Dutch ING to buy collapsing Barings Bank in one move
ING Group of the Netherlands agreed to acquire Barings PLC preserving 4000 jobs and the Barings name, taking all assets and liabilities after Barings losses from Nick Leeson’s rogue trading. ABN Amro and US buyers failed to beat the ING bid. Leeson fled, was detained in Germany fighting extradition to Singapore.
MENTIONED IN THIS ARTICLE
Britain
ING Group
Netherlands
Barings PLC
Barings
Nick Leeson
Barngs
ING
Agreeme
Hanes
ABN Amro
High Court
Elis & Loung
Leeson
Singapore
MCI to launch local service in New York and 10 more cities
MCI Communications plans to offer full local telephone services to business customers in New York and 10 other cities by year end. The strategy targets business clients with ordinary local service and data private lines, aiming to bypass incumbent Bell operators and intensify long distance competition nationwide.
MENTIONED IN THIS ARTICLE
MCI
New York
MCI Communications Corp
Washinegton
MCT
Unt
MCI Verro
Atlanta
Baltimore
Boston
Chicago
Dallas
Detroit
Hartford
Houston
Los Angeles
Miami
State offers early retirement incentives to 8200 workers
The state budget director announced that more than 8200 employees facing cuts may retire early. The plan targets workers 50 or older with 10 years of service, offering one month of pension credit per year up to 36 months. Applications are due by April 7 with retirement by April 12.
MENTIONED IN THIS ARTICLE
Pataki
Thei
Your Personal Inflation Rate Guide to compute it
Nationally the cost of living rose 2.7 percent last year Your personal rate varies by spending. Assign each category a percentage of income then multiply by its inflation factor Add results across seven categories subtract clothing if needed and sum to get your personal inflation rate
MENTIONED IN THIS ARTICLE
Federal Reserve
Alan Greenspan
Greenspan
Bureau of Labor Statistics
Thantien
Inflation talk and personal cost versus gains explainer
A columnist discusses inflation trends, Greenspan’s rate hikes, and how individuals can estimate their personal inflation rate. The piece notes nationwide inflation around 27 percent and outlines a worksheet from the Bureau of Labor Statistics to calculate a personal CPI using category factors and annual spending, urging investors to seek returns that outpace personal inflation.
Travel agents face fees as airlines cap commissions
Consumers should expect higher travel costs as the five largest airlines cap commissions paid to agents to offset losses after deregulation and 1990s economic downturns. Officials say many agencies will survive, though some may fold as customers increasingly pay for services and direct reservations rise.
MENTIONED IN THIS ARTICLE
Maruma O'Boyle
Best Fares Magazine
Dallas
Texas
Iself
O'Boyle
America Online
Prodigy
Compuserve
Ave
Kay Schwegler
Durfee Travel
Sarasota
Also Mentioned on This Page
Business Monda
Barings Bank
Business Times
Malaysia
Tus
NYNEX
IRS
Stephen
Laura Cianci
Kniight-Ridder Newspapers
Arlines
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