21500001@unknown@formal@none@1@S@Confidence in the pound is widely expected to take another sharp dive if trade figures for September, due for release tomorrow, fail to show a substantial improvement from July and August's near-record deficits.@@@@1@33@@oe@2-2-2013
21500002@unknown@formal@none@1@S@Chancellor of the Exchequer Nigel Lawson's restated commitment to a firm monetary policy has helped to prevent a freefall in sterling over the past week.@@@@1@25@@oe@2-2-2013
21500003@unknown@formal@none@1@S@But analysts reckon underlying support for sterling has been eroded by the chancellor's failure to announce any new policy measures in his Mansion House speech last Thursday.@@@@1@27@@oe@2-2-2013
21500004@unknown@formal@none@1@S@This has increased the risk of the government being forced to increase base rates to 16% from their current 15% level to defend the pound, economists and foreign exchange market analysts say.@@@@1@32@@oe@2-2-2013
21500005@unknown@formal@none@1@S@"The risks for sterling of a bad trade figure are very heavily on the down side," said Chris Dillow, senior U.K. economist at Nomura Research Institute.@@@@1@26@@oe@2-2-2013
21500006@unknown@formal@none@1@S@"If there is another bad trade number, there could be an awful lot of pressure," noted Simon Briscoe, U.K. economist for Midland Montagu, a unit of Midland Bank PLC.@@@@1@29@@oe@2-2-2013
21500007@unknown@formal@none@1@S@Forecasts for the trade figures range widely, but few economists expect the data to show a very marked improvement from the #2 billion ($3.2 billion) deficit in the current account reported for August.@@@@1@33@@oe@2-2-2013
21500008@unknown@formal@none@1@S@The August deficit and the #2.2 billion gap registered in July are topped only by the #2.3 billion deficit of October 1988.@@@@1@22@@oe@2-2-2013
21500009@unknown@formal@none@1@S@Sanjay Joshi, European economist at Baring Brothers & Co., said there is no sign that Britain's manufacturing industry is transforming itself to boost exports.@@@@1@24@@oe@2-2-2013
21500010@unknown@formal@none@1@S@At the same time, he remains fairly pessimistic about the outlook for imports, given continued high consumer and capital goods inflows.@@@@1@21@@oe@2-2-2013
21500011@unknown@formal@none@1@S@He reckons the current account deficit will narrow to only #1.8 billion in September.@@@@1@14@@oe@2-2-2013
21500012@unknown@formal@none@1@S@However, Mr. Dillow said he believes that a reduction in raw material stockbuilding by industry could lead to a sharp drop in imports.@@@@1@23@@oe@2-2-2013
21500013@unknown@formal@none@1@S@Combined with at least some rebound in exports after August's unexpected decline, the deficit could narrow to as little as #1.3 billion.@@@@1@22@@oe@2-2-2013
21500014@unknown@formal@none@1@S@Mr. Briscoe, who also forecasts a #1.3 billion current account gap, warns that even if the trade figures are bullish for sterling, the currency won't advance much because investors will want to see further evidence of the turnaround before adjusting positions.@@@@1@41@@oe@2-2-2013
21500015@unknown@formal@none@1@S@Nevertheless, he noted, "No one will want to go into the trade figures without a flat position" in the pound.@@@@1@20@@oe@2-2-2013
21500016@unknown@formal@none@1@S@Meanwhile, overall evidence on the economy remains fairly clouded.@@@@1@9@@oe@2-2-2013
21500017@unknown@formal@none@1@S@In his Mansion House speech, Mr. Lawson warned that a further slowdown can be expected as the impact of the last rise in interest rates earlier this month takes effect.@@@@1@30@@oe@2-2-2013
21500018@unknown@formal@none@1@S@U.K. base rates are at their highest level in eight years.@@@@1@11@@oe@2-2-2013
21500019@unknown@formal@none@1@S@But consumer expenditure data released Friday don't suggest that the U.K. economy is slowing that quickly.@@@@1@16@@oe@2-2-2013
21500020@unknown@formal@none@1@S@The figures show that spending rose 0.1% in the third quarter from the second quarter and was up 3.8% from a year ago.@@@@1@23@@oe@2-2-2013
21500021@unknown@formal@none@1@S@This compares with a 1.6% rise in the second from the first quarter and a 5.4% increase from the second quarter of 1988.@@@@1@23@@oe@2-2-2013
21500022@unknown@formal@none@1@S@Mr. Dillow said the data show the economy "is still quite strong," but suggestions that much of the spending went on services rather than consumer goods should reduce fears of more import rises.@@@@1@33@@oe@2-2-2013
21500023@unknown@formal@none@1@S@Certainly, the chancellor has made it clear that he is prepared to increase interest rates again if necessary to both ensure that a substantial slowdown does take place and that sterling doesn't decline further.@@@@1@34@@oe@2-2-2013
21500024@unknown@formal@none@1@S@Thursday, he reminded his audience that the government "cannot allow the necessary rigor of monetary policy to be undermined by exchange rate weakness."@@@@1@23@@oe@2-2-2013
21500025@unknown@formal@none@1@S@Analysts agree there is little holding sterling firm at the moment other than Mr. Lawson's promise that rates will be pushed higher if necessary.@@@@1@24@@oe@2-2-2013
21500026@unknown@formal@none@1@S@And, they warn, any further drop in the government's popularity could swiftly make this promise sound hollow.@@@@1@17@@oe@2-2-2013
21500027@unknown@formal@none@1@S@Sterling was already showing some signs of a lack of confidence in Mr. Lawson's promise Friday.@@@@1@16@@oe@2-2-2013
21500028@unknown@formal@none@1@S@In European trading it declined to $1.5890 and 2.9495 marks from $1.5940 and 2.9429 marks late Thursday.@@@@1@17@@oe@2-2-2013
21500029@unknown@formal@none@1@S@Economists suggested that if the pound falls much below 2.90 marks, the government will be forced to increase rates to 16%, both to halt any further decline and ensure that the balance of monetary policy remains unchanged.@@@@1@37@@oe@2-2-2013
21500030@unknown@formal@none@1@S@Friday's Market Activity@@@@1@3@@oe@2-2-2013
21500031@unknown@formal@none@1@S@The dollar posted gains in quiet trading as concerns about equities abated.@@@@1@12@@oe@2-2-2013
21500032@unknown@formal@none@1@S@Foreign exchange dealers said that the currency market has begun to distance itself from the volatile stock exchange, which has preoccupied the market since Oct. 13, when the Dow Jones Industrial Average plunged more than 190 points.@@@@1@37@@oe@2-2-2013
21500033@unknown@formal@none@1@S@Currency analysts predict that in the coming week the foreign exchange market will shift its focus back to economic fundamentals, keeping a close eye out for any signs of monetary easing by U.S. Federal Reserve.@@@@1@35@@oe@2-2-2013
21500034@unknown@formal@none@1@S@Late in the New York trading day, the dollar was quoted at 1.8578 marks, up from 1.8470 marks late Thursday in New York.@@@@1@23@@oe@2-2-2013
21500035@unknown@formal@none@1@S@The U.S. currency was also changing hands at 142.43 yen, up from 141.70 yen in New York late Thursday.@@@@1@19@@oe@2-2-2013
21500036@unknown@formal@none@1@S@In Tokyo on Monday, the U.S. currency opened for trading at 141.95 yen, up from Friday's Tokyo close of 141.35 yen.@@@@1@21@@oe@2-2-2013
21500037@unknown@formal@none@1@S@On the Commodity Exchange in New York, gold for current delivery settled at $367.30 an ounce, up 20 cents.@@@@1@19@@oe@2-2-2013
21500038@unknown@formal@none@1@S@Estimated volume was a light 2.4 million ounces.@@@@1@8@@oe@2-2-2013
21500039@unknown@formal@none@1@S@In early trading in Hong Kong Monday, gold was quoted at $366.50 an ounce.@@@@1@14@@oe@2-2-2013
21501001@unknown@formal@none@1@S@East Rock Partners Limited Partnership said it proposed to acquire A.P. Green Industries Inc. for $40 a share.@@@@1@18@@oe@2-2-2013
21501002@unknown@formal@none@1@S@In an Oct. 19 letter to A.P. Green's board, East Rock said the offer is subject to the signing of a merger agreement by no later than Oct. 31.@@@@1@29@@oe@2-2-2013
21501003@unknown@formal@none@1@S@The letter, attached to a filing with the Securities and Exchange Commission, said the approval is also contingent upon obtaining satisfactory financing.@@@@1@22@@oe@2-2-2013
21501004@unknown@formal@none@1@S@An A.P. Green official declined to comment on the filing.@@@@1@10@@oe@2-2-2013
21501005@unknown@formal@none@1@S@The $40-a-share proposal values the company at about $106.6 million.@@@@1@10@@oe@2-2-2013
21501006@unknown@formal@none@1@S@A.P. Green currently has 2,664,098 shares outstanding.@@@@1@7@@oe@2-2-2013
21501007@unknown@formal@none@1@S@Its stock closed at $38, up $1.875, in national over-the-counter trading.@@@@1@11@@oe@2-2-2013
21501008@unknown@formal@none@1@S@The company is a Mexico, Mo., maker of refractory products.@@@@1@10@@oe@2-2-2013
21501009@unknown@formal@none@1@S@East Rock also said in the filing that it boosted its stake in A.P. Green to 8.7%.@@@@1@17@@oe@2-2-2013
21501010@unknown@formal@none@1@S@It now holds 233,000 A.P. Green common shares, including 30,000 shares bought last Thursday for $35.50 to $36.50 a share.@@@@1@20@@oe@2-2-2013
21501011@unknown@formal@none@1@S@New York-based John Kuhns and Robert MacDonald control East Rock Partners Inc., the sole general partner of East Rock Partners L.P.@@@@1@21@@oe@2-2-2013
21501012@unknown@formal@none@1@S@The sole limited partner of the partnership is Westwood Brick Lime Inc., an indirect subsidiary of Westwood Group Inc.@@@@1@19@@oe@2-2-2013
21501013@unknown@formal@none@1@S@Both Westwood Brick and Westwood Group are based in Boston.@@@@1@10@@oe@2-2-2013
21502001@unknown@formal@none@1@S@Freight rates, declining for most of the decade because of competition spurred by deregulation, are bottoming out, turning upward and threatening to fuel inflation.@@@@1@24@@oe@2-2-2013
21502002@unknown@formal@none@1@S@Trucking, shipping and air-freight companies have announced rate increases, scheduled for this fall or early next year, reflecting higher costs and tightened demand for freight transport.@@@@1@26@@oe@2-2-2013
21502003@unknown@formal@none@1@S@Major shippers say they expect freight rates to rise at least as fast as inflation and maybe faster in the next few years.@@@@1@23@@oe@2-2-2013
21502004@unknown@formal@none@1@S@That's a big change from recent years when freight haulage was a bright spot for U.S. productivity, helping to restrain inflation and make U.S. industry more competitive abroad.@@@@1@28@@oe@2-2-2013
21502005@unknown@formal@none@1@S@"Demand has caught up with the supply of certain types of freight transportation, and rates are starting to move up" at a rate "close to or slightly more than the inflation rate," said Clifford Sayre, director of logistics at Du Pont Co.@@@@1@42@@oe@2-2-2013
21502006@unknown@formal@none@1@S@Shippers surveyed recently by Ohio State University said they expect their freight-transport, storage and distribution costs to rise about 4% this year.@@@@1@22@@oe@2-2-2013
21502007@unknown@formal@none@1@S@Only 10% of the 250 shippers polled expected their freight-transport costs to decrease, compared with 30% who had looked to freight transport to reduce costs in past years.@@@@1@28@@oe@2-2-2013
21502008@unknown@formal@none@1@S@"This is the first year since transportation deregulation in 1980 that we have had such a dramatic and broad-based upturn in perceived transportation rates," said Bernard LaLonde, a transportation logistics professor at Ohio State in Columbus.@@@@1@36@@oe@2-2-2013
