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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 18, 1999
Page
9
In a written testimony at the Microsoft antitrust trial Daniel Rosen denies that Microsoft sought to illegally split the browser market with Netscape in a 1995 meeting. He says the discussion focused on collaboration rather than market division.
DETROIT based experts say two Michigan firms recalled millions of pounds amid listeria fears and critics urge swifter responses while lawyers move to court action. Across the country AT&T won FCC and shareholder approval to acquire Tele-Communications, expanding reach to about one third of U.S. homes with upgraded high speed TV and data services.
Heinz will lay off as many as 4000 workers over the next four years, close 15 to 20 factories, and cut production at others while expanding at 13 to 15 facilities. The Pittsburgh company will sell Weight Watchers diet classes to sharpen profits and focus on core foods like ketchup, tuna, soups, and baby foods. The plan, named Operation Excel, aims to save about 2.5 billion dollars for reinvestment and 100 million for overseas marketing. Johnson, Heinz president, said layoffs will primarily affect overseas workers, with some plants to shift to centralized manufacturing. The company operates 100 factories and employs about 40,500 people globally.
Trans World Airlines plans to cut about 1,000 jobs, roughly 4.7 percent of its workforce, as it posts wider losses for the fourth quarter and the year. The carrier cites high charges for fleet upgrades and cost cutting, with no detailed layoff plan disclosed.
The Dow Jones Industrial Average fell 101.56 to 9,195.47 on Wednesday, marking a second straight decline as technology shares led broad market losses. The index slid 95 points in the final hour after briefly being positive earlier. Market breadth was thin with only a small advancer–decliner margin and volume at 878.8 million shares, down from prior days.
NYSE early prices show gains across many names led by Dig Vidura and AberFach with notable volume in tech and energy issues. Key movers include Analog M270 and Seagate, while banks and retailers exhibit mixed activity. Market breadth remains uneven as investors weigh open readings and potential sector shifts.
Michael I. Monus founder of Phar-Mor Inc had his prison sentence reduced by eight years from 19 years 7 months to 11 years 7 months after an appeals court ruling. His $1 million fine was halved. He has served 39 months and may transfer toward a minimum security prison camp.
BP Amoco says 3000 additional positions will be cut beyond earlier plans and capital spending will be slashed. Chief Executive John Browne notes the company now expects to eliminate about 10 000 jobs worldwide amid the BP Amoco merger and weak oil prices.
U S District Judge Joe Kendall postponed a decision on punishing the Allied Pilots Association for ignoring his order to return to work at American Airlines. He extended the contempt hearing to April 12 and kept the May 10 sickout ban in force while allowing more time to review claims of 58.7 million dollars in damages from grounded flights February 10.
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