need the smell of eucalyptus in this, and the feel of red dust.'' Monarchists hope to defeat the republic at the referendum. ``The phony war has finished and the real referendum campaign has clearly begun,'' Australians for a Constitutional Monarchy executive director Kerry Jones said. ``Well may we say `God save the Queen,' for nothing will save the republic,'' outraged monarchist delegate David Mitchell said. ``The idea of a republic will fall to dust through the grace of almighty God.'' Polls have shown public support for a republic increasing, rising from about 35 percent several years ago to about 51 percent this year, as pro-monarchist sentiment diminishes. Australia has been independent since 1901, but like many Commonwealth nations it still recognizes the British monarch as its head of state. Howard said Queen Elizabeth II is taking a great interest in the convention. ``She is, I can assure you, from what I've been told, she's following the proceedings very closely and taking the view it's our business. ``It's no secret that she's indicated to me... she is a 20th-century democrat, understands that the role of the crown in Australia rests in the hands of the Australian people as it has for almost a hundred years.'' The model for a republic, adopted over bitter objections from those advocating direct election of a president, is for presidential nominations to be made with public input and the winning candidate decided by a two-thirds majority of Parliament. Former prime minister Paul Keating, who put the republic issue in the spotlight in his unsuccessful 1996 campaign for re-election, welcomed the result. ``This is an important step along the path towards Australia claiming its full sovereignty, and due recognition that the monarchy can no longer serve us appropriately,'' Keating said.
<ei2000>Turning</ei2000> its back on 210 years of loyalty to the British royal family, a constitutional convention <ei2001>voted</ei2001> overwhelmingly on Friday to make Australia a republic under its own president. Prime Minister John Howard, a monarchist himself, <ei2003>promised</ei2003> to put the question to a national referendum next year after convention delegates <ei2007>voted</ei2007> 89-52 for a republic, with 11 abstentions. Spontaneous applause <ei2009>echoed</ei2009> through the chamber and public galleries as the crucial vote <ei2011>passed</ei2011> by a wide margin. ``I want a referendum,'' Howard <ei2014>said</ei2014>. ``The Australian people are <ei2015>owed</ei2015> the opportunity of expressing an opinion on this.'' ``It would be a travesty of Australian democracy for that proposition not to be put to the Australian people,'' Howard <ei2020>said</ei2020>. Even in his own Cabinet, Howard is <ei2021>becoming</ei2021> increasingly <ei2022>isolated</ei2022> with his monarchist stance. Treasurer Peter Costello, Environment Minister Robert Hill and Attorney-General Daryl Williams all <ei2023>voted</ei2023> to <ei2024>support</ei2024> the republic on Friday. ``This convention will be seen as a turning point in our history,'' Australian Republican Movement spokeswoman Mary Delahunty <ei2026>said</ei2026>. Pro-republicans <ei2027>hope</ei2027> to have an Australian president by the opening of the 2000 Olympics and the 100th anniversary of Australian federation. Calling for an amended constitution with a new preamble, to be written by Australian poets, republican Janet Holmes a Court <ei2033>said</ei2033>, ``We <ei2034>need</ei2034> the smell of eucalyptus in this, and the feel of red dust.'' Monarchists hope to defeat the republic at the referendum. ``The phony war has <ei2039>finished</ei2039> and the real referendum campaign has clearly <ei2041>begun</ei2041>,'' Australians for a Constitutional Monarchy executive director Kerry Jones <ei2042>said</ei2042>. ``Well may we say `God save the Queen,' for nothing will save the republic,'' outraged monarchist delegate David Mitchell <ei2046>said</ei2046>. ``The idea of a republic will fall to dust through the grace of almighty God.'' Polls have <ei2049>shown</ei2049> public support for a republic <ei2051>increasing</ei2051>, <ei2052>rising</ei2052> from about 35 percent several years ago to about 51 percent this year, as pro-monarchist sentiment <ei2055>diminishes</ei2055>. Australia has been independent since 1901, but like many Commonwealth nations it still <ei2057>recognizes</ei2057> the British monarch as its head of state. Howard <ei2058>said</ei2058> Queen Elizabeth II is <ei2059>taking</ei2059> a great interest in the convention. ``She is, I can assure you, from what I've been <ei2062>told</ei2062>, she's <ei2063>following</ei2063> the proceedings very closely and <ei2065>taking</ei2065> the view it's our business. ``It's no secret that she's <ei2067>indicated</ei2067> to me... she is a 20th-century democrat, <ei2069>understands</ei2069> that the role of the crown in Australia <ei2070>rests</ei2070> in the hands of the Australian people as it has for almost a hundred years.'' The model for a republic, <ei2072>adopted</ei2072> over bitter objections from those advocating direct election of a president, is for presidential nominations to be made with public input and the winning candidate decided by a two-thirds majority of Parliament. Former prime minister Paul Keating, who <ei2076>put</ei2076> the republic issue in the spotlight in his unsuccessful 1996 campaign for re-election, <ei2078>welcomed</ei2078> the result. ``This is an important step along the path towards Australia claiming its full sovereignty, and due recognition that the monarchy can no longer serve us appropriately,'' Keating said.
