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Date: 14 November 1993
By William Glaberson
William Glaberson
They are still waiting. They are reporters, photographers, advertising and circulation workers, formerly of The New York Post. Usually their days were full of ringing telephones and deadlines.
Date: 13 November 1993
By Bloomberg News
Bloomberg News
Shareholders of the Cyprus Minerals Company and of Amax Inc. voted yesterday to approve the companies' proposed merger. The merger creates the biggest United States-based mining company and the nation's second-largest producer of coal and copper. The new company, with assets of more than $5 billion, will also have significant holdings in oil and gas, gold and lithium. The two companies had combined 1992 revenue of $2.8 billion. The new concern is named the Cyprus Amax Minerals Company. A new co-chairman, Milton Ward, said a primary goal of the merger was to cut costs. He said the merger would save at least $120 million a year in general and administrative expenses. The companies hope to complete the merger on Monday. The merger involves the exchange of a half share of Cyprus for each Amax share.
Date: 13 November 1993
By Bloomberg News
Bloomberg News
Bell Canada said yesterday that it was asking employees to work four days a week instead of five to avoid layoffs while slashing costs. "We're essentially asking them to take a 20 percent wage cut," said Francine Giguere, a spokeswoman for Bell Canada, the country's largest telephone company. "Bell hopes that the number of employees who choose to take advantage of these measures will be sufficient to reduce the work force by the equivalent of 5,000 employees in 1994," the company said. Bell Canada, a subsidiary of BCE Inc., will also freeze management salaries and cut vacation pay. The company employs more than 46,000 people.
Date: 13 November 1993
By Bloomberg News
Bloomberg News
The Pensler Capital Corporation confirmed yesterday that it had pulled out of a joint bid for Katy Industries and said it was considering making an independent bid for Katy. Pensler's former partner in the Katy matter, Rosecliff Inc., said on Thursday that it had pulled out of the joint bid. As a result, the two companies may now find themselves rival bidders for Katy, an industrial holding company based in Elgin, Ill. In a statement, Pensler said it believed the company was worth "significantly more" than the $25.75 a share offered by the Carroll family of Colorado, which owns 52 percent of Katy's shares outstanding.
Date: 13 November 1993
By Bloomberg News
Bloomberg News
The Seagram Company has purchased 4.76 million shares of Time Warner Inc. on the open market to increase its stake in the company to 8.1 percent from 6.8 percent. Seagram bought its shares in Time Warner between Oct. 27 and yesterday at prices ranging from $44 to $45 a share, according to a Securities and Exchange Commission filing. Seagram, one of Canada's leading beverage and spirits makers, with brands like Chivas Regal and Tropicana orange juice, now holds about 30.5 million shares of Time Warner, the filing said. In May, Seagram bought a 5.7 percent stake of Time Warner and said it planned to increase its stake to as much as 15 percent. Seagram shares closed at $27.375, down 12.5 cents, while Time Warner shares closed up 37.5 cents at $44.375.
Date: 13 November 1993
By Bloomberg News
Bloomberg News
The board of the First Chicago Corporation approved an increase in the quarterly dividend to 40 cents a share from 30 cents and also approved the repurchase of up to 2.5 million shares. First Chicago is the latest of the large banks to increase dividends and announce share buybacks this year. Edward Herlihy, a banking lawyer with the New York law firm of Wachtel, Lipton, Rosen & Katz, said in a recent study that about 20 percent of the 50 largest bank holding companies in the United States had announced buybacks. First Chicago's shares were up $1.50, at $44.75, on the New York Stock Exchange. The increased dividend is payable on Jan. 1 to shareholders of record on Dec. 3.
Date: 13 November 1993
By Bloomberg News
Bloomberg News
A seat on the New York Stock Exchange was sold yesterday for $750,000, the exchange said. The price was down $20,000 from the previous sale, which was recorded on Oct. 5. The identities of the buyer and seller in the latest sale were not disclosed.
Date: 13 November 1993
By Bloomberg News
Bloomberg News
Crude oil prices retreated yesterday, giving back half of Thursday's gains, as traders dismissed speculation that the Organization of Petroleum Exporting Countries might be preparing to reduce its output. On the New York Mercantile Exchange, crude oil for December delivery fell 18 cents, to $16.72. December heating oil dropped 0.17 cent, to 51.61 cents a gallon, and December unleaded gasoline lost 0.94 cent, to 45.37 cents a gallon, its lowest in five years.
