20600001@unknown@formal@none@1@S@Spencer J. Volk, president and chief operating officer of this consumer and industrial products company, was elected a director.@@@@1@19@@oe@2-2-2013
20600002@unknown@formal@none@1@S@Mr. Volk, 55 years old, succeeds Duncan Dwight, who retired in September.@@@@1@12@@oe@2-2-2013
20601001@unknown@formal@none@1@S@In an age of specialization, the federal judiciary is one of the last bastions of the generalist.@@@@1@17@@oe@2-2-2013
20601002@unknown@formal@none@1@S@A judge must jump from murder to antitrust cases, from arson to securities fraud, without missing a beat.@@@@1@18@@oe@2-2-2013
20601003@unknown@formal@none@1@S@But even on the federal bench, specialization is creeping in, and it has become a subject of sharp controversy on the newest federal appeals court.@@@@1@25@@oe@2-2-2013
20601004@unknown@formal@none@1@S@The Court of Appeals for the Federal Circuit was created in 1982 to serve, among other things, as the court of last resort for most patent disputes.@@@@1@27@@oe@2-2-2013
20601005@unknown@formal@none@1@S@Previously, patent cases moved through the court system to one of the 12 circuit appeals courts.@@@@1@16@@oe@2-2-2013
20601006@unknown@formal@none@1@S@There, judges who saw few such cases and had no experience in the field grappled with some of the most technical and complex disputes imaginable.@@@@1@25@@oe@2-2-2013
20601007@unknown@formal@none@1@S@A new specialty court was sought by patent experts, who believed that the generalists had botched too many important, multimillion-dollar cases.@@@@1@21@@oe@2-2-2013
20601008@unknown@formal@none@1@S@Some patent lawyers had hoped that such a specialty court would be filled with experts in the field.@@@@1@18@@oe@2-2-2013
20601009@unknown@formal@none@1@S@But the Reagan administration thought otherwise, and so may the Bush administration.@@@@1@12@@oe@2-2-2013
20601010@unknown@formal@none@1@S@Since 1984, the president has filled four vacancies in the Federal Circuit court with non-patent lawyers.@@@@1@16@@oe@2-2-2013
20601011@unknown@formal@none@1@S@Now only three of the 12 judges -- Pauline Newman, Chief Judge Howard T. Markey, 68, and Giles Rich, 85 -- have patent-law backgrounds.@@@@1@24@@oe@2-2-2013
20601012@unknown@formal@none@1@S@The latter two and Judge Daniel M. Friedman, 73, are approaching senior status or retirement.@@@@1@15@@oe@2-2-2013
20601013@unknown@formal@none@1@S@Three seats currently are vacant and three others are likely to be filled within a few years, so patent lawyers and research-based industries are making a new push for specialists to be added to the court.@@@@1@36@@oe@2-2-2013
20601014@unknown@formal@none@1@S@Several organizations, including the Industrial Biotechnical Association and the Pharmaceutical Manufacturers Association, have asked the White House and Justice Department to name candidates with both patent and scientific backgrounds.@@@@1@29@@oe@2-2-2013
20601015@unknown@formal@none@1@S@The associations would like the court to include between three and six judges with specialized training.@@@@1@16@@oe@2-2-2013
20601016@unknown@formal@none@1@S@Some of the associations have recommended Dr. Alan D. Lourie, 54, a former patent agent with a doctorate in organic chemistry who now is associate general counsel with SmithKline Beckman Corp. in Philadelphia.@@@@1@33@@oe@2-2-2013
20601017@unknown@formal@none@1@S@Dr. Lourie says the Justice Department interviewed him last July.@@@@1@10@@oe@2-2-2013
20601018@unknown@formal@none@1@S@Their effort has received a lukewarm response from the Justice Department.@@@@1@11@@oe@2-2-2013
20601019@unknown@formal@none@1@S@"We do not feel that seats are reserved (for patent lawyers)," says Justice spokesman David Runkel, who declines to say how soon a candidate will be named.@@@@1@27@@oe@2-2-2013
20601020@unknown@formal@none@1@S@"But we will take it into consideration."@@@@1@7@@oe@2-2-2013
20601021@unknown@formal@none@1@S@The Justice Department's view is shared by other lawyers and at least one member of the court, Judge H. Robert Mayer, a former civil litigator who served at the claims court trial level before he was appointed to the Federal Circuit two years ago.@@@@1@44@@oe@2-2-2013
20601022@unknown@formal@none@1@S@"I believe that any good lawyer should be able to figure out and understand patent law," Judge Mayer says, adding that "it's the responsibility of highly paid lawyers (who argue before the court) to make us understand (complex patent litigation)."@@@@1@40@@oe@2-2-2013
20601023@unknown@formal@none@1@S@Yet some lawyers point to Eli Lilly & Co. vs. Medtronic, Inc., the patent infringement case the Supreme Court this month agreed to review, as an example of poor legal reasoning by judges who lack patent litigation experience.@@@@1@38@@oe@2-2-2013
20601024@unknown@formal@none@1@S@(Judge Mayer was not on the three-member panel.)@@@@1@8@@oe@2-2-2013
20601025@unknown@formal@none@1@S@In the Lilly case, the appeals court broadly construed a federal statute to grant Medtronic, a medical device manufacturer, an exemption to infringe a patent under certain circumstances.@@@@1@28@@oe@2-2-2013
20601026@unknown@formal@none@1@S@If the Supreme Court holds in Medtronic's favor, the decision will have billion-dollar consequences for the manufacturers of medical devices, color and food additives and all other non-drug products that required Food & Drug Administration approval.@@@@1@36@@oe@2-2-2013
20601027@unknown@formal@none@1@S@Lisa Raines, a lawyer and director of government relations for the Industrial Biotechnical Association, contends that a judge well-versed in patent law and the concerns of research-based industries would have ruled otherwise.@@@@1@32@@oe@2-2-2013
20601028@unknown@formal@none@1@S@And Judge Newman, a former patent lawyer, wrote in her dissent when the court denied a motion for a rehearing of the case by the full court, "The panel's judicial legislation has affected an important high-technological industry, without regard to the consequences for research and innovation or the public interest."@@@@1@50@@oe@2-2-2013
20601029@unknown@formal@none@1@S@Says Ms. Raines, "(The judgment) confirms our concern that the absence of patent lawyers on the court could prove troublesome.@@@@1@20@@oe@2-2-2013
20602001@unknown@formal@none@1@S@Friday, October 27, 1989@@@@1@4@@oe@2-2-2013
20602002@unknown@formal@none@1@S@The key U.S. and foreign annual interest rates below are a guide to general levels but don't always represent actual transactions.@@@@1@21@@oe@2-2-2013
20602003@unknown@formal@none@1@S@PRIME RATE: 10 1/2%.@@@@1@4@@oe@2-2-2013
20602004@unknown@formal@none@1@S@The base rate on corporate loans at large U.S. money center commercial banks.@@@@1@13@@oe@2-2-2013
20602005@unknown@formal@none@1@S@FEDERAL FUNDS: 8 3/4% high, 8 11/16% low, 8 5/8% near closing bid, 8 11/16% offered.@@@@1@16@@oe@2-2-2013
20602006@unknown@formal@none@1@S@Reserves traded among commercial banks for overnight use in amounts of $1 million or more.@@@@1@15@@oe@2-2-2013
20602007@unknown@formal@none@1@S@Source: Fulton Prebon (U.S.A.) Inc.@@@@1@5@@oe@2-2-2013
20602008@unknown@formal@none@1@S@DISCOUNT RATE: 7%.@@@@1@3@@oe@2-2-2013
20602009@unknown@formal@none@1@S@The charge on loans to depository institutions by the New York Federal Reserve Bank.@@@@1@14@@oe@2-2-2013
20602010@unknown@formal@none@1@S@CALL MONEY: 9 3/4% to 10%.@@@@1@6@@oe@2-2-2013
20602011@unknown@formal@none@1@S@The charge on loans to brokers on stock exchange collateral.@@@@1@10@@oe@2-2-2013
20602012@unknown@formal@none@1@S@COMMERCIAL PAPER placed directly by General Motors Acceptance Corp.: 8.50% 30 to 44 days; 8.25% 45 to 65 days; 8.375% 66 to 89 days; 8% 90 to 119 days; 7.875% 120 to 149 days; 7.75% 150 to 179 days; 7.50% 180 to 270 days.@@@@1@44@@oe@2-2-2013
20602013@unknown@formal@none@1@S@COMMERCIAL PAPER: High-grade unsecured notes sold through dealers by major corporations in multiples of $1,000: 8.575% 30 days; 8.475% 60 days; 8.40% 90 days.@@@@1@24@@oe@2-2-2013
20602014@unknown@formal@none@1@S@CERTIFICATES OF DEPOSIT: 8.09% one month; 8.04% two months; 8.03% three months; 7.96% six months; 7.92% one year.@@@@1@18@@oe@2-2-2013
20602015@unknown@formal@none@1@S@Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s, usually on amounts of $1 million and more.@@@@1@25@@oe@2-2-2013
20602016@unknown@formal@none@1@S@The minimum unit is $100,000.@@@@1@5@@oe@2-2-2013
20602017@unknown@formal@none@1@S@Typical rates in the secondary market: 8.55% one month; 8.50% three months; 8.40% six months.@@@@1@15@@oe@2-2-2013
20602018@unknown@formal@none@1@S@BANKERS ACCEPTANCES: 8.52% 30 days; 8.35% 60 days; 8.33% 90 days; 8.17% 120 days; 8.08% 150 days; 8% 180 days.@@@@1@20@@oe@2-2-2013
20602019@unknown@formal@none@1@S@Negotiable, bank-backed business credit instruments typically financing an import order.@@@@1@10@@oe@2-2-2013
20602020@unknown@formal@none@1@S@LONDON LATE EURODOLLARS: 8 11/16% to 8 9/16% one month; 8 5/8% to 8 1/2% two months; 8 11/16% to 8 9/16% three months; 8 9/16% to 8 7/16% four months; 8 1/2% to 8 3/8% five months; 8 7/16% to 8 5/16% six months.@@@@1@45@@oe@2-2-2013
20602021@unknown@formal@none@1@S@LONDON INTERBANK OFFERED RATES (LIBOR): 8 11/16% one month; 8 11/16% three months; 8 7/16% six months; 8 3/8% one year.@@@@1@21@@oe@2-2-2013
20602022@unknown@formal@none@1@S@The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks.@@@@1@20@@oe@2-2-2013
20602023@unknown@formal@none@1@S@FOREIGN PRIME RATES: Canada 13.50%; Germany 9%; Japan 4.875%; Switzerland 8.50%; Britain 15%.@@@@1@13@@oe@2-2-2013
20602024@unknown@formal@none@1@S@These rate indications aren't directly comparable; lending practices vary widely by location.@@@@1@12@@oe@2-2-2013
20602025@unknown@formal@none@1@S@TREASURY BILLS: Results of the Monday, October 23, 1989, auction of short-term U.S. government bills, sold at a discount from face value in units of $10,000 to $1 million: 7.52% 13 weeks; 7.50% 26 weeks.@@@@1@35@@oe@2-2-2013
20602026@unknown@formal@none@1@S@FEDERAL HOME LOAN MORTGAGE CORP. (Freddie Mac):@@@@1@7@@oe@2-2-2013
20602027@unknown@formal@none@1@S@Posted yields on 30-year mortgage commitments for delivery within 30 days.@@@@1@11@@oe@2-2-2013
20602028@unknown@formal@none@1@S@9.80%, standard conventional fixed-rate mortgages; 7.875%, 2% rate capped one-year adjustable rate mortgages.@@@@1@13@@oe@2-2-2013
20602029@unknown@formal@none@1@S@Source: Telerate Systems Inc.@@@@1@4@@oe@2-2-2013
20602030@unknown@formal@none@1@S@FEDERAL NATIONAL MORTGAGE ASSOCIATION (Fannie Mae):@@@@1@6@@oe@2-2-2013
20602031@unknown@formal@none@1@S@Posted yields on 30 year mortgage commitments for delivery within 30 days (priced at par) 9.75%, standard conventional fixed-rate mortgages; 8.70%, 6/2 rate capped one-year adjustable rate mortgages.@@@@1@28@@oe@2-2-2013
20602032@unknown@formal@none@1@S@Source: Telerate Systems Inc.@@@@1@4@@oe@2-2-2013
20602033@unknown@formal@none@1@S@MERRILL LYNCH READY ASSETS TRUST: 8.65%.@@@@1@6@@oe@2-2-2013
20602034@unknown@formal@none@1@S@Annualized average rate of return after expenses for the past 30 days; not a forecast of future returns.@@@@1@18@@oe@2-2-2013
20603001@unknown@formal@none@1@S@THE FINANCIAL ACCOUNTING STANDARDS BOARD'S coming rule on disclosure involving financial instruments will be effective for financial statements with fiscal years ending after June 15, 1990.@@@@1@26@@oe@2-2-2013
20603002@unknown@formal@none@1@S@The date was misstated in Friday's edition.@@@@1@7@@oe@2-2-2013
20604001@unknown@formal@none@1@S@Kidder, Peabody & Co. is trying to struggle back.@@@@1@9@@oe@2-2-2013
20604002@unknown@formal@none@1@S@Only a few months ago, the 124-year-old securities firm seemed to be on the verge of a meltdown, racked by internal squabbles and defections.@@@@1@24@@oe@2-2-2013