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true
matres
wsj_0132
{ "id": "t0", "text": "11/02/89" }
N.V. DSM said net income in the third quarter jumped 63% as the company had substantially lower extraordinary charges to account for a restructuring program. The Dutch chemical group said net income rose to 235 million guilders ($113.2 million), or 6.70 guilders a share, from 144 million guilders, or 4.10 guilders a share, a year ago. The 32% state-owned DSM had eight million guilders of extraordinary charges in the latest quarter, mainly to reflect one-time losses in connection with the disposal of some operations. The charges were offset in part by a gain from the sale of the company's construction division. Last year, DSM had 71 million guilders of extraordinary charges for the restructuring program and other transactions. The earnings growth also was fueled by the company's ability to cut net financing spending by half to around 15 million guilders. Also, substantially lower Dutch corporate tax rates helped the company keep its tax outlay flat relative to earnings growth, the company added. Sales, however, were little changed at 2.46 billion guilders, compared with 2.42 billion guilders.
N.V. DSM <ei1989>said</ei1989> net income in the third quarter <ei1990>jumped</ei1990> 63% as the company <ei1991>had</ei1991> substantially lower extraordinary charges to account for a restructuring program. The Dutch chemical group <ei1994>said</ei1994> net income <ei1995>rose</ei1995> to 235 million guilders ($113.2 million), or 6.70 guilders a share, from 144 million guilders, or 4.10 guilders a share, a year ago. The 32% state-owned DSM <ei1998>had</ei1998> eight million guilders of extraordinary charges in the latest quarter, mainly to reflect one-time losses in connection with the disposal of some operations. The charges were <ei2004>offset</ei2004> in part by a gain from the sale of the company's construction division. Last year, DSM <ei2007>had</ei2007> 71 million guilders of extraordinary charges for the restructuring program and other transactions. The earnings growth also was <ei2010>fueled</ei2010> by the company's ability to cut net financing spending by half to around 15 million guilders. Also, substantially lower Dutch corporate tax rates <ei2013>helped</ei2013> the company <ei2014>keep</ei2014> its tax outlay flat relative to earnings growth, the company <ei2015>added</ei2015>. Sales, however, were little <ei2016>changed</ei2016> at 2.46 billion guilders, compared with 2.42 billion guilders.