21502009@unknown@formal@none@1@S@The deregulation of railroads and trucking companies that began in 1980 enabled shippers to bargain for transportation.@@@@1@17@@oe@2-2-2013
21502010@unknown@formal@none@1@S@Carriers could use their equipment more efficiently, leading to overcapacity they were eager to fill.@@@@1@15@@oe@2-2-2013
21502011@unknown@formal@none@1@S@Shippers cut about $35 billion from their annual, inter-city truck and rail costs, to about $150 billion, or about 6.4% of gross national product, down from 8% of GNP in 1981.@@@@1@31@@oe@2-2-2013
21502012@unknown@formal@none@1@S@But with much of the inefficiency squeezed out of the freight-transport system, rising costs are likely to be reflected directly in higher freight rates.@@@@1@24@@oe@2-2-2013
21502013@unknown@formal@none@1@S@"Shippers are saying `the party's over,'" said Mr. LaLonde.@@@@1@9@@oe@2-2-2013
21502014@unknown@formal@none@1@S@"Shippers won't be able to look for transportation-cost savings as they have for the last eight or nine years.@@@@1@19@@oe@2-2-2013
21502015@unknown@formal@none@1@S@Transport rates won't be an opportunity for offsetting cost increases in other segments of the economy."@@@@1@16@@oe@2-2-2013
21502016@unknown@formal@none@1@S@Robert Delaney, a consultant at Arthur D. Little Inc., Cambridge, Mass., said "We've gotten all the benefits of deregulation in freight-cost reductions.@@@@1@22@@oe@2-2-2013
21502017@unknown@formal@none@1@S@Now we are starting to see real freight-rate increases as carriers replace equipment, pay higher fuel costs and pay more for labor.@@@@1@22@@oe@2-2-2013
21502018@unknown@formal@none@1@S@You'll see carriers try to recoup some of the price cutting that occurred previously."@@@@1@14@@oe@2-2-2013
21502019@unknown@formal@none@1@S@Not everyone believes that the good times are over for shippers.@@@@1@11@@oe@2-2-2013
21502020@unknown@formal@none@1@S@"There's still a lot of pressure on rates in both rail and truck," said Gerard McCullough, lecturer in transportation at Massachusetts Institute of Technology.@@@@1@24@@oe@2-2-2013
21502021@unknown@formal@none@1@S@Less-than-truckload companies, which carry the freight of several shippers in each truck trailer, discounted away a 4.7% rate increase implemented last April.@@@@1@22@@oe@2-2-2013
21502022@unknown@formal@none@1@S@The carriers were competing fiercely for market share.@@@@1@8@@oe@2-2-2013
21502023@unknown@formal@none@1@S@Railroad-rate increases are likely to be restrained by weakening rail-traffic levels and keen competition for freight from trucks.@@@@1@18@@oe@2-2-2013
21502024@unknown@formal@none@1@S@An official at Consolidated Freightways Inc., a Menlo Park, Calif., less-than-truckload carrier, said rate discounting in that industry has begun to "stabilize."@@@@1@22@@oe@2-2-2013
21502025@unknown@formal@none@1@S@Consolidated Freightways plans to raise its rates 5.3% late this year or early next year, and at least two competitors have announced similar increases.@@@@1@24@@oe@2-2-2013
21502026@unknown@formal@none@1@S@Truckers are "trying to send signals that they need to stop the bloodletting, forget about market share and go for higher rates," said Michael Lloyd, an analyst at Salomon Bros.@@@@1@30@@oe@2-2-2013
21502027@unknown@formal@none@1@S@And "shippers are getting the feeling that they have played one trucker off against another as much as they can," he said.@@@@1@22@@oe@2-2-2013
21502028@unknown@formal@none@1@S@Air-freight carriers raised their rates for U.S. products going across the Pacific to Asia by about 20% earlier this month.@@@@1@20@@oe@2-2-2013
21502029@unknown@formal@none@1@S@And Japan Air Lines said it plans to boost its rates a further 25% over the next two years.@@@@1@19@@oe@2-2-2013
21502030@unknown@formal@none@1@S@Such rate increases "will increase the total cost of U.S. products and slow down the rate of increase of U.S. exports," said Richard Connors, a senior vice president of Yusen Air & Sea Service U.S.A. Inc., the U.S. air-freight-forwarding subsidiary of Nippon Yusen Kaisha of Japan.@@@@1@46@@oe@2-2-2013
21502031@unknown@formal@none@1@S@Ship companies carrying bulk commodities, such as oil, grain, coal and iron ore, have been able to increase their rates in the last couple of years.@@@@1@26@@oe@2-2-2013
21502032@unknown@formal@none@1@S@Some bulk shipping rates have increased "3% to 4% in the past few months," said Salomon's Mr. Lloyd.@@@@1@18@@oe@2-2-2013
21502033@unknown@formal@none@1@S@And ship lines carrying containers are also trying to raise their rates.@@@@1@12@@oe@2-2-2013
21502034@unknown@formal@none@1@S@Carriers boosted rates more than 10% in the North Atlantic between the U.S. and Europe last September, hoping to partly restore rates to earlier levels.@@@@1@25@@oe@2-2-2013
21502035@unknown@formal@none@1@S@Ship lines operating in the Pacific plan to raise rates on containers carrying U.S. exports to Asia about 10%, effective next April.@@@@1@22@@oe@2-2-2013
21503001@unknown@formal@none@1@S@MGM Grand Inc. said it filed a registration statement with the Securities and Exchange Commission for a public offering of six million common shares.@@@@1@24@@oe@2-2-2013
21503002@unknown@formal@none@1@S@The Beverly Hills, Calif.-based company said it would have 26.9 million common shares outstanding after the offering.@@@@1@17@@oe@2-2-2013
21503003@unknown@formal@none@1@S@The hotel and gaming company said Merrill Lynch Capital Markets will lead the underwriters.@@@@1@14@@oe@2-2-2013
21503004@unknown@formal@none@1@S@Proceeds from the sale will be used for remodeling and refurbishing projects, as well as for the planned MGM Grand hotel/casino and theme park.@@@@1@24@@oe@2-2-2013
21504001@unknown@formal@none@1@S@Bob Stone stewed over a letter from his manager putting him on probation for insubordination.@@@@1@15@@oe@2-2-2013
21504002@unknown@formal@none@1@S@Mr. Stone thought the discipline was unfair; he believed that his manager wanted to get rid of him for personal reasons.@@@@1@21@@oe@2-2-2013
21504003@unknown@formal@none@1@S@Unable to persuade the manager to change his decision, he went to a "company court" for a hearing.@@@@1@18@@oe@2-2-2013
21504004@unknown@formal@none@1@S@At the scheduled time, Mr. Stone entered a conference room in a building near where he worked.@@@@1@17@@oe@2-2-2013
21504005@unknown@formal@none@1@S@After the three members of the court introduced themselves, the chairman of the panel said: "Go ahead and tell us what happened.@@@@1@22@@oe@2-2-2013
21504006@unknown@formal@none@1@S@We may ask questions as you go along, or we may wait until the end."@@@@1@15@@oe@2-2-2013
21504007@unknown@formal@none@1@S@No lawyers or tape recorders were present.@@@@1@7@@oe@2-2-2013
21504008@unknown@formal@none@1@S@The only extra people were a couple of personnel specialists, one of whom knew Mr. Stone's case intimately and would help fill in any facts needed to give the court the full picture.@@@@1@33@@oe@2-2-2013
21504009@unknown@formal@none@1@S@Over a cup of coffee, Mr. Stone told his story.@@@@1@10@@oe@2-2-2013
21504010@unknown@formal@none@1@S@He talked about 20 minutes.@@@@1@5@@oe@2-2-2013
21504011@unknown@formal@none@1@S@When he was through, the court members asked many questions, then the chairman said they would like to hear his manager's side and talk to witnesses.@@@@1@26@@oe@2-2-2013
21504012@unknown@formal@none@1@S@The chairman promised Mr. Stone a decision within two weeks.@@@@1@10@@oe@2-2-2013
21504013@unknown@formal@none@1@S@Bob Stone is a fictional name, but the incident described is real.@@@@1@12@@oe@2-2-2013
21504014@unknown@formal@none@1@S@It happened at Northrop Corp. in Los Angeles.@@@@1@8@@oe@2-2-2013
21504015@unknown@formal@none@1@S@The court is called the Management Appeals Committee, or just "MAC," and it is likely to hear a couple of dozen cases a year.@@@@1@24@@oe@2-2-2013
21504016@unknown@formal@none@1@S@Alter some details of this example and it could be taking place today at Federal Express in Memphis, the Defense and Underseas Systems divisions of Honeywell in Minneapolis, a General Electric plant in Columbia, Md., or a number of other companies.@@@@1@41@@oe@2-2-2013
21504017@unknown@formal@none@1@S@These firms are pioneers in a significant new trend in the corporate world: the rise of what I call corporate due process.@@@@1@22@@oe@2-2-2013
21504018@unknown@formal@none@1@S@Although corporate due process is practiced today in few companies -- perhaps 40 to 60 -- it is one of the fastest developing trends in industry.@@@@1@26@@oe@2-2-2013
21504019@unknown@formal@none@1@S@In the coming decade a majority of people-oriented companies are likely to adopt it.@@@@1@14@@oe@2-2-2013
21504020@unknown@formal@none@1@S@Corporate due process appeals to management for a variety of reasons.@@@@1@11@@oe@2-2-2013
21504021@unknown@formal@none@1@S@It reduces lawsuits from disgruntled employees and ex-employees, with all that means for reduced legal costs and better public relations.@@@@1@20@@oe@2-2-2013
21504022@unknown@formal@none@1@S@It helps to keep out unions.@@@@1@6@@oe@2-2-2013
21504023@unknown@formal@none@1@S@It increases employee commitment to the company, with all that means for efficiency and quality control.@@@@1@16@@oe@2-2-2013
21504024@unknown@formal@none@1@S@What must your management team do to establish corporate due process?@@@@1@11@@oe@2-2-2013
21504025@unknown@formal@none@1@S@Here are four key steps:@@@@1@5@@oe@2-2-2013
21504026@unknown@formal@none@1@S@1. Make sure you have a strong personnel department.@@@@1@9@@oe@2-2-2013
21504027@unknown@formal@none@1@S@It must be able to handle most of the complaints that cannot be solved in the trenches by managers and their subordinates, else the company court or adjudicators will be inundated with cases.@@@@1@33@@oe@2-2-2013
21504028@unknown@formal@none@1@S@At Polaroid, the Personnel Policy Planning Committee may hear only about 20 cases a year; the rest of the many hundreds of complaints are resolved at earlier stages.@@@@1@28@@oe@2-2-2013
21504029@unknown@formal@none@1@S@At TWA, the System Board of Adjustment hears 50 to 75 cases a year, only a fraction of the complaints brought to personnel specialists.@@@@1@24@@oe@2-2-2013
21504030@unknown@formal@none@1@S@At Citicorp, the Problem Review Board may hear only 12 or so cases because of personnel's skill in complaint-resolution.@@@@1@19@@oe@2-2-2013
21504031@unknown@formal@none@1@S@In a typical year, up to 20% of the work force goes to personnel specialists with complaints of unfair treatment.@@@@1@20@@oe@2-2-2013
21504032@unknown@formal@none@1@S@In a large company that means many hundreds of complaints for personnel to handle.@@@@1@14@@oe@2-2-2013
21504033@unknown@formal@none@1@S@2. Formally or informally, train all your managers and supervisors in the company's due-process approach.@@@@1@15@@oe@2-2-2013
21504034@unknown@formal@none@1@S@See that they know company personnel policy backwards and forwards, for it is the "law" governing company courts and adjudicators.@@@@1@20@@oe@2-2-2013
