Reported by Star-Bulletin staff & wire
Friday, December 27, 1996
Reported by Star-Bulletin staff & wire
Friday, December 27, 1996
NEW YORK - The dollar soared to a 45-month high against the yen amid speculation that U.S. stocks and bonds will remain more attractive than Japanese assets well into the new year. Dollar hits highest level since March ’93
The dollar jumped to 116.15 yen today, its highest since March 31, 1993. By late afternoon in New York, it had fallen back to 115.43 yen, up 1.04 yen from late yesterday, according to Bloomberg Business News.
"We are bullish on the dollar for the new year," said Sudhir Patel, a currency trader at NationsBank of Texas in Dallas.
With U.S. stocks and bonds rising, and Japanese stocks languishing, investors in Japan are likely to keep their appetite for U.S. assets and the dollars needed to buy them.
"Japan's interest in our bond market will remain strong next year," Patel said. He said he expects the dollar to rise as high as 118 yen in January. Thus far this year, the dollar has gained 12 percent against the yen.
NEW YORK - Marvel Entertainment Group Inc., publisher of "Spider-Man" comics, said today it filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. Marvel Entertainment files for Chapter 11
The publisher listed consolidated assets of $1.3 billion and consolidated liabilities of about $1.2 billion, according to Bloomberg Business News.
Under the proposed restructuring plan, investor Ronald Perelman's Andrews Group Inc. will invest $365 million in Marvel, allowing Marvel to make Toy Biz Inc. a wholly owned subsidiary of Marvel. Also, Marvel's lender group has agreed to provide $160 million in new funds to New York-based Marvel.
Perelman wants to acquire Toy Biz, a profitable New York toy maker, and make it a unit of Marvel, which is controlled by Andrews. Marvel is losing money as a result of a sharp decline in its core comic-book and sports trading-card businesses.
WASHINGTON - The government cleared the way for Westinghouse Electric Corp. to buy the company behind shock jocks Howard Stern and Don Imus, creating the nation's largest radio group. FCC clears the way for radio megamerger
The Federal Communications Commission's action yesterday removed the last regulatory obstacle to Westinghouse taking over Infinity Broadcasting Corp., in a deal valued at $3.9 billion.
The new group will operate 79 radio stations in 17 markets, accounting for more than $1 billion in revenues, said Westinghouse, which plans to close the deal by the end of the year.
Infinity, the nation's largest independent radio company and the No. 2 overall behind Westinghouse, brings 43 stations to the new group. Infinity also owns and distributes "The Howard Stern Show" and "Imus in the Morning." Westinghouse owns CBS Inc.