Business highlights

Piedmont OKs USAir buyout Washington Piedmont Aviation announced Monday that it has accepted USAir's $1.59 billion buyout offer.

USAir officials have said they would operate Piedmont as a wholly owned subsidiary and maintain Piedmont's name at least for a year. After that, Piedmont may be absorbed into USAir.

The acquisition is the second in recent weeks by USAir. The Transportation Department has already approved its purchase of Pacific Southwest Airlines.

USAir and Piedmont had been on the verge of a merger last week, but the agreement was delayed when Carl Icahn, chairman of Trans World Airlines, offered to buy USAir.

USAir rejected Mr. Icahn's takeover offer and analysts say USAir may be better able to keep Icahn at bay with Piedmont under its wing.

USAir also won a temporary court order Monday from a federal judge in Pittsburgh. It blocks Icahn from buying additional USAir shares. Last week, TWA disclosed it owned about 15 percent of USAir's common stock. New York exchange miffed with London New York

The New York and London Stock Exchanges - two of the key centers of the emerging global stock market - have suddenly become less cooperative.

Late last week, the New York Stock Exchange barred member firms from trading on the London exchange in jointly listed securities during the hours the NYSE is open. About 200 stocks are affected.

New York is apparently irked by London's decision last week to do away with floor traders and go to a computerized system similar to NASDAQ.

The Big Board does not allow member firms to trade in over-the-counter securities which are also listed on the NYSE during NYSE hours - and apparently, the exchange intends to view the computered London exchange as tantamount to an over-the-counter market. Brazil seeks Tokyo's help with debt Tokyo

Brazilian Finance Minister Dilson Funaro appealed Monday for Japanese help in sorting out his country's $109 billion debt problem.

``We have to get more financing from international institutions, creditor banks and governments,'' Mr. Funaro told a news conference.

Japanese Finance Minister Kiichi Miyazawa advised Funaro to work out a program with the International Monetary Fund to put the inflation-ridden Brazilian economy back on its feet. US talks tough to Japan on trade Tokyo

The United States, battling a huge trade deficit with Japan, has for the first time openly criticized Tokyo's tightfisted budgetary policy and warned Japan to act firmly to boost its economy.

In high-level trade talks last week, Washington called Tokyo's overall fiscal policy deflationary and argued that Japan's economic position is not as dire as it says, US officials said Monday.

The United States wants Japan to reduce its $51 billion trade surplus by stimulating its flagging economy and moving away from dependence on exports.

You've read  of  free articles. Subscribe to continue.
QR Code to Business highlights
Read this article in
QR Code to Subscription page
Start your subscription today