Wednesday, December 30, 1998
Markets
The major indexes opened today mixed, with the
Dow Jones Industrial Average
headed downward and the
S&P 500
and the
Nasdaq Composite Index
up slightly.
Hong Kong's
Hang Seng
closed lower Wednesday, and Japan's
Nikkei 225
was relatively flat in a half day of thin trading. European bourses in general were lackluster.
For more markets action and news, click
here.
Companies
Clothing manufacturer
Salant
(
(SLT) - Get Report
SLT:NYSE) filed for Chapter 11 bankruptcy and named
Michael Setola
chairman and CEO.
CBS
(
(CBS) - Get Report
CBS:NYSE) is selling its 50% stake in the
CBS Eye on People
cable network to partner
Discovery Communications.
Pinched by sinking oil prices,
Conoco
(
(COC)
COC:NYSE) announced that it will cut 975 jobs to reduce expenses by $500 million.
Ford Motor's
(
(F) - Get Report
F:NYSE) Lincoln Blackwood luxury SUV and
Honda Motor's
(
(HMC) - Get Report
HMC:NYSE) S2000 roadster led unveilings at the
Greater Los Angeles Auto Show
Tuesday.
Air cargo plane operator
Kitty Hawk
(
(KTTY)
KTTY:Nasdaq) plans to eliminate 1,500 jobs at its
American International Airways
division amid shrinking profit margins.
For more news on companies and stocks, click
here.
International
State spending on public works helped China's economy grow by 7.8% in 1998, down by 1% from 1997's pace.
Nomura Securities
said it will pare back its loss-taking overseas operations in 1999 by cutting about 20% of its workforce in Europe and the Americas.
Russian police are investigating the possibility that insiders at that country's
Central Bank
misappropriated as much as $1 billion in public funds.
After six years and five drafts, China yesterday finally approved legislation regulating its securities markets.
For more international news and commentary, click
here.
Tech
The
Telecommunications Industry Association
told the
Federal Communications Commission
Tuesday that consumer access to the Internet through telephone wires, cable, and wireless technology is being hampered by excessive regulatory barriers.
Telecom service provider
RCN
(
(RCNC)
RCNC:Nasdaq) will combine its four Internet service provider businesses into a single entity branded RCN.COM.
Quickturn Design Systems
(
(QKTN)
QKTN:Nasdaq), which has already agreed to be acquired by
Cadence Design Systems
(
(CDN)
CDN:NYSE), says its board is mulling over software maker
Mentor Graphics'
(
(MENT)
MENT:Nasdaq) new takeover offer.
For more tech news and commentary, click
here.
Politics
Cambodia's
King Norodom Sihanouk
refused amnesty for two Khmer Rouge leaders after Prime Minister
Hun Sen
said he would not try them for crimes against humanity.
A group of 200 villagers tortured and killed 8 Indonesian soldiers after forcing them off a public bus.
Four hostages died as Yemeni troops stormed the hideout of Islamic extremists who had kidnapped 16 Western tourists.
Iraq said yesterday that its aircraft will not avoid the "no-fly" zone and are prepared to fire upon allied planes in Iraqi airspace.
Elsewhere
Surprising no one, the
Associated Press
named
Mark McGwire
and
Se Ri Pak
its 1998 Male and Female Athletes of the Year.
Here we go again: Australian balloonist
John Wallington
, real estate tycoon
Dave Liniger
and journalist
Bob Martin
are readying themselves for the next bid to circumnavigate the globe nonstop in a balloon.
