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pierre <unk> N years old will join the board as a nonexecutive director nov. N
mr. <unk> is chairman of <unk> n.v. the dutch publishing group
rudolph <unk> N years old and former chairman of consolidated gold fields plc was named a nonexecutive director of this british industrial conglomerate
a form of asbestos once used to make kent cigarette filters has caused a high percentage of cancer deaths among a group of workers exposed to it more than N years ago researchers reported
the asbestos fiber <unk> is unusually <unk> once it enters the <unk> with even brief exposures to it causing symptoms that show up decades later researchers said
<unk> inc. the unit of new york-based <unk> corp. that makes kent cigarettes stopped using <unk> in its <unk> cigarette filters in N
although preliminary findings were reported more than a year ago the latest results appear in today 's new england journal of medicine a forum likely to bring new attention to the problem
a <unk> <unk> said this is an old story
we 're talking about years ago before anyone heard of asbestos having any questionable properties
there is no asbestos in our products now
neither <unk> nor the researchers who studied the workers were aware of any research on smokers of the kent cigarettes
we have no useful information on whether users are at risk said james a. <unk> of boston 's <unk> cancer institute
dr. <unk> led a team of researchers from the national cancer institute and the medical schools of harvard university and boston university
the <unk> spokeswoman said asbestos was used in very modest amounts in making paper for the filters in the early 1950s and replaced with a different type of <unk> in N
from N to N N billion kent cigarettes with the filters were sold the company said
among N men who worked closely with the substance N have died more than three times the expected number
four of the five surviving workers have <unk> diseases including three with recently <unk> cancer
the total of N deaths from malignant <unk> lung cancer and <unk> was far higher than expected the researchers said
the <unk> rate is a striking finding among those of us who study <unk> diseases said dr. <unk>
the percentage of lung cancer deaths among the workers at the west <unk> mass. paper factory appears to be the highest for any asbestos workers studied in western industrialized countries he said
the plant which is owned by <unk> & <unk> co. was under contract with <unk> to make the cigarette filters
the finding probably will support those who argue that the u.s. should regulate the class of asbestos including <unk> more <unk> than the common kind of asbestos <unk> found in most schools and other buildings dr. <unk> said
the u.s. is one of the few industrialized nations that does n't have a higher standard of regulation for the smooth <unk> fibers such as <unk> that are classified as <unk> according to <unk> t. <unk> a professor of <unk> at the university of vermont college of medicine
more common <unk> fibers are <unk> and are more easily rejected by the body dr. <unk> explained
in july the environmental protection agency imposed a gradual ban on virtually all uses of asbestos
by N almost all remaining uses of <unk> asbestos will be outlawed
about N workers at a factory that made paper for the kent filters were exposed to asbestos in the 1950s
areas of the factory were particularly dusty where the <unk> was used
workers dumped large <unk> <unk> of the imported material into a huge <unk> poured in cotton and <unk> fibers and <unk> mixed the dry fibers in a process used to make filters
workers described clouds of blue dust that hung over parts of the factory even though <unk> fans <unk> the area
there 's no question that some of those workers and managers contracted <unk> diseases said <unk> phillips vice president of human resources for <unk> & <unk>
but you have to recognize that these events took place N years ago
it has no bearing on our work force today
yields on money-market mutual funds continued to slide amid signs that portfolio managers expect further declines in interest rates
the average seven-day compound yield of the N taxable funds tracked by <unk> 's money fund report eased a fraction of a percentage point to N N from N N for the week ended tuesday
compound yields assume reinvestment of dividends and that the current yield continues for a year
average maturity of the funds ' investments <unk> by a day to N days the longest since early august according to donoghue 's
longer maturities are thought to indicate declining interest rates because they permit portfolio managers to retain relatively higher rates for a longer period
shorter maturities are considered a sign of rising rates because portfolio managers can capture higher rates sooner
the average maturity for funds open only to institutions considered by some to be a stronger indicator because those managers watch the market closely reached a high point for the year N days
nevertheless said <unk> <unk> <unk> editor of money fund report yields may <unk> up again before they <unk> down because of recent rises in short-term interest rates
the yield on six-month treasury bills sold at monday 's auction for example rose to N N from N N