20604003@unknown@formal@none@1@S@Its relationship with parent General Electric Co. had been frayed since a big Kidder insider-trading scandal two years ago.@@@@1@19@@oe@2-2-2013
20604004@unknown@formal@none@1@S@Chief executives and presidents had come and gone.@@@@1@8@@oe@2-2-2013
20604005@unknown@formal@none@1@S@Now, the firm says it's at a turning point.@@@@1@9@@oe@2-2-2013
20604006@unknown@formal@none@1@S@By the end of this year, 63-year-old Chairman Silas Cathcart -- the former chairman of Illinois Tool Works who was derided as a "tool-and-die man" when GE brought him in to clean up Kidder in 1987 -- retires to his Lake Forest, Ill., home, possibly to build a shopping mall on some land he owns.@@@@1@55@@oe@2-2-2013
20604007@unknown@formal@none@1@S@"I've done what I came to do" at Kidder, he says.@@@@1@11@@oe@2-2-2013
20604008@unknown@formal@none@1@S@And that means 42-year-old Michael Carpenter, president and chief executive since January, will for the first time take complete control of Kidder and try to make good on some grandiose plans.@@@@1@31@@oe@2-2-2013
20604009@unknown@formal@none@1@S@Mr. Carpenter says he will return Kidder to prominence as a great investment bank.@@@@1@14@@oe@2-2-2013
20604010@unknown@formal@none@1@S@Wall Street is understandably skeptical.@@@@1@5@@oe@2-2-2013
20604011@unknown@formal@none@1@S@Through the first nine months of the year, Kidder ranks a distant 10th among underwriters of U.S. stocks and bonds, with a 2.8% market share, up slightly from 2.5% in the year-earlier period, according to Securities Data Co.@@@@1@38@@oe@2-2-2013
20604012@unknown@formal@none@1@S@It's quite a fall from the early 1980s, when Kidder still was counted as an investment-banking powerhouse.@@@@1@17@@oe@2-2-2013
20604013@unknown@formal@none@1@S@Gary S. Goldstein, president of the Whitney Group, an executive search firm, said: "I'd like to see (Kidder) succeed.@@@@1@19@@oe@2-2-2013
20604014@unknown@formal@none@1@S@But they have to attract good senior bankers who can bring in the business from day one."@@@@1@17@@oe@2-2-2013
20604015@unknown@formal@none@1@S@In 1988, Kidder eked out a $46 million profit, mainly because of severe cost cutting.@@@@1@15@@oe@2-2-2013
20604016@unknown@formal@none@1@S@Its 1,400-member brokerage operation reported an estimated $5 million loss last year, although Kidder expects it to turn a profit this year.@@@@1@22@@oe@2-2-2013
20604017@unknown@formal@none@1@S@In fact, Kidder is a minor player in just about every business it does except computer-driven program trading; in that controversial business, only Morgan Stanley & Co. rivals Kidder.@@@@1@29@@oe@2-2-2013
20604018@unknown@formal@none@1@S@But even that niche is under attack, as several Wall Street firms pulled back from program trading last week under pressure from big investors.@@@@1@24@@oe@2-2-2013
20604019@unknown@formal@none@1@S@Mr. Carpenter, a former consulting-firm executive who has a love for "task forces," says he has done a "complete rethink" of Kidder in recent months.@@@@1@25@@oe@2-2-2013
20604020@unknown@formal@none@1@S@There have been a dizzying parade of studies of the firm's operations.@@@@1@12@@oe@2-2-2013
20604021@unknown@formal@none@1@S@More than 20 new managing directors and senior vice presidents have been hired since January.@@@@1@15@@oe@2-2-2013
20604022@unknown@formal@none@1@S@The firm's brokerage force has been trimmed and its mergers-and-acquisitions staff increased to a record 55 people.@@@@1@17@@oe@2-2-2013
20604023@unknown@formal@none@1@S@Mr. Carpenter says that when he assumes full control, Kidder will finally tap the resources of GE.@@@@1@17@@oe@2-2-2013
20604024@unknown@formal@none@1@S@One of GE's goals when it bought 80% of Kidder in 1986 was to take advantage of "syngeries" between Kidder and General Electric Capital Corp., GE's corporate-finance unit, which has $42 billion in assets.@@@@1@34@@oe@2-2-2013
20604025@unknown@formal@none@1@S@The leveraged buy-out group of GE Capital now reports to Mr. Carpenter.@@@@1@12@@oe@2-2-2013
20604026@unknown@formal@none@1@S@So far, instead of teaming up, GE Capital staffers and Kidder investment bankers have bickered.@@@@1@15@@oe@2-2-2013
20604027@unknown@formal@none@1@S@Yet, says Mr. Carpenter, "We've really started to exploit the synergy between GE Capital and Kidder Peabody."@@@@1@17@@oe@2-2-2013
20604028@unknown@formal@none@1@S@The units have worked on 37 investment banking deals this year, he says, though not all of them have panned out.@@@@1@21@@oe@2-2-2013
20604029@unknown@formal@none@1@S@"We've had a good relationship with GE, which is the first time you could say that -- uh, let me withdraw that.@@@@1@22@@oe@2-2-2013
20604030@unknown@formal@none@1@S@It's been a steadily improving relationship," says Mr. Carpenter.@@@@1@9@@oe@2-2-2013
20604031@unknown@formal@none@1@S@Still, without many actual deals to show off, Kidder is left to stress that it finally has "a team" in place, and that everyone works harder.@@@@1@26@@oe@2-2-2013
20604032@unknown@formal@none@1@S@A month ago, the firm started serving dinner at about 7:30 each night; about 50 to 60 of the 350 people in the investment banking operation have consistently been around that late.@@@@1@32@@oe@2-2-2013
20604033@unknown@formal@none@1@S@"We are working significantly longer and harder than has been the case in the past," says Scott C. Newquist, Kidder's head of investment banking since June.@@@@1@26@@oe@2-2-2013
20604034@unknown@formal@none@1@S@Everywhere, Kidder stresses the "always working" theme.@@@@1@7@@oe@2-2-2013
20604035@unknown@formal@none@1@S@A new in-house magazine, Kidder World -- which will focus on the firm's synergy strategy, says Mr. Carpenter -- confides that on weekends Mr. Newquist "often gets value-added ideas while flying his single-engine Cessna Centurion on the way to Nantucket."@@@@1@40@@oe@2-2-2013
20604036@unknown@formal@none@1@S@The firm's new head of mergers and acquisitions under Mr. Newquist, B.J. Megargel, talks of the opportunity to "rebuild a franchise" at Kidder.@@@@1@23@@oe@2-2-2013
20604037@unknown@formal@none@1@S@"The Kidder name is one of only six or seven that every CEO recognizes as a viable alternative" when considering a merger deal, he says.@@@@1@25@@oe@2-2-2013
20604038@unknown@formal@none@1@S@Now, according to a Kidder World story about Mr. Megargel, all the firm has to do is "position ourselves more in the deal flow."@@@@1@24@@oe@2-2-2013
20604039@unknown@formal@none@1@S@With investment banking as Kidder's "lead business," where do Kidder's 42-branch brokerage network and its 1,400 brokers fit in?@@@@1@19@@oe@2-2-2013
20604040@unknown@formal@none@1@S@Mr. Carpenter this month sold off Kidder's eight brokerage offices in Florida and Puerto Rico to Merrill Lynch & Co., refueling speculation that Kidder is getting out of the brokerage business entirely.@@@@1@32@@oe@2-2-2013
20604041@unknown@formal@none@1@S@Mr. Carpenter denies the speculation.@@@@1@5@@oe@2-2-2013
20604042@unknown@formal@none@1@S@To answer the brokerage question, Kidder, in typical fashion, completed a task-force study.@@@@1@13@@oe@2-2-2013
20604043@unknown@formal@none@1@S@The result: Kidder will focus on rich individual investors and small companies, much closer to the clientele of Goldman, Sachs & Co. than a serve-the-world firm like Merrill Lynch or Shearson Lehman Hutton Inc.@@@@1@34@@oe@2-2-2013
20604044@unknown@formal@none@1@S@Mr. Carpenter notes that these types of investors also are "sophisticated" enough not to complain about Kidder's aggressive use of program trading.@@@@1@22@@oe@2-2-2013
20604045@unknown@formal@none@1@S@As part of the upscale push, Kidder is putting brokers through a 20-week training course, turning them into "investment counselors" with knowledge of corporate finance.@@@@1@25@@oe@2-2-2013
20604046@unknown@formal@none@1@S@They will get "new and improved tools to sell, particularly to the affluent investor," says brokerage chief Charles V. Sheehan.@@@@1@20@@oe@2-2-2013
20604047@unknown@formal@none@1@S@Theoretically, the brokers will then be able to funnel "leads" on corporate finance opportunities to Kidder's investment bankers, possibly easing the longstanding tension between the two camps.@@@@1@27@@oe@2-2-2013
20604048@unknown@formal@none@1@S@However, skeptics caution that this kind of cross-pollination between brokers and investment bankers looks great on paper, but doesn't always happen.@@@@1@21@@oe@2-2-2013
20604049@unknown@formal@none@1@S@Kidder competitors aren't outwardly hostile to the firm, as many are to a tough competitor like Drexel Burnham Lambert Inc. that doesn't have Kidder's long history.@@@@1@26@@oe@2-2-2013
20604050@unknown@formal@none@1@S@However, competitors say that Kidder's hiring binge involving executive-level staffers, some with multiple-year contract guarantees, could backfire unless there are results.@@@@1@21@@oe@2-2-2013
20604051@unknown@formal@none@1@S@The departing Mr. Cathcart says he has no worries about Kidder's future.@@@@1@12@@oe@2-2-2013
20604052@unknown@formal@none@1@S@Mr. Cathcart, who will return to the Quaker Oats Co. board of directors, in addition to his personal ventures, is credited with bringing some basic budgeting and planning discipline to traditionally free-wheeling Kidder.@@@@1@33@@oe@2-2-2013
20604053@unknown@formal@none@1@S@He also improved the firm's compliance procedures for trading.@@@@1@9@@oe@2-2-2013
20604054@unknown@formal@none@1@S@Mr. Cathcart says he has had "a lot of fun" at Kidder, adding the crack about his being a "tool-and-die man" never bothered him.@@@@1@24@@oe@2-2-2013
20604055@unknown@formal@none@1@S@"It was an absolutely marvelous line and one I used many times," he says.@@@@1@14@@oe@2-2-2013
20604056@unknown@formal@none@1@S@Smiling broadly when he talks about Mr. Carpenter, Mr. Cathcart says the new Kidder chief is "going to be recognized shortly as one of the real leaders in the investment-banking business."@@@@1@31@@oe@2-2-2013
20604057@unknown@formal@none@1@S@In coming years, Mr. Cathcart says, Kidder is "gonna hum."@@@@1@10@@oe@2-2-2013
20604058@unknown@formal@none@1@S@Or, as Mr. Carpenter, again drawing on his consulting-firm background, puts it: "We're ready to implement at this point.@@@@1@19@@oe@2-2-2013
20605001@unknown@formal@none@1@S@UNDER A PROPOSAL by Democrats to expand Individual Retirement Accounts, a $2,000 contribution by a taxpayer in the 33% bracket would save $330 on his taxes.@@@@1@26@@oe@2-2-2013
20605002@unknown@formal@none@1@S@The savings was given incorrectly in Friday's edition.@@@@1@8@@oe@2-2-2013
20606001@unknown@formal@none@1@S@In what could prove a major addition to the Philippines' foreign-investment portfolio, a Taiwanese company signed a $180 million construction contract to build the centerpiece of a planned petrochemical complex.@@@@1@30@@oe@2-2-2013
20606002@unknown@formal@none@1@S@Taiwan's USI Far East Corp., a petrochemical company, initialed the agreement with an unidentified Japanese contractor to build a naphtha cracker, according to Alson Lee, who heads the Philippine company set up to build and operate the complex.@@@@1@38@@oe@2-2-2013
20606003@unknown@formal@none@1@S@Mr. Lee, president of Luzon Petrochemical Corp., said the contract was signed Wednesday in Tokyo with USI Far East officials.@@@@1@20@@oe@2-2-2013
20606004@unknown@formal@none@1@S@Contract details, however, haven't been made public.@@@@1@7@@oe@2-2-2013
20606005@unknown@formal@none@1@S@The complex is to be located in Batangas, about 70 miles south of Manila.@@@@1@14@@oe@2-2-2013
20606006@unknown@formal@none@1@S@USI Far East will hold a 60% stake in Luzon Petrochemical, according to papers signed with the Philippine government's Board of Investments.@@@@1@22@@oe@2-2-2013