21504035@unknown@formal@none@1@S@Coach them in handling complaints so that they can resolve problems immediately.@@@@1@12@@oe@2-2-2013
21504036@unknown@formal@none@1@S@In case managers and personnel specialists are unsuccessful and subordinates take their complaints to a company court or adjudicator, teach managers to accept reversals as a fact of business life, for in a good due-process system they are bound to happen.@@@@1@41@@oe@2-2-2013
21504037@unknown@formal@none@1@S@In the 15 companies I studied, reversal rates range on the average from 20% to 40%.@@@@1@16@@oe@2-2-2013
21504038@unknown@formal@none@1@S@3. Decide whether you want a panel system or a single adjudicator.@@@@1@12@@oe@2-2-2013
21504039@unknown@formal@none@1@S@A panel system like that in the Bob Stone example enjoys such advantages as high credibility and, for the panelists, mutual support.@@@@1@22@@oe@2-2-2013
21504040@unknown@formal@none@1@S@An adjudicator system -- that is, an investigator who acts first as a fact-finder and then switches hats and arbitrates the facts -- has such advantages as speed, flexibility and maximum privacy.@@@@1@32@@oe@2-2-2013
21504041@unknown@formal@none@1@S@International Business Machines and Bank of America are among the companies using the single-adjudicator approach.@@@@1@15@@oe@2-2-2013
21504042@unknown@formal@none@1@S@4. Make your due-process system visible.@@@@1@6@@oe@2-2-2013
21504043@unknown@formal@none@1@S@It won't do any good for anybody unless employees know about it.@@@@1@12@@oe@2-2-2013
21504044@unknown@formal@none@1@S@Most managements hesitate to go all out in advertising their due-process systems for fear of encouraging cranks and chronic soreheads to file complaints.@@@@1@23@@oe@2-2-2013
21504045@unknown@formal@none@1@S@On the other hand, they make sure at a minimum that their systems are described in their employee handbooks and talked up by personnel specialists.@@@@1@25@@oe@2-2-2013
21504046@unknown@formal@none@1@S@Smith-Kline Beecham goes further and sometimes features its grievance procedure in closed-circuit TV programs.@@@@1@14@@oe@2-2-2013
21504047@unknown@formal@none@1@S@Naturally, one of the best ways to guarantee visibility for your due-process system is for top management to support it.@@@@1@20@@oe@2-2-2013
21504048@unknown@formal@none@1@S@At IBM, the company's Open Door system is sometimes the subject of memorandums from the chief executive.@@@@1@17@@oe@2-2-2013
21504049@unknown@formal@none@1@S@Federal Express goes further in this respect than any company I know of with both Frederick Smith and James Barksdale, chief executive and chief operating officer, respectively, sitting in on the Appeals Board almost every Tuesday to decide cases.@@@@1@39@@oe@2-2-2013
21504050@unknown@formal@none@1@S@Mr. Ewing is a consultant based in Winchester, Mass., and author of "Justice on the Job: Resolving Grievances in the Nonunion Workplace" (Harvard Business School Press, 1989).@@@@1@27@@oe@2-2-2013
21505001@unknown@formal@none@1@S@Tokyo stocks closed higher in active trading Friday, marking the fourth consecutive daily gain since Monday's sharp fall.@@@@1@18@@oe@2-2-2013
21505002@unknown@formal@none@1@S@London shares closed moderately lower in thin trading.@@@@1@8@@oe@2-2-2013
21505003@unknown@formal@none@1@S@At Tokyo, the Nikkei index of 225 selected issues was up 112.16 points to 35486.38.@@@@1@15@@oe@2-2-2013
21505004@unknown@formal@none@1@S@The index advanced 266.66 points Thursday.@@@@1@6@@oe@2-2-2013
21505005@unknown@formal@none@1@S@In early trading in Tokyo Monday, the Nikkei index rose 101.98 points to 35588.36.@@@@1@14@@oe@2-2-2013
21505006@unknown@formal@none@1@S@Friday's volume on the First Section was estimated at one billion shares, up from 862 million Thursday.@@@@1@17@@oe@2-2-2013
21505007@unknown@formal@none@1@S@Winners outpaced losers, 572 to 368, while 181 issues remained unchanged.@@@@1@11@@oe@2-2-2013
21505008@unknown@formal@none@1@S@With investors relieved at the overnight gain in New York stocks, small-lot buying orders streamed into the market from early morning, making traders believe the market was back to normal.@@@@1@30@@oe@2-2-2013
21505009@unknown@formal@none@1@S@The Nikkei, which reached as high as 35611.38 right after the opening, surrendered part of its early advance toward the end of the day because of profit-taking.@@@@1@27@@oe@2-2-2013
21505010@unknown@formal@none@1@S@"Investors, especially dealers, don't want to hold a position over the weekend," a trader at Dai-ichi Securities said, adding, though, that the trading mood remained positive through the afternoon session.@@@@1@30@@oe@2-2-2013
21505011@unknown@formal@none@1@S@The Tokyo Stock Price Index (Topix) of all issues listed in the First Section, which gained 22.78 points Thursday, was up 14.06 points, or 0.53%, at 2679.72.@@@@1@27@@oe@2-2-2013
21505012@unknown@formal@none@1@S@The Second Section index, which rose 15.72 points Thursday, was up 11.88 points, or 0.32%, to close at 3717.46.@@@@1@19@@oe@2-2-2013
21505013@unknown@formal@none@1@S@Volume in the second section was estimated at 30 million shares, up from 28 million Thursday.@@@@1@16@@oe@2-2-2013
21505014@unknown@formal@none@1@S@In turmoil caused by the previous Friday's plunge in New York stocks, the Nikkei marked a sharp 647.33-point fall Monday.@@@@1@20@@oe@2-2-2013
21505015@unknown@formal@none@1@S@But the Nikkei fell an overall 1.8% in value that day compared with Wall Street's far sharper 6.9% drop on Oct. 13.@@@@1@22@@oe@2-2-2013
21505016@unknown@formal@none@1@S@The Tokyo market's resiliency helped participants to regain confidence gradually as they spent more time on analyzing factors that caused the Friday plunge and realized these problems were unique to New York stocks and not directly related to Tokyo.@@@@1@39@@oe@2-2-2013
21505017@unknown@formal@none@1@S@The Nikkei continued to gain for the rest of the week, adding 1017.69 points in four days -- more than erasing Monday's losses.@@@@1@23@@oe@2-2-2013
21505018@unknown@formal@none@1@S@But further major advances on the Nikkei aren't foreseen this week by market observers.@@@@1@14@@oe@2-2-2013
21505019@unknown@formal@none@1@S@Investors are still waiting to see how the U.S. government will decide on interest rates and how the dollar will be stabilized.@@@@1@22@@oe@2-2-2013
21505020@unknown@formal@none@1@S@Some high-priced issues made a comeback Friday.@@@@1@7@@oe@2-2-2013
21505021@unknown@formal@none@1@S@Pioneer surged 450 yen ($3.16) to 6,050 yen ($42.60).@@@@1@9@@oe@2-2-2013
21505022@unknown@formal@none@1@S@Kyocera advanced 80 yen to 5,440.@@@@1@6@@oe@2-2-2013
21505023@unknown@formal@none@1@S@Fanuc gained 100 to 7,580.@@@@1@5@@oe@2-2-2013
21505024@unknown@formal@none@1@S@Breweries attracted investors because of their land property holdings that could figure in development or other plans, traders said.@@@@1@19@@oe@2-2-2013
21505025@unknown@formal@none@1@S@Sapporo gained 80 to 1,920 and Kirin added 60 to 2,070.@@@@1@11@@oe@2-2-2013
21505026@unknown@formal@none@1@S@Housings, constructions and pharmaceuticals continued to be bought following Thursday's gains because of strong earnings outlooks.@@@@1@16@@oe@2-2-2013
21505027@unknown@formal@none@1@S@Daiwa House gained 50 to 2,660.@@@@1@6@@oe@2-2-2013
21505028@unknown@formal@none@1@S@Misawa Homes was up 20 at 2,960.@@@@1@7@@oe@2-2-2013
21505029@unknown@formal@none@1@S@Kajima advanced 40 to 2,120 and Ohbayashi added 50 to 1,730.@@@@1@11@@oe@2-2-2013
21505030@unknown@formal@none@1@S@Fujisawa added 80 to 2,010 and Mochida advanced 230 to 4,400.@@@@1@11@@oe@2-2-2013
21505031@unknown@formal@none@1@S@London share prices were influenced largely by declines on Wall Street and weakness in the British pound.@@@@1@17@@oe@2-2-2013
21505032@unknown@formal@none@1@S@The key Financial Times-Stock Exchange 100-share index ended 10.2 points lower at 2179.1, above its intraday low of 2176.9, but off the day's high of 2189.@@@@1@26@@oe@2-2-2013
21505033@unknown@formal@none@1@S@The index finished 2.4% under its close of 2233.9 the previous Friday, although it recouped some of the sharp losses staged early last week on the back of Wall Street's fall.@@@@1@31@@oe@2-2-2013
21505034@unknown@formal@none@1@S@London was weak throughout Friday's trading, however, on what dealers attributed to generally thin interest ahead of the weekend and this week's potentially important U.K. trade figures for September.@@@@1@29@@oe@2-2-2013
21505035@unknown@formal@none@1@S@The FT-SE 100 largely remained within an 11-point range establshed within the first hour of trading before it eased to an intraday low late in the session when a flurry of program selling pushed Wall Street lower.@@@@1@37@@oe@2-2-2013
21505036@unknown@formal@none@1@S@The FT 30-share index closed 11.0 points lower at 1761.0.@@@@1@10@@oe@2-2-2013
21505037@unknown@formal@none@1@S@Volume was extremely thin at 351.3 million shares, the lightest volume of the week and modestly under Thursday's 387.4 million shares.@@@@1@21@@oe@2-2-2013
21505038@unknown@formal@none@1@S@Dealers said the day's action was featureless outside some response to sterling's early weakness against the mark, and fears that Wall Street might open lower after its strong leap forward Thursday.@@@@1@31@@oe@2-2-2013
21505039@unknown@formal@none@1@S@They added that market-makers were largely sidelined after aggressively supporting the market Thursday in their quest to cover internal shortages of FT-SE 100 shares.@@@@1@24@@oe@2-2-2013
21505040@unknown@formal@none@1@S@Interest may remain limited into tomorrow's U.K. trade figures, which the market will be watching closely to see if there is any improvement after disappointing numbers in the previous two months.@@@@1@31@@oe@2-2-2013
21505041@unknown@formal@none@1@S@The key corporate news of the day was that British Airways decided to withdraw from a management-led bid for UAL Corp., the parent of United Airlines.@@@@1@26@@oe@2-2-2013
21505042@unknown@formal@none@1@S@British Airways rose initially after announcing its withdrawal from the UAL deal.@@@@1@12@@oe@2-2-2013
21505043@unknown@formal@none@1@S@Dealers said they viewed the initial #390-million ($622 million) outlay for a 15% stake in the airline as a bit much.@@@@1@21@@oe@2-2-2013
21505044@unknown@formal@none@1@S@Its shares slid in late dealings to close a penny per share lower at 197 pence.@@@@1@16@@oe@2-2-2013
21505045@unknown@formal@none@1@S@The airline was the most active FT-SE 100 at 8.2 million shares traded.@@@@1@13@@oe@2-2-2013
21505046@unknown@formal@none@1@S@The next most active top-tier stock was B.A.T Industries, the target of Sir James Goldsmith's #13.4 billion bid.@@@@1@18@@oe@2-2-2013
21505047@unknown@formal@none@1@S@The company gained shareholder approval Thursday to restructure in a bid to fend off the hostile takeover.@@@@1@17@@oe@2-2-2013
21505048@unknown@formal@none@1@S@Sir James said Thursday night that his plans for the takeover hadn't changed.@@@@1@13@@oe@2-2-2013
21505049@unknown@formal@none@1@S@B.A.T ended the day at 778, down 5, on turnover of 7.5 million shares.@@@@1@14@@oe@2-2-2013
21505050@unknown@formal@none@1@S@Dealers said it was hit by some profit-taking after gains since mid-week.@@@@1@12@@oe@2-2-2013
