BUSINESS NOTES.IMF IMF See: International Monetary Fund IMF See International Monetary Fund (IMF). TO HELP INDONESIA: The International Monetary Fund said it will provide a financial rescue package to Indonesia following a sharp fall in the value of the currency of the world's fourth-most-populous country. The international lending institution Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in said Wednesday that it would send a team of experts to Jakarta as soon as possible to work out details and would cooperate closely with World Bank and Asian Development Bank Asian Development Bank A financial_institution established in 1966 to reduce poverty in the Asia-Pacific region. The bank is headquartered in Manila, Philippines and consists of 61 member countries. teams already in the field. The move was the latest by these organizations to help financially troubled Asian economies. The IMF and a group of countries led by Japan provided Thailand with $17 billion in August, the second biggest rescue package after $50 billion given to Mexico in 1995. ?13- 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. CHAMPION ANNOUNCES CUTS, LAYOFFS: Champion International plans to sell its newsprint, paper recycling and other businesses along with Northeast timberland and cut 2,000 jobs to reverse sagging profits. The company will focus on producing more expensive paper products, including magazine and catalog paper and paper for copy machines, company spokeswoman Gael Doar said Wednesday. The businesses to be sold employ about 6,200 people, or 26 percent of its work force, and last year accounted for $1.4 billion in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight . In trading on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , Champion shares were down 50 cents to close at $64 per share. ?13- Associated Press YAHOO ANNOUNCES DEALS: Yahoo! Inc., continuing to expand beyond its popular Internet directory, announced deals Wednesday to put some of its other services directly on millions of personal computers. Compaq Computer Corp. and Gateway 2000 Inc. are giving users access to Yahoo! news and weather as well as its directory through a customized version of Microsoft Corp.'s new Internet Explorer Web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. . Yahoo! said Tuesday that it will acquire privately held Four11 Corp., an online communications and directory company, and will use its RocketMail technology for a free, Web-based electronic mail service starting Wednesday. Founded by two Stanford University graduate students in April 1994, Yahoo! is best known for its Internet directory, which is the most popular means for finding information online. But the company has been working to become a broader consumer brand of information. ?13- Associated Press |
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