June 28, 1989 |
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.
April 29, 2001 |
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.
September 17, 1986 |
Gov. Thornburgh said yesterday that the state should partially divest itself of its holdings in South Africa, keeping only those in companies that adhere to the set of voluntary civil rights rules called the Sullivan Principles. Thornburgh's proposal, if adopted by the legislature, would force the divestiture of between $100 million and $150 million of the $1.6 billion invested by the state in companies dealing with South Africa. Pennsylvania has a total of $16 billion in all its investments held by 20 state funds, including pension funds.
March 12, 1986 |
An effort led by black legislators to get the General Assembly to force state and local governments and colleges to divest themselves of investments in companies doing business in South Africa derailed yesterday. "It's quite clear that racism is alive and well in Pennsylvania," state Rep. David P. Richardson Jr. (D., Phila.) commented after the House of Representatives voted to kill or amend the package of five divestiture bills he sponsored. The House voted to defeat, send back to committee or insert damaging amendments in all five of the bills.
March 18, 1986 |
University of Pennsylvania students opposed to the school's present investment policy toward South Africa are taking their fight to a new and unprecedented level. Six students and four student organizations filed suit yesterday in Common Pleas Court seeking to have the Jan. 17 meeting of the Ivy League institution's board of trustees declared void. At that meeting, the trustees voted to hold off action on divesting its South Africa-related stocks for 18 months. If there is no "substantive progress" in conditions in South Africa by that time, the school will begin withdrawing its investments in companies doing business in that racially segregated nation.
January 26, 1986 |
The University Responsibility Committee has given much thought to (the South African divestment) problem, and it has attempted to evaluate all of the viable options. In some ways it is disquieting to write this dissent because I know that all of the members of the committee have pursued with exceptional diligence the formidable task assigned us. Of course I agree with the majority's report insofar as it describes the venalness of apartheid, South Africa's persistent violation of the human rights of nonwhites and the reasons why it is appropriate that the University of Pennsylvania should consider divestment of its ownership of securities in companies that are doing business in South Africa - even when those companies are in full compliance wih the "Sullivan Principles.
November 4, 1986 |
A white American executive of General Motors was named yesterday to head the South African group that will buy GM's South Africa operations, raising new questions about the extent of the company's divestment. W. Robert Price, who worked for GM for 35 years, was joined on the board of the so-called buy-out team by three white South Africans - all of them executives of GM's current South Africa subsidiary. General Motors, which has not made a profit in South Africa since 1981, announced Oct. 20 that it was selling off its subsidiary here after 60 years of operations.
January 26, 1986 |
The University of Pennsylvania has long been concerned with apartheid and the role that American corporations should play in South Africa. Since 1980 Penn has maintained a policy of selective divestment, under which companies in its portfolio are required to adhere to equal and fair employment practices for all employees, as defined in the "Sullivan Principles" or other similar international statements of principles of corporate practice. Penn's trustees toughened that policy in 1982 and 1984, and decided on Jan. 17, 1986, that the time to fully divest is when the trustees conclude that there is no longer a constructive role to be played by U.S. corporations in bringing about peaceful change in South Africa.
July 17, 1986 |
Democratic gubernatorial candidate Robert P. Casey gave a boost yesterday to several bills stalled in the legislature that would require Pennsylvania state and local governments to divest about $2 billion in funds from companies and banks doing business with South Africa. Speaking at a news conference in the La Mott section of Cheltenham Township, Montgomery County, a historic site because it was a major stop on the underground railroad and a training ground for black Civil War troops, Casey charged that his Republican opponent, Lt. Gov. William W. Scranton 3d, had failed to publicly support divestiture.
November 7, 1986 |
When city councils and college boards of trustees decide to sell their investments in companies that do business with South Africa, they're making the easy decision. The tough decisions then fall to the people who manage the pensions and other funds invested by colleges, local governments and other institutions. They must decide what to do with the money. About 50 public fund investment managers attended First Pennsylvania Bank's seminar on current trends in investment management yesterday, asking about what to do with their South Africa funds, among other questions.