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Divestiture

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NEWS
July 11, 1986 | Daily News Wire Services
The Reagan administration is committed to using whatever influence it has to try to force the South African government to end apartheid laws, but remains staunchly opposed to legislation calling for divestiture, a State Department official says. The policy of the United States is aimed at promoting negotiations among major South African groups to solve the problem of minority white rule in the country, Chester Crocker, assistant secretary of state for African affairs, said yesterday.
NEWS
July 13, 1988 | By Mark Fazlollah, Inquirer Harrisburg Bureau
The House passed a package of bills yesterday that would require extensive reviews of all state investments in companies that operate in South Africa and Northern Ireland to ensure that the firms do not discriminate. All five bills, sponsored by Rep. Thomas J. Murphy (D., Allegheny), initially focused on minority workers in Northern Ireland. Protestants outnumber Catholics by a 2-1 ratio in Northern Ireland. But Rep. David P. Richardson (D., Phila.), during the debate yesterday, amended two of Murphy's bills to include the same restrictions on investments in South Africa.
BUSINESS
January 23, 1988 | By Anthony Gnoffo Jr., Inquirer Staff Writer
Until last month, Bell of Pennsylvania quietly allowed customers to order personalized phone numbers without charge. Now, looking for new revenues in the post-divestiture marketplace, it is charging for such vanities. What had been a free service available to those who happened to know of its existence is now a product called a Preferred Telephone Number (PTN). But Bell of Pennsylvania spokesmen said that the only things new about the product are its cost and the way some PTNs are listed in the phone book.
BUSINESS
May 26, 2011 | By David Sell, Inquirer Staff Writer
Without saying they approve or disapprove of such deals, the federal officials supervising the Synthes Inc. divestiture of its Norian subsidiary's assets have indicated - sort of - that Tuesday's $22 million sale to Exton-based Kensey Nash is acceptable. Synthes, the medical-device manufacturer near West Chester, had to shed its Norian assets as part of a plea bargain to settle criminal charges that it ran an illegal test market of the subsidiary's bone cement from 2002 to 2004.
NEWS
April 20, 1986 | By Diana Henriques, Inquirer Staff Writer
The campaign to persuade corporate America to leave South Africa appears to be working. Nearly four dozen U.S. corporations have pulled out of South Africa in the last 18 months in the face of intensified investor opposition to that nation's policy of racial segregation. The exodus was joined last week by American Telephone & Telegraph Co., which bowed to the wishes of its stock-owning employees and announced plans to eliminate most of its direct business contacts with South Africa.
NEWS
June 19, 1997 | by Mark McDonald, Daily News Staff Writer
One letter begot another, but in the end it appears that the Rendell administration and City Council supporters of a bill to divest the city's pension fund of about $20 million in tobacco company stock are now in harmony. The first letter on Monday came from City Controller Jonathan Saidel and the four municipal union members of the pension board, urging Council to delay action on the bill, which is up for a final vote today. The second letter yesterday was sent by Finance Director Ben Hayllar, telling Council members the administration did not support the board's call for a delay and further study.
NEWS
March 5, 1987 | By Paul Horvitz, Inquirer Trenton Bureau
Despite their well-publicized plans to withdraw from South Africa, some of America's largest corporations are still barred from New Jersey's pension-fund investment portfolio under the state's tough 1985 divestiture law. Such companies as General Motors, Coca-Cola and General Electric, which announced or completed departures from South Africa last year, remain on the state's "target" list. That means pension-fund holdings in those corporations must be sold. According to the state's legal and investment advisers, these and similar U.S. companies, including IBM, appear to retain at least an indirect business presence in South Africa.
BUSINESS
July 1, 2005 | By Jeff Gelles INQUIRER STAFF WRITER
During negotiations that helped win approval for the 2000 merger that gave birth to Exelon Corp., Peco Energy Co. agreed to expand programs aimed at easing the utility-bill burden on the area's poorest families. One new program, begun in January 2004, was designed to serve up to 7,500 households in the toughest straits. So far it has enrolled 14. Overall, Peco has placed about 15,000 households in three new discount programs designed to accommodate up to 40,000 households with incomes below 50 percent of the federal poverty level - in other words, a family of two with income up to $6,415, or a family of four that takes in $9,675 or less.
NEWS
March 25, 1989
TO INCREASE LEVERAGE, INVEST - AS IN S. AFRICA The City of Philadelphia can undertake a far more effective way of combatting racism in South Africa than supporting divestiture and boycotts. Divestiture and boycotts will reduce the city to powerlessness. It will put itself in a position where it cannot influence companies that do business with South Africa and cannot use them to pressure the government to change its policies. To the extent that the stock the city sells and the business it provides are taken up by others who either don't care or perhaps even actively support apartheid, the city will have made the situation worse.
BUSINESS
June 18, 1987 | From Inquirer Wire Services
ITT Corp. yesterday became the third major U.S. company this week to announce plans to withdraw from South Africa. ITT said it had sold its only wholly owned South African subsidiary, an automobile-brake maker, to Glasfin Investments Ltd., a South African company, for 10 million rand, or about $3 million at current exchange rates. ITT said the facility, Alfred Teves Engineering (S.A.) Ltd., has about 300 employees of whom "the great majority" are black. On Sunday, Ford Motor Co. said it would donate the bulk of its 42 percent interest in South African Motor Corp.
