20578014@unknown@formal@none@1@S@Thursday, a judge is scheduled to rule on Warner's motion seeking to block the Guber-Peters duo from going to Columbia.@@@@1@20@@oe@2-2-2013
20578015@unknown@formal@none@1@S@The battery of legal documents filed in the past week in connection with the suit provide a peek into the inner workings of this Hollywood dogfight.@@@@1@26@@oe@2-2-2013
20578016@unknown@formal@none@1@S@But they also make it clear that the first thing a judge will have to decide is which, if any, version of events in this morass is fiction, and which fact.@@@@1@31@@oe@2-2-2013
20578017@unknown@formal@none@1@S@The matter may never even be tried in court.@@@@1@9@@oe@2-2-2013
20578018@unknown@formal@none@1@S@Warner says that what it really wants is for the producers to fulfill their contractual obligations, but the bitterness of this battle and the accusations flying on both sides make it unlikely that the decade-long relationship between Warner and its two most prolific producers can ever be repaired.@@@@1@48@@oe@2-2-2013
20578019@unknown@formal@none@1@S@Warner, which is in the process of merging with Time Warner Inc., says it is willing to settle the matter out of court.@@@@1@23@@oe@2-2-2013
20578020@unknown@formal@none@1@S@So far, however, Sony hasn't been willing to meet its considerable financial demands.@@@@1@13@@oe@2-2-2013
20578021@unknown@formal@none@1@S@Mr. Guber and Mr. Peters don't have much to gain from a protracted battle.@@@@1@14@@oe@2-2-2013
20578022@unknown@formal@none@1@S@Sony, for its part, could decide that the cost of a Warner settlement or court fight is too high, choosing instead to find someone else to run Columbia, although that too would be costly given the financial arrangement already guaranteed to Mr. Guber and Mr. Peters.@@@@1@46@@oe@2-2-2013
20578023@unknown@formal@none@1@S@In that case, Mr. Guber and Mr. Peters might not suffer financially, but they would be left without their dream job of running a studio and with a considerably scarred relationship with Warner.@@@@1@33@@oe@2-2-2013
20578024@unknown@formal@none@1@S@At the center of any court fight will be the differing interpretations of the written contract between Warner and the two producers, but other murkier issues will play a big role.@@@@1@31@@oe@2-2-2013
20578025@unknown@formal@none@1@S@Sony and the Guber-Peters team are hanging much of their case on Warner's willingness last year to release the producers from another contract and on an oral agreement they say allowed them to terminate the current written contract if the opportunity to run a major studio came up.@@@@1@48@@oe@2-2-2013
20578026@unknown@formal@none@1@S@Warner denies such an agreement was made, and disputes the Guber-Peters version of virtually every telephone call and meeting the two sides had on the matter.@@@@1@26@@oe@2-2-2013
20578027@unknown@formal@none@1@S@Just how rancorous the relationship has become is clear from the differing versions of the two sides' current business dealings.@@@@1@20@@oe@2-2-2013
20578028@unknown@formal@none@1@S@Mr. Guber and Mr. Peters say in their affidavits that Warner already is taking steps to freeze them out of their projects at Warner, notably the Sylvester Stallone film "Tango and Cash."@@@@1@32@@oe@2-2-2013
20578029@unknown@formal@none@1@S@Mr. Peters says in his affidavit that the movie's staff was told last week that Warner was "taking over" the picture, and another producer would be giving all of the orders.@@@@1@31@@oe@2-2-2013
20578030@unknown@formal@none@1@S@Over his objections, Mr. Peters says, the film's release date was moved up "by many months" to December, and plans for a soundtrack "worth millions of dollars" were dropped.@@@@1@29@@oe@2-2-2013
20578031@unknown@formal@none@1@S@Hubert de la Bouillaire, an editor on the film, backs Mr. Peters in a separate sworn declaration.@@@@1@17@@oe@2-2-2013
20578032@unknown@formal@none@1@S@Mr. de la Bouillaire says Warner Brothers production president Mark Canton called him Oct. 19 and said Mr. Peters is "off the picture.@@@@1@23@@oe@2-2-2013
20578033@unknown@formal@none@1@S@If he calls you up, just tell him everything is fine."@@@@1@11@@oe@2-2-2013
20578034@unknown@formal@none@1@S@The editor also says the new producer on the film, Bruce Baird, told editors to screen the picture without telling stars Sylvester Stallone and Kurt Russell or Mr. Peters.@@@@1@29@@oe@2-2-2013
20578035@unknown@formal@none@1@S@"The less they know, the easier it is for us.@@@@1@10@@oe@2-2-2013
20578036@unknown@formal@none@1@S@If someone asks, just lie and tell them it will be done," Mr. de la Bouillaire says Mr. Baird told them.@@@@1@21@@oe@2-2-2013
20578037@unknown@formal@none@1@S@That, says Warner's Mr. Rabinowitz, is "a total 100% lie."@@@@1@10@@oe@2-2-2013
20578038@unknown@formal@none@1@S@The movie, he says, is in its post-production stages of "cleaning up the film."@@@@1@14@@oe@2-2-2013
20578039@unknown@formal@none@1@S@He says Mr. Peters and Mr. Guber, as the contractual producers with consultation rights, have been invited to screenings and to give their input on the film.@@@@1@27@@oe@2-2-2013
20578040@unknown@formal@none@1@S@Dozens of Guber-Peters staffers are still working on the Warner lot and consulting on various projects on a "daily basis," the attorney says.@@@@1@23@@oe@2-2-2013
20578041@unknown@formal@none@1@S@Mr. Guber, in his affidavit, says that when he advised Warner President Terry Semel of the Sony offer at lunch on Sept. 25, Mr. Semel "hugged and congratulated me, and expressed joy that we had finally realized our long-term ambition of running and having an equity position in a major entertainment company."@@@@1@52@@oe@2-2-2013
20578042@unknown@formal@none@1@S@Mr. Guber says he brought to lunch a release document Warner had agreed to in 1988, when he and Mr. Peters made an aborted bid to buy part of MGM/UA Entertainment Co. to run the MGM studio.@@@@1@37@@oe@2-2-2013
20578043@unknown@formal@none@1@S@Mr. Guber says he had crossed out "MGM" with a red pen and written in "Columbia," giving the document to Mr. Semel.@@@@1@22@@oe@2-2-2013
20578044@unknown@formal@none@1@S@"Mr. Semel said absolutely nothing to indicate Warner would have any objection to our assuming management positions at Columbia," Mr. Guber says.@@@@1@22@@oe@2-2-2013
20578045@unknown@formal@none@1@S@Mr. Semel, in his affidavit, doesn't mention any hugging or congratulating.@@@@1@11@@oe@2-2-2013
20578046@unknown@formal@none@1@S@He says he told Mr. Guber he couldn't sign any documents and that "the deal, although apparently a good one for him and Mr. Peters, would have a very negative impact on Warner."@@@@1@33@@oe@2-2-2013
20578047@unknown@formal@none@1@S@He said he would contact Mr. Ross and Warner Brothers Chairman Robert Daly and that, in a conference call, the three agreed they couldn't let the producers out of their contract.@@@@1@31@@oe@2-2-2013
20578048@unknown@formal@none@1@S@Mr. Ross, in his own affidavit, says he and Mr. Daly instructed Mr. Semel to tell the producers Warner wouldn't terminate their agreement.@@@@1@23@@oe@2-2-2013
20578049@unknown@formal@none@1@S@Mr. Guber says that Mr. Semel did convey that information and that Mr. Semel said Mr. Ross was "crazy because of the Time deal," meaning, Mr. Guber says, that Mr. Ross "did not want to communicate to his new merger partner, Time Inc., that Warner's agreements provided for our departure under these circumstances."@@@@1@53@@oe@2-2-2013
20578050@unknown@formal@none@1@S@Mr. Guber also says in his affidavit that Mr. Daly "told us that even if Sony did not want us, Warner's relationship with us already was irreparably damaged, that there was no way `to put the egg together,' and that it would sue Sony for tons of money."@@@@1@48@@oe@2-2-2013
20578051@unknown@formal@none@1@S@Moreover, Mr. Guber claims, Mr. Semel told him that Mr. Ross probably wouldn't object "if it were anybody other than Sony.@@@@1@21@@oe@2-2-2013
20578052@unknown@formal@none@1@S@But Sony is a problem."@@@@1@5@@oe@2-2-2013
20578053@unknown@formal@none@1@S@The Guber-Peters side has said Warner is particularly concerned about the prospect of a huge Japanese company controlling important segments of the U.S. entertainment business.@@@@1@25@@oe@2-2-2013
20578054@unknown@formal@none@1@S@Some in Hollywood suggest Mr. Guber and Mr. Peters took encouragement from Warner studio executives such as Mr. Semel and Mr. Canton too literally.@@@@1@24@@oe@2-2-2013
20578055@unknown@formal@none@1@S@According to this theory, Warner executives, hoping to strengthen their relationships with the producers, encouraged Mr. Guber and Mr. Peters in their ambitions to build a major entertainment company.@@@@1@29@@oe@2-2-2013
20578056@unknown@formal@none@1@S@But the Warner executives in their affidavits deny ever telling the producers they could get out of their written contract.@@@@1@20@@oe@2-2-2013
20578057@unknown@formal@none@1@S@Mr. Rabinowitz, the Warner attorney, says the studio still wants the producers to come back and fulfill their contract.@@@@1@19@@oe@2-2-2013
20578058@unknown@formal@none@1@S@"They are like a mini-studio; they have 50 projects in development for Warner," he says.@@@@1@15@@oe@2-2-2013
20578059@unknown@formal@none@1@S@But Mr. Guber indicates in his affidavit that not all of the projects will be used.@@@@1@16@@oe@2-2-2013
20578060@unknown@formal@none@1@S@For example, he says that since 1985, he and Mr. Peters have developed over 85 movie projects, and Warner has "passed" or chosen not to produce at least 76.@@@@1@29@@oe@2-2-2013
20578061@unknown@formal@none@1@S@As for the projects remaining at Warner, Mr. Guber says, "Mr. Semel informed me that Warner's producers have already started a `feeding frenzy' for our projects.@@@@1@26@@oe@2-2-2013
20579001@unknown@formal@none@1@S@E.W. Scripps Co. said it has acquired a Georgia cable television company and a Massachusetts publishing firm.@@@@1@17@@oe@2-2-2013
20579002@unknown@formal@none@1@S@Terms on both deals weren't disclosed.@@@@1@6@@oe@2-2-2013
20579003@unknown@formal@none@1@S@The media company said it purchased Cable USA Inc., a privately held cable television system in Carroll County, Ga., a suburb of Atlanta.@@@@1@23@@oe@2-2-2013
20579004@unknown@formal@none@1@S@The system is still under construction and will serve a market of 7,600 homes.@@@@1@14@@oe@2-2-2013
20579005@unknown@formal@none@1@S@The company also has acquired Sundance Publishers and Distributors Inc., a family owned producer and distributor of educational materials in Littleton, Mass.@@@@1@22@@oe@2-2-2013
20580001@unknown@formal@none@1@S@Despite politicians' hand-wringing about the federal budget, the government ended fiscal 1989 with a $152.08 billion deficit, about the same as the two previous years.@@@@1@25@@oe@2-2-2013
20580002@unknown@formal@none@1@S@Even White House budget director Richard Darman had trouble finding a silver lining in the report.@@@@1@16@@oe@2-2-2013
20580003@unknown@formal@none@1@S@"I suppose you could say the good news is that the deficits are not heading up," he said, "but you can't be satisfied with deficits at this level and we're not."@@@@1@31@@oe@2-2-2013
