Chevron, Kazakhstan oil dealKazakhstan and Chevron Corp...

BUSINESS DIGEST

April 07, 1993

Chevron, Kazakhstan oil deal

Kazakhstan and Chevron Corp. signed an agreement yesterday to develop one of the world's largest oil fields in a deal seen as a bellwether for foreign investment in the former Soviet Union.

The agreement, called the biggest joint venture ever undertaken in a former Soviet republic, provides for Chevron to develop the Tengiz oil field and the much smaller Korolev field in western Kazakhstan over 40 years for about $20 billion.

Dollar's slide against yen halts

The dollar ended a four-day free fall against the yen yesterday as repeated buying of dollars by the Bank of Japan finally curbed the trend in a holiday-hushed market.

In Tokyo, the dollar ended at 114.28 yen, up from 113.69 yen at Monday's close. It rose in London to 114.21 yen from Monday's 113.70. It then slipped in New York to 114.09 yen, but ended

above Monday's close of 113.65 yen.

T-bond prices rise; yield below 7%

The price of Treasury bonds jumped three-quarters of a point yesterday, and the yield dropped back below 7 percent. Traders said the market was proving resilient after Friday's sell-off on inflationary fears, but they suspected that Treasury yields were still locked in a trading range and not headed to new lows. The yield on the 30-year bond ended at 6.96 percent, down from 7.02 percent Monday. The price was up 25/32, to 102 1/32.

Treasury auction resumes

The Treasury Department resumed the auction of securities yesterday with the sale of 52-week and 15-day bills. The bill sales followed congressional action Monday night increasing the statutory limit on the national debt from $4.145 trillion to $4.37 trillion, through Sept. 30.

IBM unveils 40 new models

IBM unveiled 40 new low-priced personal computer models, its first upgrade since entering the competitive "clone" business six months ago.

Analysts said yesterday that the new PS-ValuePoint computers are central to International Business Machines Corp.'s bid to regain market share from the low-cost knockoffs of the computers IBM developed more than a decade ago.

Judge says Vector CEO can stay

Gerald A. Wiegert, who locked his partners out of Vector Aeromotive Corp.'s factory and offices in Los Angeles, can remain as chief executive of the carmaker because of his contract's 90-day notice clause, a judge ruled yesterday.

After a move to remove him as chairman and CEO for alleged misconduct and squandering of company money, Mr. Wiegert locked rebel board members out of the company's offices March 22. Vector's cars, which sell for hundreds of thousands of dollars, are built with space-age composites and come equipped with liquid crystal instrument displays from fighter jets.

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