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{ "id": "t0", "text": "19980303" }
Tomorrow the board of supervisors of Loudoun County, Virginia, will vote on whether a school now located in Mount Vernon can relocate to their county. In some respects, that's typical county business, but tomorrow's vote has international implications. The board will decide whether the Islamic Saudi Academy, funded by the government of Saudi Arabia, can move to Ashburn, Virginia. But local residents have not exactly rolled out the red carpet for their would-be neighbors. The World's Nancy Marshall has our story. Inside the Islamic Saudi Academy in Mount Vernon, Virginia, many of the girls wear head scarves and some of the neatly dressed children are in uniforms. The instruction is in English for most classes, in Arabic for language and religious studies. The school says it teaches the children to be good Muslims and good students. They're learning a civics lesson from the residents of Loudoun County. The Islamic Saudi Academy has twelve hundred mostly American students but would take thirty-five hundred if it had the room. The academy bought a hundred acres in Loudoun County, Virginia, and asked for permission to build a fifty-million-dollar campus. In the nearby suburban housing tracts, someone dropped off leaflets warning that the school could bring thousands of Middle Eastern strangers and terrorists. Some residents of the mostly white, mostly middle-class area became alarmed. James Zogby of the Arab American Institute says it's a familiar story. There is, at a very deep level in our culture, a sense of ignorance about Islam, a fear about who Muslims are and what they're doing. Many local residents denounced the bigotry, but opposition to the school then shifted. Now critics of the academy are targeting its owner, the Saudi government. Pastor James Allmen of the Fellowship Church and School in Ashburn has led the anti-Saudi campaign. James Allmen says he has no problem with a privately funded academy, but he has a big problem with a Saudi-funded school. The Saudi Arabian government has an atrocious record on human rights and is known to be one of the worst offending countries when it comes to religious persecution. That's correct. And that is a condition of the application, then. At a public hearing on the Islamic Saudi Academy's application, the split in county opinion was obvious. Supporters of the academy, including Ann Robinson, said the Saudis were just providing a service and it was unfair to penalize children. We do not further the purpose of human rights in the world by violating human rights under our own constitution. But opponents said the school might be a target for terrorist attacks, complained about its tax-exempt status, and wondered why the Saudis are not compelled to allow Christians to worship in their country. Virginia Welch delivered this message to the county board of supervisors: I urge you to do the right thing and send a message to the Saudis that the citizens of Loudoun County embrace religious and human freedom. Loudoun County officials say they'll rule on the application based only on land-use issues and ignore all the other objections. What's really behind those objections, some say, is Loudoun County's collision with a new reality in America—that the country is changing religiously as surely as it is racially and ethnically. According to the Arab American Institute, Islam will one day be the second largest religion in the country. For an indication of the problems that could face Muslims as they integrate into American life, one need look no farther than Loudoun County, Virginia. For The World, I'm Nancy Marshall.
Tomorrow the board of supervisors of Loudoun County, Virginia, will vote on whether a school now located in Mount Vernon can relocate to their county. In some respects, that's typical county business, but tomorrow's vote has international implications. The board will decide whether the Islamic Saudi Academy, funded by the government of Saudi Arabia, can move to Ashburn, Virginia. But local residents have not exactly rolled out the red carpet for their would-be neighbors. The World's Nancy Marshall has our story. Inside the Islamic Saudi Academy in Mount Vernon, Virginia, many of the girls wear head scarves and some of the neatly dressed children are in uniforms. The instruction is in English for most classes, in Arabic for language and religious studies. The school says it teaches the children to be good Muslims and good students. They're learning a civics lesson from the residents of Loudoun County. The Islamic Saudi Academy has twelve hundred mostly American students but would take thirty-five hundred if it had the room. The academy <ei555>bought</ei555> a hundred acres in Loudoun County, Virginia, and <ei556>asked</ei556> for permission to build a fifty-million-dollar campus. In the nearby suburban housing tracts, someone <ei559>dropped</ei559> off leaflets <ei560>warning</ei560> that the school could bring thousands of Middle Eastern strangers and terrorists. Some residents of the mostly white, mostly middle-class area <ei562>became</ei562> alarmed. James Zogby of the Arab American Institute <ei564>says</ei564> it's a familiar story. There is, at a very deep level in our culture, a sense of ignorance about Islam, a fear about who Muslims are and what they're doing. Many local residents <ei568>denounced</ei568> the bigotry, but opposition to the school then <ei571>shifted</ei571>. Now critics of the academy are <ei572>targeting</ei572> its owner, the Saudi government. Pastor James Allmen of the Fellowship Church and School in Ashburn has <ei573>led</ei573> the anti-Saudi campaign. James Allmen <ei575>says</ei575> he <ei576>has</ei576> no problem with a privately funded academy, but he <ei577>has</ei577> a big problem with a Saudi-funded school. The Saudi Arabian government has an atrocious record on human rights and is known to be one of the worst offending countries when it comes to religious persecution. That's correct. And that is a condition of the application, then. At a public hearing on the Islamic Saudi Academy's application, the split in county opinion was obvious. Supporters of the academy, including Ann Robinson, <ei580>said</ei580> the Saudis were just <ei581>providing</ei581> a service and it was unfair to penalize children. We do not further the purpose of human rights in the world by <ei585>violating</ei585> human rights under our own constitution. But opponents <ei586>said</ei586> the school might be a target for terrorist attacks, <ei589>complained</ei589> about its tax-exempt status, and <ei591>wondered</ei591> why the Saudis are not compelled to allow Christians to worship in their country. Virginia Welch <ei595>delivered</ei595> this message to the county board of supervisors: I <ei596>urge</ei596> you to do the right thing and send a message to the Saudis that the citizens of Loudoun County <ei599>embrace</ei599> religious and human freedom. Loudoun County officials <ei600>say</ei600> they'll rule on the application based only on land-use issues and ignore all the other objections. What's really behind those objections, some <ei606>say</ei606>, is Loudoun County's collision with a new reality in America—that the country is <ei608>changing</ei608> religiously as surely as it is racially and ethnically. <ei609>According</ei609> to the Arab American Institute, Islam will one day be the second largest religion in the country. For an indication of the problems that could face Muslims as they integrate into American life, one need look no farther than Loudoun County, Virginia. For The World, I'm Nancy Marshall.
