BUSINESS NOTES : AREA CONGRESSMAN TO HEAD FILM PANEL.The film industry's exodus to Canada and other nations - blamed for a 50 percent drop in filming in Santa Clarita - has prompted a congressional study group to try to woo it back. And U.S. Rep. Howard P. ``Buck'' McKeon, R-Santa Clarita, was named chairman of the group created to examine the industrywide problem. On a national level, out-of-country productions cost the U.S. economy about $10.3 billion in 1998, up more than fivefold fivefold Adjective 1. having five times as many or as much 2. composed of five parts Adverb by five times as many or as much Adj. 1. since the beginning of the decade, said Rafe Greenlee, spokesman for the Screen Actors Guild. - Daily News Insurer challenges reinsurer's stance CALABASAS - Superior National Insurance Group Inc., a workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurer, said it will challenge a reinsurer's attempt to cancel coverage essential to a 1998 acquisition. The reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , privately held Inter-Ocean Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Company Ltd., provided $175 million of reinsurance, or insurance for insurers, to Business Insurance Group Inc., a workers' comp insurer Superior bought from Foundation Health Corp. in December. Inter-Ocean notified Superior National on Thursday that it is rescinding the agreement and sought arbitration of the dispute, Superior said. - Bloomberg News BP Amoco offers cost-cutting plan As it announced a major oil discovery in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , BP Amoco PLC unveiled plans to shed $10 billion in underperforming assets over the next three years. And while the company aims to boost capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by $26 billion by 2001, it also said Thursday that it would slash expenses by 20 percent over the same period. BP Amoco's ambitious cost-cutting strategy, including plans to eliminate an additional 3,000 jobs, offers a sign of what could be ahead for other oil companies seeking to boost profits by merging. - Associated Press |
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