BIZWATCH\MARKETS.MIXED DAY: Banking and financial stocks fell as interest rates rose. Citicorp shares lost -7/8 to 77-3/4. Allstate fell -3/4 to 41-3/8. But cyclical stocks, which rise when the economy is growing, have been rising lately on upbeat data and put in another strong day Friday. DuPont added -7/8 to 81-1/4. Caterpillar surged 1-1/8 to 72. MEDIA DISPUTE: Time Warner Inc. offered U S West Inc. an 80 percent stake in their jointly owned cable television systems in exchange for regaining complete control of a shared entertainment operation, an executive of U S West testified. But Charles Lillis, president and chief executive of U S West Media Group, said Friday that U S West rejected the proposal because Time Warner also wanted cash in the deal and it was more money than U S West felt was justified. The testimony came on the third day of a Chancery Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England. The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . trial in which U S West is trying to block Time Warner's purchase of Turner Broadcasting System Turner Broadcasting System, Inc. (often abbreviated TBS Networks or TBS, inc.) is the company managing the collection of cable networks and properties started by Robert Edward "Ted" Turner from the mid-1970s to the late-1990s. Inc., the Atlanta-based owner of cable network CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. . COOKE SELLS CABLE STATIONS: Four Alaskan cable stations controlled by Daily News owner Jack Kent Cooke Jack Kent Cooke (25 October, 1912 – 6 April, 1997) was a Canadian-American entrepreneur who became one of the most widely-known executives in North American professional sports. are being sold to General Communication Inc. of Anchorage. The stations, comprising the Alaskan Cable Network, are part of a $280.7 million deal that includes two other cable networks. ON TRACK: A French-Canadian group will build America's first high-speed trains, scheduled to begin service in the Northeast by 1999. The new 150 mph Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run trains will be known as the American Flyer American Flyer was a popular brand of toy train and model railroad in the United States in the middle part of the 20th century. The Chicago era, 1907-1938 Although best remembered for the S gauge trains of the 1950s that it made as a division of the A. C. and are planned to operate between Washington and Boston. "It stands for a new era . . . to make the 21st century the high-speed rail century for America," Transportation Secretary Federico Pena said Friday. "This train will be the safest ever built in the world. This will set the standard," Pena said. Vice President Al Gore announced that Amtrak has picked the consortium of Bombardier and GEC GEC Gaseous Electronics Conference GEC Gigabit EtherChannel GEC Geriatric Education Center (US government; HRSA) GEC General Electric Co. GEC Google Earth Community (online community) Alsthom for the $754 million project. Bombardier, with several plants in the United States, is headquartered in Montreal. GEC Alsthom is the French maker of that country's high-speed train, the TGV TGV: see railroad. . The American Flyer trains will be built at Bombardier plants in Plattsburgh, N.Y., and Barre, Vt., Pena said. MEDICARE PROBE: Horizon/CMS Healthcare Corp., a major operator of nursing homes and rehabilitation hospitals, is being quizzed by government investigators looking into Medicare fraud Medicare fraud Medifraud Medical practice Any unlawful act which results in the inappropriate billing of Medicare for services by a health care provider–eg, physicians, hospitals and affiliated providers. See Medicare. . The Albuquerque-based company disclosed the investigation Friday and said it would cut quarterly profits by $5.1 million to write off bills sent to the government for care of elderly Medicare recipients. Horizon said it appears some of its billings to the government didn't follow government rules, but contended the situation was a mistake. SMOKING SETTLEMENT: The Liggett Group agreed to repay more than $10 million in Medicaid bills for treatment of smokers, settling lawsuits with five states while widening its breach with the rest of the tobacco industry. The settlement came Friday, just two days after Liggett, the nation's fifth-largest tobacco company, made history by settling a private class-action lawsuit alleging cigarette makers manipulated nicotine to hook smokers. CAPTION(S): CHART Chart (1) DOW INDUSTRIALS (2) BIZ FACTS PULP REALITIES Percent increase in paper price from January 1995 to January 1996. |
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