21505051@unknown@formal@none@1@S@In other active shares, Trusthouse Forte shed 10 to 294 on volume of 6.4 million shares after a Barclays De Zoete Wedd downgrading, while Hillsdown Holdings, a food products concern, was boosted 2 to 271 after it disclosed it would seek shareholder approval to begin share repurchases.@@@@1@47@@oe@2-2-2013
21505052@unknown@formal@none@1@S@Elsewhere in Europe, share prices closed higher in Stockholm, Brussels and Milan.@@@@1@12@@oe@2-2-2013
21505053@unknown@formal@none@1@S@Prices were lower in Frankfurt, Zurich, Paris and Amsterdam.@@@@1@9@@oe@2-2-2013
21505054@unknown@formal@none@1@S@South African gold stocks closed moderately lower.@@@@1@7@@oe@2-2-2013
21505055@unknown@formal@none@1@S@Share prices closed higher in Sydney, Taipei, Wellington, Manila, Hong Kong and Singapore and were lower in Seoul.@@@@1@18@@oe@2-2-2013
21505056@unknown@formal@none@1@S@Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva.@@@@1@19@@oe@2-2-2013
21505057@unknown@formal@none@1@S@To make them directly comparable, each index is based on the close of 1969 equaling 100.@@@@1@16@@oe@2-2-2013
21505058@unknown@formal@none@1@S@The percentage change is since year-end.@@@@1@6@@oe@2-2-2013
21506001@unknown@formal@none@1@S@The U.S. is required to notify foreign dictators if it knows of coup plans likely to endanger their lives, government officials said.@@@@1@22@@oe@2-2-2013
21506002@unknown@formal@none@1@S@The notification policy was part of a set of guidelines on handling coups outlined in a secret 1988 exchange of letters between the Reagan administration and the Senate Intelligence Committee.@@@@1@30@@oe@2-2-2013
21506003@unknown@formal@none@1@S@The existence of the guidelines has become known since President Bush disclosed them privately to seven Republican senators at a White House meeting last Monday.@@@@1@25@@oe@2-2-2013
21506004@unknown@formal@none@1@S@Officials familiar with the meeting said Mr. Bush cited the policy as an example of the sort of congressional requirements the administration contends contribute to the failure of such covert actions as this month's futile effort to oust Panamanian dictator Manuel Noriega.@@@@1@42@@oe@2-2-2013
21506005@unknown@formal@none@1@S@According to the officials, Mr. Bush even read to the senators selections from a highly classified letter from the committee to the White House discussing the guidelines.@@@@1@27@@oe@2-2-2013
21506006@unknown@formal@none@1@S@They said the president conceded the notification requirement didn't affect his decision to lend only minor support to this month's Panama coup effort.@@@@1@23@@oe@2-2-2013
21506007@unknown@formal@none@1@S@No notification was ever considered, officials said, apparently because the U.S. didn't think the coup plotters intended to kill Mr. Noriega, but merely sought to imprison him.@@@@1@27@@oe@2-2-2013
21506008@unknown@formal@none@1@S@What's more, both administration and congressional officials hint that the notification requirement is likely to be dropped from the guidelines on coup attempts that are being rewritten by the panel and the White House.@@@@1@34@@oe@2-2-2013
21506009@unknown@formal@none@1@S@The rewriting was launched at a meeting between Mr. Bush and intelligence committee leaders Oct. 12, a few days before the meeting at which the president complained about the rules.@@@@1@30@@oe@2-2-2013
21506010@unknown@formal@none@1@S@However, the disclosure of the guidelines, first reported last night by NBC News, is already being interpreted on Capitol Hill as an unfair effort to pressure Congress.@@@@1@27@@oe@2-2-2013
21506011@unknown@formal@none@1@S@It has reopened the bitter wrangling between the White House and Congress over who is responsible for the failure to oust Mr. Noriega and, more broadly, for difficulties in carrying out covert activities abroad.@@@@1@34@@oe@2-2-2013
21506012@unknown@formal@none@1@S@A statement issued by the office of the committee chairman, Sen. David Boren (D., Okla.), charged that the disclosure is part of a continuing effort to shift the criticism for the failure of the recent coup attempt in Panama.@@@@1@39@@oe@2-2-2013
21506013@unknown@formal@none@1@S@The statement added, "Someone has regrettably chosen to selectively summarize portions of highly classified correspondence between the two branches of government.@@@@1@21@@oe@2-2-2013
21506014@unknown@formal@none@1@S@Not only does this come close to a violation of law, it violates the trust we have all worked to develop."@@@@1@21@@oe@2-2-2013
21506015@unknown@formal@none@1@S@Sen. Boren said, "It's time to stop bickering and work together to develop a clear and appropriate policy to help the country in the future.@@@@1@25@@oe@2-2-2013
21506016@unknown@formal@none@1@S@I've invited the president to send his suggestions to the committee."@@@@1@11@@oe@2-2-2013
21506017@unknown@formal@none@1@S@Republican Sen. William Cohen of Maine, the panel's vice chairman, said of the disclosure that "a text torn out of context is a pretext, and it is unfair for those in the White House who are leaking to present the evidence in a selective fashion."@@@@1@45@@oe@2-2-2013
21506018@unknown@formal@none@1@S@Sen. Boren said the committee couldn't defend itself by making the documents public because that would violate classification rules.@@@@1@19@@oe@2-2-2013
21506019@unknown@formal@none@1@S@But the chairman and other committee members stressed that the notification guideline wasn't imposed on the White House by a meddling Congress.@@@@1@22@@oe@2-2-2013
21506020@unknown@formal@none@1@S@Instead, both congressional and administration officials agreed, it grew out of talks about coup-planning in Panama that were initiated by the administration in July 1988 and stretched into last October.@@@@1@30@@oe@2-2-2013
21506021@unknown@formal@none@1@S@The guideline wasn't a law, but a joint interpretation of how the U.S. might operate during foreign coups in light of the longstanding presidential order banning a U.S. role in assassinations.@@@@1@31@@oe@2-2-2013
21506022@unknown@formal@none@1@S@In fact, yesterday the administration and Congress were still differing on what had been agreed to.@@@@1@16@@oe@2-2-2013
21506023@unknown@formal@none@1@S@One administration official said notification was required even if the U.S. "gets wind" of somebody else's coup plans that seem likely to endanger a dictator's life.@@@@1@26@@oe@2-2-2013
21506024@unknown@formal@none@1@S@But a congressional source close to the panel said the rule only covered coup plans directly involving the U.S.@@@@1@19@@oe@2-2-2013
21506025@unknown@formal@none@1@S@Although the notification guideline wasn't carried out in this month's coup attempt, some administration officials argue that it may have led to hesitation and uncertainty on the part of U.S. intelligence and military operatives in Panama.@@@@1@36@@oe@2-2-2013
21506026@unknown@formal@none@1@S@One senior administration official called the guideline "outrageous" and said it could make U.S. operatives reluctant to even listen to coup plans for fear they may get into legal trouble.@@@@1@30@@oe@2-2-2013
21506027@unknown@formal@none@1@S@The issue came to a head last year, officials recalled, partly because the Reagan administration had sought unsuccessfully to win committee approval of funding for new Panama coup efforts.@@@@1@29@@oe@2-2-2013
21506028@unknown@formal@none@1@S@In addition, both administration and congressional officials said the need for guidelines on coups and assassinations was partly spurred by a White House desire to avoid nasty overseas surprises during the election campaign.@@@@1@33@@oe@2-2-2013
21506029@unknown@formal@none@1@S@Though the assassination ban is a White House order that Congress never voted on, the intelligence committees can exercise influence over its interpretation.@@@@1@23@@oe@2-2-2013
21506030@unknown@formal@none@1@S@Last week, Central Intelligence Agency Director William Webster publicly called on Congress to provide new interpretations of the assassination order that would permit the U.S. more freedom to act in coups.@@@@1@31@@oe@2-2-2013
21506031@unknown@formal@none@1@S@The administration has reacted to criticism that it mishandled the latest coup attempt by seeking to blame Congress for restrictions the White House said have hampered its freedom of action.@@@@1@30@@oe@2-2-2013
21506032@unknown@formal@none@1@S@However, last week Mr. Webster's two top CIA deputies said congressional curbs hadn't hampered the spy agency's role in the coup attempt in Panama.@@@@1@24@@oe@2-2-2013
21506033@unknown@formal@none@1@S@Nevertheless, the administration's criticisms appeared to have made some headway with Sens. Boren and Cohen after their Oct. 12 meeting with the president.@@@@1@23@@oe@2-2-2013
21506034@unknown@formal@none@1@S@The three men agreed to rewrite the guidelines, without changing the basic assassination ban, to clear up any ambiguities that may have hampered U.S. encouragement of coups against anti-American leaders.@@@@1@30@@oe@2-2-2013
21506035@unknown@formal@none@1@S@The new argument over the notification guideline, however, could sour any atmosphere of cooperation that existed.@@@@1@16@@oe@2-2-2013
21506036@unknown@formal@none@1@S@Gerald F. Seib contributed to this article.@@@@1@7@@oe@2-2-2013
21507001@unknown@formal@none@1@S@(During its centennial year, The Wall Street Journal will report events of the past century that stand as milestones of American business history.)@@@@1@23@@oe@2-2-2013
21507002@unknown@formal@none@1@S@MUTUAL FUNDS ARRIVED IN THE U.S. during the Roaring Twenties (they had been in Britain for a century), but they didn't boom until the money market fund was created in the 1970s.@@@@1@32@@oe@2-2-2013
21507003@unknown@formal@none@1@S@By 1980, there were more than 100 such funds.@@@@1@9@@oe@2-2-2013
21507004@unknown@formal@none@1@S@Besides creating a vehicle for investors, money market funds also helped rewrite banking regulations.@@@@1@14@@oe@2-2-2013
21507005@unknown@formal@none@1@S@The idea was to let small investors, the backbone of the fund business, deal in the money market's high short-term interest rates.@@@@1@22@@oe@2-2-2013
21507006@unknown@formal@none@1@S@This had been the exclusive province of those rich enough to use six-figure sums to get income that was figured beyond the third or fourth decimal place.@@@@1@27@@oe@2-2-2013
21507007@unknown@formal@none@1@S@The now-standard price of $1 a share came about by accident.@@@@1@11@@oe@2-2-2013
21507008@unknown@formal@none@1@S@An early fund had filed a registration with the Securities and Exchange Commission that included a fixed $1 price.@@@@1@19@@oe@2-2-2013
21507009@unknown@formal@none@1@S@It arrived just as the regulator handling such operations was retiring.@@@@1@11@@oe@2-2-2013
21507010@unknown@formal@none@1@S@His successor approved the $1 price in the process of clearing the backed-up papers on his desk.@@@@1@17@@oe@2-2-2013
21507011@unknown@formal@none@1@S@When Dreyfus started the first advertising-backed retail fund in February 1974, it was priced at $10 a share (and reached $1 billion in assets in one year.)@@@@1@27@@oe@2-2-2013
21507012@unknown@formal@none@1@S@Dreyfus moved to the $1 price after the SEC set standards -- an average 120-day maturity of high-grade paper -- that are still the rule.@@@@1@25@@oe@2-2-2013
