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Date: 30 August 1994
John M. Geddes, a former national news editor of The Wall Street Journal, has been named the business editor of The New York Times, Joseph Lelyveld, the executive editor, announced yesterday. Mr. Geddes, 42, will preside over a planned expansion of The Times's business news coverage.
Date: 30 August 1994
By Walter Goodman
Walter Goodman
Watching "Kind Hearts and Coronets" and "The Ladykillers" recently, courtesy of Channel 13 and Bravo, I found myself musing over the use that the scholars dedicated to adding up incidents of violence on television could make of such comedic delights. These beauties from Britain were never charged with fomenting assaults and batteries 40 years ago, but if accountings of mayhem had been in fashion, they would have made the accountants' day. Violence is the essence of these movies, "Kind Hearts" being an inventory of murders committed in quest of a dukedom and "The Ladykillers" a crime spoof that ends with five of the six leading players being terminated in about as many minutes. True, the rendering is understated by today's standards -- you don't get to see any gouts of blood -- but the quantifiers would still feel obliged to include the humorous send-offs in their dire compilations.
Date: 30 August 1994
By Bloomberg News
Bloomberg News
The Nationsbank Corporation signed a definitive agreement yesterday to buy the right to service $6.5 billion in mortgages from the Express America Holdings Corporation for $85 million. The sale will result in a pretax profit of $20 million for Express America, which is based in Scottsdale, Ariz., and is one of the largest wholesale mortgage companies. The sale of the servicing to the Nationsbanc Mortgage Corporation will let Express America concentrate on its main line of business: buying and selling mortgage loans.
Date: 30 August 1994
By Bloomberg News
Bloomberg News
The Compaq Computer Europe cut its prices for personal computers by as much as 29 percent, after making similar cuts in the United States and Canada. It was not clear if IBM Europe would follow Compaq's lead, though analysts expected an announcement soon. In the United States, the International Business Machines Corporation reduced its prices on Aug. 25, nine days after the Compaq Computer Corporation, based in Houston, did.
Date: 31 August 1994
By Bloomberg News
Bloomberg News
Meridian Bancorp Inc. signed a letter of intent yesterday to acquire the 36-branch United Counties Bancorp of Cranford, N.J., in a stock swap valued at $376 million. The acquisition of United Counties, a banking company with $1.7 billion in assets, will more than double Meridian's presence in New Jersey to $2.3 billion in assets and 74 branches. Meridian, based in Reading, Pa., has $15.2 billion in assets and 333 branches in eastern Pennsylvania, southern New Jersey and Delaware. Under the transaction, each share of United Counties will be exchanged for 5.25 shares of Meridian. The transaction values shares of United Counties at $171.94 each. In Nasdaq trading yesterday, shares of United Counties rose $1.50, to $105.50, and shares of Meridian fell 25 cents, to $32.75.
Date: 31 August 1994
By Bloomberg News
Bloomberg News
Volkswagen United States Inc. said yesterday that its 1995 Passat cars would cost about 10 percent less than the 1994 model. The company also said it was dropping the sporty Corrado from its United States lineup because of slow sales. Officials for the United States marketer of the German auto maker, at a new-model preview in California, said the price of the 1995 Passat would start at $20,890 for the GLX sedan and $21,320 for the wagon.
Date: 31 August 1994
By Bloomberg News
Bloomberg News
Shares of the Cott Corporation, a maker of private-label soft drinks in Toronto, fell yesterday after the company's president, Heather Reisman, said she would resign on Oct. 1. She will be replaced by David A. Nichol, former president of Loblaw International Merchants, a unit of the Loblaw Companies of Toronto. Shares of Cott fell 50 cents, to $11.625, in Nasdaq trading. Ms. Reisman, who has been president of Cott for two years, said in a statement, "The time has come to carve a path of my own design."
Date: 30 August 1994
By Bloomberg News
Bloomberg News
An officer and former director of Spectrum Information Technologies Inc., Werner Pleus, has sold 244,286 shares of the wireless data company's stock and agreed to leave the company. "Werner and Spectrum have mutually agreed that Werner's employment has been terminated," Chris Consentino, a company spokesman, said yesterday, declining to provide details. Mr. Pleus is one of several current and former officers of Spectrum named as defendants in a shareholders' class-action suit filed last year. The insiders sold stock last year after Spectrum's shares more than doubled following the surprise hiring of John Sculley, the former chairman of Apple Computer, on Oct. 18. The shares plunged in February after Mr. Sculley quit. Mr. Pleus said he had stepped down as director of investor relations in June, and has not held a formal title with the company since then. Mr. Pleus had resigned from Spectrum's board on March 28.
Date: 30 August 1994
By Bloomberg News
Bloomberg News
The First Financial Management Corporation said yesterday that it expected to submit a bid to buy Western Union Financial Services Inc. in the bankruptcy court-supervised auction of the company, which is a unit of the New Valley Corporation. First Financial, a financial services firm based in Atlanta, joins the First Data Corporation of Hackensack, N.J., and the leveraged-buyout firm Forstmann Little & Company as companies expected to make bids. First Financial said Western Union would give it a toehold in the money-transfer business. Potential buyers have until Friday to submit bids.
Date: 30 August 1994
By Bloomberg News
Bloomberg News
The stock of the Brock Candy Company closed up 41 percent yesterday after the candy maker said it was in talks to combine businesses with another company or sell itself. Shares of the company, which is based in Chattanooga, Tenn., and makes "gummi" candies, rose $4, to $13.75, in Nasdaq trading. Brock Candy said it retained the Robinson-Humphrey Company of Atlanta to help review any proposals. The company did not say which individual or company it was in talks with. It said no formal offer had been made. Company officers could not be reached for comment. The announcement comes 17 months after Brock first sold stock to the public.