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Dates: during 1980-1989
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...tender offer to pay $70 a share for 100 million of the more than 180 million Warner shares outstanding. Along with 17 million Warner shares that Time acquired in a stock swap in June, the tender gave Time a 58% controlling interest in its merger partner. As a result of the deal, Time changed its name to Time Warner; the company will buy the remaining Warner shares for a combination of cash and securities under terms that the parties must determine within three months. The purchase price will include a total of $677 million in payments to 500 Warner employees...
...Maalox. As Congress debates how to cut the Pentagon budget, one outcome is virtually certain: programs will be abandoned and assembly lines shut down. Under pressure to cut the federal deficit, Congress and the Bush Administration are determined to shear billions of dollars from military outlays. As a result, anxious defense-industry + executives from New York's Long Island to Los Angeles are frantically lobbying to keep their weapons programs alive. Tens of thousands of jobs depend on the decisions now being made on Capitol Hill...
...Pentagon economists estimate that each dollar spent in contracts triggers $1.60 of spending in the local economy. Reductions have a roughly equal and opposite effect. On Long Island, for example, defense contractors have cut their work force of 60,000 by more than one-fifth since 1987. As a result, an estimated 26,000 other local workers, from pizza-parlor employees to department-store clerks, have lost their jobs...
...literature at the local university -- a specialist in the 19th century industrial novel, no less. To bolster her chance of a permanent appointment, Robyn goes along with a university scheme to shadow Vic's movements for one day a week in the interests of better academic-industrial understanding. The result: temperaments and cultures clash. Complications multiply. Romance, of course, blooms. Wittily rueful insights emerge...
...Mexican accord is the first concrete result of U.S. Treasury Secretary Nicholas Brady's four-month campaign to break the impasse on Third World debt by persuading commercial banks to accept some cuts in the principal or interest rates of their loans. Brady's predecessor, James Baker, whose 1985 debt plan provided for no such relief, had failed to ease the problem. With the Mexican accord in hand, Brady hopes that similar agreements between the banks and other developing countries may soon be worked...