21507013@unknown@formal@none@1@S@Keeping the listed price at a dollar is primarily a convenience.@@@@1@11@@oe@2-2-2013
21507014@unknown@formal@none@1@S@Actually, the funds do fluctuate, but beyond the third decimal place.@@@@1@11@@oe@2-2-2013
21507015@unknown@formal@none@1@S@Rounding-off keeps them at $1.@@@@1@5@@oe@2-2-2013
21507016@unknown@formal@none@1@S@Eventually, the money funds' success forced relaxation of curbs on bank interest rates to allow banks to offer competing yields.@@@@1@20@@oe@2-2-2013
21507017@unknown@formal@none@1@S@The new instrument also introduced many to the industry -- 30% of fund owners (there are more than 54 million accounts) started with a money fund.@@@@1@26@@oe@2-2-2013
21507018@unknown@formal@none@1@S@Today more than 470 money market funds have total assets exceeding $350 billion.@@@@1@13@@oe@2-2-2013
21507019@unknown@formal@none@1@S@(The companion tax-exempt funds add $71 billion.)@@@@1@7@@oe@2-2-2013
21507020@unknown@formal@none@1@S@Dreyfus alone has seen its money market funds grow from $1 billion in 1975 to closes to $15 billion today.@@@@1@20@@oe@2-2-2013
21508001@unknown@formal@none@1@S@Procter & Gamble Co. and Noxell Corp. said they received early termination of the waiting period under the Hart-Scott-Rodino Act regarding the proposed $1.4 billion merger of Noxell into P&G.@@@@1@30@@oe@2-2-2013
21508002@unknown@formal@none@1@S@Shareholders of Noxell, of Hunt Valley, Md., will vote on the merger at a special meeting on Nov. 30, the companies said.@@@@1@22@@oe@2-2-2013
21508003@unknown@formal@none@1@S@P&G, Cincinnati, agreed to exchange 0.272 share of its common stock for each share of Noxell common and Class B stock, a total of about 11 million P&G shares.@@@@1@29@@oe@2-2-2013
21508004@unknown@formal@none@1@S@The transaction would mark the entry of P&G into cosmetics.@@@@1@10@@oe@2-2-2013
21508005@unknown@formal@none@1@S@The company already markets a wide range of detergents, food, household and health-care products.@@@@1@14@@oe@2-2-2013
21509001@unknown@formal@none@1@S@Shareholders of Messerschmitt-Boelkow-Blohm G.m.b.H. postponed their formal endorsement of a merger with Daimler-Benz AG until another meeting on Nov. 17.@@@@1@20@@oe@2-2-2013
21509002@unknown@formal@none@1@S@The owners of the defense and aerospace concern, which include three regional states, several industrial companies and banks, met Friday to discuss the final terms of the transaction, in which Daimler-Benz will acquire 50.01% of@@@@1@35@@oe@2-2-2013
21509003@unknown@formal@none@1@S@But agreement aparently couldn't be reached because of opposition from the states of Hamburg and Bremen, which are demanding more influence over the German Airbus operations and a better guarantee against job losses in the troubled Northern German region.@@@@1@39@@oe@2-2-2013
21509004@unknown@formal@none@1@S@The two states and the state of Bavaria still hold a majority in MBB, but their stake will fall to around 30% after Daimler-Benz acquires its stake in the concern.@@@@1@30@@oe@2-2-2013
21510001@unknown@formal@none@1@S@Jeffrey E. Levin was named vice president and chief economist of this commodity futures and options exchange.@@@@1@17@@oe@2-2-2013
21510002@unknown@formal@none@1@S@He had been associate professor in the department of finance at Seton Hall University.@@@@1@14@@oe@2-2-2013
21511001@unknown@formal@none@1@S@SIERRA TUCSON Cos. said it completed its initial public offering of 2.5 million common shares, which raised $30 million.@@@@1@19@@oe@2-2-2013
21511002@unknown@formal@none@1@S@The Tucson, Ariz., operator of addiction-treatment centers said proceeds will be used for expansion, to pay debt and for general corporate purposes.@@@@1@22@@oe@2-2-2013
21511003@unknown@formal@none@1@S@Oppenheimer & Co. was the lead underwriter.@@@@1@7@@oe@2-2-2013
21512001@unknown@formal@none@1@S@The government issues its first reading on third-quarter real gross national product this week in a report that is expected to disclose much tamer inflation.@@@@1@25@@oe@2-2-2013
21512002@unknown@formal@none@1@S@The consensus view on real GNP, the total value of the nation's output of goods and services adjusted for inflation, calls for a 2.3% gain, down from the second quarter's 2.5%, according to MMS International, a unit of McGraw-Hill Inc., New York.@@@@1@42@@oe@2-2-2013
21512003@unknown@formal@none@1@S@But inflation, as measured by the GNP deflator in Thursday's report, is expected to rise only 3.5%, down from 4.6% in the second quarter.@@@@1@24@@oe@2-2-2013
21512004@unknown@formal@none@1@S@"Inflation could be a real surprise," said Samuel D. Kahan, chief financial economist at Kleinwort Benson Government Securities Inc., in Chicago.@@@@1@21@@oe@2-2-2013
21512005@unknown@formal@none@1@S@"If that gets people excited, it could serve as an impetus to the fixed-income markets to lower their rates," he added.@@@@1@21@@oe@2-2-2013
21512006@unknown@formal@none@1@S@The week's other notable indicators include mid-October auto sales, September durable goods orders as well as September personal income, personal consumption and the saving rate.@@@@1@25@@oe@2-2-2013
21512007@unknown@formal@none@1@S@Most are expected to fall below previous-month levels.@@@@1@8@@oe@2-2-2013
21512008@unknown@formal@none@1@S@Many economists see even slower GNP growth for the remainder of the year, with some leaning more strongly toward a possible recession.@@@@1@22@@oe@2-2-2013
21512009@unknown@formal@none@1@S@In addition to softer production data, weaker housing starts and lower corporate profits currently in evidence, some analysts believe the two recent natural disasters -- Hurricane Hugo and the San Francisco earthquake -- will carry economic ramifications in the fourth quarter.@@@@1@41@@oe@2-2-2013
21512010@unknown@formal@none@1@S@The recent one-day, 190-point drop in the Dow Jones Industrial Average seems to be significant to economists mainly for its tacit comment on the poor quality of third-quarter profits now being reported.@@@@1@32@@oe@2-2-2013
21512011@unknown@formal@none@1@S@"The stock market is sick because profits are crumbling," says Michael K. Evans, president of Evans Economics Inc., Washington.@@@@1@19@@oe@2-2-2013
21512012@unknown@formal@none@1@S@The economy, he noted, moves the market, not vice versa.@@@@1@10@@oe@2-2-2013
21512013@unknown@formal@none@1@S@On the other hand, Mr. Evans expects the hurricane and the earthquake "to take a hunk out of fourth-quarter GNP."@@@@1@20@@oe@2-2-2013
21512014@unknown@formal@none@1@S@His estimate of 3.3% for third-quarter GNP is higher than the consensus largely because he believes current inventories aren't as low as official figures indicate.@@@@1@25@@oe@2-2-2013
21512015@unknown@formal@none@1@S@Demand, he believes, is being met from overhang rather than new production.@@@@1@12@@oe@2-2-2013
21512016@unknown@formal@none@1@S@By and large, economists believe the two natural catastrophes will limit economic damage to their regions.@@@@1@16@@oe@2-2-2013
21512017@unknown@formal@none@1@S@Edward J. Campbell, economist at Brown Brothers Harriman & Co., New York, noted that large increases in construction activity along with government and private relief efforts could offset loss of production in those areas.@@@@1@34@@oe@2-2-2013
21512018@unknown@formal@none@1@S@Gary Ciminero, economist at Fleet/Norstar Financial Group, Providence, R.I., expects the deflator to rise 3.7%, well below the second quarter's 4.6%, partly because of what he believes will be temporarily better price behavior.@@@@1@33@@oe@2-2-2013
21512019@unknown@formal@none@1@S@He expects real GNP growth of only 2.1% for the quarter, noting a wider trade deficit, slower capital and government spending and the lower inventory figures.@@@@1@26@@oe@2-2-2013
21512020@unknown@formal@none@1@S@Sung Won Sohn, chief economist at Norwest Corp., Minneapolis, holds that the recent stock-market volatility "increases the possibility of economic recession and reinforces the bad news" from recent trade deficit, employment and housing reports.@@@@1@34@@oe@2-2-2013
21512021@unknown@formal@none@1@S@The consensus calls for a 0.5% increase in September personal income and a 0.3% gain in consumption.@@@@1@17@@oe@2-2-2013
21512022@unknown@formal@none@1@S@In August, personal income rose 0.4% and personal consumption increased 0.9%.@@@@1@11@@oe@2-2-2013
21512023@unknown@formal@none@1@S@Charles Lieberman, managing director of financial markets reasearch at Manufacturers Hanover Securities Corp., New York, said Hurrican Hugo shaved 0.1% to 0.2% from personal-income growth, because of greatly diminished rental income from tourism.@@@@1@33@@oe@2-2-2013
21512024@unknown@formal@none@1@S@Durable goods orders for September, due out tomorrow, are expected to show a slip of 1%, compared with August's 3.9% increase.@@@@1@21@@oe@2-2-2013
21512025@unknown@formal@none@1@S@As usual, estimates on the fickle report are wide, running from a drop of 3.5% to a gain of 1.6%.@@@@1@20@@oe@2-2-2013
21513001@unknown@formal@none@1@S@HASTINGS MANUFACTURING Co. declared a regular quarterly dividend of 10 cents a share and an extra dividend of five cents a share on its common stock, payable Dec. 15 to shares of record Nov. 17.@@@@1@35@@oe@2-2-2013
21513002@unknown@formal@none@1@S@This is the 11th consecutive quarter in which the company has paid shareholders an extra dividend of five cents.@@@@1@19@@oe@2-2-2013
21513003@unknown@formal@none@1@S@The Hastings, Mich., concern makes piston rings, filters and fuel pumps.@@@@1@11@@oe@2-2-2013
21514001@unknown@formal@none@1@S@Vickers PLC, a United Kingdom defense and engineering company, said an investment unit controlled by New Zealand financier Ron Brierley raised its stake in the company Friday to 15.02% from about 14.6% Thursday and from 13.7% the previous week.@@@@1@39@@oe@2-2-2013
21514002@unknown@formal@none@1@S@I.E.P. Securities Ltd., a unit of Mr. Brierley's Hong Kong-based Industrial Equity (Pacific) Ltd., boosted its holdings in Vickers to 38.8 million shares.@@@@1@23@@oe@2-2-2013
21514003@unknown@formal@none@1@S@The latest purchase follows small increases in his holdings made over the past five months.@@@@1@15@@oe@2-2-2013
21514004@unknown@formal@none@1@S@In May, Mr. Brierley's stake shrank to 8.7% after ranging between 9% and 11% for much of the previous year.@@@@1@20@@oe@2-2-2013
21514005@unknown@formal@none@1@S@"Ron Brierley clearly views our company as a good investment," a Vickers spokesman said.@@@@1@14@@oe@2-2-2013
21514006@unknown@formal@none@1@S@The spokesman refused to comment on speculation that Industrial Equity might use its interest as a platform to launch a hostile bid for the company.@@@@1@25@@oe@2-2-2013
21514007@unknown@formal@none@1@S@Vickers makes tanks for the U.K. army, Rolls Royce cars, and has marine and medical businesses.@@@@1@16@@oe@2-2-2013
21515001@unknown@formal@none@1@S@When Rune Andersson set out to revive flagging Swedish conglomerate Trelleborg AB in the early 1980s, he spurned the advice of trendy management consultants.@@@@1@24@@oe@2-2-2013