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wsj_0586
{ "id": "t0", "text": "10/30/89" }
London share prices closed sharply lower on Friday in active trading after Chancellor of the Exchequer Nigel Lawson's resignation slapped the market and Wall Street's rapid initial sell-off knocked it down. London shares were depressed initially by overnight losses in New York and by the drop in sterling after Mr. Lawson's resignation. It showed some early resilience after central bank support firmed sterling, but the weight of Wall Street's performance late in London trading, and signs of further weakness in the British pound, proved a hefty load to bear. New York stocks recovered some of their losses after the London market closed. The Financial Times 100-share index shed 47.3 points to close at 2082.1, down 4.5% from the previous Friday and 6.8% from October 13, when Wall Street's plunge helped spark the current weakness in London. The 30-share index settled 42.0 points lower at 1678.5. Volume was 840.8 million shares, up from 443.6 million on Thursday and the week's most active session. Dealers said the turnover, largely confined to the 100-share index stocks, partly reflected the flurry of activity typical at the close of a two-week trading account and the start of a new account. But they said Friday's focus on the top-tier stocks telegraphed active overseas selling and showed the broad-based fears over the status of the U.K. economy and Britain's currency in the wake of the upheaval in Prime Minister Margaret Thatcher's cabinet. A senior dealer with Warburg Securities noted British Gas, the most active blue-chip stock at 20 million shares traded, was affected by the political implications of Mr. Lawson's departure and Mrs. Thatcher's cabinet shuffle. He attributed the unusually high volume to broad-based selling on fears that the Thatcher government may be in turmoil and Britain's Labour Party was positioned to regain control of the government and renew efforts at nationalization. British Gas shed 8.5 pence a share to close at 185 pence ($2.90). Other dealers added that the blue-chip stocks in general were hit by profit-taking over concerns that London shares would continue posting declines and the uncertainty over sterling given that Mr. Lawson's successor, John Major, had only been in the job one day. Besides British Gas, British Steel skidded 1.74 to 123.5 on turnover of 11 million shares. British Petroleum fell 5 to 286 on 14 million shares traded. Dealers said the multinational oil company was pressured by recent brokerage recommendations urging investors to switch into Shell Trading and Transport. Shell eased 1 to 416 on turnover of 4.8 million shares. Among the other actively traded blue-chip issues, Imperial Chemical Industries dropped 11 to 10.86, Hanson skidded 9.5 to 200.5, and British Telecom fell 10 to 250. In Tokyo, stocks closed lower but above intraday lows in active trading. The Nikkei index was pressured down by profit-taking triggered by sharp advances made through that week and fell 151.20 points to 35527.29. In early trading in Tokyo on Monday, the Nikkei index fell 148.85 points to 35378.44. On Friday, the Tokyo stock price index of first section issues was down 15.82 at 2681.76. First-section volume was estimated at 1.3 billion shares, up from 886 million shares on Thursday. An official at Wako Securities said brokerages' excessive expectations about recent advances in Tokyu Group shares and real estate issues were dashed on Friday. Dealers placed heavy buy orders in the morning to start the first trading day for November transactions. But they failed to sell these stocks to client investors, who were cautious about the sharp gains these issues made that week, the Wako official said. Fund managers said Friday's profit-taking was a natural result of the week's "abnormal fever" in buying real estate, shipbuilding, steel and construction shares. Frankfurt prices closed lower again on Friday, the fourth decline in the past five days and the culmination of a week that saw the DAX index lose 4%. The DAX dropped 19.69 points on Friday to 1462.93. Traders said the continued