20580004@unknown@formal@none@1@S@The federal deficit was $155.15 billion in 1988 and $149.69 billion in 1987.@@@@1@13@@oe@2-2-2013
20580005@unknown@formal@none@1@S@The 1989 deficit would have been nearly $10 billion larger had the government been able to spend as much as Congress intended on cleaning up the thrift industry before the year ended on Sept. 30.@@@@1@35@@oe@2-2-2013
20580006@unknown@formal@none@1@S@Because the Resolution Trust Corp. couldn't spend the money fast enough, the savings-and-loan outlays were pushed into fiscal 1990.@@@@1@19@@oe@2-2-2013
20580007@unknown@formal@none@1@S@Nevertheless, the 1989 deficit still exceeded the $136 billion target set by the Gramm-Rudman deficit-reduction law by $16 billion, a reminder of that law's shortcomings.@@@@1@25@@oe@2-2-2013
20580008@unknown@formal@none@1@S@The law sets a deficit target of $100 billion for fiscal 1990.@@@@1@12@@oe@2-2-2013
20580009@unknown@formal@none@1@S@A partisan fight over cutting capital-gains taxes has slowed the progress of 1990 deficit-reduction legislation almost to a halt, triggering across-the-board spending cuts under the Gramm-Rudman law.@@@@1@27@@oe@2-2-2013
20580010@unknown@formal@none@1@S@The White House and the Democratic leadership in Congress blame each other for turning capital-gains taxes into such a divisive issue this year.@@@@1@23@@oe@2-2-2013
20580011@unknown@formal@none@1@S@Neither side showed any sign of retreating.@@@@1@7@@oe@2-2-2013
20580012@unknown@formal@none@1@S@Meeting with reporters Friday, Mr. Darman again said he would rather live with across-the-board spending cuts than accept a deficit-reduction bill like the one passed by the House, which would increase spending in future years.@@@@1@35@@oe@2-2-2013
20580013@unknown@formal@none@1@S@Underscoring the size of the deficits of the past few years, the Treasury report showed that for the first time interest paid on the public debt -- $240.86 billion -- exceeded spending on Social Security, the single largest government program.@@@@1@40@@oe@2-2-2013
20580014@unknown@formal@none@1@S@In all, federal outlays amounted to $1.143 trillion in 1989, up 7.5% from the previous year, the Treasury said.@@@@1@19@@oe@2-2-2013
20580015@unknown@formal@none@1@S@Federal revenues rose 9% to $990.79 billion.@@@@1@7@@oe@2-2-2013
20580016@unknown@formal@none@1@S@The Treasury said a surge in tax receipts noted earlier in the year didn't turn out to be quite as strong as it first appeared.@@@@1@25@@oe@2-2-2013
20580017@unknown@formal@none@1@S@The Treasury marked up its forecast by $17 million in July, but that proved to be about $5 billion too optimistic.@@@@1@21@@oe@2-2-2013
20580018@unknown@formal@none@1@S@The government ran a deficit of $6.16 billion in September, compared with a surplus of $10.17 billion in September 1988.@@@@1@20@@oe@2-2-2013
20580019@unknown@formal@none@1@S@Outlays for the month totaled $105.39 billion, up from $87.57 billion a year earlier.@@@@1@14@@oe@2-2-2013
20580020@unknown@formal@none@1@S@The increase reflects spending on the S&L rescue as well as payroll and Social Security checks normally issued in October that were issued in September this year because Oct. 1 fell on a Sunday.@@@@1@34@@oe@2-2-2013
20580021@unknown@formal@none@1@S@Revenues were $99.23 billion, up from $97.74 billion a year earlier.@@@@1@11@@oe@2-2-2013
20581001@unknown@formal@none@1@S@CMS Energy Corp. said it would begin paying a 10-cent-a-share quarterly dividend, the company's first since 1984.@@@@1@17@@oe@2-2-2013
20581002@unknown@formal@none@1@S@Consumers Power Co., now the main unit of CMS Energy, ran into financial problems over its $4.2 billion Midland nuclear plant, which was abandoned as a nuclear facility in 1984 because of construction delays and high costs.@@@@1@37@@oe@2-2-2013
20581003@unknown@formal@none@1@S@CMS is nearly done converting the Midland plant to a gas-fired cogeneration facility at a cost of $600 million.@@@@1@19@@oe@2-2-2013
20581004@unknown@formal@none@1@S@CMS management said Thursday that they planned to recommend paying a modest dividend when the board of directors met Friday.@@@@1@20@@oe@2-2-2013
20581005@unknown@formal@none@1@S@The dividend will be paid Nov. 22 to shares of record Nov. 7.@@@@1@13@@oe@2-2-2013
20581006@unknown@formal@none@1@S@The company suffered a loss of $270 million in 1985, but its financial situation has been improving since then.@@@@1@19@@oe@2-2-2013
20582001@unknown@formal@none@1@S@Humana Inc. said it expects to receive about $27 million in federal income-tax refunds and interest from a court ruling on a tax dispute.@@@@1@24@@oe@2-2-2013
20582002@unknown@formal@none@1@S@The health-care company said it expects the refund to be included in the first quarter ending Nov. 30.@@@@1@18@@oe@2-2-2013
20582003@unknown@formal@none@1@S@The refund is about $9 million.@@@@1@6@@oe@2-2-2013
20582004@unknown@formal@none@1@S@Accrued interest on the refund was about $18 million as of Oct. 25.@@@@1@13@@oe@2-2-2013
20582005@unknown@formal@none@1@S@The refund stems from a court ruling that found certain payments by Humana subsidiaries to its insurance subsidiary during fiscal 1977 through 1979 were deductible as premiums for liability insurance.@@@@1@30@@oe@2-2-2013
20583001@unknown@formal@none@1@S@Polly Peck International Inc.'s agreement to acquire 51% of Sansui Electric Co. proves that foreign companies can acquire Japanese companies -- if the alternative for the Japanese company is extinction.@@@@1@30@@oe@2-2-2013
20583002@unknown@formal@none@1@S@Polly Peck, a fast-growing British conglomerate, will pay 15.6 billion yen ($110 million) for 39 million new shares of Sansui, a well-known maker of high-fidelity audio equipment that failed to adjust to changing market conditions.@@@@1@35@@oe@2-2-2013
20583003@unknown@formal@none@1@S@Japanese government officials, eager to rebut foreign criticism of Japanese investments overseas, hailed the transaction as proof foreigners can make similar investments in Japan.@@@@1@24@@oe@2-2-2013
20583004@unknown@formal@none@1@S@Polly Peck's chairman, Asil Nadir, echoed the official Japanese view of the accord, which was announced Friday.@@@@1@17@@oe@2-2-2013
20583005@unknown@formal@none@1@S@"The myths that Japan is not open to concerns from outside has, I think, been demolished at a stroke," Mr. Nadir said.@@@@1@22@@oe@2-2-2013
20583006@unknown@formal@none@1@S@But analysts say Sansui is a special case.@@@@1@8@@oe@2-2-2013
20583007@unknown@formal@none@1@S@It expects to post a loss of 6.4 billion yen for the year ending tomorrow and its liabilities currently exceed its assets by about 13.8 billion yen. "@@@@1@28@@oe@2-2-2013
20583008@unknown@formal@none@1@S@If you find sound, healthy companies in Japan, they are not for sale," said George Watanabe, a management-consultant at Tokyo-based Asia Advisory Services Inc.@@@@1@24@@oe@2-2-2013
20583009@unknown@formal@none@1@S@Statistics on acquisitions by foreigners vary in detail, because unlike Sansui, which is listed on the Tokyo and Osaka stock exchanges, most of the Japanese companies acquired by foreigners are privately held.@@@@1@32@@oe@2-2-2013
20583010@unknown@formal@none@1@S@But by all accounts foreign companies have bought only a relative handful of Japanese companies this year, while Japanese companies have acquired hundreds of foreign companies.@@@@1@26@@oe@2-2-2013
20583011@unknown@formal@none@1@S@Nor do analysts expect the Sansui deal to touch off a fresh wave of foreign purchases.@@@@1@16@@oe@2-2-2013
20583012@unknown@formal@none@1@S@If the strong yen and the high stock prices of Japanese companies weren't deterrents enough, webs of cross-shareholdings between friendly Japanese companies and fiercely independent Japanese corporate attitudes repel most would-be acquirers.@@@@1@32@@oe@2-2-2013
20583013@unknown@formal@none@1@S@Usually when a Japanese company is ready to sell, it has few alternatives remaining, and the grim demeanors of Sansui's directors at a joint news conference here left little doubt that this was not the company's finest hour.@@@@1@38@@oe@2-2-2013
20583014@unknown@formal@none@1@S@Sansui was once one of Japan's premier makers of expensive, high-quality stereo gear for audiophiles.@@@@1@15@@oe@2-2-2013
20583015@unknown@formal@none@1@S@But in recent years, the market has moved toward less expensive "mini-component" sets, miniaturized amplifiers and receivers and software players that could be stacked on top of each other.@@@@1@29@@oe@2-2-2013
20583016@unknown@formal@none@1@S@Some of Sansui's fellow audio-specialty companies, such as Aiwa Co. and Pioneer Electric Corp., responded to the challenge by quickly bringing out mini-component products of their own, by moving heavily into the booming compact disk businesses or by diversifying into other consumer-electronics fields, including laser disks or portable cassette players.@@@@1@50@@oe@2-2-2013
20583017@unknown@formal@none@1@S@Sansui was late into the mini-component business and failed to branch into other new businesses.@@@@1@15@@oe@2-2-2013
20583018@unknown@formal@none@1@S@As the yen soared in recent years, Sansui's deepening financial problems became a vicious circle.@@@@1@15@@oe@2-2-2013
20583019@unknown@formal@none@1@S@While competitors moved production offshore in response to the sagging competitiveness of Japanese factories, Sansui lacked the money to build new plants in Southeast Asia.@@@@1@25@@oe@2-2-2013
20583020@unknown@formal@none@1@S@"Our company has not been able to cope very effectively with" changes in the marketplace, said Ryosuke Ito, Sansui's president.@@@@1@20@@oe@2-2-2013
20583021@unknown@formal@none@1@S@But even a Japanese company that looks like a dog may turn out to be a good investment for a foreign concern, some management consultants maintain.@@@@1@26@@oe@2-2-2013
20583022@unknown@formal@none@1@S@Yoshihisa Murasawa, a management consultant for Booz-Allen & Hamilton (Japan) Inc., said his firm will likely be recommending acquisitions of Japanese companies more often to foreign clients in the future.@@@@1@30@@oe@2-2-2013
20583023@unknown@formal@none@1@S@"Attitudes {toward being acquired} are still negative, but they're becoming more positive," Mr. Murasawa said.@@@@1@15@@oe@2-2-2013
20583024@unknown@formal@none@1@S@"In some industries, like pharmaceuticals, acquisitions make sense."@@@@1@8@@oe@2-2-2013
20583025@unknown@formal@none@1@S@Whether Polly Peck's acquisition makes sense remains to be seen, but at the news conference, Mr. Nadir brimmed with self-confidence that he can turn Sansui around.@@@@1@26@@oe@2-2-2013
20583026@unknown@formal@none@1@S@Sansui, he said, is a perfect fit for Polly Peck's electronics operations, which make televisions, videocassette recorders, microwaves and other products on an "original equipment maker" basis for sale under other companies' brand names.@@@@1@34@@oe@2-2-2013
20583027@unknown@formal@none@1@S@He said Polly Peck will greatly expand Sansui's product line, using Sansui's engineers to design the new products, and will move Sansui's production of most products other than sophisticated audio gear offshore into Polly Peck's own factories.@@@@1@37@@oe@2-2-2013
