IN BRIEF.VALLEY INDEX JUMPS: The Daily News/Bloomberg Index rose 0.54 to 136.35, led by Amgen Inc. of Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. and WellPoint Health Networks of Woodland Hills. WellPoint rose 1 15/16 to 68 9/16. Amgen rose $2.56, or 4.25 percent, Tuesday to close at $62.68. - Daily News MORRIS SELECTED: Seagram Co., parent company of Universal Studios, officially named Doug Morris on Tuesday to head its combined music operations after the acquisition of PolyGram, whose chief resigned a day earlier. Morris is the current chairman and chief executive of Seagram's Universal Music Group. His appointment to take over PolyGram's operations was expected after Alain Levy, PolyGram's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. for the past seven years, stepped down Monday. - Associated Press MRV MRV minute respiratory volume. SELLS NOTES: MRV Communications, a Chatsworth-based maker of telephone switching Telephone switching Moving one's assets from one mutual fund or variable annuity to another by telephone. telephone switching The movement of an investor's funds from one mutual fund to another mutual fund on the basis of an order given via equipment and diagnostic equipment for computer networks, is selling $100 million worth of 5 percent convertible subordinated notes due in 2003 to institutional investors. Funds will be used for general working capital and possible acquisitions. The conversion rate is equivalent to 36.97 common shares per $1,000 of notes. The debt offering will close Friday. The notes have a five-year term and are not callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. - or paid off - for the first three years. - Daily News PRODUCTS TO RUSSIA: Woodland Hills-based Turbodyne Technologies Inc. said a Moscow company has signed a letter of intent to purchase about $30.7 million worth of Turbodyne's fuel-efficient and performance-boosting products for cars, buses and trucks. The Export-Import Bank of the United States Export-Import Bank of the United States (Ex-Im Bank) One of the principal U.S. government agencies in international finance. Originally incorporated as the Export-Import Bank of Washington in 1934, its goal is to help finance U.S. said the bank will fund the transaction - in effect, giving Moscow-based Trans Business Group a loan for the purchase, according to Turbodyne. Once the loan is approved, Trans Business will purchase 10,500 of Turbodyne's Turbopac products. - Daily News |
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