despite recent declines in yields investors continue to pour cash into money funds
assets of the N taxable funds grew by $ N billion during the latest week to $ N billion
typically money-fund yields beat comparable short-term investments because portfolio managers can vary maturities and go after the highest rates
the top money funds are currently yielding well over N N
dreyfus world-wide dollar the <unk> fund had a seven-day compound yield of N N during the latest week down from N N a week earlier
it invests heavily in dollar-denominated securities overseas and is currently <unk> management fees which boosts its yield
the average seven-day simple yield of the N funds was N N down from N N
the 30-day simple yield fell to an average N N from N N the 30-day compound yield slid to an average N N from N N
j.p. <unk> vice chairman of <unk> grace & co. which holds a N N interest in this <unk> company was elected a director
he succeeds <unk> d. <unk> formerly a <unk> grace vice chairman who resigned
<unk> grace holds three of grace energy 's seven board seats
pacific first financial corp. said shareholders approved its acquisition by royal <unk> ltd. of toronto for $ N a share or $ N million
the thrift holding company said it expects to obtain regulatory approval and complete the transaction by year-end
<unk> international inc. said its <unk> & <unk> unit completed the sale of its <unk> controls operations to <unk> s.p a. for $ N million
<unk> is an italian state-owned holding company with interests in the mechanical engineering industry
<unk> controls based in <unk> ohio makes computerized industrial controls systems
it employs N people and has annual revenue of about $ N million
the federal government suspended sales of u.s. savings bonds because congress has n't lifted the ceiling on government debt
until congress acts the government has n't any authority to issue new debt obligations of any kind the treasury said
the government 's borrowing authority dropped at midnight tuesday to $ N trillion from $ N trillion
legislation to lift the debt ceiling is <unk> in the fight over cutting capital-gains taxes
the house has voted to raise the ceiling to $ N trillion but the senate is n't expected to act until next week at the earliest
the treasury said the u.s. will default on nov. N if congress does n't act by then
clark j. <unk> was named senior vice president and general manager of this u.s. sales and marketing arm of japanese auto maker mazda motor corp
in the new position he will oversee mazda 's u.s. sales service parts and marketing operations
previously mr. <unk> N years old was general marketing manager of chrysler corp. 's chrysler division
he had been a sales and marketing executive with chrysler for N years
when it 's time for their <unk> <unk> the nation 's manufacturing <unk> typically jet off to the <unk> <unk> of resort towns like <unk> <unk> and hot springs
not this year
the national association of manufacturers settled on the <unk> capital of indianapolis for its fall board meeting
and the city decided to treat its guests more like royalty or rock stars than factory owners
the idea of course to prove to N corporate decision makers that the buckle on the <unk> belt is n't so <unk> after all that it 's a good place for a company to expand
on the receiving end of the message were officials from giants like du pont and <unk> along with lesser <unk> like <unk> steel and the valley queen <unk> factory
for <unk> the executives joined mayor william h. <unk> iii for an evening of the indianapolis <unk> <unk> and a guest <unk> victor <unk>
champagne and <unk> followed
the next morning with a police <unk> <unk> of executives and their wives <unk> to the indianapolis motor <unk> <unk> by traffic or red lights
the governor could n't make it so the <unk> governor welcomed the special guests
a buffet breakfast was held in the museum where food and drinks are banned to everyday visitors
then in the guests ' honor the <unk> <unk> out four drivers crews and even the official indianapolis N announcer for a <unk> exhibition race
after the race fortune N executives <unk> like <unk> over the cars and drivers
no <unk> the drivers pointed out they still had space on their machines for another sponsor 's name or two
back downtown the <unk> squeezed in a few meetings at the hotel before <unk> the buses again
this time it was for dinner and <unk> a block away
under the stars and <unk> of the <unk> indiana <unk> <unk> nine of the hottest chefs in town fed them indiana <unk> <unk> <unk> <unk> <unk> <unk> and <unk> <unk> with a <unk> <unk>
knowing a <unk> and free <unk> when they eat one the executives gave the chefs a standing <unk>
more than a few <unk> say the <unk> treatment <unk> them to return to a <unk> city for future meetings
but for now they 're looking forward to their winter meeting <unk> in february
south korea registered a trade deficit of $ N million in october reflecting the country 's economic <unk> according to government figures released wednesday
preliminary <unk> by the trade and industry ministry showed another trade deficit in october the fifth monthly setback this year casting a cloud on south korea 's <unk> economy
exports in october stood at $ N billion a mere N N increase from a year earlier while imports increased sharply to $ N billion up N N from last october