20583028@unknown@formal@none@1@S@"Whatever capital it (Sansui) needs so it can compete and become a totally global entity capable of competing with the best in the world, that capital will be injected," Mr. Nadir said.@@@@1@32@@oe@2-2-2013
20583029@unknown@formal@none@1@S@And while Polly Peck isn't jettisoning the existent top-management structure of Sansui, it is bringing in a former Toshiba Corp. executive as executive vice president and chief operating officer.@@@@1@29@@oe@2-2-2013
20583030@unknown@formal@none@1@S@Such risk taking is an everyday matter for the brash Mr. Nadir, who is 25% owner of Polly Peck as well as its chairman.@@@@1@24@@oe@2-2-2013
20583031@unknown@formal@none@1@S@He took Polly Peck, once a small fabric wholesaler, and used it at as a base to build a conglomerate that has been doubling its profits annually since 1980.@@@@1@29@@oe@2-2-2013
20583032@unknown@formal@none@1@S@In September, it announced plans to acquire the tropical-fruit business of RJR Nabisco Inc.'s Del Monte foods unit for #557 million ($878 million).@@@@1@23@@oe@2-2-2013
20583033@unknown@formal@none@1@S@Last month, Polly Peck posted a 38% jump in pretax profit for the first half to #54.8 million from #39.8 million on a 63% rise in sales.@@@@1@27@@oe@2-2-2013
20583034@unknown@formal@none@1@S@Joann S. Lublin in London contributed to this article.@@@@1@9@@oe@2-2-2013
20584001@unknown@formal@none@1@S@The bolstered cellular agreement between BellSouth Corp. and LIN Broadcasting Corp. carries heightened risks and could fail to fend off McCaw Cellular Communications Inc., the rival suitor for LIN.@@@@1@29@@oe@2-2-2013
20584002@unknown@formal@none@1@S@Moreover, the amended pact shows how McCaw's persistence has pushed LIN and BellSouth into a corner, forcing huge debt on the proposed new company.@@@@1@24@@oe@2-2-2013
20584003@unknown@formal@none@1@S@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.@@@@1@25@@oe@2-2-2013
20584004@unknown@formal@none@1@S@The plan still calls for LIN to combine its cellular telephone properties with BellSouth's and to spin off its broadcasting operations.@@@@1@21@@oe@2-2-2013
20584005@unknown@formal@none@1@S@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.@@@@1@33@@oe@2-2-2013
20584006@unknown@formal@none@1@S@LIN said it expects to borrow the money to pay the dividend, but commitments from banks still haven't been obtained.@@@@1@20@@oe@2-2-2013
20584007@unknown@formal@none@1@S@Under previous terms, holders would have received a dividend of only $20 a share.@@@@1@14@@oe@2-2-2013
20584008@unknown@formal@none@1@S@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.@@@@1@30@@oe@2-2-2013
20584009@unknown@formal@none@1@S@That money also would have to be borrowed.@@@@1@8@@oe@2-2-2013
20584010@unknown@formal@none@1@S@In effect, McCaw has forced LIN's hand by bidding $1.9 billion for the stake earlier this month.@@@@1@17@@oe@2-2-2013
20584011@unknown@formal@none@1@S@"We're taking on more debt than we would have liked to," acknowledged Michael Plouf, LIN's vice president and treasurer.@@@@1@19@@oe@2-2-2013
20584012@unknown@formal@none@1@S@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.@@@@1@33@@oe@2-2-2013
20584013@unknown@formal@none@1@S@Analyst estimate the value of the BellSouth proposal at about $115 to $125 a share.@@@@1@15@@oe@2-2-2013
20584014@unknown@formal@none@1@S@They value McCaw's bid at $112 to $118 a share.@@@@1@10@@oe@2-2-2013
20584015@unknown@formal@none@1@S@The previous BellSouth pact was valued at about $98 to $110 a share.@@@@1@13@@oe@2-2-2013
20584016@unknown@formal@none@1@S@McCaw, the largest provider of cellular telephone service in the U.S., already owns about 9.4% of LIN's stock.@@@@1@18@@oe@2-2-2013
20584017@unknown@formal@none@1@S@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.@@@@1@31@@oe@2-2-2013
20584018@unknown@formal@none@1@S@Over the weekend, McCaw continued to call for an auction of LIN.@@@@1@12@@oe@2-2-2013
20584019@unknown@formal@none@1@S@Analysts said they expect McCaw to escalate the bidding again.@@@@1@10@@oe@2-2-2013
20584020@unknown@formal@none@1@S@"This game isn't over yet," said Joel D. Gross, a vice president at Donaldson, Lufkin & Jenrette Securities Corp.@@@@1@19@@oe@2-2-2013
20584021@unknown@formal@none@1@S@"At some point, it will become non-economical for one company.@@@@1@10@@oe@2-2-2013
20584022@unknown@formal@none@1@S@But I don't think we're at that point yet."@@@@1@9@@oe@2-2-2013
20584023@unknown@formal@none@1@S@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.@@@@1@25@@oe@2-2-2013
20584024@unknown@formal@none@1@S@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.@@@@1@41@@oe@2-2-2013
20584025@unknown@formal@none@1@S@The provision, described as "back-end" protection, would require BellSouth to pay a price equivalent to what an outside party might have to pay.@@@@1@23@@oe@2-2-2013
20584026@unknown@formal@none@1@S@McCaw's bid also has a similar clause.@@@@1@7@@oe@2-2-2013
20584027@unknown@formal@none@1@S@Only McCaw's proposal requires the company to begin an auction process in June 1994 for remaining shares at third-party prices.@@@@1@20@@oe@2-2-2013
20584028@unknown@formal@none@1@S@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.@@@@1@56@@oe@2-2-2013
20584029@unknown@formal@none@1@S@"We're very pleased with the new deal.@@@@1@7@@oe@2-2-2013
20584030@unknown@formal@none@1@S@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.@@@@1@23@@oe@2-2-2013
20584031@unknown@formal@none@1@S@BellSouth's "back-end protection was flawed previously.@@@@1@6@@oe@2-2-2013
20584032@unknown@formal@none@1@S@We think this is a superior deal to McCaw's.@@@@1@9@@oe@2-2-2013
20584033@unknown@formal@none@1@S@We're surprised.@@@@1@2@@oe@2-2-2013
20584034@unknown@formal@none@1@S@We didn't think a sleeping {Bell} mentality would be willing to take on dilution."@@@@1@14@@oe@2-2-2013
20584035@unknown@formal@none@1@S@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.@@@@1@32@@oe@2-2-2013
20584036@unknown@formal@none@1@S@"How many shares will be around in 1995?" he asked.@@@@1@10@@oe@2-2-2013
20584037@unknown@formal@none@1@S@"There's nothing preventing BellSouth from buying up shares in the meanwhile."@@@@1@11@@oe@2-2-2013
20584038@unknown@formal@none@1@S@BellSouth's revised proposal surprised many industry analysts, especially because of the company's willingness to accept some dilution of future earnings.@@@@1@20@@oe@2-2-2013
20584039@unknown@formal@none@1@S@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.@@@@1@34@@oe@2-2-2013
20584040@unknown@formal@none@1@S@Indeed, BellSouth's cellular operations were among the first in the country to become profitable.@@@@1@14@@oe@2-2-2013
20584041@unknown@formal@none@1@S@For 1988, BellSouth earned $1.7 billion, or $3.51 a share, on revenue of $13.6 billion.@@@@1@15@@oe@2-2-2013
20584042@unknown@formal@none@1@S@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.@@@@1@24@@oe@2-2-2013
20584043@unknown@formal@none@1@S@In composite trading Friday on the New York Stock Exchange, BellSouth shares fell 87.5 cents to $52.125.@@@@1@17@@oe@2-2-2013
20584044@unknown@formal@none@1@S@In national over-the-counter trading, LIN shares soared $4.625 to closed at $112.625, while McCaw fell $2.50 a share to $37.75.@@@@1@20@@oe@2-2-2013
20584045@unknown@formal@none@1@S@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.@@@@1@30@@oe@2-2-2013
20584046@unknown@formal@none@1@S@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.@@@@1@47@@oe@2-2-2013
20584047@unknown@formal@none@1@S@Indeed, McCaw seemed to hint at that option in a brief statement.@@@@1@12@@oe@2-2-2013
20584048@unknown@formal@none@1@S@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.@@@@1@42@@oe@2-2-2013
20585001@unknown@formal@none@1@S@Market makers in Nasdaq over-the-counter stocks are adding their voices to the swelling chorus of complaints about program trading.@@@@1@19@@oe@2-2-2013
20585002@unknown@formal@none@1@S@Their motivation, however, has a strong practical aspect: Program trading is hazardous to their paychecks.@@@@1@15@@oe@2-2-2013
20585003@unknown@formal@none@1@S@The most controversial form of program trading, stock-index arbitrage, is "making it tough for traders to make money," declares Robert Antolini, head of OTC trading at Donaldson, Lufkin & Jenrette.@@@@1@30@@oe@2-2-2013
20585004@unknown@formal@none@1@S@Stock-index arbitrage -- the computer-guided buying and selling of stocks with offsetting trades in stock-index futures to profit from fleeting price discrepancies -- affects the OTC market directly through the 31 stocks included in Standard & Poor's 500-stock index.@@@@1@39@@oe@2-2-2013
20585005@unknown@formal@none@1@S@The S&P 500 is often used in arbitrage strategies.@@@@1@9@@oe@2-2-2013
20585006@unknown@formal@none@1@S@The portion of OTC volume attributable to program trading isn't known, as it is on the New York Stock Exchange, where it amounted to more than 13% in September.@@@@1@29@@oe@2-2-2013
20585007@unknown@formal@none@1@S@Estimates from traders put it at less than 5% of Nasdaq's average daily volume of roughly 133 million shares.@@@@1@19@@oe@2-2-2013
20585008@unknown@formal@none@1@S@Other market-maker gripes: Program trading also causes the Nasdaq Composite Index to lose ground against other segments of the stock market.@@@@1@21@@oe@2-2-2013
20585009@unknown@formal@none@1@S@Because of program trading it is more difficult to trade many OTC stocks without sharp price moves, a condition known as illiquidity.@@@@1@22@@oe@2-2-2013
20585010@unknown@formal@none@1@S@Moreover, the price volatility that is amplified by program trading is undercutting efforts to woo individual investors back to an OTC market that sorely misses them.@@@@1@26@@oe@2-2-2013
20585011@unknown@formal@none@1@S@Some of these problems are neither new nor unique to the OTC market.@@@@1@13@@oe@2-2-2013
20585012@unknown@formal@none@1@S@But the big, often tumultuous slide in stock prices this month has turned some of those who have been profiting from the practice against it.@@@@1@25@@oe@2-2-2013
20585013@unknown@formal@none@1@S@Peter DaPuzzo, head of retail equity trading at Shearson Lehman Hutton, acknowledges that he wasn't troubled by program trading when it began in the pre-crash bull market because it added liquidity and people were pleased to see stock prices rising.@@@@1@40@@oe@2-2-2013
20585014@unknown@formal@none@1@S@"We weren't as concerned until they became sell programs," says Mr. DaPuzzo, who now thinks it adds unnecessary volatility.@@@@1@19@@oe@2-2-2013
20585015@unknown@formal@none@1@S@Shearson Lehman, however, executes program trades for clients.@@@@1@8@@oe@2-2-2013
20585016@unknown@formal@none@1@S@Merrill Lynch, Goldman Sachs and Kidder Peabody, in addition to Shearson, do program-trade OTC stocks.@@@@1@15@@oe@2-2-2013
20585017@unknown@formal@none@1@S@Shearson, Merrill Lynch and Goldman Sachs say they do so only for customers, however.@@@@1@14@@oe@2-2-2013
20585018@unknown@formal@none@1@S@Kidder Peabody does program trading for its own as well as clients' accounts.@@@@1@13@@oe@2-2-2013
20585019@unknown@formal@none@1@S@Of course, there were sell programs in past years, too, but they seem to hurt market makers more painfully these days.@@@@1@21@@oe@2-2-2013
