October 14, 1999 |
Sumitomo Bank Ltd. and Sakura Bank Ltd. said they are in talks to merge, a deal that would create the world's second-largest bank at nearly $940 billion in assets. The companies said no decision has been made on the timing of a merger and that no other financial institutions are involved in the negotiations. Japan's Nihon Keizai financial newspaper reported that the banks will probably merge in two years. The banks said they were not yet prepared to give any details.
January 2, 1988 |
The multimillion-dollar bank account of the late Black Muslim leader Elijah Muhammad belongs to the religious organization he founded, not his heirs, an Illinois appellate court has decided. "Where funds are solicited to benefit a religious organization, we believe that basic principles of equity and fair dealing should preclude the use of those funds to benefit the personal estate of the religious leader," wrote Appellate Court Justice Mel Jiganti in the court's opinion.
July 30, 1997 |
Some 100 investigators raided the offices of Yamaichi Securities Co. today as a scandal over payoffs to a corporate racketeer widened to implicate Japan's fourth-largest brokerage. Reports of the raid sent Japan's main stock index tumbling by as much as 0.5%. Brokerage shares fell 2.5% and Yamaichi fell by as much as 26 yen, or 8.6%, to 275. "People don't want to touch financials--including brokerages," said Isao Takahashi, director of Japanese equities at HSBC James Capel Japan Ltd.
July 28, 1992
Japanese banks continue to dominate the rankings of the world's biggest institutions. But European banks, especially French ones, gained ground as some Japanese banks slimmed down because of a soft domestic economy. Although several major U.S. banks--including BankAmerica, NationsBank and Chemical Banking--have grown substantially because of mergers, only one, New York's Citicorp, is among the world's top 25 banks. Assets Rank Bank Headquarters (billions) 1 Dai-Ichi Kangyo Bank Ltd. Tokyo $446.
January 7, 1989 |
Trading in RJR Nabisco Inc. was hectic Friday as investors scrambled for shares on a news report that 10 Japanese banks were about to lend Kohlberg Kravis Roberts & Co. $5.15 billion to help pay for the food and tobacco firm. The stock topped the most actives on the New York Stock Exchange, rising $1.50 to $93.125 on top of Thursday's $1 advance. The price still remains below the $109-a-share bid in cash and securities offered by KKR. Almost 4.5 million shares were traded by late afternoon. U.S.
March 14, 2001 |
Tyco International Ltd. said Tuesday that it plans to buy CIT Group Inc. for about $9.2 billion in stock and cash, adding a financing component to its broad array of businesses. The deal will add a significant weapon to Tyco's corporate arsenal, allowing it to finance client purchases of its services and products that include electronic equipment, fire and security systems and disposable medical supplies.
July 5, 1996 |
Japan's top commercial banks have agreed on how to share a multibillion-dollar funding burden for a bad-debt cleanup program for seven mortgage companies, or jusen, paving the way for the controversial plan. But the banks have yet to devise a structure for shouldering more costs, as requested by the government, to keep Japanese taxpayers from picking up a big part of the bill.
CALIFORNIA | LOCAL
March 28, 1989 |
A bulldozer wrestled chunks of concrete into a pile and a 170-foot-tall crane moved demolition equipment Monday into the big, empty Huntington Hotel in Pasadena, whose glassless windows gaped open to the elements. The event marked the final chapter in a long struggle between developers and the city's preservationist forces, who lost a 1987 referendum seeking to restore the historic structure. "We've done a lot of planning and thinking on this project," said co-owner Thomas R.
May 27, 1999 |
A group of investors led by former baseball commissioner Peter Ueberroth, golf great Arnold Palmer and actor Clint Eastwood is close to completing a deal to purchase the famed Pebble Beach golf resort for about $800 million. Ueberroth's group has been in exclusive negotiations with the Lone Cypress Co., current owner of the resort, to acquire Pebble Beach Co.
November 27, 1990 |
The acquisitions by Sony Corp. and Matsushita Electric Industrial Co. of two of Hollywood's crown jewels, Columbia Pictures and MCA, are likely to strengthen Japan's hand in directing debates over key issues in entertainment. While Sony and Matsushita are fierce competitors, they have a history of working closely together when they have interests in common.