south korea 's economic boom which began in N stopped this year because of prolonged labor disputes trade conflicts and sluggish exports
government officials said exports at the end of the year would remain under a government target of $ N billion
despite the gloomy forecast south korea has recorded a trade surplus of $ N million so far this year
from january to october the nation 's accumulated exports increased N N from the same period last year to $ N billion
imports were at $ N billion up N N
newsweek trying to keep pace with rival time magazine announced new advertising rates for N and said it will introduce a new incentive plan for advertisers
the new ad plan from newsweek a unit of the washington post co. is the second incentive plan the magazine has offered advertisers in three years
plans that give advertisers discounts for maintaining or increasing ad spending have become permanent <unk> at the news <unk> and underscore the fierce competition between newsweek time warner inc. 's time magazine and <unk> b. <unk> 's u.s. news & world report
alan <unk> recently named newsweek president said newsweek 's ad rates would increase N N in january
a full <unk> page in newsweek will cost $ N
in mid-october time magazine lowered its guaranteed circulation rate base for N while not increasing ad page rates with a lower circulation base time 's ad rate will be effectively N N higher per subscriber a full page in time costs about $ N
u.s. news has yet to announce its N ad rates
newsweek said it will introduce the circulation credit plan which <unk> space credits to advertisers on renewal advertising
the magazine will reward with page bonuses advertisers who in N meet or exceed their N spending as long as they spent $ N in N and $ N in N
mr. <unk> said the plan is not an attempt to shore up a decline in ad pages in the first nine months of N newsweek 's ad pages totaled N a drop of N N from last year according to publishers information bureau
what matters is what advertisers are paying per page and in that department we are doing fine this fall said mr. <unk>
both newsweek and u.s. news have been gaining circulation in recent years without heavy use of electronic <unk> to subscribers such as telephones or watches
however none of the big three <unk> recorded circulation gains recently
according to audit bureau of <unk> time the largest <unk> had average circulation of N a decrease of N N
newsweek 's circulation for the first six months of N was N flat from the same period last year
u.s. news ' circulation in the same time was N down N N
new england electric system bowed out of the bidding for public service co. of new hampshire saying that the risks were too high and the potential <unk> too far in the future to justify a higher offer
the move leaves united illuminating co. and northeast utilities as the remaining outside bidders for ps of new hampshire which also has proposed an internal reorganization plan in chapter N bankruptcy proceedings under which it would remain an independent company
new england electric based in <unk> mass. had offered $ N billion to acquire ps of new hampshire well below the $ N billion value united illuminating places on its bid and the $ N billion northeast says its bid is worth
united illuminating is based in new haven conn. and northeast is based in hartford conn
ps of new hampshire <unk> n.h. values its internal reorganization plan at about $ N billion
john rowe president and chief executive officer of new england electric said the company 's return on equity could suffer if it made a higher bid and its forecasts related to ps of new hampshire such as growth in electricity demand and improved operating <unk> did n't come true
when we <unk> raising our bid the risks seemed substantial and persistent over the next five years and the rewards seemed a long way out
that got hard to take he added
mr. rowe also noted that political concerns also worried new england electric
no matter who owns ps of new hampshire after it emerges from bankruptcy proceedings its rates will be among the highest in the nation he said
that attracts attention
it was just another one of the risk factors that led to the company 's decision to withdraw from the bidding he added
wilbur ross jr. of rothschild inc. the financial adviser to the troubled company 's equity holders said the withdrawal of new england electric might speed up the reorganization process
the fact that new england proposed lower rate increases N N over seven years against around N N boosts proposed by the other two outside bidders complicated negotiations with state officials mr. ross asserted
now the field is less <unk> he added
separately the federal energy regulatory commission turned down for now a request by northeast seeking approval of its possible purchase of ps of new hampshire
northeast said it would <unk> its request and still hopes for an <unk> review by the ferc so that it could complete the purchase by next summer if its bid is the one approved by the bankruptcy court
ps of new hampshire shares closed yesterday at $ N off N cents in new york stock exchange composite trading
norman <unk> N years old and former president and chief operating officer of toys r us inc. and frederick <unk> jr. N chairman of <unk> banking corp. were elected directors of this consumer electronics and appliances retailing chain