20585020@unknown@formal@none@1@S@That's largely because of defensive measures they adopted after the 1987 crash, when individual investors fled the market and trading activity dwindled.@@@@1@22@@oe@2-2-2013
20585021@unknown@formal@none@1@S@Market makers, to cut costs, slashed inventories of stocks they keep on hand to sell investors when other holders aren't selling.@@@@1@21@@oe@2-2-2013
20585022@unknown@formal@none@1@S@And to protect their reduced capital investment from eroding further, market makers became quicker to lower price quotes when sell programs are in progress.@@@@1@24@@oe@2-2-2013
20585023@unknown@formal@none@1@S@On days when prices are tumbling, they must be willing to buy shares from sellers when no one else will.@@@@1@20@@oe@2-2-2013
20585024@unknown@formal@none@1@S@In such an environment, market makers can suffer huge losses both on trades made that day at steadily dropping prices and in the value of their inventories of shares.@@@@1@29@@oe@2-2-2013
20585025@unknown@formal@none@1@S@"It makes no sense for us to put money at risk when you know you're going to lose," says Mr. Antolini, of Donaldson Lufkin.@@@@1@24@@oe@2-2-2013
20585026@unknown@formal@none@1@S@But this skittishness, Mr. Antolini says, is creating liquidity problems in certain OTC stocks.@@@@1@14@@oe@2-2-2013
20585027@unknown@formal@none@1@S@"It's harder to sell stocks when the sell programs come in because some market makers don't want to {take the orders}.@@@@1@21@@oe@2-2-2013
20585028@unknown@formal@none@1@S@No one has big positions and no one wants to take big risks."@@@@1@13@@oe@2-2-2013
20585029@unknown@formal@none@1@S@Joseph Hardiman, president of the National Association of Securities Dealers, which oversees trading on Nasdaq, agrees that program trading is hurting the market's efforts to bring back small investors.@@@@1@29@@oe@2-2-2013
20585030@unknown@formal@none@1@S@But, he observes, while makers suffer losses when program trading drags the market down, they also make money when program trading pushes the prices higher.@@@@1@25@@oe@2-2-2013
20585031@unknown@formal@none@1@S@"Sometimes {traders} lose sight of that," he says.@@@@1@8@@oe@2-2-2013
20585032@unknown@formal@none@1@S@The OTC stocks in the S&P 500 include Nasdaq's biggest, such as Apple Computer, MCI Communications, Tele-Communications and Liz Claiborne.@@@@1@20@@oe@2-2-2013
20585033@unknown@formal@none@1@S@These big stocks greatly influence the Nasdaq Composite Index.@@@@1@9@@oe@2-2-2013
20585034@unknown@formal@none@1@S@When the computers say "sell," the composite tumbles as well as the Dow Jones Industrial Average.@@@@1@16@@oe@2-2-2013
20585035@unknown@formal@none@1@S@The problem, market makers say, is that while the industrial average and the S&P 500 usually recover as buy programs kick in, the Nasdaq Composite frequently is left behind.@@@@1@29@@oe@2-2-2013
20585036@unknown@formal@none@1@S@Eight trading days after Oct. 12, the day before the stock market plunge, for instance, the Nasdaq Composite had fallen 4.3%, compared with 3.3% for the S&P 500, 3.5% for the New York Stock Exchange Composite Index and 3.6% for the industrial average.@@@@1@43@@oe@2-2-2013
20585037@unknown@formal@none@1@S@This gap eventually closes, but slowly.@@@@1@6@@oe@2-2-2013
20585038@unknown@formal@none@1@S@Three days later, as of Friday's close, the Nasdaq Composite was down 6%, compared with 5.9% for the industrial average, 5.7% for the S&P 500 and 5.8% for the Big Board Composite.@@@@1@32@@oe@2-2-2013
20585039@unknown@formal@none@1@S@The main reason for this lag is that individual investors own 65% of the OTC market's capitalization, according to Mr. Hardiman, much more than on the Big Board.@@@@1@28@@oe@2-2-2013
20585040@unknown@formal@none@1@S@Such investors tend to be more cautious than institutional investors are about re-entering the market after massive selloffs, market makers say.@@@@1@21@@oe@2-2-2013
20585041@unknown@formal@none@1@S@Friday's Market Activity@@@@1@3@@oe@2-2-2013
20585042@unknown@formal@none@1@S@The Nasdaq Composite Index tumbled 5.39, or 1.2% to 452.76 on Friday.@@@@1@12@@oe@2-2-2013
20585043@unknown@formal@none@1@S@For the week, the index dropped 3.8%.@@@@1@7@@oe@2-2-2013
20585044@unknown@formal@none@1@S@Weakness in big technology stocks hurt the composite as well as the Nasdaq 100 Index, which fell 1.4%, or 6.43, on Friday, to 437.68.@@@@1@24@@oe@2-2-2013
20585045@unknown@formal@none@1@S@The Nasdaq Financial Index lost about 1%, or 3.95, to 448.80.@@@@1@11@@oe@2-2-2013
20585046@unknown@formal@none@1@S@Friday's trading volume totaled 132.8 million shares.@@@@1@7@@oe@2-2-2013
20585047@unknown@formal@none@1@S@The average daily share turnover for October is almost 148 million shares.@@@@1@12@@oe@2-2-2013
20585048@unknown@formal@none@1@S@LIN Broadcasting surged 4 5/8 to 112 5/8; LIN and BellSouth sweetened their merger agreement in an attempt to keep shareholders from tendering their shares to McCaw Cellular Communications.@@@@1@29@@oe@2-2-2013
20585049@unknown@formal@none@1@S@McCaw, which dropped 2 1/2 to 37 3/4, has offered $125 a share for a majority of LIN's shares.@@@@1@19@@oe@2-2-2013
20585050@unknown@formal@none@1@S@The revised LIN-BellSouth agreement boosts the dollar amount of the special dividend LIN promises to pay shareholders.@@@@1@17@@oe@2-2-2013
20585051@unknown@formal@none@1@S@LIN now plans to dole out $42 a share in cash, up from the earlier $20 amount.@@@@1@17@@oe@2-2-2013
20585052@unknown@formal@none@1@S@Intel eased 1/8 to 31 7/8.@@@@1@6@@oe@2-2-2013
20585053@unknown@formal@none@1@S@The semiconductor concern said the interruption in shipment of its 80486 computer chip will be brief and have little impact on the company's earnings.@@@@1@24@@oe@2-2-2013
20585054@unknown@formal@none@1@S@The stock fell 7/8 Thursday amid concerns over problems discovered with the chip.@@@@1@13@@oe@2-2-2013
20585055@unknown@formal@none@1@S@Intel told analysts that the company will resume shipments of the chips within two to three weeks.@@@@1@17@@oe@2-2-2013
20585056@unknown@formal@none@1@S@Weisfield's rocketed 9 1/2 to 39 after the jewelry store operator said it is in preliminary discussions, with a party it wouldn't identify, regarding the possible acquisition of the company.@@@@1@30@@oe@2-2-2013
20585057@unknown@formal@none@1@S@Starpointe Savings Bank rose 3 to 20 after the Federal Deposit Insurance Corp. approved Dime Savings Bank of New York's $21-a-share acquisition of Starpointe.@@@@1@24@@oe@2-2-2013
20585058@unknown@formal@none@1@S@Kirschner Medical fell 4 to 15.@@@@1@6@@oe@2-2-2013
20585059@unknown@formal@none@1@S@The company said its third-quarter earnings will probably be lower than the 16 cents a share it reported last year, despite a rise in the company's revenue.@@@@1@27@@oe@2-2-2013
20585060@unknown@formal@none@1@S@Kirschner earned $376,000 on revenue of $14.5 million in the 1988 quarter.@@@@1@12@@oe@2-2-2013
20585061@unknown@formal@none@1@S@The company blamed a number of factors for the earnings decline, including softer sales of joint-implants.@@@@1@16@@oe@2-2-2013
20586001@unknown@formal@none@1@S@London share prices closed sharply lower 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.@@@@1@30@@oe@2-2-2013
20586002@unknown@formal@none@1@S@London shares were depressed initially by overnight losses in New York and by the drop in sterling after Mr. Lawson's resignation.@@@@1@21@@oe@2-2-2013
20586003@unknown@formal@none@1@S@It showed some early resilience after central bank support firmed sterling, but the weight of Wall Street late in London trading, and signs of further weakness in the British pound, proved a hefty load to bear.@@@@1@36@@oe@2-2-2013
20586004@unknown@formal@none@1@S@New York stocks recovered some of their losses after the London market closed.@@@@1@13@@oe@2-2-2013
20586005@unknown@formal@none@1@S@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 Oct. 13, when Wall Street's plunge helped spark the current weakness in London.@@@@1@34@@oe@2-2-2013
20586006@unknown@formal@none@1@S@The 30-share index settled 42.0 points lower at 1678.5.@@@@1@9@@oe@2-2-2013
20586007@unknown@formal@none@1@S@Volume was 840.8 million shares, up from 443.6 million Thursday and the week's most active session.@@@@1@16@@oe@2-2-2013
20586008@unknown@formal@none@1@S@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.@@@@1@33@@oe@2-2-2013
20586009@unknown@formal@none@1@S@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.@@@@1@40@@oe@2-2-2013
20586010@unknown@formal@none@1@S@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.@@@@1@34@@oe@2-2-2013
20586011@unknown@formal@none@1@S@He attributed the unusually high volume to broad-based selling on fears that the Thatcher government may be in turmoil and Britain's Labor Party positioned to regain control of the government and renew efforts at nationalization.@@@@1@35@@oe@2-2-2013
20586012@unknown@formal@none@1@S@British Gas shed 8.5 pence a share to close at 185 pence ($2.90).@@@@1@13@@oe@2-2-2013
20586013@unknown@formal@none@1@S@Other dealers added that the blue-chip stocks in general were hit by profit-taking over concerns that London shares will continue posting declines and the uncertainty over sterling given that Mr. Lawson's successor, John Major, had only been in the job one day.@@@@1@42@@oe@2-2-2013
20586014@unknown@formal@none@1@S@Besides British Gas, British Steel skidded 1.74 to 123.5 on turnover of 11 million shares.@@@@1@15@@oe@2-2-2013
20586015@unknown@formal@none@1@S@British Petroleum fell 5 to 286 on 14 million shares traded.@@@@1@11@@oe@2-2-2013
20586016@unknown@formal@none@1@S@Dealers said the multinational oil company was pressured by recent brokerage recommendations urging investors to switch into Shell Trading & Transport.@@@@1@21@@oe@2-2-2013
20586017@unknown@formal@none@1@S@Shell eased 1 to 416 on turnover of 4.8 million shares.@@@@1@11@@oe@2-2-2013
20586018@unknown@formal@none@1@S@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.@@@@1@26@@oe@2-2-2013
20586019@unknown@formal@none@1@S@In Tokyo, stocks closed lower but above intraday lows in active trading.@@@@1@12@@oe@2-2-2013
20586020@unknown@formal@none@1@S@The Nikkei index was pressured down by profit-taking triggered by sharp advances made through this week and fell 151.20 points to 35527.29.@@@@1@22@@oe@2-2-2013
20586021@unknown@formal@none@1@S@In early trading in Tokyo Monday, the Nikkei index fell 148.85 points to 35378.44.@@@@1@14@@oe@2-2-2013
20586022@unknown@formal@none@1@S@On Friday, the Tokyo stock price index of first section issues was down 15.82 at 2681.76.@@@@1@16@@oe@2-2-2013
20586023@unknown@formal@none@1@S@First-section volume was estimated at 1.3 billion shares, up from 886 million shares Thursday.@@@@1@14@@oe@2-2-2013
20586024@unknown@formal@none@1@S@An official at Wako Securities said brokerages' excessive expectations about recent advances in Tokyu Group shares and real estate issues were dashed Friday.@@@@1@23@@oe@2-2-2013
20586025@unknown@formal@none@1@S@Dealers placed heavy buy orders in the morning to start the first trading day for November transactions.@@@@1@17@@oe@2-2-2013