Date: 14 November 1993
To the Editor: For the moment I'll smile and be silent about most of Walter Goodman's mean-spirited, cynical essay -- the one on my recent speech in Miami and other recent work [ "What Parson Rather Left Out of His Sermon," Oct. 17 ] .
Date: 14 November 1993
International 3-16 A CHILD OF THE C.I.A. IN HAITI The C.I.A. created an intelligence unit in Haiti in the 1980's to fight drugs, but it is now a tool of political terror whose officers engaged in drug trafficking, officials say. 1 CLINTON GOALS FOR PACIFIC TRADE President Clinton hopes a summit meeting of Asian leaders will create jobs for America by linking it to their economies. 1 REALITY OF A 'GREATER SERBIA' Serbian nationalists in Bosnia have created a wasteland where most people are longing for the past and fearing the future. 1 Hundreds of patients are stranded in two Muslim front-line hospitals. 8 ARAFAT CONDEMNS KILLING OF JEW Yasir Arafat condemned the killing of an Israeli by allies in the P.L.O. and urged an end to violence "to safeguard the peace process." 7 SRI LANKA REPORTS GAINS IN SIEGE Sri Lanka said hundreds of troops had broken a rebel siege at a base where more than 250 others have died in fighting with rebels. 11 SQUATTERS TESTING APARTHEID Disputes with black squatters in Durban threaten to revive explosive memories of the brutal past in South Africa, and endanger the fragile trust on which its future is based. 3 A major blow against the Mafia in Italy raised more questions. 12 National 14-34 CLINTON SEES SPIRITUAL CRISIS From the pulpit of the Memphis church where the Rev. Dr. Martin Luther King Jr. delivered his last sermon, President Clinton warned black ministers that civil rights victories were being sullied by a "great crisis of the spirit that is gripping America today." 1 TRADE PACT: CHICAGO'S VIEW With its Fortune 500 giants, graveyards of shuttered factories, Nobel laureates and graduates of the school of hard knocks, Chicago is a microcosm of the economic currents swirling around the North American Free Trade Agreement. 1 The trade pact has something to offend almost anyone. 14 The President sought trade pact support from small business. 14 CONTRA COSTA'S MOST WANTED A public access television show that began playing this month on 11 cable systems in California's Contra Costa County seeks help finding parents who are grossly delinquent on child support payments. 20 SHORTAGE OF HYPERACTIVITY DRUG Because of a bureaucratic lapse at the Justice Department, thousands of parents are struggling to find supplies of the drug Ritalin for their hyperactive children. 20 SUPER-JOBLESS IN TEXAS Stunned by the decision last month to kill the Superconducting Supercollider, hundreds of scientists are casting about for new jobs in high-energy physics, hoping not only to pursue their profession but simply to support their families. 22 Metro 37-47 CONTRADICTIONS OF A PRIEST The Rev. Patrick Moloney has cultivated the reputation of a humble defender of the poor. But yesterday, as he stood accused of helping to steal $7.4 million, a more complex question of identity arose: Is he a saint, a robber, or even both? 1 N.A.A.C.P. URGES WHITMAN DELAY The New Jersey chapter of the N.A.A.C.P. urged Gov.-elect Christine Todd Whitman not to take office until investigations clear her of allegations that the Republican Party spent $500,000 to suppress the urban black vote. 37 MARIJUANA OFFERED FOR HEALING Every two weeks, Rabbi Isaac P. Fried visits a businessman in Brooklyn who is dying of cancer. They talk for a while, and the rabbi hands over a small bag of marijuana with a hopeful blessing. 37 MANY TACTICS IN POLLUTION WAR Officials in New York, New Jersey and Connecticut have put together plans to cut smog-causing chemicals by at least 15 percent by 1996. 37 FROM POLITICS TO GOLF The next Mayor of New York City, Rudolph W. Giuliani, found himself yesterday in a tough spot, but for a golfer, not a politician. 39 Obituaries 46 Bill Dickey, baseball player.