Word: halt
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...biggest gambles in the history of the defense business came to an inglorious end last week. Los Angeles-based Northrop said it would halt development of the F-20 fighter jet after spending $1.2 billion on the still experimental plane, known as the Tigershark, over the past eight years. The decision came two weeks after the Air Force rejected a proposed contract to buy 270 F-20s for $3.5 billion. The Pentagon decided instead to upgrade an equally large fleet of General Dynamics F-16s at a cost of $2.3 million each -- only one-fifth...
...Boesky case had an instant sobering effect on the takeover game. As the thunder of the insider-trading disclosures rose in volume, a number of big plays suddenly came to a halt. Wickes, a Santa Monica, Calif., retailing and manufacturing conglomerate headed by Sanford Sigoloff, 56, announced that it might not be able to carry out the estimated $1.7 billion acquisition of California's Lear Siegler, the aerospace and automotive-products concern. Sigoloff's bankers, spooked by the Boesky scandal, apparently balked at financing the deal...
Hong Kong, which earlier this year banned imports of South Africa's gold Krugerrand coins, extended the sanctions to iron and steel. Imports of South African coal and diamonds, however, will still be allowed. Hong Kong also asked firms in the British crown colony to halt voluntarily new investments and loans to South Africa. Said Piers Jacobs, financial secretary of Hong Kong: "The measures would bring Hong Kong in line with those governments that are our principal trading partners...
...fact attended two full briefings on the topic, and he is known to have protested the arms sales. On Saturday, Nov. 15, Shultz attended a meeting with Reagan and the President's other advisers at Camp David, and he urged Reagan to make a public statement calling a halt to the arms sales. The President at that point would...
Having failed to persuade his boss in person, Shultz on Sunday turned to television. On the CBS program Face the Nation, the Secretary publicly advocated a halt to arms sales, but when asked if he had been authorized to speak for the Administration, he replied bluntly, "No." Asked if he had discussed resigning, Shultz responded with calculated ambiguity, "I serve at (the President's) pleasure, and anything that I have to say on that subject I just say to him." On Monday he increased the pressure, telling reporters after a speech in Chicago that even appearing to trade arms...