21515002@unknown@formal@none@1@S@"All these consultants kept coming around telling us we should concentrate on high technology, electronics or biotechnology, and get out of mature basic industries," Mr. Andersson recalls.@@@@1@27@@oe@2-2-2013
21515003@unknown@formal@none@1@S@Yet under its 45-year-old president, Trelleborg moved aggressively into those unfashionable base industries -- first strengthening its existing rubber and plastics division, later adding mining as well as building and construction materials.@@@@1@32@@oe@2-2-2013
21515004@unknown@formal@none@1@S@It was a gutsy move for a little-known executive, fired after only two months as president of his previous company.@@@@1@20@@oe@2-2-2013
21515005@unknown@formal@none@1@S@But going against the grain has never bothered Mr. Andersson.@@@@1@10@@oe@2-2-2013
21515006@unknown@formal@none@1@S@Stroking his trademark white goatee during a recent interview, the diminutive Swede quips: "It turned out to be lucky for us.@@@@1@21@@oe@2-2-2013
21515007@unknown@formal@none@1@S@If the whole market thinks what you're doing is crazy you don't have much competition."@@@@1@15@@oe@2-2-2013
21515008@unknown@formal@none@1@S@Mr. Andersson is anxious to strengthen Trelleborg's balance sheet.@@@@1@9@@oe@2-2-2013
21515009@unknown@formal@none@1@S@Characteristically, he didn't waste much time getting started.@@@@1@8@@oe@2-2-2013
21515010@unknown@formal@none@1@S@On Tuesday, Trelleborg's directors announced plans to spin off two big divisions -- minerals processing, and building and distribution -- as separately quoted companies on Stockholm's Stock Exchange.@@@@1@28@@oe@2-2-2013
21515011@unknown@formal@none@1@S@At current market prices, the twin public offerings to be completed next year would add an estimated 2.5 billion Swedish kronor ($386 million) to Trelleborg's coffers, analysts say.@@@@1@28@@oe@2-2-2013
21515012@unknown@formal@none@1@S@The board had also been expected to approve a SKr1.5 billion international offering of new Trelleborg shares.@@@@1@17@@oe@2-2-2013
21515013@unknown@formal@none@1@S@But that share issue -- intended to make Trelleborg better known among international investors -- was postponed until market conditions stabilize, people familiar with the situation say.@@@@1@27@@oe@2-2-2013
21515014@unknown@formal@none@1@S@Trelleborg's internationally traded "Bfree" series stock plunged SKr29 ($4.48) to SKr205 ($31.65) in volatile trading Monday in Stockholm.@@@@1@18@@oe@2-2-2013
21515015@unknown@formal@none@1@S@Tuesday, the shares regained SKr20, closing at SKr225.@@@@1@8@@oe@2-2-2013
21515016@unknown@formal@none@1@S@Mr. Andersson says he is confident that taking parts of the company public will help erase the "conglomerate stigma" that has held down Trelleborg's share price.@@@@1@26@@oe@2-2-2013
21515017@unknown@formal@none@1@S@Trelleborg plans to remain the dominant shareholder with stakes of slightly less than 50% of both units.@@@@1@17@@oe@2-2-2013
21515018@unknown@formal@none@1@S@The spinoff should solve a problem for the parent.@@@@1@9@@oe@2-2-2013
21515019@unknown@formal@none@1@S@A family foundation set up by late founder Henry Dunker controls 59% of Trelleborg's voting shares outstanding.@@@@1@17@@oe@2-2-2013
21515020@unknown@formal@none@1@S@But the foundation bylaws require the entire Trelleborg stake to be sold in the open market if control drops below 50%.@@@@1@21@@oe@2-2-2013
21515021@unknown@formal@none@1@S@That possibility had crept closer as repeated new share offerings to finance Trelleborg's rapid growth steadily diluted the foundation's holding.@@@@1@20@@oe@2-2-2013
21515022@unknown@formal@none@1@S@That growth is the result of Mr. Andersson's shopping spree, during which he has bought and sold more than 100 companies during the past five years.@@@@1@26@@oe@2-2-2013
21515023@unknown@formal@none@1@S@Most of the new additions were barely profitable, if not outright loss makers.@@@@1@13@@oe@2-2-2013
21515024@unknown@formal@none@1@S@Applying prowess gained during earlier stints at appliance maker AB Electrolux, Mr. Andersson and a handful of loyal lieutenants aggressively stripped away dead wood -- and got quick results.@@@@1@29@@oe@2-2-2013
21515025@unknown@formal@none@1@S@The treatment turned Trelleborg into one of Scandinavia's biggest and fastest-growing industrial concerns.@@@@1@13@@oe@2-2-2013
21515026@unknown@formal@none@1@S@Between 1985 and 1988, sales multipled more than 10 times and pretax profit surged almost twelvefold.@@@@1@16@@oe@2-2-2013
21515027@unknown@formal@none@1@S@Many analysts expect Mr. Andersson, who owns 1.7% of the company, to be named Trelleborg's new chairman when Ernst Herslow steps down next year.@@@@1@24@@oe@2-2-2013
21515028@unknown@formal@none@1@S@But the promotion isn't likely to alter a management style Mr. Andersson describes as "being the driving force leading the troops, not managing by sitting back with a cigar waiting for people to bring me ideas."@@@@1@36@@oe@2-2-2013
21515029@unknown@formal@none@1@S@Last month, in his boldest move yet, Mr. Andersson and Trelleborg joined forces with Canada's Noranda Inc. in a joint $2 billion hostile takeover of another big Canadian mining concern, Falconbridge Ltd.@@@@1@32@@oe@2-2-2013
21515030@unknown@formal@none@1@S@Industry analysts suggest that the conquest of Falconbridge could vault Trelleborg from a regional Scandinavian success story to a world-class mining concern.@@@@1@22@@oe@2-2-2013
21515031@unknown@formal@none@1@S@"Trelleborg isn't in the same league yet as mining giants such as RTZ Corp. or Anglo-American Corp.," says Mike Kurtanjek, a mining analyst at James Capel & Co., London.@@@@1@29@@oe@2-2-2013
21515032@unknown@formal@none@1@S@"But we certainly like what we've seen so far."@@@@1@9@@oe@2-2-2013
21515033@unknown@formal@none@1@S@But Trelleborg still must clear some tough hurdles.@@@@1@8@@oe@2-2-2013
21515034@unknown@formal@none@1@S@Mr. Andersson acknowledges that the company's mining division "will be busy for a while digesting its recent expansion."@@@@1@18@@oe@2-2-2013
21515035@unknown@formal@none@1@S@Booming metals prices have fueled Trelleborg's recent profit surge, raising mining's share of pretax profit to 68% this year from a big loss two years earlier.@@@@1@26@@oe@2-2-2013
21515036@unknown@formal@none@1@S@But analysts caution an expected fall in metal prices next year could slow profit growth.@@@@1@15@@oe@2-2-2013
21515037@unknown@formal@none@1@S@Mining is likely to remain Trelleborg's main business.@@@@1@8@@oe@2-2-2013
21515038@unknown@formal@none@1@S@Analysts say its chances of success will likely hinge on how well Trelleborg manages to cooperate with Noranda in the Falconbridge venture.@@@@1@22@@oe@2-2-2013
21515039@unknown@formal@none@1@S@Noranda and Trelleborg each came close to winning Falconbridge alone before the successful joint bid.@@@@1@15@@oe@2-2-2013
21515040@unknown@formal@none@1@S@Some analysts say Noranda would prefer to break up Falconbridge, and that the Swedes -- relatively inexperienced in international mining operations -- could have problems holding their own with a much bigger partner like Noranda operating on its home turf.@@@@1@40@@oe@2-2-2013
21515041@unknown@formal@none@1@S@Mr. Andersson insists that Trelleborg and Noranda haven't discussed a Falconbridge break-up.@@@@1@12@@oe@2-2-2013
21515042@unknown@formal@none@1@S@Falconbridge, he says, will continue operating in its current form.@@@@1@10@@oe@2-2-2013
21515043@unknown@formal@none@1@S@"We'd be reluctant to accept 50-50 ownership in a manufacturing company.@@@@1@11@@oe@2-2-2013
21515044@unknown@formal@none@1@S@But such partnerships are common in mining, where there aren't problems or conflict of interest or risk of cheating by a partner," Trelleborg's president says.@@@@1@25@@oe@2-2-2013
21515045@unknown@formal@none@1@S@Perhaps more important, both companies share Mr. Andersson's belief in the coming renaissance of base industries.@@@@1@16@@oe@2-2-2013
21515046@unknown@formal@none@1@S@"If the 1980s were a decade of consumption, the '90s will be the investment decade," Mr. Andersson says.@@@@1@18@@oe@2-2-2013
21515047@unknown@formal@none@1@S@"The whole of Europe and the industrialized world is suffering from a breakdown in infrastructure investment," he says.@@@@1@18@@oe@2-2-2013
21515048@unknown@formal@none@1@S@"That's beginning to change.@@@@1@4@@oe@2-2-2013
21515049@unknown@formal@none@1@S@And investment is the key word for base metals, and most other businesses Trelleborg is in.@@@@1@16@@oe@2-2-2013
21516001@unknown@formal@none@1@S@Apple Computer Inc. posted improved fiscal fourth-quarter profit due largely to a $48 million gain on the sale of its stock in Adobe Systems Inc.@@@@1@25@@oe@2-2-2013
21516002@unknown@formal@none@1@S@Excluding the gain, the company registered a modest 4.6% increase for the quarter ended Sept. 29 to $113 million, or 87 cents a share, from the year-earlier $107.9 million, or 84 cents a share.@@@@1@34@@oe@2-2-2013
21516003@unknown@formal@none@1@S@Proceeds of the Adobe sale brought net income in the quarter to $161.1 million, or $1.24 a share.@@@@1@18@@oe@2-2-2013
21516004@unknown@formal@none@1@S@Apple shares fell 75 cents in over-the-counter trading to close at $48 a share.@@@@1@14@@oe@2-2-2013
21516005@unknown@formal@none@1@S@Fiscal fourth-quarter sales grew about 18% to $1.38 billion from $1.17 billion a year earlier.@@@@1@15@@oe@2-2-2013
21516006@unknown@formal@none@1@S@Without the Adobe gain, Apple's full-year operating profit edged up 1.5% to $406 million, or $3.16 a share, from $400.3 million, or $3.08 a share.@@@@1@25@@oe@2-2-2013
21516007@unknown@formal@none@1@S@Including the Adobe gain, full-year net was $454 million, or $3.53 a share.@@@@1@13@@oe@2-2-2013
21516008@unknown@formal@none@1@S@Sales for the year rose nearly 30% to $5.28 billion from $4.07 billion a year earlier.@@@@1@16@@oe@2-2-2013
21516009@unknown@formal@none@1@S@John Sculley, chairman and chief executive officer, credited the Macintosh SE/30 and IIcx computers, introduced in the winter, for the brightened sales performance.@@@@1@23@@oe@2-2-2013
21516010@unknown@formal@none@1@S@Mr. Sculley also indicated that sagging margins, which dogged the company through most of 1989, began to turn up in the fourth quarter as chip prices eased.@@@@1@27@@oe@2-2-2013
21516011@unknown@formal@none@1@S@"Adverse pressure on gross margins . . . has subsided," Mr. Sculley said.@@@@1@13@@oe@2-2-2013
21516012@unknown@formal@none@1@S@Margins in the fiscal fourth quarter perked up, rising to 51% from 49.2% a year earlier.@@@@1@16@@oe@2-2-2013
21516013@unknown@formal@none@1@S@For all of fiscal 1989, however, the average gross margin was 49%, below the average 1988 gross margin of 51%.@@@@1@20@@oe@2-2-2013
21516014@unknown@formal@none@1@S@Lower component costs -- especially for DRAMs, or dynamic random access memory chips -- were cited for the easing of margin pressure on the company, a spokeswoman said.@@@@1@28@@oe@2-2-2013
21516015@unknown@formal@none@1@S@Looking ahead to 1990, Mr. Sculley predicted "another year of significant revenue growth," along with improved profitability, as the recovery in gross margins continues into 1990.@@@@1@26@@oe@2-2-2013
21517001@unknown@formal@none@1@S@Gary J. Schantz, 44 years old, was named president and chief operating officer.@@@@1@13@@oe@2-2-2013
