BUSINESS NOTES: SHAREHOLDERS OK BANK MERGER DEAL.BURBANK - The parent company of Highland Federal Bank announced Tuesday that its shareholders have approved a proposal to merge with San Bernardino-based Jackson Federal Bank. Subject to regulatory approval, Jackson will acquire Highland for a cash price of $25.45 per share. Jackson Federal Bank is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Jackson National Life Jackson National Life Insurance is a U.S. life assurance company that is a subsidiary of the UK based insurer, Prudential Plc. Founded in 1961, Jackson is headquartered in Lansing, Michigan, and has over a thousand employees in the region. Insurance Company. Jackson National Life, with headquarters in Lansing, Mich., is one of America's largest life insurance companies, with more than $138 billion of life insurance in force and more than $41 billion in assets, with more than $3.9 billion of fixed and variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. sales in 1999. Highland Bancorp Inc. is the holding company for Highland Federal Bank, a 31-year-old federal savings bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks . Highland operates seven retail branches in California. - Daily News Need2buy.com Teams up with i2 WESTLAKE VILLAGE - Need2buy.com announced on Tuesday its new alliance with electronic component service company i2. Need2buy, an online marketplace where businesses can buy electronic components, said it licensed the Dallas company's database of electronic parts information. Launched in May 1999, Need2buy.com has 80 employees. - Daily News Suit seeks funds for CD price hikes NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - Record companies should pay back millions of dollars in illegal profits they collected by forcing discount stores to raise CD prices in 1995, attorneys general for 28 states said in a lawsuit Tuesday. The music companies maintain that they threatened to stop supplying discount chains with thousands of advertising dollars in the mid-1990s because the chains were selling CDs at below wholesale cost, driving some record stores out of business. They indicated Tuesday that they would contest the lawsuit. The lawsuit comes three months after the five major music distributors, while admitting no wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do , settled Federal Trade
Commission charges that they unfairly inflated CD prices.
Under that deal, the companies agreed to discontinue minimum advertised price programs that forced retailers to sell music CDs at or above a set level in return for getting substantial advertising funding. - Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Secret satellite sting is revealed WASHINGTON - Federal authorities on Tuesday disclosed a 22-month undercover sting operation Noun 1. sting operation - a complicated confidence game planned and executed with great care (especially an operation implemented by undercover agents to apprehend criminals) in which government agents sold thousands of counterfeit cards that allowed users to steal satellite television signals. U.S. Customs Service agents offered the cards over a 22-month period in a nationwide undercover sting operation. And their Web site, ``Operation Smartcard.net'' did a land office business, authorities said, selling more than 3,000 illegal cards to dealers. The Web site, which has since been shut down, targeted individuals who wanted to purchase cards to steal programs from DirecTV, one of two major satellite television distribution systems in the country. - Associated Press Productivity up, labor costs down WASHINGTON - Americans' productivity surged ahead over the past 12 months at the fastest pace in 17 years while labor costs declined, the first time they have dropped since 1984, the Labor Department The Department of Labor (DOL) administers federal labor laws for the Executive Branch of the federal government. Its mission is "to foster, promote, and develop the welfare of the wage earners of the United States, to improve their working reported Tuesday. Both numbers were much better than expected, and the Clinton administration Noun 1. Clinton administration - the executive under President Clinton executive - persons who administer the law responded by hailing the remarkable combination of positive forces exhibited by a ``new economy'' bolstered by strong business investment in computers and other productivity-enhancing equipment. Private economists said the good productivity figures made it highly unlikely that the Federal Reserve will boost interest rates for a seventh time when the central bank meets again Aug. 22. - Associated Press |
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