Word: quarterly
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Dates: during 1980-1989
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...that Citicorp intends to set aside, effective immediately, no less than $3 billion in additional reserves to cover loan losses on its $133 billion portfolio, bringing its total reserves to $5 billion. The drastic move will give Citicorp a net loss of $2.5 billion in revenues in the second quarter of the year, its first red ink since 1934 and the second largest quarterly deficit in U.S. corporate history (the largest: AT&T's $4.8 billion in 1983). The bank will also show a $1 billion deficit for all of 1987. Said Reed: "We believe this step will significantly strengthen...
...cost could have been much greater. The bank's anticipated $2.5 billion loss in the second quarter is expected to be offset by three profitable quarters, to bring the year-end loss back to $1 billion. The company aims to return to profitability next year. And within three years, Citicorp plans to reduce its Third World debt portfolio by about one third, or $5 billion. The bank intends to sell some of the loans at a discount and transform others through so-called debt-for-equity swaps, in which the loan becomes an investment in the borrower country...
PONTIAC, Mich.--Vinnie Johnson scored half of Detroit's points in a decisive 20-8 fourth quarter run as the Pistons beat the Boston Celtics, 113-105, last night to force a seventh game in the NBA Eastern Conference finals...
...Pistons opened the final quarter with the decisive run to turn an 84-83 advantage into a 104-91 lead with 5:04 remaining...
...more. IBM scientists announced last week that a crystal about the size of a quarter but only one-hundredth the thickness of a human hair has handled more than 100,000 amps. Other obstacles remain, including the difficulty of molding the new material. But, says IBM's Praveen Chaudhari, "if you told me two weeks ago that we would have high-temperature superconductors that carry high currents, I would have said you were dreaming. Now if someone told me we will have useful devices made of this material next month, I wouldn't call him a dreamer. That...