11 juli 1995 was een dinsdag onder het sterrenbeeld ♋. Het was de 191e dag van het jaar. President van de Verenigde Staten was William J. (Bill) Clinton.
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11th of July 1995 News
Nieuws zoals het verscheen op de voorpagina van de New York Times op 11 juli 1995
Judge Delays Order To Disclose Source In a TV Libel Case
Date: 12 July 1995
A judge today withdrew his order that ABC News disclose the name of a confidential source used in a report that is the subject of a $10 billion libel suit by Philip Morris Companies Inc. The report, broadcast last year on the television news program "Day One," said the tobacco industry "artificially adds nicotine to cigarettes to keep people smoking and boost profits." Today, Judge Theodore J. Markow of Richmond Circuit Court wrote that before he required ABC News to disclose its source, Philip Morris would have to supply more evidence that it could not get the information elsewhere and that it had a compelling need for the information.
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LCI INTERNATIONAL TO BUY CORPORATE TELEMANAGEMENT
Date: 12 July 1995
By Bloomberg News
Bloomberg News
LCI International Inc. agreed yesterday to buy Corporate Telemanagement Group Inc. for $124 million in cash and stock. LCI, the nation's sixth-largest long-distance carrier, will pay Corporate Telemanagement $45 million in cash and 2.3 million shares of stock valued at about $79 million. LCI, based in McLean, Va., will also assume $24 million in debt. LCI first announced its intention to buy Corporate Telemanagement on May 9. Corporate Telemanagement, a provider of long-distance services based in Greenville, S.C., had revenue of about $56 million in 1994. Shares of LCI fell $1.875, to $32.50, on the New York Stock Exchange.
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BRITISH UTILITY REJECTS OFFER BY SOUTHERN
Date: 12 July 1995
By Bloomberg News
Bloomberg News
The Southern Company of Atlanta held takeover talks with South Western Electricity P.L.C. of Britain and mentioned a price of $:785 million, or about $1.25 billion, but the overture was rejected. Southern disclosed on Monday that it had bought an 11.2 percent stake in South Western Electricity for $170 million. The offer by Southern was the first by an American company for a British utility. South Western said the offer would "significantly undervalue the company." The announcement that talks had broken down was made after the close of trading in London. Earlier, shares of South Western closed at a record of 939 pence, up 29 pence. At that price, acquiring all of South Western's stock would have cost $1.66 billion. On the New York Stock Exchange, shares of Southern were unchanged at $22.
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NEW VENTURE TO BUILD SEMICONDUCTOR PLANT IN TAIWAN
Date: 11 July 1995
By Bloomberg News
Bloomberg News
The United Microelectronics Corporation, Taiwan's second-largest semiconductor maker, said early today that it would team up with the Alliance Semiconductor Corporation and S3 Inc. of the United States to build a $1 billion semiconductor plant in Taiwan. United Microelectronics said the factory would make 25,000 eight-inch wafers a month. Production is expected to begin in the third quarter of 1996. United Microelectronics will own 50 percent of the joint venture, and the American partners will each own 20 percent. An unidentified Taiwan investment company will own the other 10 percent.
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APPLE'S NEWTON CHIEF IS HIRED BY CADENCE DESIGN
Date: 12 July 1995
By Bloomberg News
Bloomberg News
Cadence Design Systems Inc., a developer of computer-aided design software, said yesterday that it had hired the head of Apple Computer's Newton hand-held computer unit, Shane Robison, as its senior vice president of engineering. Mr. Robison, 41, took over Apple's Personal Interactive Electronics business after Gaston Bastiaens left in April 1994. Cadence, based in San Jose, Calif., counts Apple as one of its largest customers. The company said Mr. Robison would bring a strong engineering background as well as management talent. An Apple spokeswoman said Mr. Robison's departure "doesn't diminish Apple's commitment" to the Newton.
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SOUTHERN ELECTRIC BUYS STAKE IN A BRITISH UTILITY
Date: 11 July 1995
By Bloomberg News
Bloomberg News
The Southern Company said yesterday that its Southern Electric International unit bought an 11.2 percent stake in South Western Electricity P.L.C., a British utility, for about $170 million. Analysts said Southern, which is based in Atlanta, may be considering a takeover of South Western, which distributes electricity to 2.7 million homes and businesses. The Southern unit bought 12.5 million shares of South Western. A spokesman for Southern would only say that officials from Southern and South Western would meet today in London. Officials at South Western could not be reached for comment. A spokesman for the Pacific Gas and Electric Company in San Francisco, said the utility would consider acquiring South Western if the company put itself up for sale but would probably not make a hostile bid.
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CNA FINANCIAL PLANS TO CUT 1,800 MORE JOBS
Date: 12 July 1995
By Bloomberg News
Bloomberg News
The CNA Financial Corporation, which bought the Continental Corporation in December, said yesterday that it had cut 1,200 jobs at the two companies and would eliminate at least another 1,800 positions in the next year. CNA, the insurance company based in Chicago, said the staff reductions were a result of attrition. CNA is spurring the attrition process by telling its 19,800 employees whether their jobs will eventually be eliminated or transferred. CNA paid $1.1 billion for Continental, which is based in New York. The Loews Corporation, also based in New York, owns 84 percent of CNA. Shares of CNA rose 62.5 cents, to $87, on the New York Stock Exchange.
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SHARES OF ONTRAK SYSTEMS SOAR ON FIRST DAY OF TRADING
Date: 12 July 1995
By Bloomberg News
Bloomberg News
Shares of Ontrak Systems Inc. soared yesterday in their first day of trading. The company originally filed to raise about $29 million by selling 2.4 million shares for $11 to $13 each, but the offering was priced at $17 by Montgomery Securities in a sale of 3 million shares. Shares of Ontrak closed at $29.25 in Nasdaq trading of almost 3.6 million shares. The company, based in Milpitas, Calif., makes equipment that flattens silicon wafers for use in computer chips and electronic components. Chip makers have been the best-performing industry group in the Standard & Poor's 500 stock index in 1995, rising 71 percent.
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DSG SHARES PLUNGE AFTER EXECUTIVES WITHDRAW OFFER
Date: 11 July 1995
By Bloomberg News
Bloomberg News
The shares of DSG International Ltd. plunged more than 36 percent yesterday after it said that a $78.9 million offer by its executives to buy the company had been withdrawn because of disappointing second-quarter earnings. DSG, a maker of disposable diapers, said its chairman, Brandon Wang, who was leading the proposed management buyout, elected not to go ahead with the $19.25-a-share purchase because the transaction would have incurred $80 million in bank debt. DSG International, which is based in Hong Kong, said its second-quarter earnings and profit margin had declined more than it had expected, although it was not more specific. The stock closed down $6.50, at $11.50, in Nasdaq trading.
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International Briefs; German Prosecutors Say Opel Was Defrauded
Date: 12 July 1995
By Bloomberg News
Bloomberg News
The German car maker Adam Opel A.G. lost 11 million marks ($7.9 million) because of fraudulent activities by employees and suppliers, prosecutors said yesterday. In its first detailed report on a two-week-old investigation, the prosecutors' office in Darmstadt said it was looking at 40 companies and 244 individuals, of whom 65 have worked for Opel.
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