Stocks were in a slow-motion free-fall at midafternoon, as most major indices trended lower in sympathy with the 30-year Treasury bond's
Major European bourses closed lower, while Asian markets finished in the black. Japan's
shot up 249.30 to 14,170.36 as the
Bank of Japan
knocked the overnight call rate to a record low of 0.02% with another rush of funds into that country's interbank lending market. Hong Kong's
gained 8.82 to 9922.40.
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Do these go together? Completing its outfit,
Jones Apparel Group
agreed to acquire shoe company
Nine West Group
for $885 million in stock and cash, as well as $550 million in debt.
has decided to take its 64% stake in solid waste company
public after failing to get the
Internal Revenue Service
to sign off on a tax-free distribution of the subsidiary to Republic Industries' shareholders.
RJR Nabisco Holdings
will unload its overseas tobacco operations within the next 10 days, according to
The Wall Street Journal
reported on the furious call buying in RJR on Monday.
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Responding to both a slowing personal computers segment and its own lack of penetration into the consumer market,
is set to launch
, an online store selling computer-related products made by other companies.
Computer networking equipment firm
will miss its numbers by a Texas mile. The company warned investors that it expects to report operating income of about 23 cents a share, as opposed to the 36-cents-a-share
French telecom equipment company
confirmed that it will buy U.S. data communications firm
in a deal valued at $2 billion.
Dutch electronics company
is taking off the kid gloves in its bid for U.S. semiconductor manufacturer
. The company is ready to ask shareholders to oust the board if VLSI if it doesn't start negotiating with Philips' $777 million takeover offer, according to
The Wall Street Journal
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The banana war is taking to the air. The
today passed a bill that would bar the supersonic
jet from U.S. airspace if the
puts into practice recently approved rules prohibiting U.S. planes fitted with "hush kit" engine mufflers, which the EU has deemed excessively air polluting.
said he won't make a bid for the Republican presidential nomination in 2000, and instead will throw his support behind his state's former governor,
Ugandan and Rwandan soldiers began the manhunt for the Rwandan rebels who killed eight foreign tourists, including Americans Rob Haubner and his wife, Susan Miller, both
employees. Uganda's president,
, apologized for the killings today.
The Hong Kong government said that it "should now commence intensive negotiations with a view to determining by June 1999" whether
will build a theme park on reclaimed land north of Lantau Island. Separately, Financial Secretary
said Hong Kong faces a 1999 budget deficit of about $3.1 billion -- or nearly 80 million single-day passes to
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World's Most Shocking Disinterments
? Hardly. In a two-hour dig broadcast by
, Egyptian archaeologist Zahi Hawass found, of all things, a mummy and a skeleton in two tombs and a small pyramid of
Queen Khamerernebty II
. Hawass described the mummy as "a regular mummy."
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