News In Brief
Disney became the latest media company to cut back its online operations, saying it will shut down the Go.com website and fold its Walt Disney Internet Group back into the company. The consolidation will result in 400 layoffs and could be followed by the sale of the Infoseek search engine. The developments came after it became clear Go.com never would become an industry leader, president Robert Iger said. Other media organizations that recently have slashed Internet operations include News Corp. and The New York Times Co.
In a move that may make it easier for individual investors to buy corporate bonds, Bank of America Corp., the No. 1 US bank, announced it will sell $3 billion of unsecured, medium-term notes. The minimum investment in the InterNotes, as they're known, will be $1,000. They will carry varying interest rates, maturity dates, and interest payment options. Many individual investors, especially with small portfolios, do not - or are advised not to - buy individual corporate bonds, in part, because risks and transaction fees can be high.
As many as 7,000 jobs appeared to be at stake in one of Britain's largest companies, Corus Group, as its management turned down an offer by the Iron/Steel Trades Confederation (ISTC) to buy a huge plant in Wales. The union had planned to form its own company to operate the mill at Llanwern. But reports said Corus, formerly known as British Steel, rejected the ISTC bid on grounds that it did not want competition.
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