they succeed daniel m. <unk> retired circuit city executive vice president and robert r. <unk> u.s. treasury undersecretary on the <unk> board
commonwealth edison co. was ordered to refund about $ N million to its current and former <unk> for illegal rates collected for cost overruns on a nuclear power plant
the refund was about $ N million more than previously ordered by the illinois commerce commission and trade groups said it may be the largest ever required of a state or local utility
state court judge richard curry ordered edison to make average refunds of about $ N to $ N each to edison customers who have received electric service since april N including about two million customers who have moved during that period
judge curry ordered the refunds to begin feb. N and said that he would n't <unk> any appeals or other attempts to block his order by commonwealth edison
the refund pool may not be held <unk> through another round of appeals judge curry said
commonwealth edison said it is already appealing the underlying commission order and is considering appealing judge curry 's order
the exact amount of the refund will be determined next year based on actual <unk> made until dec. N of this year
commonwealth edison said the ruling could force it to slash its N earnings by $ N a share
for N commonwealth edison reported earnings of $ N million or $ N a share
a commonwealth edison spokesman said that tracking down the two million customers whose addresses have changed during the past N N years would be an administrative nightmare
in new york stock exchange composite trading yesterday commonwealth edison closed at $ N down N cents
the $ N billion <unk> N plant near <unk> ill. was completed in N
in a disputed N ruling the commerce commission said commonwealth edison could raise its electricity rates by $ N million to pay for the plant
but state courts upheld a challenge by consumer groups to the commission 's rate increase and found the rates illegal
the illinois supreme court ordered the commission to audit commonwealth edison 's construction expenses and refund any <unk> expenses
the utility has been collecting for the plant 's construction cost from its N million customers subject to a refund since N
in august the commission ruled that between $ N million and $ N million of the plant 's construction cost was <unk> and should be <unk> plus interest
in his ruling judge curry added an additional $ N million to the commission 's calculations
last month judge curry set the interest rate on the refund at N N
commonwealth edison now faces an additional <unk> refund on its <unk> rate <unk> <unk> that the illinois appellate court has estimated at $ N million
and consumer groups hope that judge curry 's <unk> N order may set a precedent for a second nuclear rate case involving commonwealth edison 's <unk> N plant
commonwealth edison is seeking about $ N million in rate increases to pay for <unk> N
the commission is expected to rule on the <unk> N case by year end
last year commonwealth edison had to refund $ N million for poor performance of its <unk> i nuclear plant
japan 's domestic sales of cars trucks and buses in october rose N N from a year earlier to N units a record for the month the japan automobile dealers ' association said
the strong growth followed year-to-year increases of N N in august and N N in september
the monthly sales have been setting records every month since march
october sales compared with the previous month inched down N N
sales of passenger cars grew N N from a year earlier to N units
sales of medium-sized cars which benefited from price reductions arising from introduction of the consumption tax more than doubled to N units from N in october N
texas instruments japan ltd. a unit of texas instruments inc. said it opened a plant in south korea to manufacture control devices
the new plant located in <unk> about N miles from seoul will help meet increasing and diversifying demand for control products in south korea the company said
the plant will produce control devices used in motor vehicles and household appliances
the survival of spinoff cray computer corp. as a fledgling in the supercomputer business appears to depend heavily on the creativity and <unk> of its chairman and chief designer seymour cray
not only is development of the new company 's initial machine tied directly to mr. cray so is its balance sheet
documents filed with the securities and exchange commission on the pending spinoff disclosed that cray research inc. will withdraw the almost $ N million in financing it is providing the new firm if mr. cray leaves or if the <unk> project he heads is scrapped
the documents also said that although the <unk> mr. cray has been working on the project for more than six years the cray-3 machine is at least another year away from a fully operational prototype
moreover there have been no orders for the cray-3 so far though the company says it is talking with several prospects
while many of the risks were anticipated when <unk> cray research first announced the spinoff in may the <unk> it attached to the financing had n't been made public until yesterday