20606007@unknown@formal@none@1@S@The proposed petrochemical plant would use naphtha to manufacture the petrochemicals propylene and ethylene and their resin derivatives, polypropylene and polyethylene.@@@@1@21@@oe@2-2-2013
20606008@unknown@formal@none@1@S@These are the raw materials used in making plastics.@@@@1@9@@oe@2-2-2013
20606009@unknown@formal@none@1@S@The contract signing represented a major step in the long-planned petrochemical project.@@@@1@12@@oe@2-2-2013
20606010@unknown@formal@none@1@S@At an estimated $360 million, the project would represent the single largest foreign investment in the Philippines since President Corazon Aquino took office in February 1986.@@@@1@26@@oe@2-2-2013
20606011@unknown@formal@none@1@S@It also is considered critical to the country's efforts to both attract other investment from Taiwan and raise heavy industry capabilities.@@@@1@21@@oe@2-2-2013
20606012@unknown@formal@none@1@S@The project has been in and out of the pipeline for more than a decade.@@@@1@15@@oe@2-2-2013
20606013@unknown@formal@none@1@S@However, workers can't break ground until legal maneuvers to block the complex are resolved, moves which caused the signing to remain questionable up to the last moment.@@@@1@27@@oe@2-2-2013
20606014@unknown@formal@none@1@S@As previously reported, a member of the Philippines' House of Representatives has sued to stop the plant.@@@@1@17@@oe@2-2-2013
20606015@unknown@formal@none@1@S@The legislator, Enrique Garcia, had actively backed the plant, but at the original site in his constituency northwest of Manila.@@@@1@20@@oe@2-2-2013
20606016@unknown@formal@none@1@S@The country's Supreme Court dismissed the suit, but Mr. Garcia late last month filed for a reconsideration.@@@@1@17@@oe@2-2-2013
20606017@unknown@formal@none@1@S@In addition, President Aquino has yet to sign into law a bill removing a stiff 48% tax on naphtha, the principal raw material to be used in the cracker.@@@@1@29@@oe@2-2-2013
20606018@unknown@formal@none@1@S@However, at a news conference Thursday, Mrs. Aquino backed the project and said her government was attempting to soothe the feelings of residents at the original site, adjacent to the government's major petroleum refinery in Bataan province.@@@@1@37@@oe@2-2-2013
20606019@unknown@formal@none@1@S@"We have tried our best to tell the people in Bataan that maybe this time it will not go to them, but certainly we will do our best to encourage other investors to go to their province," Mrs. Aquino told Manila-based foreign correspondents.@@@@1@43@@oe@2-2-2013
20606020@unknown@formal@none@1@S@The project appeared to be on the rocks earlier this month when the other major partner in the project, China General Plastics Corp., backed out.@@@@1@25@@oe@2-2-2013
20606021@unknown@formal@none@1@S@China General Plastics, another Taiwanese petrochemical manufacturer, was to have a 40% stake in Luzon Petrochemical.@@@@1@16@@oe@2-2-2013
20606022@unknown@formal@none@1@S@However, Mr. Lee said that USI Far East is confident other investors will take up the slack.@@@@1@17@@oe@2-2-2013
20606023@unknown@formal@none@1@S@He said USI Far East has applied to both the Asian Development Bank and the World Bank's International Finance Corp. for financing that could include equity stakes.@@@@1@27@@oe@2-2-2013
20607001@unknown@formal@none@1@S@Three new issues begin trading on the New York Stock Exchange today, and one began trading on the Nasdaq/National Market System last week.@@@@1@23@@oe@2-2-2013
20607002@unknown@formal@none@1@S@On the Big Board, Crawford & Co., Atlanta, (CFD) begins trading today.@@@@1@12@@oe@2-2-2013
20607003@unknown@formal@none@1@S@Crawford evaluates health care plans, manages medical and disability aspects of worker's compensation injuries and is involved in claims adjustments for insurance companies.@@@@1@23@@oe@2-2-2013
20607004@unknown@formal@none@1@S@Also beginning trading today on the Big Board are El Paso Refinery Limited Partnership, El Paso, Texas, (ELP) and Franklin Multi-Income Trust, San Mateo, Calif., (FMI).@@@@1@26@@oe@2-2-2013
20607005@unknown@formal@none@1@S@El Paso owns and operates a petroleum refinery.@@@@1@8@@oe@2-2-2013
20607006@unknown@formal@none@1@S@Franklin is a closed-end management investment company.@@@@1@7@@oe@2-2-2013
20607007@unknown@formal@none@1@S@On the Nasdaq over-the-counter system, Allied Capital Corp., Washington, D.C., (ALII) began trading last Thursday.@@@@1@15@@oe@2-2-2013
20607008@unknown@formal@none@1@S@Allied Capital is a closed-end management investment company that will operate as a business development concern.@@@@1@16@@oe@2-2-2013
20608001@unknown@formal@none@1@S@THE YALE POLITICAL UNION doesn't pay an honorarium to speakers.@@@@1@10@@oe@2-2-2013
20608002@unknown@formal@none@1@S@In Thursday's edition, it was incorrectly indicated that the union had paid a fee to former House Speaker Jim Wright.@@@@1@20@@oe@2-2-2013
20609001@unknown@formal@none@1@S@President Bush insists it would be a great tool for curbing the budget deficit and slicing the lard out of government programs.@@@@1@22@@oe@2-2-2013
20609002@unknown@formal@none@1@S@He wants it now.@@@@1@4@@oe@2-2-2013
20609003@unknown@formal@none@1@S@Not so fast, says Rep. Mickey Edwards of Oklahoma, a fellow Republican.@@@@1@12@@oe@2-2-2013
20609004@unknown@formal@none@1@S@"I consider it one of the stupidest ideas of the 20th century," he says.@@@@1@14@@oe@2-2-2013
20609005@unknown@formal@none@1@S@It's the line-item veto, a procedure that would allow the president to kill individual items in a big spending bill passed by Congress without vetoing the entire bill.@@@@1@28@@oe@2-2-2013
20609006@unknown@formal@none@1@S@Whatever one thinks of the idea, it's far more than the budgetary gimmick it may seem at first glance.@@@@1@19@@oe@2-2-2013
20609007@unknown@formal@none@1@S@Rather, it's a device that could send shock waves through the president's entire relationship with Democrats and Republicans alike in Congress, fundamentally enhance the power of the presidency and transform the way the government does its business.@@@@1@37@@oe@2-2-2013
20609008@unknown@formal@none@1@S@President Bush badly wants a line-item veto and has long called for a law giving it to the president.@@@@1@19@@oe@2-2-2013
20609009@unknown@formal@none@1@S@Now the White House is declaring that he might not rely on Congress -- which hasn't shown any willingness to surrender such authority -- to pass the line-item veto law he seeks.@@@@1@32@@oe@2-2-2013
20609010@unknown@formal@none@1@S@White House spokesmen last week said Mr. Bush is considering simply declaring that the Constitution gives him the power, exercising a line-item veto and inviting a court challenge to decide whether he has the right.@@@@1@35@@oe@2-2-2013
20609011@unknown@formal@none@1@S@Although that may sound like an arcane maneuver of little interest outside Washington, it would set off a political earthquake.@@@@1@20@@oe@2-2-2013
20609012@unknown@formal@none@1@S@"The ramifications are enormous," says Rep. Don Edwards, a California Democrat who is a senior member of the House Judiciary Committee.@@@@1@21@@oe@2-2-2013
20609013@unknown@formal@none@1@S@"It's a real face-to-face arm wrestling challenge to Congress."@@@@1@9@@oe@2-2-2013
20609014@unknown@formal@none@1@S@White House aides know it's a step that can't be taken lightly -- and for that reason, the president may back down from launching a test case this year.@@@@1@29@@oe@2-2-2013
20609015@unknown@formal@none@1@S@Some senior advisers argue that with further fights over a capital-gains tax cut and a budget-reduction bill looming, Mr. Bush already has enough pending confrontations with Congress.@@@@1@27@@oe@2-2-2013
20609016@unknown@formal@none@1@S@They prefer to put off the line-item veto until at least next year.@@@@1@13@@oe@2-2-2013
20609017@unknown@formal@none@1@S@Still, Mr. Bush and some other aides are strongly drawn to the idea of trying out a line-item veto.@@@@1@19@@oe@2-2-2013
20609018@unknown@formal@none@1@S@The issue arose last week when Vice President Dan Quayle told an audience in Chicago that Mr. Bush was looking for a test case.@@@@1@24@@oe@2-2-2013
20609019@unknown@formal@none@1@S@White House Press Secretary Marlin Fitzwater confirmed that Mr. Bush was interested in the idea, but cautioned that there wasn't a firm decision to try it.@@@@1@26@@oe@2-2-2013
20609020@unknown@formal@none@1@S@Mr. Bush, former President Reagan and a host of conservative activists have been arguing that a line-item veto would go a long way in restoring discipline to the budget process.@@@@1@30@@oe@2-2-2013
20609021@unknown@formal@none@1@S@They maintain that a president needs the ability to surgically remove pork-barrel spending projects that are attached to big omnibus spending bills.@@@@1@22@@oe@2-2-2013
20609022@unknown@formal@none@1@S@Those bills can't easily be vetoed in their entirety because they often are needed to keep the government operating.@@@@1@19@@oe@2-2-2013
20609023@unknown@formal@none@1@S@Conservatives note that 43 governors have the line-item veto to use on state budgets.@@@@1@14@@oe@2-2-2013
20609024@unknown@formal@none@1@S@More provocatively, some conservative legal theorists have begun arguing that Mr. Bush doesn't need to wait for a law giving him the veto because the power already is implicit in the Constitution.@@@@1@32@@oe@2-2-2013
20609025@unknown@formal@none@1@S@They base their argument on a clause buried in Article I, Section 7, of the Constitution that states: "Every order, resolution, or vote to which the concurrence of the Senate and House of Representatives may be necessary (except on a question of adjournment) shall be presented to the President of the United States; and before the same shall take effect, shall be approved by him or . . . disapproved by him. . . ."@@@@1@75@@oe@2-2-2013
20609026@unknown@formal@none@1@S@This clause, they argue, is designed to go beyond an earlier clause specifying that the president can veto a "bill," and is broad enough to allow him to strike out items and riders within bills.@@@@1@35@@oe@2-2-2013
20609027@unknown@formal@none@1@S@Senate Minority Leader Robert Dole (R., Kan.), for one, accepts this argument and earlier this year publicly urged Mr. Bush "to use the line-item veto and allow the courts to decide whether or not it is constitutional."@@@@1@37@@oe@2-2-2013
20609028@unknown@formal@none@1@S@There's little doubt that such a move would be immediately challenged in court -- and that it would quickly make its way to the Supreme Court to be ultimately resolved.@@@@1@30@@oe@2-2-2013
20609029@unknown@formal@none@1@S@"It's a major issue, and they wouldn't want to leave it at a lower level," says Stephen Glazier, a New York attorney whose writings have been instrumental in pushing the idea that a president already has a line-item veto.@@@@1@39@@oe@2-2-2013
20609030@unknown@formal@none@1@S@Rep. Edwards, the California Democrat, is one who pledges that he would immediately challenge Mr. Bush in the courts, arguing a line-item veto would expand a president's powers far beyond anything the framers of the Constitution had in mind.@@@@1@39@@oe@2-2-2013
20609031@unknown@formal@none@1@S@"It puts this president in the legislative business," he declares.@@@@1@10@@oe@2-2-2013
20609032@unknown@formal@none@1@S@"That's not what our fathers had in mind."@@@@1@8@@oe@2-2-2013
20609033@unknown@formal@none@1@S@In addition to giving a president powers to rewrite spending bills meant to be written in Congress, Rep. Edwards argues, a line-item veto would allow the chief executive to blackmail lawmakers.@@@@1@31@@oe@2-2-2013
20609034@unknown@formal@none@1@S@He notes that, as a lawmaker from the San Francisco area, he fights each year to preserve federal funds for the Bay Area Rapid Transit system.@@@@1@26@@oe@2-2-2013