turbulence in other markets, coupled with the drop in London following the Lawson resignation, were responsible. Traders said that selling pressure wasn't enormous and that the DAX dropped on Friday more on a lack of any substantial buying interest. They said contributing to the downward drift was the fact that many professional traders had chosen to square positions ahead of the weekend. "It's the whole uncertainty about what's happening around us," said Valentin Von Korff, a trader at Credit Suisse First Boston in Frankfurt. "If you take away the outside influences, the market itself looks very cheap. What's happening here isn't justified by the fundamentals." Traders said the market remains extremely nervous because of the wild swings seen on the New York Stock Exchange last week. That's leaving small investors with cold feet, they said, and prompting institutions to take a reserved stance on the sidelines as well, at least until the market in New York settles down somewhat. Elsewhere, share prices closed lower in Paris, Zurich, Amsterdam, Brussels and Stockholm, and were mixed in Milan. The British shakeup was widely cited for the declines. Share prices also closed lower in Sydney, Hong Kong, Singapore, Taipei, Manila, Wellington and Seoul. Concern about declines in other markets, especially New York, caused selling pressure. Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva. To make them directly comparable, each index is based on the close of 1969 equaling 100. The percentage change is since year-end.
London share prices <ei1363>closed</ei1363> sharply lower on Friday in active trading after Chancellor of the Exchequer Nigel Lawson's resignation <ei1366>slapped</ei1366> the market and Wall Street's rapid initial sell-off <ei1367>knocked</ei1367> it down. London shares were <ei1368>depressed</ei1368> initially by overnight losses in New York and by the drop in sterling after Mr. Lawson's resignation. It showed some early resilience after central bank support <ei1374>firmed</ei1374> sterling, but the weight of Wall Street's performance late in London trading, and signs of further weakness in the British pound, proved a hefty load to <ei1377>bear</ei1377>. New York stocks <ei1378>recovered</ei1378> some of their losses after the London market <ei1379>closed</ei1379>. The Financial Times 100-share index <ei1380>shed</ei1380> 47.3 points to <ei1381>close</ei1381> at 2082.1, down 4.5% from the previous Friday and 6.8% from October 13, when Wall Street's plunge <ei1383>helped</ei1383> <ei1384>spark</ei1384> the current weakness in London. The 30-share index <ei1386>settled</ei1386> 42.0 points lower at 1678.5. Volume was 840.8 million shares, up from 443.6 million on Thursday and the week's most active session. Dealers <ei1391>said</ei1391> the turnover, largely confined to the 100-share index stocks, partly <ei1392>reflected</ei1392> the flurry of activity typical at the close of a two-week trading account and the start of a new account. But they <ei1398>said</ei1398> Friday's focus on the top-tier stocks <ei1399>telegraphed</ei1399> active overseas selling and <ei1401>showed</ei1401> the broad-based fears over the status of the U.K. economy and Britain's currency in the wake of the upheaval in Prime Minister Margaret Thatcher's cabinet. A senior dealer with Warburg Securities <ei1405>noted</ei1405> British Gas, the most active blue-chip stock at 20 million shares traded, was <ei1406>affected</ei1406> by the political implications of Mr. Lawson's departure and Mrs. Thatcher's cabinet shuffle. He <ei1409>attributed</ei1409> the unusually high volume to broad-based selling on fears that the Thatcher government may be in turmoil and Britain's Labour Party <ei1414>was positioned</ei1414> to regain control of the government and renew efforts at nationalization. British Gas <ei1420>shed</ei1420> 8.5 pence a share to <ei1421>close</ei1421> at 185 pence ($2.90). Other dealers <ei1423>added</ei1423> that the blue-chip stocks in general were <ei1424>hit</ei1424> by profit-taking over concerns that London shares would <ei1426>continue</ei1426> posting declines and the uncertainty over sterling given that