we did n't have much of a choice cray computer 's chief financial officer gregory <unk> said in an interview
the theory is that seymour is the chief designer of the cray-3 and without him it could not be completed
cray research did not want to fund a project that did not include seymour
the documents also said that cray computer anticipates <unk> perhaps another $ N million in financing beginning next september
but mr. <unk> called that a <unk> scenario
the filing on the details of the spinoff caused cray research stock to jump $ N yesterday to close at $ N in new york stock exchange composite trading
analysts noted yesterday that cray research 's decision to link its $ N million <unk> note to mr. cray 's presence will complicate a valuation of the new company
it has to be considered as an additional risk for the investor said gary p. <unk> of <unk> group inc. minneapolis
cray computer will be a concept stock he said
you either believe seymour can do it again or you do n't
besides the designer 's age other risk factors for mr. cray 's new company include the cray-3 's tricky <unk> chip technology
the sec documents describe those chips which are made of <unk> <unk> as being so fragile and minute they will require special <unk> handling equipment
in addition the cray-3 will contain N processors twice as many as the largest current supercomputer
cray computer also will face intense competition not only from cray research which has about N N of the world-wide supercomputer market and which is expected to roll out the <unk> machine a direct competitor with the cray-3 in N
the spinoff also will compete with international business machines corp. and japan 's big three hitachi ltd. nec corp. and fujitsu ltd
the new company said it believes there are fewer than N potential customers for <unk> priced between $ N million and $ N million presumably the cray-3 price range
under terms of the spinoff cray research stockholders are to receive one cray computer share for every two cray research shares they own in a distribution expected to occur in about two weeks
no price for the new shares has been set
instead the companies will leave it up to the marketplace to decide
cray computer has applied to trade on nasdaq
analysts calculate cray computer 's initial book value at about $ N a share
along with the note cray research is <unk> about $ N million in assets primarily those related to the cray-3 development which has been a drain on cray research 's earnings
<unk> balance sheets clearly show why cray research favored the spinoff
without the cray-3 research and development expenses the company would have been able to report a profit of $ N million for the first half of N rather than the $ N million it posted
on the other hand had it existed then cray computer would have incurred a $ N million loss
mr. cray who could n't be reached for comment will work for the new colorado springs colo. company as an independent contractor the arrangement he had with cray research
regarded as the father of the supercomputer mr. cray was paid $ N at cray research last year
at cray computer he will be paid $ N
besides messrs. cray and <unk> other senior management at the company includes neil <unk> N president and chief executive officer joseph m. <unk> N vice president engineering malcolm a. <unk> N vice president software and douglas r. <unk> N vice president hardware
all came from cray research
cray computer which currently employs N people said it expects a work force of N by the end of N
john r. stevens N years old was named senior executive vice president and chief operating officer both new positions
he will continue to report to donald <unk> president and chief executive officer
mr. stevens was executive vice president of this <unk> holding company
arthur a. hatch N was named executive vice president of the company
he was previously president of the company 's eastern edison co. unit
john d. <unk> N was named to succeed mr. hatch as president of eastern edison
previously he was vice president of eastern edison
robert p. <unk> N was named senior vice president of eastern utilities
he was previously vice president
the u.s. claiming some success in its trade <unk> removed south korea taiwan and saudi arabia from a list of countries it is closely watching for allegedly failing to honor u.s. patents <unk> and other <unk> rights
however five other countries china thailand india brazil and mexico will remain on that so-called priority watch list as a result of an interim review u.s. trade representative carla hills announced
under the new u.s. trade law those countries could face accelerated <unk> investigations and stiff trade sanctions if they do n't improve their protection of intellectual property by next spring
mrs. hills said many of the N countries that she placed under <unk> degrees of scrutiny have made genuine progress on this touchy issue
she said there is growing <unk> around the world that <unk> of <unk> rights <unk> all trading nations and particularly the creativity and <unk> of an <unk> country 's own citizens
u.s. trade negotiators argue that countries with inadequate <unk> for <unk> rights could be hurting themselves by discouraging their own scientists and authors and by <unk> u.s. high-technology firms from investing or marketing their best products there