20609035@unknown@formal@none@1@S@If a president had a line-item veto and wanted to force him to support a controversial foreign-policy initiative, Rep. Edwards says, the president could call and declare that he would single-handedly kill the BART funds unless the congressman "shapes up" on the foreign-policy issue.@@@@1@44@@oe@2-2-2013
20609036@unknown@formal@none@1@S@Proponents maintain that a president would choose to use a line-item veto more judiciously than that.@@@@1@16@@oe@2-2-2013
20609037@unknown@formal@none@1@S@But there may be another problem with the device: Despite all the political angst it would cause, it mightn't be effective in cutting the deficit.@@@@1@25@@oe@2-2-2013
20609038@unknown@formal@none@1@S@Big chunks of the government budget, like the entitlement programs of Social Security and Medicare, wouldn't be affected.@@@@1@18@@oe@2-2-2013
20609039@unknown@formal@none@1@S@Governors have found that they have to use the device sparingly to maintain political comity.@@@@1@15@@oe@2-2-2013
20609040@unknown@formal@none@1@S@And it isn't even clear that some pork-barrel projects can be hit with a line-item veto because they tend to be listed in informal conference reports accompanying spending bills rather than in the official bills themselves.@@@@1@36@@oe@2-2-2013
20609041@unknown@formal@none@1@S@Still, proponents contend that the veto would have what Mr. Glazier calls an important "chilling effect" on all manner of appropriations bills.@@@@1@22@@oe@2-2-2013
20609042@unknown@formal@none@1@S@Lawmakers, they say, would avoid putting many spending projects into legislation in the first place for fear of the embarrassment of having them singled out for a line-item veto later.@@@@1@30@@oe@2-2-2013
20609043@unknown@formal@none@1@S@Whatever the outcome of a test case, President Bush would have to move cautiously becase the very attempt would "antagonize not just Democrats but Republicans," says Louis Fisher, a scholar at the Congressional Research Service who specializes in executive-legislative relations.@@@@1@40@@oe@2-2-2013
20609044@unknown@formal@none@1@S@Republicans have as much interest as Democrats in "the way the system works," he notes.@@@@1@15@@oe@2-2-2013
20609045@unknown@formal@none@1@S@Indeed, although a majority of Republican lawmakers favor a line-item veto, some, ranging from liberal Oregon Sen. Mark Hatfield to conservative Rep. Edwards are opposed.@@@@1@25@@oe@2-2-2013
20609046@unknown@formal@none@1@S@Rep. Edwards voices the traditional conservative view that it's a mistake to put too much power in the hands of a single person.@@@@1@23@@oe@2-2-2013
20609047@unknown@formal@none@1@S@Conservatives pushing for a line-item veto now, he notes, may regret it later: "Sometime, you're going to have a Democratic president again" who'll use his expanded powers against those very same conservatives.@@@@1@32@@oe@2-2-2013
20609048@unknown@formal@none@1@S@"Every order, resolution, or vote to which the concurrence of the Senate and House of Representatives may be necessary (except on a question of adjournment) shall be presented to the President of the United States; and before the same shall take effect, shall be approved by him, or being disapproved by him, shall be repassed by two-thirds of the Senate and House of Representatives, according to the rules and limitations prescribed in the case of a bill."@@@@1@77@@oe@2-2-2013
20610001@unknown@formal@none@1@S@This hasn't been Kellogg Co.'s year.@@@@1@6@@oe@2-2-2013
20610002@unknown@formal@none@1@S@The oat-bran craze has cost the world's largest cereal maker market share.@@@@1@12@@oe@2-2-2013
20610003@unknown@formal@none@1@S@The company's president quit suddenly.@@@@1@5@@oe@2-2-2013
20610004@unknown@formal@none@1@S@And now Kellogg is indefinitely suspending work on what was to be a $1 billion cereal plant.@@@@1@17@@oe@2-2-2013
20610005@unknown@formal@none@1@S@The company said it was delaying construction because of current market conditions.@@@@1@12@@oe@2-2-2013
20610006@unknown@formal@none@1@S@But the Memphis, Tenn., facility wasn't to begin turning out product until 1993, so the decision may reveal a more pessimistic long-term outlook as well.@@@@1@25@@oe@2-2-2013
20610007@unknown@formal@none@1@S@Kellogg, which hasn't been as successful in capitalizing on the public's health-oriented desire for oat bran as rival General Mills Inc., has been losing share in the $6 billion ready-to-eat cereal market.@@@@1@32@@oe@2-2-2013
20610008@unknown@formal@none@1@S@Kellogg's current share is believed to be slightly under 40% while General Mills' share is about 27%.@@@@1@17@@oe@2-2-2013
20610009@unknown@formal@none@1@S@Led by its oat-based Cheerios line, General Mills has gained an estimated 2% share so far this year, mostly at the expense of Kellogg.@@@@1@24@@oe@2-2-2013
20610010@unknown@formal@none@1@S@Each share point is worth about $60 million in sales.@@@@1@10@@oe@2-2-2013
20610011@unknown@formal@none@1@S@Analysts say much of Kellogg's erosion has been in such core brands as Corn Flakes, Rice Krispies and Frosted Flakes, which represent nearly one-third of its sales volume.@@@@1@28@@oe@2-2-2013
20610012@unknown@formal@none@1@S@Kellogg is so anxious to turn around Corn Flakes sales that it soon will begin selling boxes for as little as 99 cents, trade sources say.@@@@1@26@@oe@2-2-2013
20610013@unknown@formal@none@1@S@"Cheerios and Honey Nut Cheerios have eaten away sales normally going to Kellogg's corn-based lines simply because they are made of oats," says Merrill Lynch food analyst William Maguire.@@@@1@29@@oe@2-2-2013
20610014@unknown@formal@none@1@S@"They are not a happy group of people at Battle Creek right now."@@@@1@13@@oe@2-2-2013
20610015@unknown@formal@none@1@S@Kellogg is based in Battle Creek, Mich., a city that calls itself the breakfast capital of the world.@@@@1@18@@oe@2-2-2013
20610016@unknown@formal@none@1@S@Another analyst, John C. Maxwell Jr. of Wheat, First Securities in Richmond, Va., recently went to a "sell" recommendation on Kellogg stock, which closed Friday at $71.75, down 75 cents, in New York Stock Exchange composite trading.@@@@1@37@@oe@2-2-2013
20610017@unknown@formal@none@1@S@"I don't think Kellogg can get back to 40% this year," he said.@@@@1@13@@oe@2-2-2013
20610018@unknown@formal@none@1@S@"Kellogg's main problem is life style.@@@@1@6@@oe@2-2-2013
20610019@unknown@formal@none@1@S@People are reading the boxes and deciding they want something that's `healthy' for you -- oats, bran."@@@@1@17@@oe@2-2-2013
20610020@unknown@formal@none@1@S@Mr. Maxwell said he wouldn't be surprised if, over the next two years or so, General Mills' share increased to 30% or more.@@@@1@23@@oe@2-2-2013
20610021@unknown@formal@none@1@S@In announcing the plant delay, Kellogg Chairman William E. LaMothe said, "Cereal volume growth in the U.S. has not met our expectations for 1989."@@@@1@24@@oe@2-2-2013
20610022@unknown@formal@none@1@S@He said construction wouldn't resume until market conditions warrant it.@@@@1@10@@oe@2-2-2013
20610023@unknown@formal@none@1@S@Kellogg indicated that it has room to grow without adding facilities.@@@@1@11@@oe@2-2-2013
20610024@unknown@formal@none@1@S@The company has five other U.S. plants, including a modern facility at its Battle Creek headquarters known as Building 100, which is to add bran-processing and rice-processing capacity next year.@@@@1@30@@oe@2-2-2013
20610025@unknown@formal@none@1@S@General Mills, meanwhile, finds itself constrained from boosting sales further because its plants are operating at capacity.@@@@1@17@@oe@2-2-2013
20610026@unknown@formal@none@1@S@A large plant in Covington, Ga., is to come on line next year.@@@@1@13@@oe@2-2-2013
20610027@unknown@formal@none@1@S@A Kellogg officer, who asked not to be named, said the Memphis project was "pulled in for a reconsideration of costs," an indication that the ambitious plans might be scaled back in any future construction.@@@@1@35@@oe@2-2-2013
20610028@unknown@formal@none@1@S@Initial cost estimates for the plant, which was to have been built in phases, ranged from $1 billion to $1.2 billion.@@@@1@21@@oe@2-2-2013
20610029@unknown@formal@none@1@S@A company spokesman said it was "possible, but highly unlikely," that the plant might never be built.@@@@1@17@@oe@2-2-2013
20610030@unknown@formal@none@1@S@"As we regain our leadership level where we have been, and as we continue to put new products into the marketplace and need additional capacity, we will look at resuming our involvement with our plan," he said.@@@@1@37@@oe@2-2-2013
20610031@unknown@formal@none@1@S@The new facility was to have been the world's most advanced cereal manufacturing plant, and Kellogg's largest construction project.@@@@1@19@@oe@2-2-2013
20610032@unknown@formal@none@1@S@The company had retained the Fluor Daniel unit of Fluor Corp. as general contractor.@@@@1@14@@oe@2-2-2013
20610033@unknown@formal@none@1@S@But in recent weeks, construction-industry sources reported that early preparation work was slowing at the 185-acre site.@@@@1@17@@oe@2-2-2013
20610034@unknown@formal@none@1@S@Subcontractors said they were told that equipment orders would be delayed.@@@@1@11@@oe@2-2-2013
20610035@unknown@formal@none@1@S@Fluor Daniel already has reassigned most of its work crew, the sources said.@@@@1@13@@oe@2-2-2013
20610036@unknown@formal@none@1@S@Last Friday's announcement was the first official word that the project was in trouble and that the company's plans for a surge in market share may have been overly optimistic.@@@@1@30@@oe@2-2-2013
20610037@unknown@formal@none@1@S@Until recently, Kellogg had been telling its sales force and Wall Street that by 1992 it intended to achieve a 50% share of market, measured in dollar volume.@@@@1@28@@oe@2-2-2013
20610038@unknown@formal@none@1@S@Although he called current market conditions "highly competitive," Mr. LaMothe, Kellogg's chairman and chief executive officer, forecast an earnings increase for the full year.@@@@1@24@@oe@2-2-2013
20610039@unknown@formal@none@1@S@Last year, the company earned $480.4 million, or $3.90 a share, on sales of $4.3 billion.@@@@1@16@@oe@2-2-2013
20610040@unknown@formal@none@1@S@As expected, Kellogg reported lower third-quarter earnings.@@@@1@7@@oe@2-2-2013
20610041@unknown@formal@none@1@S@Net fell 16% to $123.1 million, or $1.02 a share, from $145.7 million, or $1.18 a share.@@@@1@17@@oe@2-2-2013
20610042@unknown@formal@none@1@S@Sales rose 4.8% to $1.20 billion from $1.14 billion.@@@@1@9@@oe@2-2-2013
20610043@unknown@formal@none@1@S@The company had a one-time charge of $14.8 million in the latest quarter covering the disposition of certain assets.@@@@1@19@@oe@2-2-2013
20610044@unknown@formal@none@1@S@The company wouldn't elaborate, citing competitive reasons.@@@@1@7@@oe@2-2-2013
20611001@unknown@formal@none@1@S@PARKER HANNIFIN Corp., which is selling three automotive replacement parts divisions, said it will retain its Automotive Connectors and Cliff Impact divisions.@@@@1@22@@oe@2-2-2013
20611002@unknown@formal@none@1@S@The divisions that Parker Hannifin is retaining weren't mentioned in Thursday's edition.@@@@1@12@@oe@2-2-2013
20612001@unknown@formal@none@1@S@The following were among Friday's offerings and pricings in the U.S. and non-U.S. capital markets, with terms and syndicate manager, as compiled by Dow Jones Capital Markets Report:@@@@1@28@@oe@2-2-2013
20612002@unknown@formal@none@1@S@Sun Microsystems Inc. -- $125 million of 6 3/8% convertible subordinated debentures due Oct. 15, 1999, priced at 84.90 to yield 7.51%.@@@@1@22@@oe@2-2-2013
20612003@unknown@formal@none@1@S@The debentures are convertible into common stock at $25 a share, representing a 24% conversion premium over Thursday's closing price.@@@@1@20@@oe@2-2-2013
