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Guild Faults Zuckerman on Making Cash Offers

Date: 15 December 1992

By William Glaberson

William Glaberson

Mortimer B. Zuckerman sidestepped a Daily News union he is battling by making direct "buy out" offers to its members yesterday. The union, the New York Newspaper Guild, retaliated by charging that he had violated Federal labor law. Barry F. Lipton, president of the New York guild, said his union had filed a complaint with the National Labor Relations Board asserting that Mr. Zuckerman had improperly contacted Daily News employees instead of negotiating with them through their union. It was not clear, even if the board were to act quickly on the complaint, whether it would stall Mr. Zuckerman's effort to purchase the newspaper by the end of the month.

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THE MEDIA BUSINESS: Press Notes; Criticism Is Sharp, Ax Is Well Ground

Date: 14 December 1992

By William Glaberson

William Glaberson

Photocopy machines are overheating in newsrooms across the country as reporters busily copy pirated galleys of the latest diatribe against the corporate influence over newspapers. "Read All About It! The Corporate Takeover of America's Newspapers," to be published next month by the Times Books division of Random House, is by James D. Squires, editor of The Chicago Tribune until he was forced out in 1989. Mr. Squires was also Ross Perot's spokesman, and he has cast himself as a sort-of Ross Perot of journalism carrying a painful message. "The press as an institution," he writes, "appears ready to trade its tradition and public responsibility for whatever will make a buck."

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INSIDE

Date: 15 December 1992

Drug Prices Face Scrutiny Clinton aides have told the drug industry that the new Administration intends to limit increases in prescription drug prices. Page B12. Voice of Hispanic-Americans A large majority of the Hispanic population in the United States says there is too much immigration, according to a survey. Page A20. Mexican Acquitted in U.S. A Mexican doctor, kidnapped at American behest to stand trial in the killing of a drug agent, was acquitted by a judge in Los Angeles. Page A20. Clinton Chooses Arkansan Dr. Jocelyn Elders, head of the Arkansas health department, has been chosen to be Surgeon General, transition sources said. Page B11.

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Retirement Of Texaco's Chief Is Set

Date: 15 December 1992

By Bloomberg News

Bloomberg News

Texaco Inc. said James W. Kinnear, 64, the company's president and chief executive. who led the company through a Chapter 11 bankruptcy filing and a huge restructuring, will retire on April 1. On Friday Texaco's board selected Alfred C. DeCrane Jr., 61, the company's chairman, to assume the title of chief executive. He will continue as chairman at Texaco, the nation's third-largest oil company in terms of sales.

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FORMER EXECUTIVE CONVICTED IN BANK FRAUD CONSPIRACY

Date: 15 December 1992

By Bloomberg News

Bloomberg News

The former head of the Arochem Corporation was convicted yesterday of defrauding the energy company's banks of about $200 million and lying to them about its finances. Roy William Harris was the first person to be convicted under a new "bank fraud kingpin" law enacted in the aftermath of the savings and loan scandal, said Howard Shapiro, an assistant United States attorney in Manhattan.

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SHARES OF U.S. ALCOHOL TESTING ACTIVE ON AMEX

Date: 15 December 1992

By Bloomberg News

Bloomberg News

U.S. Alcohol Testing of America Inc.'s shares fell as much as 40 percent yesterday in heavy trading after more than doubling last week. The company, based in Rancho Cucamonga, Calif., withheld comment about the activity until yesterday, and the American Stock Exchange halted trading in the shares on Friday in anticipation of the statement.

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PFIZER PLANS ONE-TIME CHARGE FOR ACCOUNTING CHANGE

Date: 15 December 1992

By Bloomberg News

Bloomberg News

Pfizer Inc. will take a one-time after-tax accounting charge against fourth-quarter earnings of $282 million, or 84 cents a share, to cover health-care benefits for retirees. The change in accounting standards will also require the pharmaceuticals company to restate earnings for the first three quarters of 1992. The change requires that health benefits be recognized in the active working careers of employees. Pfizer, with 1991 sales of $6.95 billion, said the charge would not affect the company's cash flow.

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GOODYEAR TO EXPAND ALABAMA LIGHT TRUCK TIRE PLANT

Date: 15 December 1992

By Bloomberg News

Bloomberg News

The Goodyear Tire and Rubber Company said yesterday that it would spend $26 million to increase production capacity of its light truck tire plant in Gadsden, Ala., by 60 percent, its largest plant expansion in North America in two years. A company spokesman said the expansion would add about 125 new jobs at the plant and ought to be completed by mid-1994. He declined to provide specific figures for the added capacity.

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COMPANY NEWS

Date: 15 December 1992

METRO AIRLINES INC., Dallas, announced final bankruptcy court approval of its plan of reorganization based upon a sale of all the assets of its subsidiary, Metroflight Inc., and a settlement of all pending litigation between Metro and American Airlines. SHELL CANADA LTD., Calgary, Alberta, signed an agreement with the provincial government agency Alberta Oil Sands Technology and Research Authority to share 50 percent of the estimated $6.5 million costs of a project to recover oil from the Peace River area.

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NEWS SUMMARY

Date: 14 December 1992

International A3-11 DONORS FORCE RUSSIA TO WAIT Political uncertainty and a global recession have pushed large-scale aid to Russia off the international agenda -- even though experts agree that it is essential for the transformation of the country to a free-market economy. A1 Officials see hope in President Yeltsin's accord with lawmakers. A10

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