Friday, August 25, 2000
Business Digest
From Enquirer news sources
Rival might buy Maytag
Appliance maker Maytag Corp.'s shares rose sharply Thursday after a published report said it was discussing the possibility of being acquired for close to $4 billion by Sweden's Electrolux, the maker of Frigidaire refrigerators.
The New York Times, citing unidentified executives close to the company, said a deal would create the world's largest maker of ovens, dishwashers and washing machines.
Wal-Mart joins with GE
Wal-Mart Stores Inc. said it will sell large appliances made by General Electric Co., adding refrigerators, dishwashers and ovens to its stores for the first time to compete with Sears, Roebuck & Co.
Wal-Mart, the world's biggest retailer, will add the appliances to its stores gradually, starting with about a dozen stores by the end of the year. The company has more than 2,560 Wal-Mart stores and 470 Sam's Club wholesale warehouses in the United States, and more than 1,000 stores outside the country.
New record company
Just months after his high-profile split from Arista Records, Clive Davis has formed a record company with BMG Entertainment — the very same conglomerate that declined to renew his contract at Arista.
Mr. Davis and Strauss Zelnick, president and chief executive offi cer of BMG, announced Thursday that Mr. Davis would head the newly created J Records, a 50-50 joint venture described by both as the largest record company start-up ever created.
Krispy Kreme soars
Krispy Kreme Doughnuts Inc. said earnings this fiscal year probably will beat estimates as second-quarter profits more than tripled because of surging sales. Its stock rose 24 percent.
The company expects to earn $1 a share in the year ending in January, 15 cents more than the average estimate of four analysts polled by First Call/Thomson Financial.
Fed panel unanimous
Federal Reserve policy-makers unanimously approved leaving the overnight bank lending rate unchanged at 6.5 percent at their June meeting, as they saw a slowing economy and gains in worker productivity that were helping hold back inflation.
Former CEO sues Lasik
Lasik Vision Corp.'s former chief executive Michael Henderson claims that the new CEO performed eye surgery that left him with “significant deterioration” of vision in his left eye, the National Post reported, citing a court filing.
Mr. Henderson, who was fired from Lasik Vision on June 21, is suing the company in British Columbia Supreme Court for wrongful dismissal, the newspaper said.
Analysts see embarrassment of Riches
Economy shows cooler signs
Businesses awaiting windfall from stadium
Mycom going public
Diplomat stresses local ties
Industry notes: Manufacturing
Jergens buys Ban deodorant
Nintenedo sticks to niche
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