Greenspan warns OPEC oil price rise harms producers too
Federal Reserve Chair Alan Greenspan told OPEC ministers in Vienna that high oil prices hurt producers and consumers alike. He noted OPEC talks stalled, oil output fell, and prices rose past 34 dollars before easing recently. He cautioned energy costs could affect inflation and growth but did not specify a tipping price.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
OPEC
Vienna
Organization of Petroleum Exporting Countries
United States
Greenspan
Senate
U.S
Friendly Ice Cream chief outlines move to strengthen core business
Donald N. Smith, chairman, says the new step is a crucial move toward reinforcing the company’s core restaurant business. He emphasizes focus on core operations and long term stability as the company seeks growth.
MENTIONED IN THIS ARTICLE
Donald N. Smith
Friendly Ice Cream's Chairman
Friendly Ice Cream plans large chain closure in cost push
Friendly Ice Cream Corp says it will close 80 company owned restaurants immediately and another 70 in two years to cut costs amid weak sales. Pre tax charges of about 20 million are expected in Q1, with estimated annual pre tax savings near 8 million. Elyria Broad Street unit not among first closures.
MENTIONED IN THIS ARTICLE
New York
Friendly Ice Cream Corp
Friendly
Wilbraham
Mass
Friendly Ice Cream
Craig Wright
Broad Street
Friendly’s
Friendly's
Buffalo
Rochester
Syracuse
Conoco to pay $26 million to settle oil royalty claims
Conoco agreed to a 26 million settlement with the federal government and whistleblowers over underreported royalties on oil from federal and Indian lands since 1988. The deal resolves False Claims Act allegations and administrative claims, with the two whistleblowers to receive over 4.2 million.
MENTIONED IN THIS ARTICLE
Conoco
Federal
Washington
Justice Department
Ponca City
Okla
United States
Mike Bradford
U.S
District of
Texas
Mobil Oil
Oxy USA Inc
Chevron
Interior Department
J. Benjamin Johnson Jr
John Martinek
VW buys big stake in Scania
Volkswagen agreed to buy 34 percent of Scania voting power and 18.7 percent of its capital for 1.6 billion dollars from Investor AB, becoming Scania’s largest shareholder. Investor retains 15.3 percent of votes and 9.1 percent of capital for at least two years, while Volvo holds 30.6 percent of votes and 45.55 percent of shares without a board seat.
MENTIONED IN THIS ARTICLE
Scania
Sodertalje
Sweden
Volkswagen
Stockholm
Investor AB
European Commission
Volvo
Ferdinand Piech
Liebert to Move into Abandoned Ironton Plant
Liebert Corp a division of Emerson Electric will take over the vacant Ironton Ohio plant to produce cooling and environmental control systems for electronics creating about 150 new jobs within a year and 200 within three. The deal hinges on a lease with Lawrence Economic Development Corp while the Lawrence County area rebuilds after recent plant closures and job losses.
MENTIONED IN THIS ARTICLE
Emerson Electric Division
Ohio
Columbus
Cabletron Systems of
New Hampshire
Ironton
Liebert Corp
St. Louis
Liebert
Lawrence Economic Development Corp
Microsoft antitrust case drags Wall Street down
In New York the Dow fell 86.87 to 13,025.85 as Microsoft shares slumped amid uncertainty over settlement prospects in the government antitrust case. Nasdaq dropped 4.47 to 4,958.56 and the S&P 500 shed 3.60 to 1,523.86 as trading stayed quiet and investors weighed a possible verdict delay.
MENTIONED IN THIS ARTICLE
New York
Microsoft
Standard & Poor
Dow
Cisco becomes world's most valuable company in 1999
Cisco Systems Inc tops Microsoft with a market value of 555.4 billion dollars, driven by rapid router-led growth as Internet networks expand. Founders from Stanford created the technology that linked computers, while CEO John Chambers and 29,000 employees face ongoing execution challenges.
MENTIONED IN THIS ARTICLE
Palo Alto
Calif
Silicon Valley
Cisco Systems Inc
Stanford University
Cisco
Microsoft Corp
Dan Scheinman
John Chambers
No. 1
Scheinman
Len Bosack
Stanford
Sandy Lerner
Graduate School of Business
Also Mentioned on This Page
Prainmary
Friendly Spares
Elyria Restaurant
The
Commission
Piech
Soedertaelje
Lawrence County
Bob Taft
Walt Sharp
Wall Street
Washington Post
San Jose
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