20612004@unknown@formal@none@1@S@Rated single-B-1 by Moody's Investors Service Inc. and single-B-plus by Standard & Poor's Corp., the issue will be sold through underwriters led by Goldman, Sachs & Co.@@@@1@27@@oe@2-2-2013
20612005@unknown@formal@none@1@S@Hertz Corp. -- $100 million of senior notes due Nov. 1, 2009, priced at par to yield 9%.@@@@1@18@@oe@2-2-2013
20612006@unknown@formal@none@1@S@The issue, which is puttable back to the company in 1999, was priced at a spread of 110 basis points above the Treasury's 10-year note.@@@@1@25@@oe@2-2-2013
20612007@unknown@formal@none@1@S@Rated single-A-3 by Moody's and triple-B by S&P, the issue will be sold through underwriters led by Merrill Lynch Capital Markets.@@@@1@21@@oe@2-2-2013
20612008@unknown@formal@none@1@S@Canadian Imperial Bank of Commerce (Canada) -- 10 billion yen of 5.7% bonds due Nov. 17, 1992, priced at 101 1/4 to yield 5.75% less full fees, via LTCB International Ltd.@@@@1@31@@oe@2-2-2013
20612009@unknown@formal@none@1@S@Fees 1 3/8.@@@@1@3@@oe@2-2-2013
20613001@unknown@formal@none@1@S@The Singapore and Kuala Lumpur stock exchanges are bracing for a turbulent separation, following Malaysian Finance Minister Daim Zainuddin's long-awaited announcement that the exchanges will sever ties.@@@@1@27@@oe@2-2-2013
20613002@unknown@formal@none@1@S@On Friday, Datuk Daim added spice to an otherwise unremarkable address on Malaysia's proposed budget for 1990 by ordering the Kuala Lumpur Stock Exchange "to take appropriate action immediately" to cut its links with the Stock Exchange of Singapore.@@@@1@39@@oe@2-2-2013
20613003@unknown@formal@none@1@S@The delisting of Malaysian-based companies from the Singapore exchange may not be a smooth process, analysts say.@@@@1@17@@oe@2-2-2013
20613004@unknown@formal@none@1@S@Though the split has long been expected, the exchanges aren't fully prepared to go their separate ways.@@@@1@17@@oe@2-2-2013
20613005@unknown@formal@none@1@S@The finance minister's order wasn't sparked by a single event and doesn't indicate a souring in relations between the neighboring countries.@@@@1@21@@oe@2-2-2013
20613006@unknown@formal@none@1@S@Rather, the two closely linked exchanges have been drifting apart for some years, with a nearly five-year-old moratorium on new dual listings, separate and different listing requirements, differing trading and settlement guidelines and diverging national-policy aims.@@@@1@36@@oe@2-2-2013
20614001@unknown@formal@none@1@S@QUANTUM CHEMICAL Corp.'s plant in Morris, Ill., is expected to resume production in early 1990.@@@@1@15@@oe@2-2-2013
20614002@unknown@formal@none@1@S@The year was misstated in Friday's editions.@@@@1@7@@oe@2-2-2013
20615001@unknown@formal@none@1@S@Italy's trade deficit narrowed to 2.007 trillion lire ($1.49 billion) in September from 2.616 trillion lire a year earlier, the state statistical office Istat said.@@@@1@25@@oe@2-2-2013
20615002@unknown@formal@none@1@S@The deficit was 466 billion lire in August.@@@@1@8@@oe@2-2-2013
20615003@unknown@formal@none@1@S@For the first nine months, the trade deficit was 14.933 trillion lire, compared with 10.485 trillion lire in the year-earlier period.@@@@1@21@@oe@2-2-2013
20615004@unknown@formal@none@1@S@Istat said the statistics are provisional and aren't seasonally adjusted.@@@@1@10@@oe@2-2-2013
20615005@unknown@formal@none@1@S@Imports rose 11% to 18.443 trillion lire in September from a year earlier, while exports rose 17% to 16.436 trillion lire.@@@@1@21@@oe@2-2-2013
20615006@unknown@formal@none@1@S@In the nine months, imports rose 20% to 155.039 trillion lire, while exports grew 18% to 140.106 trillion lire.@@@@1@19@@oe@2-2-2013
20615007@unknown@formal@none@1@S@Import values are calculated on a cost, insurance and freight (c.i.f.) basis, while exports are accounted for on a free-on-board (f.o.b.) basis.@@@@1@22@@oe@2-2-2013
20616001@unknown@formal@none@1@S@As competition heats up in Spain's crowded bank market, Banco Exterior de Espana is seeking to shed its image of a state-owned bank and move into new activities.@@@@1@28@@oe@2-2-2013
20616002@unknown@formal@none@1@S@Under the direction of its new chairman, Francisco Luzon, Spain's seventh largest bank is undergoing a tough restructuring that analysts say may be the first step toward the bank's privatization.@@@@1@30@@oe@2-2-2013
20616003@unknown@formal@none@1@S@The state-owned industrial holding company Instituto Nacional de Industria and the Bank of Spain jointly hold a 13.94% stake in Banco Exterior.@@@@1@22@@oe@2-2-2013
20616004@unknown@formal@none@1@S@The government directly owns 51.4% and Factorex, a financial services company, holds 8.42%.@@@@1@13@@oe@2-2-2013
20616005@unknown@formal@none@1@S@The rest is listed on Spanish stock exchanges.@@@@1@8@@oe@2-2-2013
20616006@unknown@formal@none@1@S@Some analysts are concerned, however, that Banco Exterior may have waited too long to diversify from its traditional export-related activities.@@@@1@20@@oe@2-2-2013
20616007@unknown@formal@none@1@S@Catching up with commercial competitors in retail banking and financial services, they argue, will be difficult, particularly if market conditions turn sour.@@@@1@22@@oe@2-2-2013
20616008@unknown@formal@none@1@S@If that proves true, analysts say Banco Exterior could be a prime partner -- or even a takeover target -- for either a Spanish or foreign bank seeking to increase its market share after 1992, when the European Community plans to dismantle financial barriers.@@@@1@44@@oe@2-2-2013
20616009@unknown@formal@none@1@S@With 700 branches in Spain and 12 banking subsidiaries, five branches and 12 representative offices abroad, the Banco Exterior group has a lot to offer a potential suitor.@@@@1@28@@oe@2-2-2013
20616010@unknown@formal@none@1@S@Mr. Luzon and his team, however, say they aren't interested in a merger.@@@@1@13@@oe@2-2-2013
20616011@unknown@formal@none@1@S@Instead, they are working to transform Banco Exterior into an efficient bank by the end of 1992.@@@@1@17@@oe@2-2-2013
20616012@unknown@formal@none@1@S@"I want this to be a model of the way a public-owned company should be run," Mr. Luzon says.@@@@1@19@@oe@2-2-2013
20616013@unknown@formal@none@1@S@Banco Exterior was created in 1929 to provide subsidized credits for Spanish exports.@@@@1@13@@oe@2-2-2013
20616014@unknown@formal@none@1@S@The market for export financing was liberalized in the mid-1980s, however, forcing the bank to face competition.@@@@1@17@@oe@2-2-2013
20616015@unknown@formal@none@1@S@At the same time, many of Spain's traditional export markets in Latin America and other developing areas faced a sharp decline in economic growth.@@@@1@24@@oe@2-2-2013
20616016@unknown@formal@none@1@S@As a result, the volume of Banco Exterior's export credit portfolio plunged from 824 billion pesatas ($7.04 billion) as of Dec. 31, 1986, to its current 522 billion pesetas.@@@@1@29@@oe@2-2-2013
20616017@unknown@formal@none@1@S@The other two main pillars of Banco Exterior's traditional business -- wholesale banking and foreign currency trading -- also began to crumble under the weight of heavy competition and changing client needs.@@@@1@32@@oe@2-2-2013
20616018@unknown@formal@none@1@S@The bank was hamstrung in its efforts to face the challenges of a changing market by its links to the government, analysts say.@@@@1@23@@oe@2-2-2013
20616019@unknown@formal@none@1@S@Until Mr. Luzon took the helm last November, Banco Exterior was run by politicians who lacked either the skills or the will to introduce innovative changes.@@@@1@26@@oe@2-2-2013
20616020@unknown@formal@none@1@S@But Mr. Luzon has moved swiftly to streamline bureaucracy, cut costs, increase capital and build up new areas of business.@@@@1@20@@oe@2-2-2013
20616021@unknown@formal@none@1@S@"We've got a lot to do," he acknowledged.@@@@1@8@@oe@2-2-2013
20616022@unknown@formal@none@1@S@"We've got to move quickly."@@@@1@5@@oe@2-2-2013
20616023@unknown@formal@none@1@S@In Mr. Luzon's first year, the bank eliminated 800 jobs.@@@@1@10@@oe@2-2-2013
20616024@unknown@formal@none@1@S@Now it says it'll trim another 1,200 jobs over the next three to four years.@@@@1@15@@oe@2-2-2013
20616025@unknown@formal@none@1@S@The bank employs 8,000 people in Spain and 2,000 abroad.@@@@1@10@@oe@2-2-2013
20616026@unknown@formal@none@1@S@To strengthen its capital base, Banco Exterior this year issued $105 million in subordinated debt, launched two rights issues and sold stock held in its treasury to small investors.@@@@1@29@@oe@2-2-2013
20616027@unknown@formal@none@1@S@The bank is now aggressively marketing retail services at its domestic branches.@@@@1@12@@oe@2-2-2013
20616028@unknown@formal@none@1@S@Last year's drop in export credit was partially offset by a 15% surge in lending to individuals and small and medium-sized companies.@@@@1@22@@oe@2-2-2013
20616029@unknown@formal@none@1@S@Though Spain has an excess of banks, analysts say the country still has one of the most profitable markets in Europe, which will aid Banco Exterior with the tough tasks it faces ahead.@@@@1@33@@oe@2-2-2013
20616030@unknown@formal@none@1@S@Expansion plans also include acquisitions in growing foreign markets.@@@@1@9@@oe@2-2-2013
20616031@unknown@formal@none@1@S@The bank says it's interested in purchasing banks in Morocco, Portugal and Puerto Rico.@@@@1@14@@oe@2-2-2013
20616032@unknown@formal@none@1@S@But the bank's retail activities in Latin America are likely to be cut back.@@@@1@14@@oe@2-2-2013
20616033@unknown@formal@none@1@S@Banco Exterior was one of the last banks to create a brokerage house before the four Spanish stock exchanges underwent sweeping changes in July.@@@@1@24@@oe@2-2-2013
20616034@unknown@formal@none@1@S@The late start may be a handicap for the bank as Spain continues to open up its market to foreign competition.@@@@1@21@@oe@2-2-2013
20616035@unknown@formal@none@1@S@But Mr. Luzon contends that the experienced team he brought with him from Banco Bilbao Vizcaya, where he was formerly director general, will whip the bank's capital market division into shape by the end of 1992.@@@@1@36@@oe@2-2-2013
20616036@unknown@formal@none@1@S@The bank also says it'll use its international network to channel investment from London, Frankfurt, Zurich and Paris into the Spanish stock exchanges.@@@@1@23@@oe@2-2-2013
20617001@unknown@formal@none@1@S@General Motors Corp.'s general counsel hopes to cut the number of outside law firms the auto maker uses from about 700 to 200 within two years.@@@@1@26@@oe@2-2-2013
20617002@unknown@formal@none@1@S@Harry J. Pearce, named general counsel in May 1987, says the reduction is a cost-cutting measure and an effort to let the No. 1 auto maker's 134-lawyer in-house legal department take on matters it is better equipped and trained to handle.@@@@1@41@@oe@2-2-2013
20617003@unknown@formal@none@1@S@GM trimmed about 40 firms from its approved local counsel list, Mr. Pearce says.@@@@1@14@@oe@2-2-2013
20617004@unknown@formal@none@1@S@The move is consistent with a trend for corporate legal staffs to do more work in-house, instead of farming it out to law firms.@@@@1@24@@oe@2-2-2013
20617005@unknown@formal@none@1@S@Mr. Pearce set up GM's first in-house litigation group in May with four lawyers, all former assistant U.S. attorneys with extensive trial experience.@@@@1@23@@oe@2-2-2013
20617006@unknown@formal@none@1@S@He intends to add to the litigation staff.@@@@1@8@@oe@2-2-2013
20617007@unknown@formal@none@1@S@Among the types of cases the in-house litigators handle are disputes involving companies doing business with GM and product-related actions, including one in which a driver is suing GM for damages resulting from an accident.@@@@1@35@@oe@2-2-2013
20617008@unknown@formal@none@1@S@Mr. Pearce has also encouraged his staff to work more closely with GM's technical staffs to help prevent future litigation.@@@@1@20@@oe@2-2-2013