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BUSINESS
May 26, 2011 | By David Sell, Inquirer Staff Writer
Without saying they approve or disapprove of such deals, the federal officials supervising the Synthes Inc. divestiture of its Norian subsidiary's assets have indicated - sort of - that Tuesday's $22 million sale to Exton-based Kensey Nash is acceptable. Synthes, the medical-device manufacturer near West Chester, had to shed its Norian assets as part of a plea bargain to settle criminal charges that it ran an illegal test market of the subsidiary's bone cement from 2002 to 2004.
NEWS
April 26, 2006 | By Michael Currie Schaffer INQUIRER STAFF WRITER
Philadelphia Controller Alan Butkovitz thinks the city's pension fund is subsidizing genocide - and he wants to stop it. The controller, who sits on the board that oversees the $4.2 billion retirement fund, is pushing to divest all holdings in firms that do business with the African nation of Sudan. That country's Arab-dominated government has been accused by the United States and others of leading a campaign of systematic murder, rape and arson against the mostly black population of the Darfur region.
BUSINESS
July 1, 2005 | By Jeff Gelles INQUIRER STAFF WRITER
During negotiations that helped win approval for the 2000 merger that gave birth to Exelon Corp., Peco Energy Co. agreed to expand programs aimed at easing the utility-bill burden on the area's poorest families. One new program, begun in January 2004, was designed to serve up to 7,500 households in the toughest straits. So far it has enrolled 14. Overall, Peco has placed about 15,000 households in three new discount programs designed to accommodate up to 40,000 households with incomes below 50 percent of the federal poverty level - in other words, a family of two with income up to $6,415, or a family of four that takes in $9,675 or less.
NEWS
April 29, 2001 | By Andrew Maykuth INQUIRER STAFF WRITER
At the time of the Rev. Leon H. Sullivan's death last week, his contribution to the antiapartheid movement had receded into the footnotes of South African history. Johannesburg's newspapers carried no mention of his passing. The public radio broadcaster, in a brief obituary, was at pains to explain the "Sullivan Principles" to listeners too young to remember. But an older generation recalls the profound effect that the bearlike former Philadelphia pastor had two decades ago on budging South African corporate chieftains to change, initiating a cultural shift that gradually helped undermine the white-minority apartheid government.
NEWS
June 19, 1997 | by Mark McDonald, Daily News Staff Writer
One letter begot another, but in the end it appears that the Rendell administration and City Council supporters of a bill to divest the city's pension fund of about $20 million in tobacco company stock are now in harmony. The first letter on Monday came from City Controller Jonathan Saidel and the four municipal union members of the pension board, urging Council to delay action on the bill, which is up for a final vote today. The second letter yesterday was sent by Finance Director Ben Hayllar, telling Council members the administration did not support the board's call for a delay and further study.
NEWS
April 25, 1997 | By Robert Moran, INQUIRER HARRISBURG BUREAU
State Treasurer Barbara Hafer yesterday urged the state's various pension boards to divest more than $400 million invested in tobacco-related stocks. Hafer said it was a conflict to have such investments now that the state attorney general has filed suit against the tobacco industry in an effort to recoup taxpayer money spent to treat health problems associated with tobacco use. "That suit strengthens my conviction that the commonwealth must get out of tobacco investments," she said at a news conference.
BUSINESS
June 7, 1996 | By Donna Shaw, INQUIRER STAFF WRITER
Rhone-Poulenc Rorer Inc. announced yesterday it was selling a former Fisons PLC manufacturing facility in Rochester, N.Y., to British drug-maker Medeva PLC. The $400 million agreement is part of an RPR divestiture plan, announced in January, to raise $750 million and retire debt incurred in the purchase of U.K.-based Fisons in October. Under terms of the deal, Medeva will pay $370 million for the plant and to license for 4 1/2 years the 10 pharmaceutical products made at the facility.
NEWS
June 6, 1996 | By Russell E. Eshleman Jr., INQUIRER HARRISBURG BUREAU
C. DeLores Tucker brought her campaign against "gangsta rap" to the Capitol yesterday and asked the state employees pension fund to divest its holdings in companies that produce the music. Tucker told the State Employes' Retirement System that the lyrics contained in the songs debased women and African Americans and promoted sex, violence and drugs. "We should not be in the business of subsidizing pornography," Tucker said afterward. The four companies targeted by Tucker, who, when a Pennsylvania secretary of the commonwealth, was a member of the pension fund board, are Time Warner, Seagram, Thorn-EMI and Polygram.
BUSINESS
June 28, 1989 | The Inquirer Staff
Yields on two-year Treasury notes fell in yesterday's auction to the lowest level in a year. The average yield on $8.76 billion in notes was 8.26 percent, down from 8.84 at the last auction of two-year notes on May 24. It was the lowest rate since two-year notes averaged 8.05 percent on June 22, 1988. The notes will carry a coupon interest rate of 8 1/4 percent with each $10,000 in face value selling for $9,998.20. Japan passed Britain to become by far the largest foreign direct investor in the United States, with $196 billion in assets in 1987, the Commerce Department reported yesterday.
NEWS
March 25, 1989
TO INCREASE LEVERAGE, INVEST - AS IN S. AFRICA The City of Philadelphia can undertake a far more effective way of combatting racism in South Africa than supporting divestiture and boycotts. Divestiture and boycotts will reduce the city to powerlessness. It will put itself in a position where it cannot influence companies that do business with South Africa and cannot use them to pressure the government to change its policies. To the extent that the stock the city sells and the business it provides are taken up by others who either don't care or perhaps even actively support apartheid, the city will have made the situation worse.
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