20586026@unknown@formal@none@1@S@But they failed to sell these stocks to client investors, who were cautious about the sharp gains these issues made this week, the Wako official said.@@@@1@26@@oe@2-2-2013
20586027@unknown@formal@none@1@S@Fund managers said Friday's profittaking was a natural result of the week's "abnormal fever" in buying real estate, shipbuilding, steel and construction shares.@@@@1@23@@oe@2-2-2013
20586028@unknown@formal@none@1@S@Frankfurt prices closed lower again Friday, the fourth decline in the past five days and the culmination of a week that saw the DAX index lose 4%.@@@@1@27@@oe@2-2-2013
20586029@unknown@formal@none@1@S@The DAX dropped 19.69 points Friday to 1462.93.@@@@1@8@@oe@2-2-2013
20586030@unknown@formal@none@1@S@Traders said the continued turbulence in other markets, coupled with the drop in London following the Lawson resignation, were responsible.@@@@1@20@@oe@2-2-2013
20586031@unknown@formal@none@1@S@Traders said that selling pressure wasn't enormous and that the DAX dropped Friday more on a lack of any substantial buying interest.@@@@1@22@@oe@2-2-2013
20586032@unknown@formal@none@1@S@They said contributing to the downward drift was the fact that many professional traders had chosen to square positions ahead of the weekend.@@@@1@23@@oe@2-2-2013
20586033@unknown@formal@none@1@S@"It's the whole uncertainty about what's happening around us," said Valentin Von Korff, a trader at Credit Suisse First Boston in Frankfurt.@@@@1@22@@oe@2-2-2013
20586034@unknown@formal@none@1@S@"If you take away the outside influences, the market itself looks very cheap.@@@@1@13@@oe@2-2-2013
20586035@unknown@formal@none@1@S@What's happening here isn't justified by the fundamentals."@@@@1@8@@oe@2-2-2013
20586036@unknown@formal@none@1@S@Traders said the market remains extremely nervous because of the wild swings seen on the New York Stock Exchange last week.@@@@1@21@@oe@2-2-2013
20586037@unknown@formal@none@1@S@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.@@@@1@33@@oe@2-2-2013
20586038@unknown@formal@none@1@S@Elsewhere, share prices closed lower in Paris, Zurich, Amsterdam, Brussels and Stockholm, and were mixed in Milan.@@@@1@17@@oe@2-2-2013
20586039@unknown@formal@none@1@S@The British shakeup was widely cited for the declines.@@@@1@9@@oe@2-2-2013
20586040@unknown@formal@none@1@S@Share prices also closed lower in Sydney, Hong Kong, Singapore, Taipei, Manila, Wellington and Seoul.@@@@1@15@@oe@2-2-2013
20586041@unknown@formal@none@1@S@Concern about declines in other markets, especially New York, caused selling pressure.@@@@1@12@@oe@2-2-2013
20586042@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
20586043@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
20586044@unknown@formal@none@1@S@The percentage change is since year-end.@@@@1@6@@oe@2-2-2013
20586045@unknown@formal@none@1@S@Last week's best and worst performing stocks among those issues that make up 80% of the world's stock market capitalization (in local currency)@@@@1@23@@oe@2-2-2013
20586046@unknown@formal@none@1@S@Source: Morgan Stanley Capital Intl.@@@@1@5@@oe@2-2-2013
20587001@unknown@formal@none@1@S@APARTHEID FOES STAGED a massive anti-government rally in South Africa.@@@@1@10@@oe@2-2-2013
20587002@unknown@formal@none@1@S@More than 70,000 people filled a soccer stadium on the outskirts of the black township of Soweto and welcomed freed leaders of the outlawed African National Congress.@@@@1@27@@oe@2-2-2013
20587003@unknown@formal@none@1@S@It was considered South Africa's largest opposition rally.@@@@1@8@@oe@2-2-2013
20587004@unknown@formal@none@1@S@Walter Sisulu, the ANC's former secretary general who served 26 years in prison before being released two weeks ago, urged peace, negotiation and discipline.@@@@1@24@@oe@2-2-2013
20587005@unknown@formal@none@1@S@President de Klerk's government permitted the rally, and security forces didn't interfere.@@@@1@12@@oe@2-2-2013
20587006@unknown@formal@none@1@S@Pretoria's approval of the demonstration and the ANC's conciliatory tone appeared aimed at setting up negotiations to give blacks political rights.@@@@1@21@@oe@2-2-2013
20587007@unknown@formal@none@1@S@CONGRESSIONAL LEADERS BACKED Bush's criticism of Nicaragua's Ortega.@@@@1@8@@oe@2-2-2013
20587008@unknown@formal@none@1@S@While lawmakers haven't raised the possibility of renewing military aid to the Contras following Ortega's weekend threat to end a truce, Senate Majority Leader Mitchell said on NBC-TV that Ortega had made "a very unwise move.@@@@1@36@@oe@2-2-2013
20587009@unknown@formal@none@1@S@" Minority Leader Dole plans to offer a resolution tomorrow denouncing the Nicaraguan president, whose remarks came during a celebration in Costa Rica marking regional moves to democracy.@@@@1@28@@oe@2-2-2013
20587010@unknown@formal@none@1@S@Ortega cited renewed attacks by the U.S.backed rebels.@@@@1@8@@oe@2-2-2013
20587011@unknown@formal@none@1@S@Lawmakers must decide next month whether the Contras will get so-called humanitarian aid under a bipartisan agreement reached in March.@@@@1@20@@oe@2-2-2013
20587012@unknown@formal@none@1@S@Spain's Socialist Party claimed victory in nationwide elections, saying it had retained its parliamentary majority by one seat.@@@@1@18@@oe@2-2-2013
20587013@unknown@formal@none@1@S@With all the votes counted, a government spokesman said Prime Minister Gonzalez's party won 176 seats in the 350-seat Cortes, or lower house of parliament.@@@@1@25@@oe@2-2-2013
20587014@unknown@formal@none@1@S@The Socialists held 184 seats going into the balloting.@@@@1@9@@oe@2-2-2013
20587015@unknown@formal@none@1@S@Thousands of East Germans attended public rallies organized by the Communist leadership and demanded free speech, controls on the security forces and an end to official privileges.@@@@1@27@@oe@2-2-2013
20587016@unknown@formal@none@1@S@The gatherings in East Berlin and elsewhere were viewed as part of a government effort to stop activists from staging protests to press their demands.@@@@1@25@@oe@2-2-2013
20587017@unknown@formal@none@1@S@Dissidents in Czechoslovakia said the nation's pro-democracy movement was growing despite the government's move to crush a protest Saturday in Prague's Wenceslas Square.@@@@1@23@@oe@2-2-2013
20587018@unknown@formal@none@1@S@More than 10,000 demonstrators had called for free elections and the resignation of Communist Party leader Milos Jakes.@@@@1@18@@oe@2-2-2013
20587019@unknown@formal@none@1@S@Police detained more than 350 people.@@@@1@6@@oe@2-2-2013
20587020@unknown@formal@none@1@S@Federal investigators have determined a metallurgical flaw that developed during the making of an engine disk led to the July crash of a United Airlines jetliner in Sioux City, Iowa, killing 112 people.@@@@1@33@@oe@2-2-2013
20587021@unknown@formal@none@1@S@Congress sent to Bush an $8.5 billion military construction bill that cuts spending for new installations by 16%.@@@@1@18@@oe@2-2-2013
20587022@unknown@formal@none@1@S@The measure also moves more than $450 million in the Pentagon budget to home-state projects from foreign bases.@@@@1@18@@oe@2-2-2013
20587023@unknown@formal@none@1@S@U.S. and Soviet officials are to open a new round of talks today aimed at reducing chemical-weapons arsenals amid superpower differences over whether to stop making the gases.@@@@1@28@@oe@2-2-2013
20587024@unknown@formal@none@1@S@The talks in New York are the first since Bush and Soviet Foreign Minister Shevardnadze unveiled proposals in September to scrap existing weapons.@@@@1@23@@oe@2-2-2013
20587025@unknown@formal@none@1@S@Afghan guerrillas bombarded Kabul in a weekend assault that Western diplomats called one of the biggest offensives since the Soviet Union completed a troop withdrawal in February.@@@@1@27@@oe@2-2-2013
20587026@unknown@formal@none@1@S@The rebels also reportedly tightened a blockade on roads leading to the capital, and government forces shelled a guerrilla-held area in western Afghanistan.@@@@1@23@@oe@2-2-2013
20587027@unknown@formal@none@1@S@Lebanon's Christian leader convened an emergency meeting of his cabinet after indications that he might dissolve Parliament in an attempt to scuttle an Arab-sponsored peace plan.@@@@1@26@@oe@2-2-2013
20587028@unknown@formal@none@1@S@Gen. Michel Aoun rejected the pact because it fails to provide a timetable for a Syrian troop pullout from Lebanon.@@@@1@20@@oe@2-2-2013
20587029@unknown@formal@none@1@S@Authorities in Hawaii said the wreckage of a missing commuter plane with 20 people aboard was spotted in a remote valley on the island of Molokai.@@@@1@26@@oe@2-2-2013
20587030@unknown@formal@none@1@S@There wasn't any evidence of survivors.@@@@1@6@@oe@2-2-2013
20587031@unknown@formal@none@1@S@The plane failed to reach Molokai's airport Saturday while on a flight from the neighboring island of Maui.@@@@1@18@@oe@2-2-2013
20587032@unknown@formal@none@1@S@The Oakland Athletics won baseball's World Series, defeating the San Francisco Giants in a four-game sweep.@@@@1@16@@oe@2-2-2013
20587033@unknown@formal@none@1@S@An earthquake Oct. 17 in Northern California had caused a 10-day delay midway through the championship contest, which ended Saturday at San Francisco's Candlestick Park.@@@@1@25@@oe@2-2-2013
20587034@unknown@formal@none@1@S@Died: Rudolf von Bennigsen-Foerder, 63, chairman of Veba AG of West Germany, in Duesseldorf, of pneumonia.@@@@1@16@@oe@2-2-2013
20588001@unknown@formal@none@1@S@The West German machinery and plant equipment industry's orders rose an inflation-adjusted 1% in September from a year earlier despite a sharp drop in foreign orders, the German Association of Machinery Makers said.@@@@1@33@@oe@2-2-2013
20588002@unknown@formal@none@1@S@Before adjustment for inflation, the association said, orders were up a nominal 5%.@@@@1@13@@oe@2-2-2013
20588003@unknown@formal@none@1@S@While domestic orders climbed an adjusted 8% and a nominal 11% in September, foreign orders declined 4% after inflation and 1% on a nominal basis.@@@@1@25@@oe@2-2-2013
20588004@unknown@formal@none@1@S@In the third quarter, orders rose a real 5% and a nominal 9%.@@@@1@13@@oe@2-2-2013
20588005@unknown@formal@none@1@S@Domestic orders were up a real 11% and a nominal 14%, while foreign orders rose a real 1% and a nominal 5%.@@@@1@22@@oe@2-2-2013
20589001@unknown@formal@none@1@S@When Michael S. Perry took the podium at a recent cosmetics industry event, more than 500 executives packing the room snapped to attention.@@@@1@23@@oe@2-2-2013
20589002@unknown@formal@none@1@S@Mr. Perry, who runs Unilever Group's world-wide personal-care business, paused to scan the crowd.@@@@1@14@@oe@2-2-2013
20589003@unknown@formal@none@1@S@"I see we have about half the audience working for us," he said, tongue in cheek.@@@@1@16@@oe@2-2-2013
20589004@unknown@formal@none@1@S@"The other half, we may have before long."@@@@1@8@@oe@2-2-2013
20589005@unknown@formal@none@1@S@Members of the audience gasped or laughed nervously; their industry has been unsettled recently by acquisitions.@@@@1@16@@oe@2-2-2013
20589006@unknown@formal@none@1@S@First Unilever, the Anglo-Dutch packaged-goods giant, spent $2 billion to acquire brands such as Faberge and Elizabeth Arden.@@@@1@18@@oe@2-2-2013