mrs. hills <unk> south korea for creating an <unk> task force and special enforcement teams of police officers and prosecutors trained to pursue movie and book <unk>
seoul also has instituted effective <unk> procedures to aid these teams she said
taiwan has improved its standing with the u.s. by <unk> a <unk> copyright agreement <unk> its trademark law and introducing legislation to protect foreign movie producers from unauthorized <unk> of their films
that measure could <unk> taipei 's growing number of small <unk> <unk> to pay movie producers for showing their films
saudi arabia for its part has vowed to enact a copyright law compatible with international standards and to apply the law to computer software as well as to literary works mrs. hills said
these three countries are n't completely off the hook though
they will remain on a <unk> list that includes N other countries
those countries including japan italy canada greece and spain are still of some concern to the u.s. but are deemed to pose <unk> problems for american patent and copyright owners than those on the priority list
gary hoffman a washington lawyer specializing in <unk> cases said the threat of u.s. <unk> combined with a growing recognition that protecting intellectual property is in a country 's own interest prompted the improvements made by south korea taiwan and saudi arabia
what this tells us is that u.s. trade law is working he said
he said mexico could be one of the next countries to be removed from the priority list because of its efforts to craft a new patent law
mrs. hills said that the u.s. is still concerned about disturbing developments in turkey and continuing slow progress in malaysia
she did n't elaborate although earlier u.s. trade reports have complained of videocassette <unk> in malaysia and <unk> for u.s. pharmaceutical patents in turkey
the N trade act requires mrs. hills to issue another review of the performance of these countries by april N
so far mrs. hills has n't deemed any cases bad enough to merit an accelerated investigation under the so-called special N provision of the act
argentina said it will ask creditor banks to <unk> its foreign debt of $ N billion the <unk> in the developing world
the declaration by economy minister <unk> <unk> is believed to be the first time such an action has been called for by an <unk> official of such <unk>
the latin american nation has paid very little on its debt since early last year
argentina <unk> to reach a reduction of N N in the value of its external debt mr. <unk> said through his spokesman <unk> <unk>
mr. <unk> met in august with u.s. assistant treasury secretary david mulford
<unk> negotiator carlos <unk> was in washington and new york this week to meet with banks
mr. <unk> recently has said the government of president carlos <unk> who took office july N feels a significant reduction of principal and interest is the only way the debt problem may be solved
but he has not said before that the country wants half the debt <unk>
during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history
three computers that changed the face of personal computing were launched in N
that year the apple ii commodore pet and tandy <unk> came to market
the computers were crude by today 's standards
apple ii owners for example had to use their television sets as screens and <unk> data on <unk>
but apple ii was a major advance from apple i which was built in a garage by stephen <unk> and steven jobs for <unk> such as the <unk> computer club
in addition the apple ii was an affordable $ N
crude as they were these early pcs triggered explosive product development in desktop models for the home and office
big mainframe computers for business had been around for years
but the new N pcs unlike earlier <unk> types such as the <unk> <unk> and <unk> had <unk> and could store about two pages of data in their memories
current pcs are more than N times faster and have memory capacity N times greater than their N counterparts
there were many pioneer pc <unk>
william gates and paul allen in N developed an early <unk> system for pcs and gates became an industry billionaire six years after ibm adapted one of these versions in N
alan f. <unk> currently chairman of seagate technology led the team that developed the disk drives for pcs
dennis <unk> and dale <unk> two atlanta engineers were <unk> of the internal <unk> that allow pcs to share data via the telephone
ibm the world leader in computers did n't offer its first pc until august N as many other companies entered the market
today pc shipments annually total some $ N billion world-wide
<unk> <unk> & co. an australian pharmaceuticals company said its <unk> inc. affiliate acquired <unk> inc. for $ N million
<unk> is a new <unk> pharmaceuticals concern that sells products under the <unk> label
<unk> said it owns N N of <unk> 's voting stock and has an agreement to acquire an additional N N
that stake together with its convertible preferred stock holdings gives <unk> the right to increase its interest to N N of <unk> 's voting stock
oil production from australia 's bass <unk> fields will be raised by N barrels a day to about N barrels with the launch of the <unk> field the first of five small fields scheduled to be brought into production before the end of N
