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11th of June 1994 News
Novice, kot so bile prikazane na prvi strani New York Timesa na 11. junij 1994
Gotti's Lawyer Is Sentenced For Comments In Contempt
Date: 11 June 1994
By Jan Hoffman
Jan Hoffman
In a case anxiously watched by criminal defense lawyers, Bruce Cutler, John Gotti's lawyer, was sentenced today to three months of house arrest and suspended from practice in some Federal courts for six months because of remarks he made to the press in defiance of a judge's orders. The case has been seen as a test of a Federal court rule that limits lawyers in their public remarks that could affect the fairness of a trial. Many lawyers have said they routinely speak to the press about a client as a counterweight to remarks made by prosecutors.
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New York Area Climbs Out of Recession
Date: 12 June 1994
By Tom Redburn
Tom Redburn
After its worst downturn since the Depression, the economy in and around New York City is once again generating more jobs and higher incomes for a wide array of residents throughout the region. Initially propelled by Wall Street's prosperity, which has spilled over into other sectors of the economy, the recovery is now being driven by entertainment businesses and the news media, culture and tourism, health services and a resurgence of consumer spending on cars, home furnishings and other big-ticket items.
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READ-RITE TO ACQUIRE SUNWARD TECHNOLOGIES
Date: 11 June 1994
By Bloomberg News
Bloomberg News
Sunward Technologies Inc., a disk-drive component maker, will be acquired by the Read-Rite Corporation for $120 million in stock. The transaction, announced late Thursday, calls for each share of Sunward to be converted into 1.077 shares of Read-Rite. After the transaction, Sunward shareholders will own about 21 percent of Read-Rite's 9.6 million shares. In Nasdaq trading, shares of Sunward, based in San Diego, rose $1.313 yesterday to close at $12.188. The stock of Read-Rite, based in Milpitas, Calif., eased 18.75 cents a share, to $12.1875. Analysts said the purchase made good strategic sense. Read-Rite is trying to establish itself as the dominant independent supplier of components that read data stored on computer disk drives.
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COMMERCIAL UNION TO BUY FRENCH INSURERS
Date: 11 June 1994
By Bloomberg News
Bloomberg News
Commercial Union P.L.C. of London said yesterday that it would buy most of Compagnie de Suez S.A.'s French insurance unit for $:1.46 billion ($2.19 billion), in an aggressive expansion into continental European insurance. Commercial Union, a leading British life and general insurer, will receive two of Group Victoire's three insurance units: Abeille Assurances, France's 11th-largest general insurer; and Abeille Vie, France's sixth-largest life insurer. Suez, whose other businesses include banking and specialized financial services, will retain various Victoire assets, including Victoire's reinsurance business, Abeille Re, as well as its Canadian operations.
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ACTAVA GROUP MAY SELL INTEREST IN QUALEX
Date: 11 June 1994
By Bloomberg News
Bloomberg News
Actava Group Inc. said yesterday that it was considering selling its interest in Qualex Inc., a wholesale photo-finishing company, to its partner in the venture, the Eastman Kodak Company. John Phillips, Actava's new president and chief executive, also told shareholders yesterday at the annual meeting that the company was exploring "opportunities in the areas of telecommunications, media, information systems and computing." Actava, based in Atlanta, provides consumer products in the photo-finishing, lawn and garden equipment and sporting goods businesses.
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RAYTHEON LAYS OFF 961 WORKERS IN REVAMPING
Date: 11 June 1994
By Bloomberg News
Bloomberg News
The Raytheon Company said it would lay off 961 employees, or about 1.5 percent of its work force of 61,379. The company, based in Lexington, Mass., will lay off 796 workers in its missile systems division, 137 in its equipment division and 28 in its construction and engineering business, a Raytheon spokesman said. "This is a continuation of a plan we announced in March" in which Raytheon, one of the country's largest military contractors, said it was refocusing to concentrate on its commercial businesses. In March, the company had said it would lay off 4,400 workers within two years, of which 2,125 would be terminated this year.
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AIR CANADA TO LEASE 25 AIRBUS AIRCRAFT
Date: 11 June 1994
By Bloomberg News
Bloomberg News
Air Canada signed a definitive agreement yesterday to lease 25 Airbus Industrie A319 twin-jet aircraft. Air Canada and Airbus had signed a letter of understanding about the lease agreement in May. The 25 aircraft and options for 10 more, if purchased, would be worth more than $1 billion. The companies did not disclose terms of the lease agreement. Financing of the lease agreement is being arranged by Airbus and the jets' engine maker: CFM International Inc. The first jet is scheduled to be delivered in December 1996. The A319, which seats 112 passengers, is a smaller version of the A320, which seats 131 passengers. Air Canada currently has 34 A320 planes in its fleet.
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AMSCO STOCK JUMPS AMID HOPES THAT LOSSES WILL BE CUT
Date: 11 June 1994
By Bloomberg News
Bloomberg News
Amsco International Inc. surged 15 percent yesterday amid optimism that the Pittsburgh medical supplies company will soon sell or close its money-losing sterile recovery unit. The shares rose $1.25, to $9.25, on the New York Stock Exchange, where it had the best percentage gain of the day. Amsco will decide what to do with the unit, which processes reusable medical products, at a June 23 meeting of its board, an analyst at J. P. Morgan Securities Inc., A. J. Rice, said. David Nelson, Amsco's chairman and chief executive, said the company would either divest itself of the unit, sell it or close it by July. Mr. Rice estimated that in 1993 the unit lost about $13.5 million.
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CADENCE DESIGN TO BUY BACK SOME OF ITS STOCK
Date: 11 June 1994
By Bloomberg News
Bloomberg News
Cadence Design Systems Inc. said yesterday that it planned to repurchase as many as 5.2 million shares, or 13 percent of its common stock outstanding. The board did not set a time limit for the repurchase program. In Nasdaq trading, shares of Cadence closed yesterday at $16, up 75 cents for the day. Cadence previously authorized a repurchase of 9.7 million shares and has bought or has options for about 9.4 million shares.
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Citibank in South Africa
Date: 11 June 1994
By Bloomberg News
Bloomberg News
Citibank said yesterday that it had received clearance from the Reserve Bank of South Africa to open its first office there. Initially, Citibank intends to open a representative office providing advisory services to corporate clients. Such a branch is typically a "prelude to a full branch office," a spokesman said. When a full branch does open, it will provide service to commercial clients rather than individuals, he said. He declined to give a timetable or site for the opening or to say how many people would work in the office.
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