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Times Mirror to Supply Information for Prodigy

Date: 05 August 1993

By William Glaberson

William Glaberson

The Times Mirror Company, the huge newspaper publisher, has made a deal to provide news, advertising and interactive services through the electronic network of the Prodigy Services Company, which provides information to computer users nationwide. The agreement announced yesterday, which includes Times Mirror's newspapers in Los Angeles and New York, is further evidence of the current rush by newspaper and magazine publishers to find electronic pathways for their information. Although many of the new ventures are essentially untested financially, the revenue potential is so great that many publishers feel they cannot stand idle as America wires itself .

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2 Faces of Singapore: Lofty Aims, Press Curbs

Date: 05 August 1993

By Philip Shenon

Philip Shenon

The Government of Singapore, the prosperous city-state that is angling to become Asia's next great communications hub, has imposed circulation restrictions on another Western publication. This time the target is The Economist, the London-based news magazine, which was told this week that its circulation in Singapore will be capped at its current level of 7,500 and that the magazine will be required to post a bond of about $124,000.

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RESORTS INTERNATIONAL ELIMINATES 40 JOBS

Date: 04 August 1993

By Bloomberg News

Bloomberg News

Resorts International Inc., based in Atlantic City, said yesterday that it had eliminated 40 jobs on Friday, including managers and related support staff. The casino company had not met "projections of growth and eliminated nonessential jobs to insure the continued success of the company," said Denise Zimmerman, a Resorts spokeswoman.

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PNC CANCELS SALE OF SEARS MORTGAGE OFFICES

Date: 04 August 1993

By Bloomberg News

Bloomberg News

The PNC Bank Corporation will not sell the Western mortgage production offices of the Sears Mortgage Corporation.

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LAWTER TO BUY REMAINDER OF HACH IN STOCK SWAP

Date: 05 August 1993

By Bloomberg News

Bloomberg News

Lawter International Inc., based in Northbrook, Ill., agreed yesterday to purchase the remaining 72 percent of the Hach Company that it does not already own in a stock swap valued at about $146.1 million. Lawter will exchange 1.7 of its shares for each Hach common share.

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APPLE DIRECTOR QUITS OVER POTENTIAL CONFLICT ON INTEL

Date: 05 August 1993

By Bloomberg News

Bloomberg News

Venture capitalist Arthur Rock, citing a potential conflict of interest, resigned yesterday from the board of Apple Computer Inc. Mr. Rock, a founder and board member of the Intel Corporation, said the new "perception of competition" between the two companies made it impossible for him to remain as a director of both. Mr. Rock pointed to advertising and news coverage that pits the PowerPC, a microprocessor developed by Motorola Inc., I.B.M. and Apple, against Intel's new Pentium chip.

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GE CAPITAL TO BUY LEHMAN MORTGAGE UNIT

Date: 04 August 1993

By Bloomberg News

Bloomberg News

GE Capital agreed yesterday to acquire the Shearson Lehman Hutton Mortgage Corporation from Lehman Brothers Holdings for about $70 million. Shearson Lehman Hutton Mortgage is a mortgage company, based in California, with a $17.5 billion servicing portfolio. GE Capital, a unit of the General Electric Company, currently manages a $42 billion mortgage servicing portfolio.

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NORTHEAST UTILITIES TO REDUCE ITS WORK FORCE

Date: 04 August 1993

By Bloomberg News

Bloomberg News

Citing the need to control costs because of competitive pressures and a recession in New England, Northeast Utilities said it would cut its work force between 6 percent and 7 percent by the end of 1994. That would reduce employment at the region's largest electric utility by 600 to 700 from the current 10,000 employees.

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Closings at First Union

Date: 04 August 1993

By Bloomberg News

Bloomberg News

The First Union Corporation, the nation's ninth-largest banking company, said today that it would close up to 38 percent of its branches in metropolitan Washington to consolidate recently acquired banks. First Union plans to close 65 to 70 of its 184 offices in the the area, saving $15 million to $20 million annually. First Union plans to consolidate the branches of the First American Metro Corporation, Dominion Bancshares, Meritor Savings Bank and Sailors and Merchants Bank and Trust. The companies were acquired in the last year.

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COMPANY NEWS

Date: 05 August 1993

CORNING INC., Corning, N.Y., completed its $359 million tender offer for shares of the Damon Corporation. GROW GROUP INC., New York, completed its purchase of Zynolyte Products Co., a paint manufacturer in Carson, Calif., from Standard Brands Paint Co. for $16.3 million in cash.

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