BUSINESS NOTES.JUSTICE OKS OKS Oshkosh, Nebraska (airport code) OKS Oracle Service Contracts (software application) OKS Old King's School (alumni of the King's School, Canterbury, Kent UK) BABY BELLS The nickname given to the regional Bell operating companies after Divestiture in 1984. See Bell System and RBOC. MERGER: The Justice Department approved the merger of Bell Atlantic and Nynex, concluding that the combination of the two Baby Bells along the Eastern seaboard does not violate 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.... . It would be the second-biggest merger in U.S. history, creating a telephone colossus Colossus - (A huge and ancient statue on the Greek island of Rhodes). 1. The deal still must gain approval from the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. . The Justice Department announced its decision Thursday in a one-paragraph statement that said its investigation of the proposed deal had been closed ``after thorough investigation and analysis.'' ?13- Associated Press KMART UNVEILS REVAMP PLAN: Kmart Corp. will spend $750 million over the next three years renovating and renaming nearly all of its stores in an attempt to start making money again. The retailer unveiled its ``Big Kmart'' effort Wednesday in Chicago. The remodeled stores will be the same size as current Kmarts, but will have a new layout, including a food section named the Pantry near the front of the stores. About 600 Kmart stores will have the Big Kmart makeover by the end of this year. The chain plans to have remodeled 1,600 of its more than 2,000 Kmart stores by 1999, spokeswoman Mary Lorencz said. The company already has revamped 297 stores that will get the Big Kmart sign in the next 90 days. ?13- Associated Press PHILIP MORRIS BOSS WILLING TO TALK: The chairman of Philip Morris Cos. said the company is willing to discuss government regulation of tobacco and to explore ``reasonable measures'' to end health-related litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Geoffrey C. Bible told shareholders Thursday that the No. 1 cigarette maker is on firm legal ground, yet he indicated a willingness to negotiate with industry critics. He declined to discuss progress in talks to settle lawsuits by two dozen states seeking to recover smoking-related health costs, but he added: ``We will listen to and explore all reasonable measures that make sense.'' ?13- Associated Press FED BOARD MODERATE WARNS OF OVERHEATING Overheating An economy that is growing very quickly, with the risk of high inflation. : A leading moderate on the Federal Reserve Board warned the economy may be overheating, underscoring the widespread expectation that the central bank will raise interest rates further. ``The economy appears to be growing at an unsustainable above-trend pace,'' Laurence H. Meyer, a Clinton appointee, said Thursday. Before the Fed's last tightening move, on March 25, Federal Reserve Chairman Alan Greenspan dropped broad hints it was coming. The quarter-point increase in the benchmark rate charged on interbank loans, and the anticipation of more, roiled markets for weeks afterward. ?13- Associated Press LOCAL RACETRACK PURCHASES CASINO: Hollywood Park Inc.'s planned acquisition of casino operator Boomtown boom·town n. A town experiencing an economic or a population boom. Inc. was approved by the Nevada Gaming Commission The Nevada Gaming Commission is a Nevada state governmental agency involved in the regulation of casinos throughout the state, along with the Nevada Gaming Control Board. It was founded in 1959 by the Nevada Legislature. , clearing the way for the $245 million stock and debt transaction, the companies said. Hollywood Park and Boomtown said the merger is subject to gaming approval in Louisiana, and consent from company bondholders. The purchase will add Boomtown's four casinos in Nevada, Louisiana and Mississippi to Hollywood Park's card-club casino in California. Hollywood Park also owns three horse tracks in California, Kansas and Arizona. ?13- Bloomberg News AIRBUS MAPS OUT WAR VS. BOEING: Airbus Industrie's new forecast for worldwide jetliner demand over the next 20 years looks a bit like a battle plan in a war for the skies. The aircraft manufacturer predicts airlines will need about 16,000 new aircraft to replace their aging fleets. That could mean $1.1 trillion in sales by 2016. Airbus' analysis makes no mention of its archenemy arch·en·e·my n. 1. A principal enemy. 2. often Archenemy The Devil; Satan. Used with the. archenemy Noun pl -mies a chief enemy , Boeing Co., but the European consortium makes no secret that the rivals are in a plane-by-plane battle for market share, drawing even heads of state into combat. The aviation rivalry has intensified since Boeing announced in December it would take over McDonnell Douglas, turning the industry into a virtual duopoly Duopoly A situation in which two companies own all or nearly all of the market for a given type of product or service. Notes: This is very similar to a monopoly, where only one company dominates the market. . ?13- Associated Press |
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