esso australia ltd. a unit of new york-based exxon corp. and broken hill <unk> operate the fields in a joint venture
esso said the <unk> field started production tuesday
output will be gradually increased until it reaches about N barrels a day
the field has reserves of N million barrels
reserves for the five new fields total N million barrels
the <unk> and <unk> fields are expected to start producing early next year and the <unk> and <unk> fields later next year
esso said the fields were developed after the australian government decided in N to make the first N million barrels from new fields free of <unk> tax
<unk> <unk> corp. said it completed the $ N million sale of its southern optical subsidiary to a group led by the unit 's president thomas r. sloan and other managers
following the acquisition of <unk> <unk> by a buy-out group led by shearson lehman hutton earlier this year the maker of <unk> <unk> decided to <unk> itself of certain of its <unk> businesses
the sale of southern optical is a part of the program
the white house said president bush has approved duty-free treatment for imports of certain types of watches that are n't produced in significant quantities in the u.s. the virgin islands and other u.s. <unk>
the action came in response to a petition filed by <unk> inc. for changes in the u.s. <unk> system of preferences for imports from developing nations
previously watch imports were denied such duty-free treatment
<unk> had requested duty-free treatment for many types of watches covered by N different u.s. tariff <unk>
the white house said mr. bush decided to grant duty-free status for N categories but turned down such treatment for other types of watches because of the potential for material injury to watch producers located in the u.s. and the virgin islands
<unk> is a major u.s. producer and seller of watches including <unk> <unk> watches assembled in the philippines and other developing nations covered by the u.s. tariff preferences
u.s. trade officials said the philippines and thailand would be the main beneficiaries of the president 's action
imports of the types of watches that now will be eligible for duty-free treatment totaled about $ N million in N a relatively small share of the $ N billion in u.s. watch imports that year according to an aide to u.s. trade representative carla hills
magna international inc. 's chief financial officer james mcalpine resigned and its chairman frank <unk> is stepping in to help turn the <unk> manufacturer around the company said
mr. <unk> will direct an effort to reduce overhead and curb capital spending until a more satisfactory level of profit is achieved and maintained magna said
stephen <unk> currently vice president finance will succeed mr. mcalpine
an ambitious expansion has left magna with excess capacity and a heavy debt load as the automotive industry enters a downturn
the company has reported declines in operating profit in each of the past three years despite steady sales growth
magna recently cut its quarterly dividend in half and the company 's class a shares are <unk> far below their 52-week high of N canadian dollars us$ N
on the toronto stock exchange yesterday magna shares closed up N canadian cents to c$ N
mr. <unk> founder and controlling shareholder of magna resigned as chief executive officer last year to seek unsuccessfully a seat in canada 's parliament
analysts said mr. <unk> wants to resume a more influential role in running the company
they expect him to cut costs throughout the organization
the company said mr. <unk> will personally direct the restructuring <unk> by <unk> <unk> president and chief executive
neither they nor mr. mcalpine could be reached for comment
magna said mr. mcalpine resigned to pursue a consulting career with magna as one of his clients
lord <unk> <unk> chairman of english china <unk> plc was named a nonexecutive director of this british chemical company
japanese investors nearly <unk> bought up two new mortgage <unk> mutual funds totaling $ N million the u.s. federal national mortgage association said
the purchases show the strong interest of japanese investors in u.s. <unk> instruments fannie mae 's chairman david o. maxwell said at a news conference
he said more than N N of the funds were placed with japanese institutional investors
the rest went to investors from france and hong kong
earlier this year japanese investors snapped up a similar $ N million mortgage-backed securities mutual fund
that fund was put together by blackstone group a new york investment bank
the latest two funds were assembled jointly by goldman sachs & co. of the u.s. and japan 's daiwa securities co
the new seven-year funds one offering a fixed-rate return and the other with a floating-rate return linked to the london interbank offered rate offer two key advantages to japanese investors
first they are designed to eliminate the risk of prepayment mortgage-backed securities can be retired early if interest rates decline and such prepayment forces investors to <unk> their money at lower rates
second they channel monthly mortgage payments into semiannual payments reducing the administrative burden on investors
by addressing those problems mr. maxwell said the new funds have become extremely attractive to japanese and other investors outside the u.s.
