BRIEFCASE.Byline: - Staff and Wire Services Northrop seeking new board rules CENTURY CITY - Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Corp. announced Wednesday that the company's board of directors has voted to submit a proposal to stockholders that would eliminate the global defense company's classified board structure. Stockholders will be asked to vote on the board's recommendation at the company's 2005 annual meeting, May 17. If stockholders approve the board's recommendation, each class of director up for re-election, commencing in 2006, will stand for re-election on a yearly basis. Amgen buys back liquid yield notes THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. - Amgen Inc. announced Wednesday that it bought back $1.59 billion worth of notes. The biotech giant offered to purchase the liquid yield option notes Liquid yield option note (LYON) Zero-coupon, callable, putable, convertible bond developed by Merrill Lynch & Co. , known as LYONs, that were due in 2032 at nearly 74 cents on the dollar. It still has $2.36 billion in LYONs outstanding. Garamendi gives testimony in case Had California's insurance chief known the French government was behind a 1991 bid for failed Los Angeles insurer Executive Life, the suitors would have been sent packing, he testified Wednesday. John Garamendi's testimony came in the trial of a civil case filed by his office against a French company that eventually took over Executive Life and part of its large junk bond junk bond, a bond that involves greater than usual risk as an investment and pays a relatively high rate of interest, typically issued by a company lacking an established earnings history or having a questionable credit history. portfolio from the original buyer, the large French bank Credit Lyonnais. The trial in U.S. District Judge A. Howard Matz's Los Angeles courtroom marks the final chapter in the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. between Garamendi's office and the French investors over the 1991 purchase. Garamendi was expected to continue testifying this morning. AFL-CIO AFL-CIO: see American Federation of Labor and Congress of Industrial Organizations. AFL-CIO in full American Federation of Labor-Congress of Industrial Organizations U.S. leaders make politics top LAS VEGAS - Political action will be the top priority of the AFL-CIO, America's top labor leaders voted Wednesday in a closed-door executive-committee meeting. Ahead of the AFL-CIO's annual convention in July, the 25-member committee voted to recommend that the AFL-CIO spend $45 million - half the dues it collects from its 58 affiliate unions - on politics and legislative action each year. The group voted down a Teamsters Teamsters large, powerful union of U. S. truckers. [Am. Hist.: NCE, 2703] See : Labor proposal that the AFL-CIO return half the dues to affiliates for use in recruiting new members. |
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