Monogram Credit Services to replace White Label Center
First USA Bank and GE Capital form Monogram Credit Services LLC, shutting the Dayton suburb Private Label Center in six months to launch the venture employing about 220. GE Capital is a major private label card provider and General Electric unit.
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Citigroup to Cut 10 400 Jobs in Merger Aftermath
Citigroup plans to eliminate 10 400 positions, about 6 5 percent of staff, with 3 600 cuts in the United States. The move aims to save roughly 680 million dollars in 1999 and 975 million in 2000, as it seeks profit growth following the Citicorp Travelers Group merger. Wall Street greeted the plan with a positive response as Citigroup stock rose.
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Net music fee plan to curb online piracy
Washington reports the music industry will push a Secure Digital Music Initiative to control Internet music, collect royalties, and spur new products after uniting behind a digital format to replace MP3 like formats used on many sites.
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Washington
Gates denies power tactics in Windows probe
In a lull between witnesses, Gates testified as government tapes showed him denying that Microsoft tracks user counts for Windows. Prosecutors questioned a March 1994 email suggesting Windows sales to IBM should pressure IBM into dropping Lotus products.
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Saturn names first female U S car company head
Cynthia M. Trudell will replace Donald W. Hudler as president of Saturn Corp at Spring Hill effective January 1. Analysts say appointing a woman leader aligns with a female majority among Saturn buyers and may steer vehicle design toward women’s needs. The move marks a historic top job for a U S automaker.
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Saturn Corp
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Cynthia M. Trudell
Donald W. Hudler
Spring Hill
U.S
Trudell
Saturn
Eric Noble
AutoPacific Inc
Santa Ana
Calif
AOL Ties With Cisneros for Latin Online Venture
AOL and Venezuela's Cisneros Group announced a joint venture to develop online services for Argentina Brazil and Mexico written in Spanish and Portuguese. Cisneros will invest 100 million dollars to fund the venture and AOL will supply content and expertise while offering the joint content to US and other subscribers.
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Swiss begin survivor payouts to US recipients
More than 50,000 needy Holocaust survivors in the United States will receive goodwill payments of about 500 dollars each from a humanitarian fund created by Swiss banks and corporations. The fund totals about 180 million dollars, with 32 million earmarked for US survivors, and follows a prior accord on dormant wartime accounts.
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United States
World Jewish Congress
Elan Steinberg
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World Jewish Restitution Organization
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Opening stocks show mixed early activity in New York
Early prices on the New York Stock Exchange list heavy volume for many names led by Abilabs and AMD with modest gains to late morning. Banks and consumer goods firms including BankOne, BankAm, Boeing, Exxon, General Electric, and Nike appear with varied changes amid broad volatility and sector rotations.
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E BankOne
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