BUSINESS NOTES NORTHROP BUYOUT OF STERLING DONE.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. said Tuesday that it has completed the acquisition of Sterling Software Inc.'s Federal Systems Group for $150 million in cash. Sterling provides information technology services, primarily to the federal government's defense and intelligence agencies. Federal Systems Group, which had 1999 revenues of $159 million, will be integrated into the operations of Logicon Inc., Northrop Grumman's information technology sector. The acquisition expands Logicon in several markets, including weather systems; air traffic control; and tactical command The authority delegated to a commander to assign tasks to forces under his command for the accomplishment of the mission assigned by higher authority. , control, communications, computers and intelligence. Key customers include national intelligence agencies, the U.S. Air Force and Army, the FAA, NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. and the Defense Information Systems Agency. Based in McLean, Va., Federal Systems Group has approximately 1,200 employees in 11 states. Los Angeles-based Northrop Grumman Corp. had revenues of $7.6 billion in 1999 and approximately 39,000 employees. - Daily News 38th Cheesecake Factory opening CALABASAS - The Cheesecake Factory Inc. announced Tuesday the opening of its 38th Cheesecake Factory restaurant, located in West Palm Beach, Fla. In addition to its casual dining restaurants, the company operates a bakery production facility that produces more than 50 varieties of cheesecakes and other baked products for its eateries and for other food service operators, retailers and distributors. - City News Service Experts disagree on Japan's growth TOKYO - Japan's central bank issued an economic growth forecast Tuesday that was far more optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op than that of the government, raising speculation that politicians might be keeping expectations low for their own political gain. Economists said the Bank of Japan's estimate of 1.9 percent to 2.3 percent Gross Domestic Product growth was more realistic than the Economic Planning economic planning, control and direction of economic activity by a central public authority. In its modern usage, economic planning tends to be pitted against the laissez-faire philosophy which developed in the 18th cent. Agency's prediction of 1.5 percent - and that the ruling party had a stake in the gloomier forecast. ``From the prime minister's point of view, they'd like to set the hurdle as low as possible so they can clear it and say they've been successful,'' said Masaaki Kanno, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for J.P. Morgan Securities in Tokyo. - 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. Consumer index shows sharp drop 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 - Consumer confidence dropped sharply in October to its lowest level in a year, raising questions about the strength of the coming retail holiday season. The New York-based Conference Board said Tuesday that its Consumer Confidence Index Consumer Confidence Index A measure of consumer views regarding the current economic situation and consumer expectations for the future. Information for the index is compiled and released on the last Tuesday of each month by the Conference Board, an now stands at 135.2, a steep drop from the revised 142.5 reported in September and the record high of 144.7 registered in May and January. The Conference Board index, based on a monthly survey of some 5,000 U.S. households, is closely watched because consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. accounts for about two-thirds of the nation's economic activity. The index compares results to its base year, 1985, when it stood at 100. - Associated Press WorldCom to shift a la AT&T's split A week after AT&T announced a sweeping reorganization that will break the company up into four parts, WorldCom Inc. is expected to announce today a similar, if somewhat less grand, revamping that will include issuing a stock to track its consumer and wholesale long-distance units. The company, the nation's second-largest long-distance provider behind AT&T, is also expected to lower its sales and profit forecasts. Like AT&T, WorldCom's long-distance business is growing much more slowly than its data and business services as price wars and competition from the regional Bells have turned long-distance units into a drag on Verb 1. drag on - last unnecessarily long drag out last, endure - persist for a specified period of time; "The bad weather lasted for three days" 2. the profits of otherwise growing enterprises. By issuing a tracking stock for its long-distance business, WorldCom is hoping that Wall Street will put a higher value on its other operations. WorldCom's shares have been battered this year, falling 55 percent after almost tripling over the last five years. Since word of WorldCom's plan was reported last week, its shares have fallen about 7 percent. - The New York Times |
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