20617009@unknown@formal@none@1@S@GM lawyers have been working with technicians to develop more uniform welding procedures -- the way a vehicle is welded has a lot to do with its durability.@@@@1@28@@oe@2-2-2013
20617010@unknown@formal@none@1@S@The lawyers also monitor suits to identify specific automobile parts that cause the biggest legal problems.@@@@1@16@@oe@2-2-2013
20617011@unknown@formal@none@1@S@Mr. Pearce says law firms with the best chance of retaining or winning business with GM will be those providing the highest-quality service at the best cost -- echoing similar directives from GM's auto operations to suppliers.@@@@1@37@@oe@2-2-2013
20617012@unknown@formal@none@1@S@This doesn't necessarily mean larger firms have an advantage; Mr. Pearce said GM works with a number of smaller firms it regards highly.@@@@1@23@@oe@2-2-2013
20617013@unknown@formal@none@1@S@Mr. Pearce has shaken up GM's legal staff by eliminating all titles and establishing several new functions, including a special-projects group that has made films on safety and drunk driving.@@@@1@30@@oe@2-2-2013
20617014@unknown@formal@none@1@S@FEDERAL PROSECUTORS are concluding fewer criminal cases with trials.@@@@1@9@@oe@2-2-2013
20617015@unknown@formal@none@1@S@That's a finding of a new study of the Justice Department by researchers at Syracuse University.@@@@1@16@@oe@2-2-2013
20617016@unknown@formal@none@1@S@David Burnham, one of the authors, says fewer trials probably means a growing number of plea bargains.@@@@1@17@@oe@2-2-2013
20617017@unknown@formal@none@1@S@In 1980, 18% of federal prosecutions concluded at trial; in 1987, only 9% did.@@@@1@14@@oe@2-2-2013
20617018@unknown@formal@none@1@S@The study covered 11 major U.S. attorneys' offices -- including those in Manhattan and Brooklyn, N.Y., and New Jersey -- from 1980 to 1987.@@@@1@24@@oe@2-2-2013
20617019@unknown@formal@none@1@S@The Justice Department rejected the implication that its prosecutors are currently more willing to plea bargain.@@@@1@16@@oe@2-2-2013
20617020@unknown@formal@none@1@S@"Our felony caseloads have been consistent for 20 years," with about 15% of all prosecutions going to trial, a department spokeswoman said.@@@@1@22@@oe@2-2-2013
20617021@unknown@formal@none@1@S@The discrepancy is somewhat perplexing in that the Syracuse researchers said they based their conclusions on government statistics.@@@@1@18@@oe@2-2-2013
20617022@unknown@formal@none@1@S@"One possible explanation for this decline" in taking cases to trial, says Mr. Burnham, "is that the number of defendants being charged with crimes by all U.S. attorneys has substantially increased."@@@@1@31@@oe@2-2-2013
20617023@unknown@formal@none@1@S@In 1980, the study says, prosecutors surveyed filed charges against 25 defendants for each 100,000 people aged 18 years and older.@@@@1@21@@oe@2-2-2013
20617024@unknown@formal@none@1@S@In 1987, prosecutors filed against 35 defendants for every 100,000 adults.@@@@1@11@@oe@2-2-2013
20617025@unknown@formal@none@1@S@Another finding from the study: Prosecutors set significantly different priorities.@@@@1@10@@oe@2-2-2013
20617026@unknown@formal@none@1@S@The Manhattan U.S. attorney's office stressed criminal cases from 1980 to 1987, averaging 43 for every 100,000 adults.@@@@1@18@@oe@2-2-2013
20617027@unknown@formal@none@1@S@But the New Jersey U.S. attorney averaged 16.@@@@1@8@@oe@2-2-2013
20617028@unknown@formal@none@1@S@On the civil side, the Manhattan prosecutor filed an average of only 11 cases for every 100,000 adults during the same period; the San Francisco U.S. attorney averaged 79.@@@@1@29@@oe@2-2-2013
20617029@unknown@formal@none@1@S@The study is to provide reporters, academic experts and others raw data on which to base further inquiries.@@@@1@18@@oe@2-2-2013
20617030@unknown@formal@none@1@S@IMELDA MARCOS asks for dismissal, says she was kidnapped.@@@@1@9@@oe@2-2-2013
20617031@unknown@formal@none@1@S@The former first lady of the Philippines, asked a federal court in Manhattan to dismiss an indictment against her, claiming among other things, that she was abducted from her homeland.@@@@1@30@@oe@2-2-2013
20617032@unknown@formal@none@1@S@Mrs. Marcos and her late husband, former Philippines President Ferdinand Marcos, were charged with embezzling more than $100 million from that country and then fraudulently concealing much of the money through purchases of prime real estate in Manhattan.@@@@1@38@@oe@2-2-2013
20617033@unknown@formal@none@1@S@Mrs. Marcos's attorneys asked federal Judge John F. Keenan to give them access to all U.S. documents about her alleged abduction.@@@@1@21@@oe@2-2-2013
20617034@unknown@formal@none@1@S@The U.S. attorney's office, in documents it filed in response, said Mrs. Marcos was making the "fanciful -- and factually unsupported -- claim that she was kidnapped into this country" in order to obtain classified material in the case.@@@@1@39@@oe@2-2-2013
20617035@unknown@formal@none@1@S@The office also said Mrs. Marcos and her husband weren't brought to the U.S. against their will after Mr. Marcos was ousted as president.@@@@1@24@@oe@2-2-2013
20617036@unknown@formal@none@1@S@The prosecutor quoted statements from the Marcoses in which they said they were in this country at the invitation of President Reagan and that they were enjoying the hospitality of the U.S.@@@@1@32@@oe@2-2-2013
20617037@unknown@formal@none@1@S@Lawyers for Mrs. Marcos say that because she was taken to the U.S. against her wishes, the federal court lacks jurisdiction in the case.@@@@1@24@@oe@2-2-2013
20617038@unknown@formal@none@1@S@THE FEDERAL COURT of appeals in Manhattan ruled that the dismissal of a 1980 indictment against former Bank of Crete owner George Koskotas should be reconsidered.@@@@1@26@@oe@2-2-2013
20617039@unknown@formal@none@1@S@The indictment, which was sealed and apparently forgotten by investigators until 1987, charges Mr. Koskotas and three others with tax fraud and other violations.@@@@1@24@@oe@2-2-2013
20617040@unknown@formal@none@1@S@He made numerous trips to the U.S. in the early 1980s, but wasn't arrested until 1987 when he showed up as a guest of then-Vice President George Bush at a government function.@@@@1@32@@oe@2-2-2013
20617041@unknown@formal@none@1@S@A federal judge in Manhattan threw out the indictment, finding that the seven-year delay violated the defendant's constitutional right to a speedy trial.@@@@1@23@@oe@2-2-2013
20617042@unknown@formal@none@1@S@The appeals court, however, said the judge didn't adequately consider whether the delay would actually hurt the chances of a fair trial.@@@@1@22@@oe@2-2-2013
20617043@unknown@formal@none@1@S@Mr. Koskotas is fighting extradition proceedings that would return him to Greece, where he is charged with embezzling more than $250 million from the Bank of Crete.@@@@1@27@@oe@2-2-2013
20617044@unknown@formal@none@1@S@His attorney couldn't be reached for comment.@@@@1@7@@oe@2-2-2013
20617045@unknown@formal@none@1@S@PRO BONO VOLUNTARISM: In an effort to stave off a plan that would require all lawyers in New York state to provide twenty hours of free legal aid a year, the state bar recommended an alternative program to increase voluntary participation in pro bono programs.@@@@1@45@@oe@2-2-2013
20617046@unknown@formal@none@1@S@The state bar association's policy making body, the House of Delegate, voted Saturday to ask Chief Judge Sol Wachtler to give the bar's voluntary program three years to prove its effectiveness before considering mandatory pro bono.@@@@1@36@@oe@2-2-2013
20617047@unknown@formal@none@1@S@"We believe our suggested plan is more likely to improve the availability of quality legal service to the poor than is the proposed mandatory pro bono plan and will achieve that objective without the divisiveness, distraction, administrative burdens and possible failure that we fear would accompany an attempt to impose a mandatory plan," said Justin L. Vigdor of Rochester, who headed the bar's pro bono study committee.@@@@1@67@@oe@2-2-2013
20617048@unknown@formal@none@1@S@DALLAS AND HOUSTON law firms merge: Jackson & Walker, a 130-lawyer firm in Dallas and Datson & Scofield, a 70-lawyer firm in Houston said they have agreed in principle to merge.@@@@1@31@@oe@2-2-2013
20617049@unknown@formal@none@1@S@The consolidated firm, which would rank among the 10 largest in Texas, would operate under the name Jackson & Walker.@@@@1@20@@oe@2-2-2013
20617050@unknown@formal@none@1@S@The merger must be formally approved by the partners of both firms but is expected to be completed by year end.@@@@1@21@@oe@2-2-2013
20617051@unknown@formal@none@1@S@Jackson & Walker has an office in Fort Worth, Texas, and Dotson & Scofield has an office in New Orleans.@@@@1@20@@oe@2-2-2013
20617052@unknown@formal@none@1@S@PILING ON?@@@@1@2@@oe@2-2-2013
20617053@unknown@formal@none@1@S@Piggybacking on government assertions that General Electric Co. may have covered up fraudulent billings to the Pentagon, two shareholders have filed a civil racketeering suit against the company.@@@@1@28@@oe@2-2-2013
20617054@unknown@formal@none@1@S@The suit was filed by plaintiffs' securities lawyer Richard D. Greenfield in U.S. District Court in Philadelphia.@@@@1@17@@oe@2-2-2013
20617055@unknown@formal@none@1@S@He seeks damages from the company's 15 directors on grounds that they either "participated in or condoned the illegal acts . . . or utterly failed to carry out their duties as directors."@@@@1@33@@oe@2-2-2013
20617056@unknown@formal@none@1@S@GE is defending itself against government criminal charges of fraud and false claims in connection with a logistics-computer contract for the Army.@@@@1@22@@oe@2-2-2013
20617057@unknown@formal@none@1@S@The trial begins today in federal court in Philadelphia.@@@@1@9@@oe@2-2-2013
20617058@unknown@formal@none@1@S@The government's assertions of the cover-up were made in last minute pretrial motions.@@@@1@13@@oe@2-2-2013
20617059@unknown@formal@none@1@S@GE, which vehemently denies the government's allegations, denounced Mr. Greenfield's suit.@@@@1@11@@oe@2-2-2013
20617060@unknown@formal@none@1@S@"It is a cheap-shot suit -- procedurally defective and thoroughly fallacious -- which was hurriedly filed by a contingency-fee lawyer as a result of newspaper reports," said a GE spokeswoman.@@@@1@30@@oe@2-2-2013
20617061@unknown@formal@none@1@S@She added that the company was considering bringing sanctions against Mr. Greenfield for making "grossly inaccurate and unsupported allegations.@@@@1@19@@oe@2-2-2013
20618001@unknown@formal@none@1@S@The head of the nation's largest car-dealers group is telling dealers to "just say no" when auto makers pressure them to stockpile cars on their lots.@@@@1@26@@oe@2-2-2013
20618002@unknown@formal@none@1@S@In an open letter that will run today in the trade journal Automotive News, Ron Tonkin, president of the National Car Dealers Association, says dealers should cut their inventories to no more than half the level traditionally considered desirable.@@@@1@39@@oe@2-2-2013
20618003@unknown@formal@none@1@S@Mr. Tonkin, who has been feuding with the Big Three since he took office earlier this year, said that with half of the nation's dealers losing money or breaking even, it was time for "emergency action."@@@@1@36@@oe@2-2-2013
20618004@unknown@formal@none@1@S@U.S. car dealers had an average of 59 days' supply of cars in their lots at the end of September, according to Ward's Automotive Reports.@@@@1@25@@oe@2-2-2013
20618005@unknown@formal@none@1@S@But Mr. Tonkin said dealers should slash stocks to between 15 and 30 days to reduce the costs of financing inventory.@@@@1@21@@oe@2-2-2013
20618006@unknown@formal@none@1@S@His message is getting a chilly reception in Detroit, where the Big Three auto makers are already being forced to close plants because of soft sales and reduced dealer orders.@@@@1@30@@oe@2-2-2013