20589007@unknown@formal@none@1@S@It now holds the No. 3 position at U.S. department-store cosmetic counters.@@@@1@12@@oe@2-2-2013
20589008@unknown@formal@none@1@S@Then Procter & Gamble Co. agreed to buy Noxell Corp. for $1.3 billion.@@@@1@13@@oe@2-2-2013
20589009@unknown@formal@none@1@S@That acquisition, to be completed by year end, will include the Cover Girl and Clarion makeup lines, making P&G the top marketer of cosmetics in mass-market outlets.@@@@1@27@@oe@2-2-2013
20589010@unknown@formal@none@1@S@It's not so much the idea of acquisitions that has agitated the cosmetics industry as the companies doing the acquiring: P&G and Unilever bring with them great experience with mundane products like soap and toilet paper, sparking disdain in the glitzy cosmetics trade; but they also bring mammoth marketing clout, sparking fear.@@@@1@52@@oe@2-2-2013
20589011@unknown@formal@none@1@S@Though it is far from certain that companies best known for selling Promise margarine and Tide detergent will succeed in cosmetics, there's little doubt they will shake up the industry.@@@@1@30@@oe@2-2-2013
20589012@unknown@formal@none@1@S@For now, both companies are keeping quiet about their specific plans.@@@@1@11@@oe@2-2-2013
20589013@unknown@formal@none@1@S@But industry watchers expect them to blend the methodical marketing strategies they use for more mundane products with the more intuitive approach typical of cosmetics companies.@@@@1@26@@oe@2-2-2013
20589014@unknown@formal@none@1@S@Likely changes include more emphasis on research, soaring advertising budgets and aggressive pricing.@@@@1@13@@oe@2-2-2013
20589015@unknown@formal@none@1@S@But some cosmetics-industry executives wonder whether techniques honed in packaged goods will translate to the cosmetics business.@@@@1@17@@oe@2-2-2013
20589016@unknown@formal@none@1@S@Estee Lauder Inc., Revlon Inc. and other cosmetics houses traditionally have considered themselves fashion enterprises whose product development is guided by the creative intuition of their executives.@@@@1@27@@oe@2-2-2013
20589017@unknown@formal@none@1@S@Cosmetics companies roll out new makeup colors several times a year, and since most products can be easily copied by competitors, they're loath to test them with consumers.@@@@1@28@@oe@2-2-2013
20589018@unknown@formal@none@1@S@"Just because upscale cosmetics look like packaged goods and smell like packaged goods, it doesn't mean they are packaged goods," says Leonard Lauder, chief executive of Estee Lauder.@@@@1@28@@oe@2-2-2013
20589019@unknown@formal@none@1@S@"They're really fashion items wrapped up in little jars."@@@@1@9@@oe@2-2-2013
20589020@unknown@formal@none@1@S@In contrast to the more artistic nature of traditional cosmetics houses, Unilever and P&G are the habitats of organization men in gray-flannel suits.@@@@1@23@@oe@2-2-2013
20589021@unknown@formal@none@1@S@Both companies are conservative marketers that rely on extensive market research.@@@@1@11@@oe@2-2-2013
20589022@unknown@formal@none@1@S@P&G, in particular, rarely rolls out a product nationally before extensive test-marketing.@@@@1@12@@oe@2-2-2013
20589023@unknown@formal@none@1@S@Both can be extremely aggressive at pricing such products as soaps and diapers -- to the extent that some industry consultants predict cents-off coupons for mascara could result from their entry into the field.@@@@1@34@@oe@2-2-2013
20589024@unknown@formal@none@1@S@P&G already has shown it can meld some traditional packaged-goods techniques with the image-making of the cosmetics trade in the mass-market end of the business.@@@@1@25@@oe@2-2-2013
20589025@unknown@formal@none@1@S@Consider Oil of Olay, which P&G acquired as part of Richardson-Vicks International in 1985.@@@@1@14@@oe@2-2-2013
20589026@unknown@formal@none@1@S@The moisturizer, introduced in 1962, had a dowdy image.@@@@1@9@@oe@2-2-2013
20589027@unknown@formal@none@1@S@"Oil of Olay brought with it the baggage of being used basically by older women who had already aged," says David Williams, a consultant with New England Consulting Group.@@@@1@29@@oe@2-2-2013
20589028@unknown@formal@none@1@S@P&G set out to reposition the brand by broadening the product line to include facial cleansers and moisturizers for sensitive skin.@@@@1@21@@oe@2-2-2013
20589029@unknown@formal@none@1@S@It also redesigned Oil of Olay's packaging, stamping the traditional pink boxes with gold lines to create a more opulent look.@@@@1@21@@oe@2-2-2013
20589030@unknown@formal@none@1@S@Moreover, P&G shifted its ad campaign from one targeting older women to one featuring a woman in her mid-30s vowing "not to grow old gracefully."@@@@1@25@@oe@2-2-2013
20589031@unknown@formal@none@1@S@The company says sales have soared.@@@@1@6@@oe@2-2-2013
20589032@unknown@formal@none@1@S@Goliaths like Unilever and P&G have enormous financial advantages over smaller rivals.@@@@1@12@@oe@2-2-2013
20589033@unknown@formal@none@1@S@Next year, Noxell plans to roll out a perfume called Navy, says George L. Bunting Jr., chairman of Noxell.@@@@1@19@@oe@2-2-2013
20589034@unknown@formal@none@1@S@Without P&G's backing, Noxell might not have been able to spend the estimated $5 million to $7 million needed to accomplish that without scrimping on its existing brands.@@@@1@28@@oe@2-2-2013
20589035@unknown@formal@none@1@S@Packaged-goods companies "will make it tougher for smaller people to remain competitive," Mr. Bunting says.@@@@1@15@@oe@2-2-2013
20589036@unknown@formal@none@1@S@Further consolidations in the industry could follow.@@@@1@7@@oe@2-2-2013
20589037@unknown@formal@none@1@S@Rumors that Unilever is interested in acquiring Schering-Plough Corp.'s Maybelline unit are widespread.@@@@1@13@@oe@2-2-2013
20589038@unknown@formal@none@1@S@Unilever won't comment; Schering, however, denies the brand is for sale.@@@@1@11@@oe@2-2-2013
20589039@unknown@formal@none@1@S@The presence of Unilever and P&G is likely to increase the impact of advertising on cosmetics.@@@@1@16@@oe@2-2-2013
20589040@unknown@formal@none@1@S@While the two are among the world's biggest advertisers, most makers of upscale cosmetics spend relatively little on national ads.@@@@1@20@@oe@2-2-2013
20589041@unknown@formal@none@1@S@Instead, they focus on events in department stores and pour their promotional budgets into gifts that go along with purchases.@@@@1@20@@oe@2-2-2013
20589042@unknown@formal@none@1@S@Estee Lauder, for example, spends only an estimated 5% of sales on advertising in the U.S., and Mr. Lauder says he has no plans to change his strategy.@@@@1@28@@oe@2-2-2013
20589043@unknown@formal@none@1@S@The most dramatic changes, however, probably will come in new-product development.@@@@1@11@@oe@2-2-2013
20589044@unknown@formal@none@1@S@Nearly 70% of cosmetics sales come through mass-distribution outlets such as drug stores and supermarkets, according to Andrew Shore, an analyst at Shearson Lehman Hutton Inc.@@@@1@26@@oe@2-2-2013
20589045@unknown@formal@none@1@S@That figure has been inching up for several years.@@@@1@9@@oe@2-2-2013
20589046@unknown@formal@none@1@S@As the trend continues, demand for mass-market items that are high quality but only mid-priced -- particularly skin-care products -- is expected to increase.@@@@1@24@@oe@2-2-2013
20589047@unknown@formal@none@1@S@This fall, for example, L'Oreal Group, ordinarily a high-end line, rolled out a drug-store line of skin-care products called Plenitude, which retail for $5 to $15.@@@@1@26@@oe@2-2-2013
20589048@unknown@formal@none@1@S@The packaged-goods marketers may try filling that gap with a spate of new products.@@@@1@14@@oe@2-2-2013
20589049@unknown@formal@none@1@S@Unlike the old-line cosmetics houses, Unilever and P&G both have enormous research and development bases to draw on for new products.@@@@1@21@@oe@2-2-2013
20589050@unknown@formal@none@1@S@P&G, in fact, is noted for gaining market leadership by introducing products that offer a technical edge over the competition.@@@@1@20@@oe@2-2-2013
20589051@unknown@formal@none@1@S@Sales of its Tide detergent soared earlier this year, for example, after P&G introduced a version that includes a bleach safe for all colors and fabrics.@@@@1@26@@oe@2-2-2013
20589052@unknown@formal@none@1@S@That's led industry executives to speculate that future product development will be driven more by technological innovation than by fashion whims -- especially among mass-market brands.@@@@1@26@@oe@2-2-2013
20589053@unknown@formal@none@1@S@"There will be more emphasis on quality," says Guy Peyrelongue, chief executive of Cosmair Inc., the U.S. licensee of L'Oreal.@@@@1@20@@oe@2-2-2013
20589054@unknown@formal@none@1@S@"You'll see fewer gimmicks."@@@@1@4@@oe@2-2-2013
20589055@unknown@formal@none@1@S@But success for Unilever and P&G is far from guaranteed, as shown by the many consumer-product companies that have tried and failed to master the quirky beauty business.@@@@1@28@@oe@2-2-2013
20589056@unknown@formal@none@1@S@In the 1970s, several pharmaceutical and packaged-goods companies, including Colgate-Palmolive Co., Eli Lilly & Co., Pfizer Inc. and Schering-Plough acquired cosmetics companies.@@@@1@22@@oe@2-2-2013
20589057@unknown@formal@none@1@S@Industry consultants say only Schering-Plough, which makes the mass-market Maybelline, has maintained a meaningful business.@@@@1@15@@oe@2-2-2013
20589058@unknown@formal@none@1@S@Colgate, which acquired Helena Rubenstein in 1973, sold the brand seven years later after the brand languished.@@@@1@17@@oe@2-2-2013
20589059@unknown@formal@none@1@S@Unilever already has experienced some disappointment.@@@@1@6@@oe@2-2-2013
20589060@unknown@formal@none@1@S@The mass-market Aziza brand, which it acquired in 1987 along with Chesebrough-Pond's Inc., has lost share, according to industry analysts.@@@@1@20@@oe@2-2-2013
20589061@unknown@formal@none@1@S@The ritzy world of department-store cosmetics retailing, where Unilever is concentrating its efforts, may prove even more treacherous.@@@@1@18@@oe@2-2-2013
20589062@unknown@formal@none@1@S@In this niche, makeup colors change seasonally because they are linked to ready-to-wear fashions.@@@@1@14@@oe@2-2-2013
20589063@unknown@formal@none@1@S@Because brand loyalty is weak and most cosmetics purchases are unplanned, careful training of store sales staffs by cosmetics companies is important.@@@@1@22@@oe@2-2-2013
20589064@unknown@formal@none@1@S@And cultivating a luxury image strong enough to persuade consumers to pay more than $15 for lipstick or eye makeup requires a subtle touch that packaged-goods companies have yet to demonstrate on their own.@@@@1@34@@oe@2-2-2013
20590001@unknown@formal@none@1@S@There may be a truce in the long war of nerves between the White House and Congress over how this country conducts secret intelligence operations abroad.@@@@1@26@@oe@2-2-2013
20590002@unknown@formal@none@1@S@After years of mistrust born of Watergate, past misdeeds of the Central Intelligence Agency, and the Iran-Contra scandal, President Bush and the Senate Intelligence Committee appear ready -- for now, at least -- to trust each other when it comes to setting policy on covert activities.@@@@1@46@@oe@2-2-2013
