November 9, 1996 |
Shortly after Walter F. Mondale arrived here as U.S. ambassador in September 1993, he was so hopeful that reform was about to take hold that he persuaded Washington not to impose trade sanctions over Japan's closed construction market. After all, the long-dominant Liberal Democratic Party had lost its majority rule for the first time in 38 years. A new administration was spouting rosy reform plans that would open markets, empower consumers and tame obstructive bureaucrats.
April 12, 1996 |
Ford Motor Co. will assume virtual control of ailing Mazda Motor Corp., which has been battered by Japan's recession and the strong yen. Mazda and Ford, in a joint statement today, confirmed reports that Ford would increase its stake in Mazda from 24.5% to 33.4% of the company's shares and that Mazda would voluntarily cede management control to the No. 2 U.S. auto maker. According to the agreement, Mazda President Yoshihiro Wada will take the largely ceremonial post of chairman.
June 2, 1995 |
Two former top executives of American Honda Motor Co. were found guilty Thursday in a massive bribery scheme involving dealers around the nation, ending a jury trial that prosecutors called the largest commercial bribery case in U.S. history. The verdicts were handed down against Dennis R. Josleyn and John W. Billmyer in a federal court in Concord, N.H., after a four-month trial.
February 3, 1995 |
A former American Honda Motor Co. executive on Thursday became the 19th person to plead guilty to federal charges of participating in a massive kickback and bribery scheme at the Torrance-based auto importer. James Mortimer, 39, a former Honda regional manager, pleaded guilty in U.S. District Court in Concord, N.H., to charges that he knew of the illegal actions of others--including two American Honda executives based in Orange County--but failed to report them.
August 28, 1994 |
Millions of employee layoffs have helped corporate America cut expenses. But evidence is growing that the strategy known as downsizing produces destructive side effects that range from demoralized workers to job burnout. Moreover, researchers and strategists say the attempt to strengthen profits and productivity through cutting layers of workers may actually have cost many companies billions of dollars. Nor is it clear that downsizing has made businesses as productive as initially hoped.
March 23, 1994 |
Children in the exclusive Nellie Gail subdivision dubbed Jim and Effie Cardiges' home "The Castle" for its domed, octagonal turret. Business associates who socialized with the couple agreed that the $760,000 house, with its extra-wide hallways and carpeted, air-conditioned garage, was indeed palatial.
July 10, 1993 |
American business executives invited to meet with President Clinton as the Tokyo summit of the world's wealthiest nations wound down Friday had a familiar complaint: Japan's markets remain mostly closed and the United States must continue the pressure for change.
April 30, 1993 |
In a smooth and expected shift in power, Parker S. Kennedy took over the reins of First American Financial Corp. from his father Thursday to become only the fifth president in the company's 104-year history. Donald P. Kennedy, who has run the company since 1963, was named the board's chairman, a newly created position. The company's 15 directors, who were reelected Wednesday by shareholders at the annual meeting, had never had a chairman.
July 22, 1992
Orange County moguls Merrill Butler and William Popejoy, previously with American Savings and the Robert M. Bass Group, are forming a new company that they say will provide financial and management services to the real estate community. Butler Popejoy Group, based in Irvine, will deal in four areas: development of affordable housing; acquisition of real estate from banks, thrifts and the federal Resolution Trust Corp.
March 18, 1992 |
A California businessman kidnaped two months ago was freed and appeared before reporters at national police headquarters. Michael Barnes, 41, thanked those responsible for his release. "I'm very glad to be back safe and sound," he said. Col. Roberto Lastimoso said Barnes, of Long Beach, was rescued at 1 p.m. in a Manila suburb. Barnes, vice president of Philippine Geothermal Inc., was kidnaped by gunmen Jan. 17 near his office in Manila's financial district.