20618007@unknown@formal@none@1@S@Even before Mr. Tonkin's broadside, some large dealers said they were cutting inventories.@@@@1@13@@oe@2-2-2013
20618008@unknown@formal@none@1@S@Ford Motor Co. and Chrysler Corp. representatives criticized Mr. Tonkin's plan as unworkable.@@@@1@13@@oe@2-2-2013
20618009@unknown@formal@none@1@S@It "is going to sound neat to the dealer except when his 15-day car supply doesn't include the bright red one that the lady wants to buy and she goes up the street to buy one," a Chrysler spokesman said.@@@@1@40@@oe@2-2-2013
20619001@unknown@formal@none@1@S@Southern Co.'s Gulf Power Co. unit may plead guilty this week to charges that it illegally steered company money to politicians through outside vendors, according to individuals close to an investigation of the utility holding company.@@@@1@36@@oe@2-2-2013
20619002@unknown@formal@none@1@S@The tentative settlement between Gulf Power, a Pensacola, Fla., electric company, and federal prosecutors would mark the end of one part of a wide-ranging inquiry of Southern Co. in the past year.@@@@1@32@@oe@2-2-2013
20619003@unknown@formal@none@1@S@A grand jury has been investigating whether officials at Southern Co. conspired to cover up their accounting for spare parts to evade federal income taxes.@@@@1@25@@oe@2-2-2013
20619004@unknown@formal@none@1@S@The grand jury has also been investigating whether Gulf Power executives violated the federal Utility Holding Company Act, which prohibits certain utilities from making political contributions.@@@@1@26@@oe@2-2-2013
20619005@unknown@formal@none@1@S@The individuals said Gulf Power and federal prosecutors are considering a settlement under which the company would plead guilty to two felony charges and pay fines totaling between $500,000 and $1.5 million.@@@@1@32@@oe@2-2-2013
20619006@unknown@formal@none@1@S@Under one count, Gulf Power would plead guilty to conspiring to violate the Utility Holding Company Act.@@@@1@17@@oe@2-2-2013
20619007@unknown@formal@none@1@S@Under the second count, the company would plead guilty to conspiring to evade taxes.@@@@1@14@@oe@2-2-2013
20619008@unknown@formal@none@1@S@The guilty pleas would be made solely by Gulf Power, the individuals said.@@@@1@13@@oe@2-2-2013
20619009@unknown@formal@none@1@S@No employee or vendor would be involved.@@@@1@7@@oe@2-2-2013
20619010@unknown@formal@none@1@S@A spokesman for Southern Co. would say only that discussions are continuing between Gulf Power and federal prosecutors.@@@@1@18@@oe@2-2-2013
20619011@unknown@formal@none@1@S@"We have no further developments to report," he said.@@@@1@9@@oe@2-2-2013
20619012@unknown@formal@none@1@S@Officials at Gulf Power couldn't be reached for comment.@@@@1@9@@oe@2-2-2013
20619013@unknown@formal@none@1@S@And prosecutors declined to comment.@@@@1@5@@oe@2-2-2013
20619014@unknown@formal@none@1@S@While Southern Co. has been reluctant to discuss the grand jury investigations, Edward L. Addison, chief executive officer, has said the company is prepared to defend its tax and acccounting practices if any charges are brought against it.@@@@1@38@@oe@2-2-2013
20619015@unknown@formal@none@1@S@Morever, Mr. Addison has said Southern Co. and its units don't condone illegal political contributions.@@@@1@15@@oe@2-2-2013
20619016@unknown@formal@none@1@S@Neither Mr. Addison nor any other Southern Co. official has been charged with any wrongdoing in connection with the current inquiries.@@@@1@21@@oe@2-2-2013
20619017@unknown@formal@none@1@S@The probe of Southern Co. has attracted considerable attention this year because of several events that have befallen the company, including the death of a Gulf Power executive in a plane crash and the disappearance of a company vendor who was to be a key grand jury witness.@@@@1@48@@oe@2-2-2013
20619018@unknown@formal@none@1@S@Witnesses have said the grand jury has asked numerous questions about Jacob F. "Jake" Horton, the senior vice president of Gulf Power who died in the plane crash in April.@@@@1@30@@oe@2-2-2013
20619019@unknown@formal@none@1@S@Mr. Horton oversaw Gulf Power's governmental-affairs efforts.@@@@1@7@@oe@2-2-2013
20619020@unknown@formal@none@1@S@On the morning of the crash, he had been put on notice that an audit committee was recommending his dismissal because of invoicing irregularities in a company audit.@@@@1@28@@oe@2-2-2013
20619021@unknown@formal@none@1@S@Investigators have been trying to determine whether the crash was an accident, sabotage or suicide.@@@@1@15@@oe@2-2-2013
20619022@unknown@formal@none@1@S@Gulf Power said in May that an internal audit had disclosed that at least one vendor had used false invoices to fund political causes.@@@@1@24@@oe@2-2-2013
20619023@unknown@formal@none@1@S@But the company said the political contributions had been made more than five years ago.@@@@1@15@@oe@2-2-2013
20620001@unknown@formal@none@1@S@Exxon Corp. is resigning from the National Wildlife Federation's corporate advisory panel, saying the conservation group has been unfairly critical of the Exxon Valdez oil spill along the Alaskan coast.@@@@1@30@@oe@2-2-2013
20620002@unknown@formal@none@1@S@The federation said Friday that it regrets the resignation, but issued a stinging response that called Exxon a "corporate pariah" that should keep an open dialogue with environmentalists.@@@@1@28@@oe@2-2-2013
20620003@unknown@formal@none@1@S@The federation, with 5.8 million members nationwide, has been one of the sharpest critics of Exxon's handling of the 11 million gallon tanker spill and has accused the company of repeatedly ignoring requests to meet and discuss it.@@@@1@38@@oe@2-2-2013
20620004@unknown@formal@none@1@S@The March 24 oil spill soiled hundreds of miles of shoreline along Alaska's southern coast and wreaked havoc with wildlife and the fishing industry.@@@@1@24@@oe@2-2-2013
20620005@unknown@formal@none@1@S@Exxon's Exxon USA unit was one of the charter members of the Corporate Conservation Council, a panel of executives formed in 1982 by the National Wildlife Federation to foster "frank and open discussions" between industry and the federation's leaders.@@@@1@39@@oe@2-2-2013
20620006@unknown@formal@none@1@S@In a letter to the federation, Raymond Campion, Exxon's environmental coordinator, said: "Recent public actions by you regarding the Valdez oil spill have failed to demonstrate any sense of objectivity or fairness."@@@@1@32@@oe@2-2-2013
20620007@unknown@formal@none@1@S@The federation was among the plaintiffs in a lawsuit filed in August against Exxon seeking full payment of environmental recovery costs from the spill.@@@@1@24@@oe@2-2-2013
20621001@unknown@formal@none@1@S@First Tennessee National Corp. said it would take a $4 million charge in the fourth quarter, as a result of plans to expand its systems operation.@@@@1@26@@oe@2-2-2013
20621002@unknown@formal@none@1@S@The banking company said it reached an agreement in principle with International Business Machines Corp. on a systems operations contract calling for IBM to operate First Tennessee's computer and telecommunications functions.@@@@1@31@@oe@2-2-2013
20621003@unknown@formal@none@1@S@Further, under the agreement, First Tennesse would continue to develop the software that creates customer products and sevices.@@@@1@18@@oe@2-2-2013
20621004@unknown@formal@none@1@S@"Because personal computers will soon be on the desks of all of our tellers, and customer service and loan representatives, information will be instantly available to help customers with product decisions and provide them with information about their accounts," according to John Kelley, executive vice president and corporate services group manager at First Tennessee.@@@@1@54@@oe@2-2-2013
20621005@unknown@formal@none@1@S@However, about 120 employees will be affected by the agreement.@@@@1@10@@oe@2-2-2013
20621006@unknown@formal@none@1@S@First Tennessee, assisted by IBM, said it will attempt to place the employees within the company, IBM or other companies in Memphis.@@@@1@22@@oe@2-2-2013
20621007@unknown@formal@none@1@S@The process will take as many as six months to complete, the company said.@@@@1@14@@oe@2-2-2013
20621008@unknown@formal@none@1@S@The agreement is subject to the banking company's board approval, which is expected next month.@@@@1@15@@oe@2-2-2013
20622001@unknown@formal@none@1@S@The Treasury Department said the U.S. trade deficit may worsen next year, after two years of significant improvement.@@@@1@18@@oe@2-2-2013
20622002@unknown@formal@none@1@S@In its report to Congress on international economic policies, the Treasury said that any improvement in the broadest measure of trade, known as the current account, "is likely at best to be very modest," and "the possibility of deterioration in the current account next year cannot be excluded."@@@@1@48@@oe@2-2-2013
20622003@unknown@formal@none@1@S@The statement was the U.S. government's first acknowledgement of what other groups, such as the International Monetary Fund, have been predicting for months.@@@@1@23@@oe@2-2-2013
20622004@unknown@formal@none@1@S@Continued strength in the dollar was cited as one reason the trade position may deteriorate.@@@@1@15@@oe@2-2-2013
20622005@unknown@formal@none@1@S@The Treasury's report, which is required annually by a provision of the 1988 trade act, again took South Korea to task for its exchange-rate policies.@@@@1@25@@oe@2-2-2013
20622006@unknown@formal@none@1@S@"We believe that there have continued to be indications of exchange-rate `manipulation'" during the past six months, it said, citing the lack of market forces in South Korea's exchange-rate system and the use of capital and interest-rate controls to manipulate exchange rates.@@@@1@42@@oe@2-2-2013
20622007@unknown@formal@none@1@S@The Treasury expressed pleasure, however, with the government of Taiwan, which was cited for exchange-rate manipulation in last year's report.@@@@1@20@@oe@2-2-2013
20622008@unknown@formal@none@1@S@The Treasury said Taiwan has liberalized its exchange rate system in the past year.@@@@1@14@@oe@2-2-2013
20623001@unknown@formal@none@1@S@The fiscal 1989 budget deficit figure came out Friday.@@@@1@9@@oe@2-2-2013
20623002@unknown@formal@none@1@S@It was down a little.@@@@1@5@@oe@2-2-2013
20623003@unknown@formal@none@1@S@The next time you hear a Member of Congress moan about the deficit, consider what Congress did Friday.@@@@1@18@@oe@2-2-2013
20623004@unknown@formal@none@1@S@The Senate, 84-6, voted to increase to $124,000 the ceiling on insured mortgages from the FHA, which lost $4.2 billion in loan defaults last year.@@@@1@25@@oe@2-2-2013
20623005@unknown@formal@none@1@S@Then, by voice vote, the Senate voted a pork-barrel bill, approved Thursday by the House, for domestic military construction.@@@@1@19@@oe@2-2-2013
20623006@unknown@formal@none@1@S@Compare the Bush request to what the Senators gave themselves:@@@@1@10@@oe@2-2-2013
20623007@unknown@formal@none@1@S@For construction in West Virginia, Mr. Bush requested $4.5 million; Congress gave Senator Byrd's state $21.5 million.@@@@1@17@@oe@2-2-2013
20623008@unknown@formal@none@1@S@Senator Byrd is chairman of the Appropriations Committee.@@@@1@8@@oe@2-2-2013
20623009@unknown@formal@none@1@S@For Iowa, a $1.8 million request became $12 million for Senator Grassley, ranking minority member of a military construction subcommittee.@@@@1@20@@oe@2-2-2013
20623010@unknown@formal@none@1@S@Rep. Jamie Whitten of Mississippi and chairman of House Appropriations turned a $20 million Bush request for his state into a $49.7 million bequest.@@@@1@24@@oe@2-2-2013
20623011@unknown@formal@none@1@S@Senator Sasser of Tennessee is chairman of the Appropriations subcommittee on military construction; Mr. Bush's $87 million request for Tennessee increased to $109 million.@@@@1@24@@oe@2-2-2013
