DuPont to sell four subsidiaries
DuPont Co. announced plans to sell its medical products businesses to help pay for the April buyback of its shares from Seagram Co.
The four businesses that will be sold have combined annual sales of about $1 billion and six U.S. manufacturing sites, the company said yesterday. The medical products businesses were chosen because consolidation is under way in the health care industry, making the businesses attractive to potential buyers, an executive said.
Trade missions called 'paybacks'
The chairman of the House committee that oversees the Commerce Department accused the agency of using trade missions as "political paybacks." The Pennsylvania Republican urged the department to review its standards for selecting participants.
Rep. William F. Clinger Jr. said yesterday that his House Government Operations Committee was considering an investigation or hearings after the release of documents that detailed how Democratic donors and political operatives sought, and in some instances received, slots on the overseas trips.
Microsoft, Intuit attorneys criticized
The Justice Department has accused attorneys for Microsoft Corp. and Intuit Inc. of acting in bad faith and asked a federal judge to extend a trial deadline as a result.
The request made in court documents yesterday concerns the government's lawsuit last month to block Microsoft's $2 billion purchase of Intuit, maker of the popular Quicken personal finance program. The combination would be the biggest software merger ever.
Monus kin called in Phar-Mor case
Lawyers for former Phar-Mor Inc. President Michael Monus began presenting their case, putting Mr. Monus' father on the stand to undermine the credibility of the chief prosecution witness.
Nathan Monus testified yesterday that Patrick Finn, former chief financial officer of the discount drugstore chain, lied when he said the Monuses knew about the fraud. Michael Monus was fired in August 1992 and accused of masterminding a $1 billion fraud and embezzlement scheme.
Car sellers oppose 100% tariff
Sellers of Japanese luxury cars are asking Congress to prevent U.S. sanctions against their products, contending the trade action would put many of them out of business and endanger 81,000 American jobs.
"Many dealers won't last 60 days" if the Clinton administration imposes a 100 percent tariff against 13 Japanese models in its trade dispute with Tokyo, Walter E. Huizenga, president of the American International Automobile Dealers Association, said yesterday.