Mr. Lawson's successor, John Major, had only been in the job one day. Besides British Gas, British Steel <ei1431>skidded</ei1431> 1.74 to 123.5 on turnover of 11 million shares. British Petroleum <ei1433>fell</ei1433> 5 to 286 on 14 million shares traded. Dealers <ei1435>said</ei1435> the multinational oil company was <ei1436>pressured</ei1436> by recent brokerage recommendations <ei1437>urging</ei1437> investors to switch into Shell Trading and Transport. Shell <ei1439>eased</ei1439> 1 to 416 on turnover of 4.8 million shares. Among the other actively traded blue-chip issues, Imperial Chemical Industries <ei1441>dropped</ei1441> 11 to 10.86, Hanson <ei1443>skidded</ei1443> 9.5 to 200.5, and British Telecom <ei1445>fell</ei1445> 10 to 250. In Tokyo, stocks closed lower but above intraday lows in active trading. The Nikkei index was <ei1449>pressured</ei1449> down by profit-taking <ei1452>triggered</ei1452> by sharp advances made through that week and <ei1454>fell</ei1454> 151.20 points to 35527.29. In early trading in Tokyo on Monday, the Nikkei index <ei1457>fell</ei1457> 148.85 points to 35378.44. On Friday, the Tokyo stock price index of first section issues was down 15.82 at 2681.76. First-section volume was <ei1460>estimated</ei1460> at 1.3 billion shares, up from 886 million shares on Thursday. An official at Wako Securities <ei1463>said</ei1463> brokerages' excessive expectations about recent advances in Tokyu Group shares and real estate issues were <ei1466>dashed</ei1466> on Friday. Dealers <ei1467>placed</ei1467> heavy buy orders in the morning to start the first trading day for November transactions. But they failed to sell these stocks to client investors, who were cautious about the sharp gains these issues <ei1476>made</ei1476> that week, the Wako official <ei1477>said</ei1477>. Fund managers <ei1478>said</ei1478> Friday's profit-taking was a natural result of the week's "abnormal fever" in <ei1482>buying</ei1482> real estate, shipbuilding, steel and construction shares. Frankfurt prices <ei1483>closed</ei1483> lower again on Friday, the fourth decline in the past five days and the culmination of a week that saw the DAX index <ei1487>lose</ei1487> 4%. The DAX <ei1488>dropped</ei1488> 19.69 points on Friday to 1462.93. Traders <ei1490>said</ei1490> the continued turbulence in other markets, coupled with the drop in London following the Lawson resignation, were responsible. Traders <ei1495>said</ei1495> that selling pressure wasn't enormous and that the DAX <ei1496>dropped</ei1496> on Friday more on a lack of any substantial buying interest. They <ei1498>said</ei1498> contributing to the downward <ei1499>drift</ei1499> was the fact that many professional traders had <ei1500>chosen</ei1500> to square positions ahead of the weekend. "It's the whole uncertainty about what's happening around us," said Valentin Von Korff, a trader at Credit Suisse First Boston in Frankfurt. "If you take away the outside influences, the market itself looks very cheap. What's happening here isn't justified by the fundamentals." Traders said the market remains extremely nervous because of the wild swings seen on the New York Stock Exchange last week. That's leaving small investors with cold feet, they said, and prompting institutions to take a reserved stance on the sidelines as well, at least until the market in New York settles down somewhat. Elsewhere, share prices <ei1511>closed</ei1511> lower in Paris, Zurich, Amsterdam, Brussels and Stockholm, and were <ei1513>mixed</ei1513> in Milan. The British shakeup was widely <ei1515>cited</ei1515> for the declines. Share prices also <ei1517>closed</ei1517> lower in Sydney, Hong Kong, Singapore, Taipei, Manila, Wellington and Seoul. Concern about declines in other markets, especially New York, <ei1521>caused</ei1521> selling pressure. Here are price trends on the world's major stock markets, as <ei1524>calculated</ei1524> by Morgan Stanley Capital International Perspective, Geneva. To make them directly comparable, each index is based on the close of 1969 equaling 100. The percentage change is since year-end.
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