Brokerage's sale could be today
Primerica Corp.'s acquisition of American Express Co.'s brokerage operation could be announced as early as this morning.
Primerica is expected to pay about $1 billion for the Shearson Lehman Brothers operations and merge the brokerage business with its Smith Barney, Harris Upham & Co. subsidiary. The merger would create a securities firm with about 11,400 brokers. The announcement is expected before the stock market opens for trading at 9:30 a.m. EST.
S&P; lowers 3 airlines' ratings
Standard & Poor's Corp. lowered its opinion of the credit-worthiness of the nation's three largest airlines, dropping them into the junk-bond ranks.
For American Airlines, United Airlines and Delta Air Lines, the downgrade yesterday by the major credit rating agency could mean higher borrowing costs as investors seek a higher return for their risk.
Chief of London exchange quits
The chief executive of the London Stock Exchange resigned yesterday as the exchange abandoned a costly attempt to modernize Europe's financial capital by finalizing stock trades on computer.
The executive, Peter Rawlins, 41, offered to resign at a board meeting at which the stock exchange decided to abandon the computerization effort, known as Taurus.
Coffee exchange bids for Comex
The Coffee, Sugar and Cocoa Exchange Inc. has placed an unexpected bid for the Commodity Exchange Inc., which already was negotiating a takeover by the Chicago Board of Trade. The new offer, presented late Wednesday, raises the possibility of a bidding war for the futures market in gold, silver and other precious metals.
BankAmerica heads for Hanoi
BankAmerica Corp. said yesterday it will open a representative office in Hanoi, becoming the first U.S. bank to operate in Vietnam since 1975, when the Communist North took over the south.
Purchase deal for Post collapses
The would-be buyer of the New York Post said yesterday his effort to purchase the newspaper has broken down and he has repossessed most of its assets to secure his $6 million investment in the paper. Steven Hoffenberg has been trying to conclude the deal with owner Peter Kalikow, who is in a personal bankruptcy reorganization.
The future of the nation's oldest continuously published daily newspaper now comes down to the decision of a U.S. Bankruptcy Court judge today.