21517002@unknown@formal@none@1@S@Polymerix makes lumber-like materials that it describes as "plastic wood."@@@@1@10@@oe@2-2-2013
21517003@unknown@formal@none@1@S@The operating chief's post is new.@@@@1@6@@oe@2-2-2013
21517004@unknown@formal@none@1@S@Martin Schrager, 51, who had been president, was named vice chairman.@@@@1@11@@oe@2-2-2013
21517005@unknown@formal@none@1@S@He remains chief executive officer.@@@@1@5@@oe@2-2-2013
21517006@unknown@formal@none@1@S@Mr. Schantz was vice president and chief operating officer of the Acrylic division of Polycast Technology Corp.@@@@1@17@@oe@2-2-2013
21517007@unknown@formal@none@1@S@Separately, the board expanded to six members with the election of David L. Holewinski, a consultant.@@@@1@16@@oe@2-2-2013
21517008@unknown@formal@none@1@S@The company also said it privately placed stock and warrants in exchange for $750,000.@@@@1@14@@oe@2-2-2013
21518001@unknown@formal@none@1@S@Terry L. Haines, formerly general manager of Canadian operations, was elected to the new position of vice president, North American sales, of this plastics concern.@@@@1@25@@oe@2-2-2013
21518002@unknown@formal@none@1@S@Also, Larry A. Kushkin, executive vice president, North American operations, was named head of the company's international automotive operations, another new position.@@@@1@22@@oe@2-2-2013
21518003@unknown@formal@none@1@S@He remains an executive vice president, the company said, and his new position reflects "the growing importance of the world automotive market as a market for A. Schulman's high performance plastic materials."@@@@1@32@@oe@2-2-2013
21518004@unknown@formal@none@1@S@Gordon Trimmer will succeed Mr. Haines as manager of Canadian operations, and Mr. Kushkin's former position isn't being filled at this time, the company said.@@@@1@25@@oe@2-2-2013
21519001@unknown@formal@none@1@S@General Electric Co. said it signed a contract with the developers of the Ocean State Power project for the second phase of an independent $400 million power plant, which is being built in Burrillville, R.I.@@@@1@35@@oe@2-2-2013
21519002@unknown@formal@none@1@S@GE, along with a division of Ebasco, a subsidiary of Enserch Corp., have been building the first 250-megawatt phase of the project, which they expect to complete in late 1990.@@@@1@30@@oe@2-2-2013
21519003@unknown@formal@none@1@S@The second portion will be completed the following year.@@@@1@9@@oe@2-2-2013
21519004@unknown@formal@none@1@S@GE's Power Generation subsidiary will operate and maintain the plant upon its completion.@@@@1@13@@oe@2-2-2013
21520001@unknown@formal@none@1@S@The Environmental Protection Agency is getting a lot out of the Superfund program.@@@@1@13@@oe@2-2-2013
21520002@unknown@formal@none@1@S@Of the $4.4 billion spent so far on the program, 60% is going for administrative costs, management and research, the Office of Technology Assessment just reported.@@@@1@26@@oe@2-2-2013
21520003@unknown@formal@none@1@S@Only 36 of 1,200 priority cleanup sites have been "decontaminated."@@@@1@10@@oe@2-2-2013
21520004@unknown@formal@none@1@S@Over the next 50 years, $500 billion is earmarked for the program.@@@@1@12@@oe@2-2-2013
21520005@unknown@formal@none@1@S@At current allocations, that means EPA will be spending $300 billion on itself.@@@@1@13@@oe@2-2-2013
21520006@unknown@formal@none@1@S@It may not be toxic, but we know where one waste dump is.@@@@1@13@@oe@2-2-2013
21521001@unknown@formal@none@1@S@Chambers Development Co. said its Security Bureau Inc. unit purchased two security concerns in Florida that will add $2.1 million of annual revenue.@@@@1@23@@oe@2-2-2013
21521002@unknown@formal@none@1@S@Purchase of the businesses serving Miami, Fort Lauderdale and West Palm Beach, Fla., is part of a plan by Chambers to expand in the growing security industry.@@@@1@27@@oe@2-2-2013
21521003@unknown@formal@none@1@S@Terms weren't disclosed.@@@@1@3@@oe@2-2-2013
21522001@unknown@formal@none@1@S@Basf AG said it moved its headquarters for Latin America to Mexico and the headquarters for the Asia/Australia regional division to Singapore, effective Oct.@@@@1@24@@oe@2-2-2013
21522002@unknown@formal@none@1@S@The central offices for both regions were previously located in Ludwigshafen, Basf headquarters.@@@@1@13@@oe@2-2-2013
21522003@unknown@formal@none@1@S@The West German chemical concern called the moves a further step in the internationalization of its business activities.@@@@1@18@@oe@2-2-2013
21522004@unknown@formal@none@1@S@Both regions are the fastest-growing areas for Basf, the company said.@@@@1@11@@oe@2-2-2013
21523001@unknown@formal@none@1@S@David H. Eisenberg, 53 years old, was named president and chief operating officer of Imasco's 500-store Peoples Drug Stores Inc. unit, based in Alexandria, Va.@@@@1@25@@oe@2-2-2013
21523002@unknown@formal@none@1@S@Mr. Eisenberg was senior executive vice president and chief operating officer.@@@@1@11@@oe@2-2-2013
21523003@unknown@formal@none@1@S@Imasco is a tobacco, retailing, restaurant and financial services concern.@@@@1@10@@oe@2-2-2013
21524001@unknown@formal@none@1@S@Lotus Development Corp. is in talks to sell its Signal stock-quote service to Infotechnology Inc., the New York parent of Financial News Network, people familiar with the negotiations said.@@@@1@29@@oe@2-2-2013
21524002@unknown@formal@none@1@S@They said the price would be around $10 million.@@@@1@9@@oe@2-2-2013
21524003@unknown@formal@none@1@S@Signal, which has an estimated 10,000 subscribers and is profitable, provides stock quotes over an FM radio band that can be received by specially equipped personal computers.@@@@1@27@@oe@2-2-2013
21524004@unknown@formal@none@1@S@The computers will display stock prices selected by users.@@@@1@9@@oe@2-2-2013
21524005@unknown@formal@none@1@S@Lotus, Cambridge, Mass., has been rumored to have the sale of the four-year-old unit under consideration for a year.@@@@1@19@@oe@2-2-2013
21524006@unknown@formal@none@1@S@The business isn't related to Lotus's main businesses of making computer software and publishing information on compact disks.@@@@1@18@@oe@2-2-2013
21525001@unknown@formal@none@1@S@"Please submit your offers," says Felipe Bince Jr.@@@@1@8@@oe@2-2-2013
21525002@unknown@formal@none@1@S@He surveys the prospective investors gathered in the board room of the Philippine government's Asset Privatization Trust for the sale of a 36% interest in the country's largest paper mill.@@@@1@30@@oe@2-2-2013
21525003@unknown@formal@none@1@S@The agency expects the bids to be equivalent of more than $80 million.@@@@1@13@@oe@2-2-2013
21525004@unknown@formal@none@1@S@Not a peso is offered.@@@@1@5@@oe@2-2-2013
21525005@unknown@formal@none@1@S@Mr. Bince, the trust's associate executive trustee, declares the bidding a failure.@@@@1@12@@oe@2-2-2013
21525006@unknown@formal@none@1@S@"It's getting harder to sell," he mutters as he leaves the room.@@@@1@12@@oe@2-2-2013
21525007@unknown@formal@none@1@S@Indeed. Recently, the trust failed to auction off the paper mill, a bank, an office building and a small cotton-ginning plant.@@@@1@21@@oe@2-2-2013
21525008@unknown@formal@none@1@S@Of the four, only the bank and the plant drew bids -- one apiece.@@@@1@14@@oe@2-2-2013
21525009@unknown@formal@none@1@S@In October 1987, President Corazon Aquino vowed that her government would "get out of business" by selling all or part of the state's holdings in the many companies taken over by the government during the 20-year rule of Ferdinand Marcos.@@@@1@40@@oe@2-2-2013
21525010@unknown@formal@none@1@S@Two years later, Mrs. Aquino's promise remains largely unfulfilled.@@@@1@9@@oe@2-2-2013
21525011@unknown@formal@none@1@S@October is a critical month for the privatization program.@@@@1@9@@oe@2-2-2013
21525012@unknown@formal@none@1@S@Manila is offering several major assets for the first time and is trying to conclude sales already arranged.@@@@1@18@@oe@2-2-2013
21525013@unknown@formal@none@1@S@In addition, the government is scheduled to unveil plans for privatizing Philippine Airlines, the national carrier, an effort that lawyer and business columnist Rodolfo Romero calls "the bellwether of privatization."@@@@1@30@@oe@2-2-2013
21525014@unknown@formal@none@1@S@All told, there are assets on the line valued at up to $1.03 billion.@@@@1@14@@oe@2-2-2013
21525015@unknown@formal@none@1@S@The privatization program is designed to rid the government of hundreds of assets and to raise critically needed funds.@@@@1@19@@oe@2-2-2013
21525016@unknown@formal@none@1@S@Much of the money from the sales is earmarked for a multibillion-dollar agrarian-reform program.@@@@1@14@@oe@2-2-2013
21525017@unknown@formal@none@1@S@But efforts have been thwarted by official indifference, bureaucratic resistance, a legal system that operates at a snail's pace, political opposition and government misjudgments.@@@@1@24@@oe@2-2-2013
21525018@unknown@formal@none@1@S@Most recently, a lack of buyers has been added to the list.@@@@1@12@@oe@2-2-2013
21525019@unknown@formal@none@1@S@Rather than gathering momentum, the program is in danger of slowing even more as the government tackles several big assets.@@@@1@20@@oe@2-2-2013
21525020@unknown@formal@none@1@S@The axiom appears to be that the more valuable the asset, the harder the privatization process.@@@@1@16@@oe@2-2-2013
21525021@unknown@formal@none@1@S@"You just don't see a whole lot happening," says an international economist.@@@@1@12@@oe@2-2-2013
21525022@unknown@formal@none@1@S@To be sure, the program hasn't completely stalled.@@@@1@8@@oe@2-2-2013
21525023@unknown@formal@none@1@S@The Asset Privatization Trust, the agency chiefly responsible for selling government-held properties, has recorded sales of more than $500 million since it began functioning in December 1986.@@@@1@27@@oe@2-2-2013
21525024@unknown@formal@none@1@S@But its success has been largely in the sale of small, nonperforming companies, which are valued for their assets.@@@@1@19@@oe@2-2-2013
21525025@unknown@formal@none@1@S@Dealing with the sales this month could be particularly challenging because almost every problem that has hobbled the program in the past is popping up again.@@@@1@26@@oe@2-2-2013
21525026@unknown@formal@none@1@S@Ramon Garcia, the Asset Trust's executive trustee, admits to what he calls "temporary setbacks."@@@@1@14@@oe@2-2-2013
21525027@unknown@formal@none@1@S@In light of the poor results recently, he says, the agency is adopting an "attitude of flexibility."@@@@1@17@@oe@2-2-2013
21525028@unknown@formal@none@1@S@October's troubles began when the trust failed to sell a state-owned commercial bank, Associated Bank, for the minimum price of 671 million pesos ($31 million).@@@@1@25@@oe@2-2-2013
21525029@unknown@formal@none@1@S@At the end of the month, the agency again will offer the bank.@@@@1@13@@oe@2-2-2013
21525030@unknown@formal@none@1@S@But instead of a minimum price, only a target price will be established.@@@@1@13@@oe@2-2-2013
21525031@unknown@formal@none@1@S@Bankers say, however, that the government may have difficulty selling the institution even without a floor price.@@@@1@17@@oe@2-2-2013
21525032@unknown@formal@none@1@S@The bank has a negative net worth, they say.@@@@1@9@@oe@2-2-2013
