STOCKS, BONDS AND BILLS: A major bill to reduce fees on stock offerings and eliminate overlapping regulation of the stock markets won final congressional approval. The ``National Securities Markets Improvement Act of 1996'' expands some of the Securities and Exchange Commission's oversight of the mutual fund and securities industry while freeing stock, bond and mutual fund issuers from some state requirements. President Clinton said he would sign the bill.
PACBELL PAYOUT?: Consumer advocates are asking state regulators to give Pacific Bell customers $1 billion to $2.1 billion over five years, half the estimated financial gain from the takeover of parent Pacific Telesis Group by Texas-based SBC Communications. The groups called for customers to receive percentage credits on their phone bills to reduce their payments. The Public Utilities Commission is scheduled to hold hearings on the proposed merger starting late this month and a ruling is expected by spring.
THE DEAL IS OFF: Hamburger Hamlet Restaurants Inc. announced that its agreement to sell certain operating assets to Grill Concepts, Inc. was terminated due to GCI's inability to obtain the needed financing. Sherman Oaks-based Hamburger Hamlet will continue to operate in Chapter 11 reorganization. Meantime, the chain announced that Shawn Holder resigned as chief executive officer and president effective Sept. 30. Chairman Richard E. Matthews will succeed him.
CHRYSLER SALES UP: Chrysler Corp. reported a robust 22 percent increase in its September U.S. sales of cars and light trucks compared with a year ago, capping its best model year ever. Sales continued to be led by pickups, minivans and sport utility vehicles. General Motors Corp. said its sales fell just over 2 percent, despite a nearly 13 percent rise in estimated sales of its light trucks. Nissan Motor Corp. USA reported sales down nearly 3 percent, though car sales were up 9 percent, with strong performances by the Maxima and the redesigned Infiniti Q45.
TROOPER TROUBLES: Sales of the Isuzu Trooper plummeted in the month following a Consumer Reports story alleged that 1995-96 models have a tendency to roll over in sharp turns. Isuzu sold only 774 Troopers in September, compared with 4,870 in September 1995. Sales figures for the Acura SLX, which received a similar review, will be available Thursday.
MISCELLANEOUS: El Camino Real High School in Woodland Hills is looking for company representatives to come to campus one hour a week as part of a personal mentor program for students. Information: (818) 888-8920, Ext. 2419. . . . Auto Buyers Credit Corp. of Westlake Village has been awarded a $10 million line of credit from Princeton Capital Credit Corp. to fund auto and marine loans. ABCC also announced it has moved into new headquarters at 699 Hampshire Road, Suite 100, expanding to 5,000 square feet. . . . A free VP Network Business Expo will be held at 5:30 p.m. Thursday at Galpin Ford, 15555 Roscoe Blvd., Van Nuys.
Chart: (1--Color) DOW INDUSTRIALS
(2--Color) BIZ FACTS
G LOBAL POWERS
Percent of the 100 largest economies that are global corporations and countries
Knight-Ridder Tribune Graphics Network
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|Publication:||Daily News (Los Angeles, CA)|
|Date:||Oct 2, 1996|
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