17. august 1998 var en mandag under stjernetegnet for ♌. Det var 228 dag på året. Præsident for USA var William J. (Bill) Clinton.
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17th of August 1998 News
Nyheder, som de udkom på forsiden af New York Times på 17. august 1998
Newspaper's Giving Upsets Some on Its Staff
Date: 17 August 1998
By Christian Berthelsen
Christian Berthelsen
Aug 7 edition of Daily News of Los Angeles includes disclosure that newspaper had contributed $60,000 to group advocating first step in San Fernando Valley's secession from rest of city; donation sparks concern among reporters and editors at paper that their impartiality on divisive issue in Los Angeles had been compromised; newspaper's management denies this is case, and publishes open letter to readers on editorial page, saying future stories about secession would contain disclosure about contribution; Ike Massey, publisher, says he has never asked reporter or editor to slant story in favor of secession movement; but Marshall Loeb, editor of Columbia Journalism Review, says newspaper's contribution of money to campaign would prompt readers to think newspaper editorials speak to what is in best interests of company, rather than its readers; photo; map (M)
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Media Talk; 'Burn Rate' Author Gets a Media Column
Date: 17 August 1998
By Lisa Napoli
Lisa Napoli
Michael Wolff's media column has its debut in current issue of New York magazine; Wolff, who early critiqued on-line media for Internet trade publication, will focus on traditional media in his new column; photo (S)
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Furor Over Globe Columnist Exposes Fault Lines in Boston
Date: 17 August 1998
By Felicity Barringer
Felicity Barringer
Boston Globe's decision to suspend columnist Mike Barnicle for two months is latest swaggering scene in long-running Boston drama of Us versus Them; working-class neighborhoods see Globe as Them, driven by elites, speaking to elites, while Barnicle is seen as voice of unrepentant, unapologetic common man; supporters say Barnicle has been important link to blue-collar communities that feel paper does not care about them; Barnicle's relations with Globe's management has long been mercurial, but in the past few reporters or editors brought their suspicions about veracity of his columns to those in authority; photo (M)
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TRION TO BE ACQUIRED BY MCLEOD RUSSEL FOR $52 MILLION
Date: 18 August 1998
By Bloomberg News
Bloomberg News
Trion Inc. said yesterday that it would be acquired by the British-based McLeod Russel Holdings P.L.C. for about $52 million in cash. Owners of Trion stock will receive $7.27 a share. Trion, which makes equipment to improve air quality, including humidifiers and air filters, had 1997 sales of $65 million. McLeod Russel, which has United States and British subsidiaries, said Trion's products would help it expand its air-cleaning business. Shares of Trion, based in Sanford, N.C., jumped 39 percent, gaining $1.875 a share, to $6.625, in Nasdaq trading.
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BOYKIN PLANS SALE OF HOTELS AND A BUYBACK OF SHARES
Date: 18 August 1998
By Bloomberg News
Bloomberg News
The Boykin Lodging Company said yesterday that it would sell some hotels it did not consider essential as it raises money to retire debt and that it would buy back as many as one million shares, or about 6 percent of its outstanding shares. Boykin, a Cleveland-based real estate investment trust that owns 31 hotels, also hired Chadwick, Saylor & Company for advice on raising money from private sources. Boykin is selling hotels after announcing last month that it would slow its pace of acquisitions. The company, which has bought 13 hotels this year, said in July that hotels were now overpriced. Boykin's hotels are mostly upscale or resort properties operated under such brands as Red Lion, Doubletree and Marriott.
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MAF BANCORP TO BUY WESTCO FOR $83.4 MILLION IN STOCK
Date: 18 August 1998
By Bloomberg News
Bloomberg News
MAF Bancorp Inc. agreed yesterday to buy Westco Bancorp Inc. for $84.3 million in stock, as MAF, a community bank, tries to increase its market share and cut costs. MAF, based in Clarendon Hills, Ill., will exchange 1.395 of its shares for each share of Westco, which is based in Westchester, Ill. Based on MAF's closing price on Friday, the transaction is valued at about $30.68 for each Westco share. Westco also gave MAF an option to purchase shares equal to 19.9 percent of its outstanding common stock.
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VERITAS CAPITAL FUND BUYING UNIT OF WORTHINGTON STEEL
Date: 18 August 1998
By Bloomberg News
Bloomberg News
Veritas Capital Fund L.P. agreed yesterday to acquire the automotive metals unit of Worthington Industries Inc. Terms were not disclosed. The Worthington Precision Metals unit, which had sales of $53 million last year, has 375 employees at plants in Mentor, Ohio, and Franklin, Tenn. Veritas, which is based in New York, agreed in July to acquire PEI Electronics and has also agreed to purchase Republic Engineered Steels Inc. jointly with the Blackstone Group, another investment firm. Worthington, based in Columbus, Ohio, is the nation's largest independent steel processor.
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SCHOOL SPECIALTY PURCHASES ITS RIVAL BECKLEY-CARDY
Date: 18 August 1998
By Bloomberg News
Bloomberg News
School Specialty Inc. acquired a rival, the closely held Beckley-Cardy Group, yesterday for about $76 million in cash, expanding its business in the South and Southwest. School Specialty, an educational supply company based in Appleton, Wis., also assumed Beckley's credit facilities, valued at about $60 million. Beckley, based in Mansfield, Ohio, had sales of about $176 million in its 1998 fiscal year. The acquisition expands the company's presence in California, Florida and Texas, the company said. School Specialty's stock jumped $2.9375 a share, or 26 percent, to $14, in Nasdaq trading.
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PENNCORP STAKE WON'T BE SOLD TO RISK CAPITAL HOLDINGS
Date: 18 August 1998
By Bloomberg News
Bloomberg News
Penncorp Financial Group Inc., an insurance holding company, said yesterday that it had received two offers for two insurance units it had been trying to sell since February. Penncorp, which is based in New York, also said that an investor group that includes the reinsurance company Risk Capital Holdings Inc., based in Greenwich, Conn., would not buy a stake in the company for $75 million, as had been announced last month. Penncorp shares fell $2.875 each, or 24 percent, to $8.75, hitting their lowest level since the company first sold shares to the public in 1992. The company said in February that it expected to get $450 million for the units. It said yesterday that it had cut the value of the units on its books by $140.5 million.
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Colonial Buys Unit of Rival In Australia Pension Business
Date: 18 August 1998
By Bloomberg News
Bloomberg News
Colonial Ltd. said today that it would buy the Australian and New Zealand insurance and asset management businesses of the Prudential Corporation of Britain for $800 million (United States), becoming Australia's fourth-largest fund manager. The deal comes at a time of strong growth and fierce competition in the Australian fund management market. Deregulation is feeding the growth as new employees, beginning in July, are allowed to choose their own pension funds. Existing employees will be given the option in 2000.
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