21525033@unknown@formal@none@1@S@In addition, special bidding rules give the bank's former owner, Leonardo Ty, the right to match the highest bid.@@@@1@19@@oe@2-2-2013
21525034@unknown@formal@none@1@S@Mr. Ty lost control to the government in 1980 when a government bank made emergency loans to the cash-strapped institution.@@@@1@20@@oe@2-2-2013
21525035@unknown@formal@none@1@S@In 1983, the loans were converted into equity, giving Manila 98% of the bank, but with the understanding that Mr. Ty had repurchase rights.@@@@1@24@@oe@2-2-2013
21525036@unknown@formal@none@1@S@His ability to match any bid has scared off many potential buyers.@@@@1@12@@oe@2-2-2013
21525037@unknown@formal@none@1@S@Separately, the government will try again within a month to sell the 36% stake in Paper Industries Corp. of the Philippines, or Picop, as the paper mill is known.@@@@1@29@@oe@2-2-2013
21525038@unknown@formal@none@1@S@The price will depend on how much Picop shares fetch on the local stock market.@@@@1@15@@oe@2-2-2013
21525039@unknown@formal@none@1@S@But according to bankers and stock analysts who have studied the paper mill, price isn't the only consideration.@@@@1@18@@oe@2-2-2013
21525040@unknown@formal@none@1@S@As it stands now, the government would continue to hold 45% of Picop after the 36% stake is sold.@@@@1@19@@oe@2-2-2013
21525041@unknown@formal@none@1@S@(About 7.5% of Picop is publicly traded and other shareholders own the rest of the equity.)@@@@1@16@@oe@2-2-2013
21525042@unknown@formal@none@1@S@Potential buyers, mostly foreign companies, are reluctant to take a non-controlling stake in a company that, by the government's own reckoning, needs some $100 million in new capital for rehabilitation.@@@@1@30@@oe@2-2-2013
21525043@unknown@formal@none@1@S@The prospect of buying into a cash-hungry company without getting management control persuaded at least three foreign buyers, including a member of the Elders group of Australia, to pull out of the bidding, the bankers and analysts say.@@@@1@38@@oe@2-2-2013
21525044@unknown@formal@none@1@S@Mr. Garcia acknowledges the problem and says the Asset Trust will study why the bidding failed and what changes the agency may be able to offer.@@@@1@26@@oe@2-2-2013
21525045@unknown@formal@none@1@S@Under government regulations, however, foreign ownership of Picop's equity is limited to 40%.@@@@1@13@@oe@2-2-2013
21525046@unknown@formal@none@1@S@Even though the government would retain the 45% stake in Picop, critics have accused the trust of selling out to foreigners.@@@@1@21@@oe@2-2-2013
21525047@unknown@formal@none@1@S@A series of newspaper articles accused the trust of short-changing the government over the Picop sale.@@@@1@16@@oe@2-2-2013
21525048@unknown@formal@none@1@S@Mr. Garcia says he has been notified of congressional hearings on the Picop bidding and possible legislation covering the paper mill's sale, both prompted by the criticism of the agency.@@@@1@30@@oe@2-2-2013
21525049@unknown@formal@none@1@S@The question of control could further hinder long-delayed plans for the government to divest itself of Philippine Airlines, in which it has a 99% stake.@@@@1@25@@oe@2-2-2013
21525050@unknown@formal@none@1@S@The carrier has valuable trans-Pacific and Asian routes but it remains debt-laden and poorly managed.@@@@1@15@@oe@2-2-2013
21526001@unknown@formal@none@1@S@This maker of electronic measuring devices named two new directors, increasing board membership to nine.@@@@1@15@@oe@2-2-2013
21526002@unknown@formal@none@1@S@The new directors are Gordon M. Sprenger, president and chief executive officer of LifeSpan Inc., and Peter S. Willmott, chairman and chief executive officer of Willmott Services Inc.@@@@1@28@@oe@2-2-2013
21527001@unknown@formal@none@1@S@Gerard E. Wood, 51 years old, was elected president, chief executive officer and a director of this minerals and materials company.@@@@1@21@@oe@2-2-2013
21527002@unknown@formal@none@1@S@He succeeds Harry A. Durney, 65, who is retiring from active duty but remains a director and consultant.@@@@1@18@@oe@2-2-2013
21527003@unknown@formal@none@1@S@Mr. Wood has been president and chief executive of Steep Rock Resources Inc.@@@@1@13@@oe@2-2-2013
21528001@unknown@formal@none@1@S@Eagle Financial Corp. and Webster Financial Corp., two Connecticut savings bank-holding companies, agreed to merge in a tax-free stock transaction.@@@@1@20@@oe@2-2-2013
21528002@unknown@formal@none@1@S@The new holding company, Webster/Eagle Bancorp Inc., will have about $1.2 billion of assets and 19 banking offices in Connecticut.@@@@1@20@@oe@2-2-2013
21528003@unknown@formal@none@1@S@Tangible capital will be about $115 million.@@@@1@7@@oe@2-2-2013
21528004@unknown@formal@none@1@S@The merger is subject to regulatory clearance and a definitive agreement.@@@@1@11@@oe@2-2-2013
21528005@unknown@formal@none@1@S@In the merger, each share of Webster, based in Waterbury, will be converted into one share of the new company.@@@@1@20@@oe@2-2-2013
21528006@unknown@formal@none@1@S@Each share of Eagle, based in Bristol, will become 0.95 share of Webster/Eagle.@@@@1@13@@oe@2-2-2013
21528007@unknown@formal@none@1@S@In American Stock Exchange composite trading Friday, Eagle shares rose 12.5 cents to $11.@@@@1@14@@oe@2-2-2013
21528008@unknown@formal@none@1@S@In national over-the-counter trading, Webster shares fell 25 cents to $12.375.@@@@1@11@@oe@2-2-2013
21528009@unknown@formal@none@1@S@Webster has 3.5 million shares outstanding and Eagle 2.6 million.@@@@1@10@@oe@2-2-2013
21528010@unknown@formal@none@1@S@Their indicated market values thus are about $43.3 million and $28.6 million, respectively.@@@@1@13@@oe@2-2-2013
21528011@unknown@formal@none@1@S@Frank J. Pascale, chairman of Eagle, will be chairman of the new firm and James C. Smith, president and chief executive officer of Webster, will take those posts at Webster/Eagle.@@@@1@30@@oe@2-2-2013
21528012@unknown@formal@none@1@S@Harold W. Smith Sr., chairman of Webster, will become chairman emeritus and a director of the new company.@@@@1@18@@oe@2-2-2013
21528013@unknown@formal@none@1@S@Ralph T. Linsley, vice chairman of Eagle, will become vice chairman of Webster/Eagle.@@@@1@13@@oe@2-2-2013
21528014@unknown@formal@none@1@S@The board will be made up of seven directors of each holding company.@@@@1@13@@oe@2-2-2013
21528015@unknown@formal@none@1@S@In an interview, James Smith said the banks' "markets are contiguous and their business philosophies are similar and conservative."@@@@1@19@@oe@2-2-2013
21528016@unknown@formal@none@1@S@Nonperforming loans will make up only about 0.5% of the combined banks' total loans outstanding, he said.@@@@1@17@@oe@2-2-2013
21528017@unknown@formal@none@1@S@At June 30, Webster, which owns First Federal Savings & Loan Association of Waterbury, had assets of $699 million.@@@@1@19@@oe@2-2-2013
21528018@unknown@formal@none@1@S@Eagle, which controls Bristol Federal Savings Bank and First Federal Savings & Loan Association of Torrington, had assets of $469.6 million on that date.@@@@1@24@@oe@2-2-2013
21529001@unknown@formal@none@1@S@Guillermo Ortiz's Sept. 15 Americas column, "Mexico's Been Bitten by the Privatization Bug," is a refreshingly clear statement of his government's commitment to privatization, and must be welcomed as such by all Americans who wish his country well.@@@@1@38@@oe@2-2-2013
21529002@unknown@formal@none@1@S@The Mexico-United States Institute is glad to see such a high official as Mexico's undersecretary of finance view his country's reforms "in the context of a larger, world-wide process" of profound change toward free-market economics, especially in the statist countries.@@@@1@40@@oe@2-2-2013
21529003@unknown@formal@none@1@S@Having said that, we must caution against an apparent tendency to overstate the case.@@@@1@14@@oe@2-2-2013
21529004@unknown@formal@none@1@S@It is not quite true, for example, that the Mexican government has "privatized" Mexicana de Aviacion, as Mr. Ortiz claims.@@@@1@20@@oe@2-2-2013
21529005@unknown@formal@none@1@S@In the same sentence he contradicts himself when he reports that the government still retains 40% of the total equity of the airline.@@@@1@23@@oe@2-2-2013
21529006@unknown@formal@none@1@S@How can a company be considered "privatized" if the state is so heavily represented in it?@@@@1@16@@oe@2-2-2013
21529007@unknown@formal@none@1@S@(True, the Mexican government has granted "control" over the airline to a new private consortium, but its propensity to take back what it gives is too well known to permit one to be sanguine.)@@@@1@34@@oe@2-2-2013
21529008@unknown@formal@none@1@S@Regrettably, too, Mr. Ortiz resorts to the familiar "numbers game" when he boasts that "fewer than 392 {state enterprises} currently remain in the public sector," down from the "1,155 public entities that existed in 1982.@@@@1@35@@oe@2-2-2013
21529009@unknown@formal@none@1@S@" But the enterprises still in state hands include the biggest and most economically powerful ones in Mexico; indeed, they virtually constitute the economic infrastructure.@@@@1@25@@oe@2-2-2013
21529010@unknown@formal@none@1@S@I refer essentially to petroleum, electric power, banking and newsprint.@@@@1@10@@oe@2-2-2013
21529011@unknown@formal@none@1@S@Those enterprises, however, are not going to be privatized.@@@@1@9@@oe@2-2-2013
21529012@unknown@formal@none@1@S@They are officially considered "strategic," and their privatization is prohibited by the Mexican Constitution.@@@@1@14@@oe@2-2-2013
21529013@unknown@formal@none@1@S@In language that sidesteps the issue, Mr. Ortiz writes, "The divestiture of nonpriority and nonstrategic public enterprises is an essential element of President Carlos Salinas's plan to modernize Mexico's economy. . . ."@@@@1@33@@oe@2-2-2013
21529014@unknown@formal@none@1@S@Yet clearly, modernization must embrace its key industries before it can be said to have caught the "privatization bug."@@@@1@19@@oe@2-2-2013
21529015@unknown@formal@none@1@S@The bottom line, however, is not economic but political reform.@@@@1@10@@oe@2-2-2013
21529016@unknown@formal@none@1@S@A long succession of Mexican presidents arbitrarily nationalized whatever industry they took a fancy to, without having to answer to the public.@@@@1@22@@oe@2-2-2013
21529017@unknown@formal@none@1@S@To guarantee that Mexicana de Aviacion and other companies will really be privatized, Mexico needs a pluri-party political system that will ensure democracy and hence accountability.@@@@1@26@@oe@2-2-2013
21529018@unknown@formal@none@1@S@Daniel James President Mexico-United States Institute@@@@1@6@@oe@2-2-2013
21530001@unknown@formal@none@1@S@The board of this Ponce, Puerto Rico concern voted to suspend payment of its quarterly of 11 cents a share for the third quarter.@@@@1@24@@oe@2-2-2013
21530002@unknown@formal@none@1@S@The third-largest thrift institution in Puerto Rico also said it expects a return to profitability in the third quarter when it reports operating results this week.@@@@1@26@@oe@2-2-2013
21530003@unknown@formal@none@1@S@Ponce Federal said the dividend was suspended in anticipation of more stringent capital requirements under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.@@@@1@25@@oe@2-2-2013