20590003@unknown@formal@none@1@S@If that attitude lasts, it could infuse covert action planning with a level of care and confidence that hasn't been seen in years.@@@@1@23@@oe@2-2-2013
20590004@unknown@formal@none@1@S@Over the past week, the president has agreed to keep the committee informed, usually in advance, of covert actions and to put key intelligence decisions in writing.@@@@1@27@@oe@2-2-2013
20590005@unknown@formal@none@1@S@That wasn't always the way the Reagan administration handled such matters.@@@@1@11@@oe@2-2-2013
20590006@unknown@formal@none@1@S@Mr. Bush has pledged as well to respect the 14-year-old executive order barring U.S. agents from assassinating foreign leaders or helping others to do so.@@@@1@25@@oe@2-2-2013
20590007@unknown@formal@none@1@S@Congress never fully trusted former CIA chief William Casey and National Security Adviser John Poindexter to honor the ban.@@@@1@19@@oe@2-2-2013
20590008@unknown@formal@none@1@S@Despite objections by the CIA, Mr. Bush also has agreed to the establishment of an inspector general at the CIA who would be independent of the CIA director.@@@@1@28@@oe@2-2-2013
20590009@unknown@formal@none@1@S@In return, the Senate panel has dropped efforts to enact legislation requiring the administration to inform it within 48 hours of the launching of any covert activity.@@@@1@27@@oe@2-2-2013
20590010@unknown@formal@none@1@S@It also has removed a ban on CIA use of a contingency fund for covert acts and has agreed to wipe away some tortured and legalistic restrictions on coup planning put in place to ensure that the CIA didn't get back in the assassination game.@@@@1@45@@oe@2-2-2013
20590011@unknown@formal@none@1@S@"We've finally been able to convince them that Casey and {Oliver} North don't work here anymore," says one administration official.@@@@1@20@@oe@2-2-2013
20590012@unknown@formal@none@1@S@The new understanding didn't just spring to life in a spontaneous eruption of sweetness and light.@@@@1@16@@oe@2-2-2013
20590013@unknown@formal@none@1@S@It emerged after a rancorous display of old-style intelligence politics that followed this month's failed coup attempt in Panama.@@@@1@19@@oe@2-2-2013
20590014@unknown@formal@none@1@S@The White House used television appearances and leaks to argue that congressionally imposed restrictions on covert actions made U.S. support for such coups difficult.@@@@1@24@@oe@2-2-2013
20590015@unknown@formal@none@1@S@Mr. Bush even disclosed privately that one Reagan-era deal with Congress required him to notify the odious Panamanian dictator, Manuel Noriega, if the U.S. learned of a coup plot that might endanger his life.@@@@1@34@@oe@2-2-2013
20590016@unknown@formal@none@1@S@The president also hinted he might veto this year's intelligence authorization bill if it is too restrictive.@@@@1@17@@oe@2-2-2013
20590017@unknown@formal@none@1@S@Intelligence Committee Chairman David Boren (D., Okla.) and Vice Chairman William Cohen (R., Maine), for their part, angrily accused the White House of selectively leaking classified documents and trying unfairly to shift the blame to Congress for the bungled attempt to topple Gen. Noriega.@@@@1@44@@oe@2-2-2013
20590018@unknown@formal@none@1@S@The White House got the better of the exchange but took care not to press its advantage to the kind of constitutional confrontation sought by conservative Republicans who don't want any congressional oversight of intelligence activities.@@@@1@36@@oe@2-2-2013
20590019@unknown@formal@none@1@S@Instead, Mr. Bush and his aides made it clear they respected Congress's role and felt they could work with the conservative Mr. Boren and the moderate Mr. Cohen to iron out their differences.@@@@1@33@@oe@2-2-2013
20590020@unknown@formal@none@1@S@The senators responded in kind.@@@@1@5@@oe@2-2-2013
20590021@unknown@formal@none@1@S@Sen. Boren happily told reporters that there had been "a meeting of the minds" with the White House, and that the committee had given Mr. Bush "a clean slate," free of the impediments imposed during the Reagan years.@@@@1@38@@oe@2-2-2013
20590022@unknown@formal@none@1@S@Sen. Cohen said the relationship has reverted to its pre-Reagan character.@@@@1@11@@oe@2-2-2013
20590023@unknown@formal@none@1@S@There still are some details to be nailed down.@@@@1@9@@oe@2-2-2013
20590024@unknown@formal@none@1@S@Mr. Bush is reserving the right in "rare" instances to keep Congress in the dark, asserting a constitutional prerogative the committee doesn't recognize.@@@@1@23@@oe@2-2-2013
20590025@unknown@formal@none@1@S@And a pending Justice Department interpretation of the assassination ban could raise questions that would have to be settled.@@@@1@19@@oe@2-2-2013
20590026@unknown@formal@none@1@S@Moreover, both sides may face political critics.@@@@1@7@@oe@2-2-2013
20590027@unknown@formal@none@1@S@Some conservatives will accuse the president of promising Congress too much.@@@@1@11@@oe@2-2-2013
20590028@unknown@formal@none@1@S@And they continue anonymously attacking CIA Director William Webster for being too accommodating to the committee.@@@@1@16@@oe@2-2-2013
20590029@unknown@formal@none@1@S@At the same time, some congressional liberals will accuse Sens. Boren and Cohen of wimping out, and they will warn that the lawmakers' concessions raise the specter of more internationally embarrassing covert operations like the mining of Nicaraguan harbors and the Iran arms sales.@@@@1@44@@oe@2-2-2013
20590030@unknown@formal@none@1@S@But if the cooperative attitude holds and there is greater consultation on covert activities, the country could be entering an era when such hare-brained schemes are scrapped before they get off the drawing boards, while risky but well-planned secret operations can be undertaken without fear that a panicky Congress will balk.@@@@1@51@@oe@2-2-2013
20591001@unknown@formal@none@1@S@Several of the New York Stock Exchange's own listed companies, led by giant Contel Corp., are joining for the first time to complain about program trading and the exchange's role in it.@@@@1@32@@oe@2-2-2013
20591002@unknown@formal@none@1@S@Claiming program trading has turned the Big Board into a "gambling casino," Contel Chairman Charles Wohlstetter said that he and at least 20 other corporate executives are forming an unprecedented alliance.@@@@1@31@@oe@2-2-2013
20591003@unknown@formal@none@1@S@The group, Mr. Wohlstetter said in an interview, wants to end the market's wild price swings that critics blame on computer-aided program-trading strategies.@@@@1@23@@oe@2-2-2013
20591004@unknown@formal@none@1@S@The group will complain to Washington, to the heads of program-trading firms and to the heads of the Big Board itself, he said.@@@@1@23@@oe@2-2-2013
20591005@unknown@formal@none@1@S@"They should call {the exchange} Trump East," charged Mr. Wohlstetter, the 79-year-old founder of Contel who's also a former investment banker and stock trader.@@@@1@24@@oe@2-2-2013
20591006@unknown@formal@none@1@S@"What is the mission of the financial community --@@@@1@9@@oe@2-2-2013
20591007@unknown@formal@none@1@S@to help some scavengers or schemers, or help corporate America?"@@@@1@10@@oe@2-2-2013
20591008@unknown@formal@none@1@S@Contel is a $6 billion telephone and electronics company.@@@@1@9@@oe@2-2-2013
20591009@unknown@formal@none@1@S@Pressure has been building on the Big Board in the past two weeks to do something about market volatility, which many investors say is caused by program trading.@@@@1@28@@oe@2-2-2013
20591010@unknown@formal@none@1@S@The market's Friday-the-13th plunge of 190 points in the Dow Jones Industrial Average, and the Big Board's understated response to it, galvanized some longstanding dissatisfaction among companies listed on the exchange.@@@@1@31@@oe@2-2-2013
20591011@unknown@formal@none@1@S@Last month, program trading accounted for a record 13.8% of average daily Big Board volume.@@@@1@15@@oe@2-2-2013
20591012@unknown@formal@none@1@S@Mr. Wohlstetter, for example, said he wrote to Big Board Chairman John J. Phelan Jr. about program trading after the 190-point Dow plunge, and as in previous queries, "what I get back is gobbledygook."@@@@1@34@@oe@2-2-2013
20591013@unknown@formal@none@1@S@He said he's upset that Mr. Phelan, trying to calm investors after the plunge, said that investors would simply have to get used to the market's big price swings.@@@@1@29@@oe@2-2-2013
20591014@unknown@formal@none@1@S@The Big Board "is partly to blame {for the price swings}, because they're cowards," said Mr. Wohlstetter.@@@@1@17@@oe@2-2-2013
20591015@unknown@formal@none@1@S@"Their powerful members manage them."@@@@1@5@@oe@2-2-2013
20591016@unknown@formal@none@1@S@The focus of the outcry has been stock-index arbitrage, which accounts for about half the program trading that goes on.@@@@1@20@@oe@2-2-2013
20591017@unknown@formal@none@1@S@Index arbitragers argue that their trading is healthy because it links markets, but critics say such trading accelerates market movements and increases the chance for a crash.@@@@1@27@@oe@2-2-2013
20591018@unknown@formal@none@1@S@The Big Board has refused to be drawn into a public debate about program trading.@@@@1@15@@oe@2-2-2013
20591019@unknown@formal@none@1@S@Richard Grasso, Big Board president, last week said only that the exchange is concerned about all its constituents.@@@@1@18@@oe@2-2-2013
20591020@unknown@formal@none@1@S@Privately, exchange officials worry that without a hospitable system for program trading at the Big Board, billions of dollars in trading will simply migrate to overseas exchanges such as London's.@@@@1@30@@oe@2-2-2013
20591021@unknown@formal@none@1@S@It is partly for this reason that the exchange last week began trading in its own stock "basket" product that allows big investors to buy or sell all 500 stocks in the Standard & Poor's index in a single trade.@@@@1@40@@oe@2-2-2013
20591022@unknown@formal@none@1@S@One intended customer of the new basket product is index arbitragers, according to the exchange.@@@@1@15@@oe@2-2-2013
20591023@unknown@formal@none@1@S@Investors have complained for some time about program trading, particularly index arbitrage, to little avail.@@@@1@15@@oe@2-2-2013
20591024@unknown@formal@none@1@S@But according to some Big Board traders, an organized campaign from exchange-listed companies might make the exchange finally consider big changes.@@@@1@21@@oe@2-2-2013
20591025@unknown@formal@none@1@S@"They won't fight the listed companies.@@@@1@6@@oe@2-2-2013
20591026@unknown@formal@none@1@S@Now the assault is on," said one top trader.@@@@1@9@@oe@2-2-2013
20591027@unknown@formal@none@1@S@The Big Board can't ban stock-index futures, of course, but it could ban use of its high-speed electronic trading system for program trading or at least encourage securities firms to back off.@@@@1@32@@oe@2-2-2013
20591028@unknown@formal@none@1@S@The exchange put a bit of a damper on program trading when, last year, it simply started to publish monthly statistics of each firm's program-trading volume.@@@@1@26@@oe@2-2-2013
20591029@unknown@formal@none@1@S@Contel's Mr. Wohlstetter said the group of Big Board companies isn't ready to go public yet with its effort, and that he doesn't plan to be the leader once it is public.@@@@1@32@@oe@2-2-2013
