BUSINESS NOTES HOME SALES DOWN, MEDIAN PRICE UP.Housing prices and sales headed in different directions during the third quarter in Los Angeles County, a trade group said Wednesday. The median price jumped 9.9 percent to $220,430 vs. the like period in 1999. Sales slipped 4.9 percent on an annual basis, said the Los Angeles-based California Association of Realtors. Statewide, the median price of an existing, single-family detached home A single-family detached home, or single-family home or detached house for short, also variously known as a single-detached dwelling or separate house hit a record $247,450, up 12.6 percent from a year ago. - Daily News Troubled Lucent planning job cuts TRENTON, N.J. - Lucent Technologies, stung by a string of disappointing profits, plans to streamline its upper management, enhance employee incentives and eliminate what analysts say could be as much as 10,000 jobs, or 10 percent of its work force. - Associated Press Jerry's chain sees a drop in earnings STUDIO CITY - Jerry's Famous Deli Wikipedia is not the place for advertisement or self-advertising. Jerry's Famous Deli is a Los Angeles-based delicatessen famous for its huge menu, which boasts over 700 deli and traditional food items. Inc., operator of Jerry's Famous Deli and Solley's Delicatessen in Southern California, reported a decrease in third-quarter earnings Wednesday. The Studio City-based chain earned $10,000, or 0 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the quarter ended Sept. 30, compared with net income of $33,000, or 1 cent per share, for the same period a year ago. Isaac Starkman, Jerry's chief executive officer, said third-quarter revenues increased slightly to $15.6 million compared with $15.5 million for the third quarter of 1999. ``The company's cash flow remains strong, and we anticipate a strong fourth quarter,'' said Starkman in a statement. - Daily News Northrop awarded supersonic deal EL SEGUNDO - Northrop Grumman Corp's Integrated Systems Sector on Wednesday was awarded a $2.5 million contract by the U.S. Defense Advanced Research Projects Agency Defense Advanced Research Projects Agency (DARPA), U.S. government agency administered by the Department of Defense (see Defense, United States Department of). . The one-year contract calls for Northrop Grumman to build Phase I system integration studies and technology development for the Quiet Supersonic Platform program. The program is designed to lay the foundation for efficient and capable long-range supersonic cruise aircraft that will operate with a less intense sonic boom. - Daily News National Quality wins NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. work CALABASAS - National Quality Assurance-USA, a subsidiary of Calabasas-based National Technical Systems Inc., has been awarded a $3.7 million quality control contract from the National Aeronautics and Space Administration National Aeronautics and Space Administration (NASA), civilian agency of the U.S. federal government with the mission of conducting research and developing operational programs in the areas of space exploration, artificial satellites (see satellite, artificial), . Jack Lin, NTS's president and chief executive officer, said the contract calls on National Quality to register all NASA sites across the country to the internationally recognized ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9000 quality standard. - Daily News Daewoo creditors say firm bankrupt SEOUL, South Korea - Creditors of Daewoo Motor Co. declared the nation's third-biggest automaker bankrupt Wednesday after its labor union labor union: see union, labor. rejected a restructuring plan calling for layoffs. Daewoo's creditors could now be at a disadvantage as they try to sell the company to General Motors Corp. Daewoo is the latest casualty of South Korea's stepped-up campaign to restructure its debt-ridden big businesses to restore investor confidence in the economy. - Associated Press Baby food merger blocked in court WASHINGTON - A federal appeals court on Wednesday temporarily blocked H.J. Heinz's proposed $185 million acquisition of Milnot Holding Corp., owner of the Beech-Nut brand prepared baby foods. The U.S. District Court of Appeals for the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). Circuit granted the Federal Trade Commission's request for a temporary injunction temporary injunction n. a court order prohibiting an action by a party to a lawsuit until there has been a trial or other court action. A temporary injunction differs from a "temporary restraining order" which is a short-term, stop-gap injunction issued pending a pending an expedited appeal of a lower court decision denying any delay. ``The public interest in enforcement of the antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... is strong,'' the appeals panel said. ``Any injury to competition from going forward with the merger would plainly be irreversible, while the same cannot be said for any loss to competition from its delay.'' The merger would create a company that would control about one-quarter of U.S. prepared baby food sales, compared with industry leader Gerber, which has 65 percent of the market. - Associated Press |
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