Britain to urge trade flexibility
Britain will press its European Community partners, particularly France, to take a more flexible negotiating position in the long-stalled global trade talks, according to informed sources, the Journal of Commerce reported.
At a special EC summit Friday in Birmingham, England, British Prime Minister John Major will stress to the attending heads of state that the opportunity to get a deal in the Uruguay Round is fading fast and the narrow differences over farm trade must be bridged in the coming weeks.
German auto workers' hours cut
Volkswagen AG plans to put 13,500 workers in Germany on shortened shifts for two weeks in November and December, and Mercedes-Benz AG may extend its Christmas shutdown, the two car companies said yesterday. Both car makers said the moves were caused by weakening demand in the automobile industry, at home and abroad.
Bid for stronger child labor laws
A diverse coalition of 35 groups yesterday proposed model legislation in Washington to update and strengthen child labor laws in the United States.
The Child Labor Coalition said an estimated 5.5 million American youths are employed, representing more than 25 percent of those ages 12 to 17. More than 600,000 are between 12 and 13 years old, who often hold jobs illegally, it added.
Maybelline to go public
Maybelline Inc. plans to go public with an initial offering of more than 3 million common shares, the company said yesterday in a filing with the Securities and Exchange Commission.
Maybelline, a Memphis, Tenn.-based maker and seller of color cosmetics, filed to register up to 3.7 million shares, including 555,000 shares that underwriters have the option to buy to cover any oversubscriptions.
New rules on pensions, savings
Filling a void that had prevented many companies from offering a wide range of savings and pension plans to their workers, the government adopted rules yesterday protecting employers from lawsuits by employees disappointed with the return on their investment.
The long-range intent of the new regulations is to encourage workers to exert more control over their investment and pension plans.
Time Warner plans offering
Time Warner Inc. said it notified the SEC that it may sell up to $1.5 billion in new debt securities. The media and entertainment conglomerate said it filed a shelf registration, which sets the stage for an offering without obligating the company to proceed with it.