20623012@unknown@formal@none@1@S@In a remark someone should remember this time next year, Senator Sasser said, "I think we've seen the peak of military construction spending for many years to come."@@@@1@28@@oe@2-2-2013
20623013@unknown@formal@none@1@S@Tell us about spending restraint.@@@@1@5@@oe@2-2-2013
20623014@unknown@formal@none@1@S@Tell us about the HUD scandals.@@@@1@6@@oe@2-2-2013
20623015@unknown@formal@none@1@S@Tell us what measure, short of house arrest, will get this Congress under control.@@@@1@14@@oe@2-2-2013
20624001@unknown@formal@none@1@S@Costa Rica reached an agreement with its creditor banks that is expected to cut that government's $1.8 billion in bank debt by as much as 60%.@@@@1@26@@oe@2-2-2013
20624002@unknown@formal@none@1@S@The agreement was announced by Costa Rican President Oscar Arias Friday, as President Bush and other leaders from the Western Hemisphere gathered in the Central American nation for a celebration of democracy.@@@@1@32@@oe@2-2-2013
20624003@unknown@formal@none@1@S@Costa Rica had been negotiating with the U.S. and other banks for three years, but the debt plan was rushed to completion in order to be announced at the meeting.@@@@1@30@@oe@2-2-2013
20624004@unknown@formal@none@1@S@The government had fallen $300 million behind in interest payments.@@@@1@10@@oe@2-2-2013
20624005@unknown@formal@none@1@S@Treasury Secretary Nicholas Brady called the agreement "an important step forward in the strengthened debt strategy," noting that it will "when implemented, provide significant reduction in the level of debt and debt service owed by Costa Rica."@@@@1@37@@oe@2-2-2013
20624006@unknown@formal@none@1@S@Under the plan, Costa Rica will buy back roughly 60% of its bank debt outstanding at a deeply discounted price, according to officials involved in the agreement.@@@@1@27@@oe@2-2-2013
20624007@unknown@formal@none@1@S@The remainder of the debt will be exchanged for new Costa Rican bonds with a 6 1/4% interest rate.@@@@1@19@@oe@2-2-2013
20624008@unknown@formal@none@1@S@The International Monetary Fund and the World Bank are expected to provide approximately $180 million to help support the deal, and additional funds are expected from Japan.@@@@1@27@@oe@2-2-2013
20624009@unknown@formal@none@1@S@Treasury officials say the Costa Rican agreement demonstrates that the Brady debt plan can benefit small debtor countries as well as big debtors, such as Mexico.@@@@1@26@@oe@2-2-2013
20625001@unknown@formal@none@1@S@The Treasury said it plans to sell $2 billion of 51-day cash-management bills today, raising all new cash.@@@@1@18@@oe@2-2-2013
20625002@unknown@formal@none@1@S@The bills will be dated Oct. 31 and will mature Dec. 21,@@@@1@12@@oe@2-2-2013
20625003@unknown@formal@none@1@S@No non-competitive tenders will be accepted.@@@@1@6@@oe@2-2-2013
20625004@unknown@formal@none@1@S@Tenders, available in minimum denominations of $1 million, must be received by noon EST today at Federal Reserve Banks or branches.@@@@1@21@@oe@2-2-2013
20625005@unknown@formal@none@1@S@The Treasury also announced details of this week's unusual bill auction, which has been changed to accommodate the expiration of the federal debt ceiling at midnight tomorrow.@@@@1@27@@oe@2-2-2013
20625006@unknown@formal@none@1@S@The 13-week and 27-week bills will be issued tomorrow rather than Thursday, Nov. 2, as originally planned.@@@@1@17@@oe@2-2-2013
20625007@unknown@formal@none@1@S@The three-month bills will still mature Feb. 1, 1990, and the six-month bills on May 3, 1990.@@@@1@17@@oe@2-2-2013
20625008@unknown@formal@none@1@S@The Treasury also said noncompetitive tenders will be considered timely if postmarked no later than Sunday, Oct. 29, and received no later than tomorrow.@@@@1@24@@oe@2-2-2013
20625009@unknown@formal@none@1@S@The Treasury said it won't be able to honor reinvestment requests from holders of bills maturing Nov. 2 held in the Treasury's book-entry system.@@@@1@24@@oe@2-2-2013
20625010@unknown@formal@none@1@S@The department will make payment for bills maturing on Nov. 2 to all investors who have requested reinvestment of their bills on that date, as well as to all account holders who have previously requested payment.@@@@1@36@@oe@2-2-2013
20626001@unknown@formal@none@1@S@American Pioneer Inc. said it agreed in principle to sell its American Pioneer Life Insurance Co. subsidiary to Harcourt Brace Jovanovich Inc.'s HBJ Insurance Cos. for $27 million.@@@@1@28@@oe@2-2-2013
20626002@unknown@formal@none@1@S@American Pioneer, parent of American Pioneer Savings Bank, said the sale will add capital and reduce the level of investments in subsidiaries for the thrift holding company.@@@@1@27@@oe@2-2-2013
20626003@unknown@formal@none@1@S@Recently, the boards of both the parent company and the thrift also voted to suspend dividends on preferred shares of both companies and convert all preferred into common shares.@@@@1@29@@oe@2-2-2013
20626004@unknown@formal@none@1@S@The company said the move was necessary to meet capital requirements.@@@@1@11@@oe@2-2-2013
20626005@unknown@formal@none@1@S@The transaction is subject to execution of a definitive purchase agreement and approval by various regulatory agencies, including the insurance departments of the states of Florida and Indiana, the company said.@@@@1@31@@oe@2-2-2013
20626006@unknown@formal@none@1@S@In the second quarter, American Pioneer reported a loss of $7.3 million, compared with net income of $1.1 million a year earlier.@@@@1@22@@oe@2-2-2013
20626007@unknown@formal@none@1@S@The banking operation had a loss of $8.7 million in the second quarter, largely because of problem real-estate loans, while the insurance operations earned $884,000.@@@@1@25@@oe@2-2-2013
20627001@unknown@formal@none@1@S@October employment data -- also could turn out to be the most confusing.@@@@1@13@@oe@2-2-2013
20627002@unknown@formal@none@1@S@On the surface, the overall unemployment rate is expected to be little changed from September's 5.3%.@@@@1@16@@oe@2-2-2013
20627003@unknown@formal@none@1@S@But the actual head count of non-farm employment payroll jobs is likely to be muddied by the impact of Hurricane Hugo, strikes, and less-than-perfect seasonal adjustments, economists said.@@@@1@28@@oe@2-2-2013
20627004@unknown@formal@none@1@S@The consensus view calls for an overall job gain of 155,000 compared with September's 209,000 increase.@@@@1@16@@oe@2-2-2013
20627005@unknown@formal@none@1@S@But the important factory-jobs segment, which last month plunged by 103,000 positions and raised recession fears, is most likely to be skewed by the month's unusual events.@@@@1@27@@oe@2-2-2013
20627006@unknown@formal@none@1@S@Several other reports come before Friday's jobs data, including: the September leading indicators index, new-home sales and October agricultural prices reports due out tomorrow; the October purchasing managers' index and September construction spending and manufacturers' orders on Wednesday; and October chain-store sales on Thursday.@@@@1@44@@oe@2-2-2013
20627007@unknown@formal@none@1@S@Friday brings the final count on October auto sales.@@@@1@9@@oe@2-2-2013
20627008@unknown@formal@none@1@S@"The employment report is going to be difficult to interpret," said Michael Englund, economist with MMS International, a unit of McGraw-Hill Inc., New York.@@@@1@24@@oe@2-2-2013
20627009@unknown@formal@none@1@S@Mr. Englund added that next month's data isn't likely to be much better, because it will be distorted by San Francisco's earthquake.@@@@1@22@@oe@2-2-2013
20627010@unknown@formal@none@1@S@What's more, he believes seasonal swings in the auto industry this year aren't occurring at the same time as in the past, because of production and pricing differences that are curbing the accuracy of seasonal adjustments built into the employment data.@@@@1@41@@oe@2-2-2013
20627011@unknown@formal@none@1@S@Wednesday's report from the purchasing agents will be watched to see if the index maintains a level below 50%, as it has for the past couple of months.@@@@1@28@@oe@2-2-2013
20627012@unknown@formal@none@1@S@A reading of less than 50% indicates an economy that is generally contracting while a reading above 50% indicates an economy that's expanding.@@@@1@23@@oe@2-2-2013
20627013@unknown@formal@none@1@S@Samuel D. Kahan, chief financial economist at Kleinwort Benson Government Securities Inc., Chicago, said that the purchasers' report is valuable because it often presents the first inkling of economic data for the month.@@@@1@33@@oe@2-2-2013
20627014@unknown@formal@none@1@S@But he added: "Some people use the purchasers' index as a leading indicator, some use it as a coincident indicator.@@@@1@20@@oe@2-2-2013
20627015@unknown@formal@none@1@S@But the thing it's supposed to measure -- manufacturing strength -- it missed altogether last month."@@@@1@16@@oe@2-2-2013
20627016@unknown@formal@none@1@S@David Wyss, chief financial economist at Data Resources Inc., Boston, said that the purchasers' index "does miss occasionally," adding: "When it misses one month it tends to miss the next month, too."@@@@1@32@@oe@2-2-2013
20627017@unknown@formal@none@1@S@The consensus view on September leading indicators calls for a gain of 0.3%, the same as in August.@@@@1@18@@oe@2-2-2013
20627018@unknown@formal@none@1@S@Economists said greatly increased consumer optimism, a larger money supply and higher stock prices helped lift the index.@@@@1@18@@oe@2-2-2013
20627019@unknown@formal@none@1@S@All orders-related components, such as consumer-goods orders and building permits, are thought to have been weaker.@@@@1@16@@oe@2-2-2013
20627020@unknown@formal@none@1@S@Data Resources' Mr. Wyss added that he will be keeping a closer eye than ususal on October chain-store sales.@@@@1@19@@oe@2-2-2013
20627021@unknown@formal@none@1@S@Usually, October "isn't a very interesting month {for retail figures} because school clothes have been bought and people are waiting for December to buy Christmas presents," he said.@@@@1@28@@oe@2-2-2013
20627022@unknown@formal@none@1@S@But Mr. Wyss said he will watch the numbers to get an inkling of whether consumers' general buying habits may slack off as much as their auto-buying apparently has.@@@@1@29@@oe@2-2-2013
20627023@unknown@formal@none@1@S@He noted that higher gasoline prices will help buoy the October totals.@@@@1@12@@oe@2-2-2013
20627024@unknown@formal@none@1@S@Seasonal factors are also expected to have taken their toll on September new-home sales, which are believed to have fallen sharply from August's 755,000 units.@@@@1@25@@oe@2-2-2013
20627025@unknown@formal@none@1@S@Construction spending is believed to have slipped about 0.5% from August levels, although economists noted the rate probably will pick up in the months ahead in response to hurricane and earthquake damage.@@@@1@32@@oe@2-2-2013
20628001@unknown@formal@none@1@S@Factory owners are buying new machinery at a good rate this fall, machine tool makers say, but sluggish sales of new cars and trucks raise questions about fourth-quarter demand from the important automotive industry.@@@@1@34@@oe@2-2-2013
20628002@unknown@formal@none@1@S@September orders for machine tools rebounded from the summer doldrums, but remained 7.7% below year-earlier levels, according to figures from NMTBA -- the Association for Manufacturing Technology.@@@@1@27@@oe@2-2-2013
20628003@unknown@formal@none@1@S@Domestic machine tool plants received $303 million of orders last month, up 33% from August's $227.1 million, but still below the $328.2 million of September 1988, NMTBA said.@@@@1@28@@oe@2-2-2013
20628004@unknown@formal@none@1@S@Machine tools are complex machines ranging from lathes to metal-forming presses that are used to shape most metal parts.@@@@1@19@@oe@2-2-2013