such devices have boosted japanese investment in mortgage-backed securities to more than N N of the $ N billion in such instruments outstanding and their purchases are growing at a rapid rate
they also have become large purchasers of fannie mae 's corporate debt buying $ N billion in fannie mae bonds during the first nine months of the year or almost a <unk> of the total amount issued
james l. <unk> <unk> executive vice president was named a director of this oil concern expanding the board to N members
ltv corp. said a federal bankruptcy court judge agreed to extend until march N N the period in which the steel aerospace and energy products company has the exclusive right to file a reorganization plan
the company is operating under chapter N of the federal bankruptcy code giving it court protection from creditors ' lawsuits while it attempts to work out a plan to pay its debts
italian chemical giant montedison <unk> through its montedison acquisition n.v. indirect unit began its $ <unk> tender offer for all the common shares outstanding of erbamont n.v. a maker of pharmaceuticals incorporated in the netherlands
the offer advertised in today 's editions of the wall street journal is scheduled to expire at the end of november
montedison currently owns about N N of erbamont 's common shares outstanding
the offer is being launched <unk> to a previously announced agreement between the companies
japan 's reserves of gold convertible foreign currencies and special drawing rights fell by a hefty $ N billion in october to $ N billion the finance ministry said
the total marks the sixth consecutive monthly decline
the <unk> downturn reflects the intensity of bank of japan <unk> intervention since june when the u.s. currency temporarily surged above the N yen level
the announcement follows a sharper $ N billion decline in the country 's foreign reserves in september to $ N billion
pick a country any country
it 's the latest investment craze sweeping wall street a rash of new closed-end country funds those publicly traded portfolios that invest in stocks of a single foreign country
no fewer than N country funds have been launched or registered with regulators this year triple the level of all of N according to charles e. simon & co. a washington-based research firm
the turf recently has ranged from chile to <unk> to portugal
next week the philippine fund 's launch will be capped by a visit by philippine president <unk> aquino the first time a head of state has kicked off an issue at the big board here
the next province
anything 's possible how about the new guinea fund <unk> george foot a managing partner at <unk> management associates of <unk> mass
the recent explosion of country funds <unk> the closed-end fund mania of the 1920s mr. foot says when narrowly focused funds grew wildly popular
they fell into <unk> after the N crash
unlike traditional <unk> mutual funds most of these <unk> portfolios are the closed-end type issuing a fixed number of shares that trade publicly
the surge brings to nearly N the number of country funds that are or soon will be listed in new york or london
these funds now account for several billions of dollars in assets
people are looking to stake their claims now before the number of available nations runs out says michael porter an analyst at smith barney harris upham & co. new york
behind all the <unk> is some <unk> competition
as individual investors have turned away from the stock market over the years securities firms have scrambled to find new products that brokers find easy to sell
and the firms are stretching their <unk> far and wide to do it
financial planners often urge investors to diversify and to hold a <unk> of international securities
and many emerging markets have <unk> more mature markets such as the u.s. and japan
country funds offer an easy way to get a taste of foreign stocks without the hard research of seeking out individual companies
but it does n't take much to get burned
political and currency gyrations can <unk> the funds
another concern the funds ' share prices tend to swing more than the broader market
when the stock market dropped nearly N N oct. N for instance the mexico fund plunged about N N and the spain fund fell N N
and most country funds were clobbered more than most stocks after the N crash
what 's so wild about the funds ' frenzy right now is that many are trading at historically fat premiums to the value of their underlying portfolios
after trading at an average discount of more than N N in late N and part of last year country funds currently trade at an average premium of N N
the reason share prices of many of these funds this year have climbed much more sharply than the foreign stocks they hold
it 's probably worth paying a premium for funds that invest in markets that are partially closed to foreign investors such as south korea some specialists say
but some european funds recently have skyrocketed spain fund has surged to a startling N N premium
it has been targeted by japanese investors as a good long-term play tied to N 's european economic integration
and several new funds that are n't even fully invested yet have jumped to trade at big premiums
i 'm very alarmed to see these rich <unk> says smith barney 's mr. porter
the newly <unk> premiums reflect the increasingly global marketing of some country funds mr. porter suggests
unlike many u.s. investors those in asia or europe seeking <unk> exposure may be less <unk> to paying higher prices for country funds
there may be an international viewpoint cast on the funds listed here mr. porter says
nonetheless plenty of u.s. analysts and money managers are <unk> at the <unk> trading levels of some country funds
they argue that u.s. investors often can buy american depositary receipts on the big stocks in many funds these so-called adrs represent shares of foreign companies traded in the u.s.
that way investors can essentially buy the funds without paying the premium
for people who insist on jumping in now to buy the funds <unk> 's mr. foot says the only advice i have for these folks is that those who come to the party late had better be ready to leave quickly
the u.s. and soviet union are holding technical talks about possible repayment by moscow of $ N million in <unk> russian debts owed to the u.s. government the state department said