Publish date:

SBC and MCI Set to Score in California

California is ready to hand over its statewide phone system to

Pacific Bell

, a unit of

SBC Communications


, and



in what would be a $1 billion contract, the

Los Angeles Times


There's more

General Motors

(GM) - Get Report

labor news. The

Detroit News

reports that workers at other plants may strike, including those in Dayton, Ohio, Bowling Green, Ky., and Indianapolis. And of course, the fine folks at the Saturn plant in Spring Hill, Tenn., have authorized a strike. GM already is dealing with strikes at two parts plants in Flint, Mich.



says it's not for sale despite its hiring of

CIBC Oppenheimer

to help formulate its strategy, reports the

San Francisco Chronicle

. Chairman Ed Marinaro is quoted as saying, "Our strategy is clearly to remain independent and to be able to expand our business base considerably.''

In a case that could have ramifications for other savings-and-loans,

Dollar Bank

, a $2.7 billion Pittsburgh-area thrift, says it will get as much as $41.5 million from the federal government as part of a settlement of a case stemming from a change in accounting rules years ago that weakened the institution, reports the

Pittsburgh Tribune-Review

. Led by Glendale, Calif.-based

Golden State Bancorp

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, several other thrifts are involved in similar suits and seem likely to win. Golden State's

Glendale Federal Bank

unit won its case before the

Supreme Court

, and the case is now in the damage phase.

The Financial Post

(which just changed hands to


TheStreet Recommends

(STM:Toronto) from

Sun Media

in a major paper


) looks at the merger of Canada's largest entertainment companies,

Alliance Communications

(AAC:Toronto) and

Atlantis Communications

(ATV:Toronto), into a C$750 million firm.


Globe & Mail

sticks its nose into the $4 million penalty levied on

First Marathon Securities

(FMS:Toronto) by the

Toronto Stock Exchange

for early 1990s troubles.


(UN) - Get Report

will chomp into China's culinary products market with the purchase of one of Shanghai's best-known brands of soy sauce. The

Financial Times

takes a bite.


Sydney Morning Herald

takes a look at



bid for

JNA Telecommunications

, an offer worth almost three times what the company was worth just two months ago.

Nikkei Weekly

reports that the

Bank of Yokohama

will join with four foreign and several domestic investment trust firms (including

Fidelity Investments Japan


Morgan Stanley Asset & Investment Trust Management

) in preparation for selling investment trust products over the counter in December.

And finally, in the midst of a heat wave there's this: Greenwich Village musician-turned-executive David Plattner has unveiled plans to build a $300 million glass-enclosed winter sports metropolis in Miami. The

Miami Herald

reports that "the refrigerated glass dome would produce enough steam as a byproduct that it could be tapped and recycled into power."