20591030@unknown@formal@none@1@S@However, he said he planned to spend the weekend making calls to gather additional support.@@@@1@15@@oe@2-2-2013
20591031@unknown@formal@none@1@S@Among those Mr. Wohlstetter said he has been talking to are Sanford Weill of Primerica Corp., which is the parent of Smith Barney, Harris Upham & Co.; GTE Corp.'s James Johnson, and ITT Corp.'s Rand Araskog.@@@@1@36@@oe@2-2-2013
20591032@unknown@formal@none@1@S@None of these chief executives were available for comment.@@@@1@9@@oe@2-2-2013
20591033@unknown@formal@none@1@S@Among the targets of the Big Board companies' campaign will be some corporate pension funds that use program-trading strategies to maximize returns on their investments.@@@@1@25@@oe@2-2-2013
20591034@unknown@formal@none@1@S@For Contel's part, the company a month ago informed each of its money managers that it would drop them if they give business to program-trading firms.@@@@1@26@@oe@2-2-2013
20591035@unknown@formal@none@1@S@It was just those kinds of ultimatums that last week succeeded in turning up the heat in the debate.@@@@1@19@@oe@2-2-2013
20591036@unknown@formal@none@1@S@Kemper Corp.'s Kemper Financial Services unit said it cut off Bear Stearns, Morgan Stanley, Oppenheimer and General Electric Co.'s Kidder, Peabody & Co. unit.@@@@1@24@@oe@2-2-2013
20591037@unknown@formal@none@1@S@All of the firms except Kidder, which is the second-biggest program trader on Wall Street, quickly announced pull-backs from index arbitrage.@@@@1@21@@oe@2-2-2013
20591038@unknown@formal@none@1@S@Kidder officials stand by their aggressive use of program trading.@@@@1@10@@oe@2-2-2013
20591039@unknown@formal@none@1@S@Chief Executive Officer Michael Carpenter said that despite the outcry even by some of Kidder's own brokers, he believes index arbitrage doesn't have a "negative impact on the market as a whole.@@@@1@32@@oe@2-2-2013
20591040@unknown@formal@none@1@S@" However, pressure on Kidder's parent, GE, could change Kidder's policy.@@@@1@11@@oe@2-2-2013
20591041@unknown@formal@none@1@S@GE Chairman John Welch has been "besieged with phone calls" complaining about his unit's program trading, according to a person close to him.@@@@1@23@@oe@2-2-2013
20592001@unknown@formal@none@1@S@Margaret Thatcher's instinctive response to the latest upheaval in her government is to promise business as usual.@@@@1@17@@oe@2-2-2013
20592002@unknown@formal@none@1@S@That may be the last thing she needs.@@@@1@8@@oe@2-2-2013
20592003@unknown@formal@none@1@S@As the air clears from last week's storm of resignations and reshufflings, the government faces a daunting job of rebuilding confidence in its policies.@@@@1@24@@oe@2-2-2013
20592004@unknown@formal@none@1@S@The prime minister and her new chancellor of the exchequer, the untested John Major, need to haul the country through something like a recession to bring down inflation and set the economy moving again.@@@@1@34@@oe@2-2-2013
20592005@unknown@formal@none@1@S@Mrs. Thatcher has to come to terms with European economic integration, beginning with the European Monetary System, which Britain is committed to joining fully someday.@@@@1@25@@oe@2-2-2013
20592006@unknown@formal@none@1@S@Finally, the government has to convince a rattled financial community -- and voters -- it is proceeding coherently toward its goals.@@@@1@21@@oe@2-2-2013
20592007@unknown@formal@none@1@S@It sounds like the work of a decade, but the deadline is late 1991, when Mrs. Thatcher is expected to call another national election.@@@@1@24@@oe@2-2-2013
20592008@unknown@formal@none@1@S@What's worrying her supporters is that the economic cycle may be out of kilter with the political timetable.@@@@1@18@@oe@2-2-2013
20592009@unknown@formal@none@1@S@She could end up seeking a fourth term in an economy sick with inflation, high interest rates and a heavy trade deficit.@@@@1@22@@oe@2-2-2013
20592010@unknown@formal@none@1@S@Though Mrs. Thatcher has pulled through other crises, supporters wonder if her steely, autocratic ways are the right formula today.@@@@1@20@@oe@2-2-2013
20592011@unknown@formal@none@1@S@"There's a rising fear that perhaps Mrs. Thatcher's style of management has become a political liability," says Bill Martin, senior economist at London brokers UBS-Phillips & Drew.@@@@1@27@@oe@2-2-2013
20592012@unknown@formal@none@1@S@The prime minister's insistence on keeping a private coterie of advisers -- including an economic guru who openly criticized former Chancellor of the Exchequer Nigel Lawson -- confused the financial community.@@@@1@31@@oe@2-2-2013
20592013@unknown@formal@none@1@S@Last week, the strategy of playing the two experts off each other blew up: Mr. Lawson quit in exasperation and Sir Alan Walters, the adviser, announced his resignation within an hour.@@@@1@31@@oe@2-2-2013
20592014@unknown@formal@none@1@S@The confusion could be costly.@@@@1@5@@oe@2-2-2013
20592015@unknown@formal@none@1@S@Currency traders, suspecting Mr. Major won't defend the pound strenuously, sent the British currency sharply lower Friday against the dollar and West German mark.@@@@1@24@@oe@2-2-2013
20592016@unknown@formal@none@1@S@Analysts expect further jitters this week.@@@@1@6@@oe@2-2-2013
20592017@unknown@formal@none@1@S@A continuing slide in the pound could force the government to push through another rise in the base rate, currently 15%.@@@@1@21@@oe@2-2-2013
20592018@unknown@formal@none@1@S@That could shove a weak economy into recession.@@@@1@8@@oe@2-2-2013
20592019@unknown@formal@none@1@S@Economists have been anticipating a slump for months, but they now say it will be deeper and longer than they had thought.@@@@1@22@@oe@2-2-2013
20592020@unknown@formal@none@1@S@Britain's economy "is developing rapidly toward no-growth," says J. Paul Horne, international economist with Smith Barney, Harris Upham Co. in Paris.@@@@1@21@@oe@2-2-2013
20592021@unknown@formal@none@1@S@A mild slowdown probably would have run its course by early 1991, economists say, while the grueling downturn now expected could stretch into 1992.@@@@1@24@@oe@2-2-2013
20592022@unknown@formal@none@1@S@Recovery could be hampered if Britain's major trading partners in Europe, which are enjoying robust economic activity, cool off as expected in late 1990 and 1991.@@@@1@26@@oe@2-2-2013
20592023@unknown@formal@none@1@S@That would leave Mrs. Thatcher little room for maneuver.@@@@1@9@@oe@2-2-2013
20592024@unknown@formal@none@1@S@For the Tories to win the next election, voters will need to sense economic improvement for about a year beforehand.@@@@1@20@@oe@2-2-2013
20592025@unknown@formal@none@1@S@Though Mrs. Thatcher doesn't need to call an election until June 1992, she would prefer doing so in late 1991.@@@@1@20@@oe@2-2-2013
20592026@unknown@formal@none@1@S@"If the economy shows no sign of turning around in about year's time, she will be very vulnerable," says John Barnes, a lecturer at the London School of Economics.@@@@1@29@@oe@2-2-2013
20592027@unknown@formal@none@1@S@There's an equally pressing deadline for the government to define its monetary and economic ties to the rest of the European Community.@@@@1@22@@oe@2-2-2013
20592028@unknown@formal@none@1@S@It has sent mixed signals about its willingness to take part in the exchange-rate mechanism of the European Monetary System, which links the major EC currencies.@@@@1@26@@oe@2-2-2013
20592029@unknown@formal@none@1@S@At a June EC summit, Mrs. Thatcher appeared to ease her opposition to full EMS membership, saying Britain would join once its inflation rate fell and the EC liberalized capital movements.@@@@1@31@@oe@2-2-2013
20592030@unknown@formal@none@1@S@Since then, the government has left observers wondering if it ever meant to join.@@@@1@14@@oe@2-2-2013
20592031@unknown@formal@none@1@S@Sir Alan assailed the monetary arrangement as "half-baked" in an article being published in an American economics journal.@@@@1@18@@oe@2-2-2013
20592032@unknown@formal@none@1@S@That produced little reaction from his boss, reinforcing speculation the government would use its two conditions as a pretext for avoiding full EMS membership.@@@@1@24@@oe@2-2-2013
20592033@unknown@formal@none@1@S@Despite the departure of Mr. Lawson and Sir Alan, the tug-of-war over the EMS could continue.@@@@1@16@@oe@2-2-2013
20592034@unknown@formal@none@1@S@Sir Geoffrey Howe, deputy prime minister and a Lawson ally on the EMS, has signaled he will continue pressing for early membership.@@@@1@22@@oe@2-2-2013
20592035@unknown@formal@none@1@S@Of immediate concern is whether the Thatcher government will continue Mr. Lawson's policy of tracking the monetary policies of the West German Bundesbank and responding in kind when the Frankfurt authorities move interest rates.@@@@1@34@@oe@2-2-2013
20592036@unknown@formal@none@1@S@Mrs. Thatcher "doesn't like taking orders from foreigners," says Tim Congdon, economist with Gerrard & National Holding PLC.@@@@1@18@@oe@2-2-2013
20592037@unknown@formal@none@1@S@As Conservatives rally around Mrs. Thatcher during the crisis, many harbor hopes last week's debacle will prompt change.@@@@1@18@@oe@2-2-2013
20592038@unknown@formal@none@1@S@"We won't have any more of this wayward behavior," says Sir Peter Hordern, a backbench Tory member of Parliament.@@@@1@19@@oe@2-2-2013
20592039@unknown@formal@none@1@S@"The party is fed up with sackings of good people."@@@@1@10@@oe@2-2-2013
20592040@unknown@formal@none@1@S@It's an unrealistic expectation.@@@@1@4@@oe@2-2-2013
20592041@unknown@formal@none@1@S@As long as a decade ago, Mrs. Thatcher declared she didn't want debate in her cabinet; she wanted strong government.@@@@1@20@@oe@2-2-2013
20592042@unknown@formal@none@1@S@Over the weekend, she said she didn't intend to change her style and denied she is authoritarian.@@@@1@17@@oe@2-2-2013
20592043@unknown@formal@none@1@S@"Nonsense," she told an interviewer yesterday on London Weekend Television.@@@@1@10@@oe@2-2-2013
20592044@unknown@formal@none@1@S@"I am staying my own sweet, reasonable self.@@@@1@8@@oe@2-2-2013
20593001@unknown@formal@none@1@S@Joseph L. Dionne, chairman and chief executive officer of McGraw-Hill Inc., was elected to the board of directors of this electronics manufacturer.@@@@1@22@@oe@2-2-2013
20593002@unknown@formal@none@1@S@He succeeds the retiring James W. Wilcock.@@@@1@7@@oe@2-2-2013
20594001@unknown@formal@none@1@S@Base Data@@@@1@2@@oe@2-2-2013
20594002@unknown@formal@none@1@S@Computers that once were the state of the art, The marvels bought three years ago, Are now obsolete.@@@@1@18@@oe@2-2-2013
20594003@unknown@formal@none@1@S@As we queasily start The search for replacements, we know The new one we purchase in hopes it will do, Despite every wonder that's stated, Means more speed, more graphics, more memory, too, But also more quickly out- dated!@@@@1@39@@oe@2-2-2013
20594004@unknown@formal@none@1@S@-- Bern Sharfman.@@@@1@3@@oe@2-2-2013
20594005@unknown@formal@none@1@S@Curdling Confession@@@@1@2@@oe@2-2-2013
20594006@unknown@formal@none@1@S@I know when dividends are due; When bonds should be retired; But what gets by me every time Is has the milk expired?@@@@1@23@@oe@2-2-2013