Saturday, September 09, 2000

Business Digest

From Enquirer news sources

Ameritech shifts execs

        Ameritech has shuffled its top executives in the wake of an outpouring of complaints about poor service since its takeover by SBC Communications.

        A day after Ameritech service was publicly censured at a hearing in Chicago, SBC put Edward Mueller in charge of the five-state Ameritech region previously handled by Jim Shelley. Mueller, Ameritech's new president and chief executive officer, will report directly to SBC chief Edward Whitacre Jr.

Mother sues financier

        Financier Saul Steinberg, a one-time corporate raider whose Reliance Group Holdings Inc. has fallen on hard times, is being sued by his mother over his alleged failure to pay a $4.7 million debt.

        Anne Steinberg filed the suit Thursday in New York State Supreme Court in Manhattan. She claims her sons Saul and Robert, chairman and vice chairman of Reliance, respectively, failed to make good on promissory notes that came due Dec. 31. Robert owes $1.5 million according to the suit.

Options for Verizon workers

        Verizon Communications, the No. 1 local-telephone company, said it will grant 210,000 employees options to buy 55 million shares of stock, giving them a stake in the carrier's financial performance.

        The options are priced at $43.34 per share, about equal to the current share price, the com pany said. They will vest in three years. Recipients will include certain hourly, salaried and part-time workers on Verizon's U.S. payroll and some international and overseas employees.

Canon goes to Big Board

        Japanese computer hardware company Canon Inc. said Friday that it will list its American Depositary Receipts on the New York Stock Exchange starting Sept. 14.

        The Tokyo-based company will delist its ADRs from the Nasdaq Composite Index on Sept. 13.

Concessions offered EU

        Internet giant America Online Inc. and Time Warner Inc. have offered unspecified concessions to the European Union to try to win approval for their planned combination, a spokeswoman said Friday.

        Amelia Torres, spokeswoman for competition Commissioner Mario Montes said no “formal” undertakings have been made regarding another linkup under investigation by the EU between Time Warner and music rival EMI Group.

Japan growth could taper

        Japan's chief economic planner said Friday that while the economy expanded in the April-June quarter, growth could slow in the coming months.

        Taichi Sakaiya noted some areas for concern: slower growth in capital expenditure by companies and still-shaky consumer spending.


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