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BUSINESS
By BLOOMBERG BUSINESS NEWS | January 19, 1996
STAMFORD, Conn. -- Xerox Corp. agreed yesterday to sell its insurance unit to Kohlberg Kravis Roberts & Co. for $2.72 billion as it ends its money-losing foray into financial services.Xerox will take a $1.5 billion charge in the 1995 fourth quarter to sell Talegen Holdings Inc. to KKR, a buyout firm. The sale will result in a loss in the quarter for Xerox, which reported year-earlier earnings of $236 million, or $2.07 a share.The company also agreed to sell its money-management group and Talegen subsidiary, First Quadrant Corp.
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NEWS
By Elizabeth Shogren and Elizabeth Shogren,SPECIAL TO THE SUN | May 14, 2003
WASHINGTON - The greenback will still be green, but it will also be pale blue, light peach and yellow - with a touch of copper. Federal officials, trying to get a step ahead of high-tech counterfeiters, unveiled the new $20 bill yesterday. When it is distributed to banks this fall, the $20 note will be the first bill in decades to add colors to its staid green. A portrait of President Andrew Jackson will still be the central feature. But instead of the traditional off-white, the background will be pastel green on the sides and light peach in the center, around Jackson.
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BUSINESS
By BLOOMBERG NEWS | March 12, 1998
STAMFORD, Conn. -- Xerox Corp. said yesterday that it will sell its Crum & Forster Holdings Inc. subsidiary to Fairfax Financial Holdings Ltd. for $680 million, completing its five-year exit from the financial services industry.Fairfax, a Toronto insurance and investment management company, will pay Xerox $565 million in cash for the commercial property and casualty insurer and assume $115 million of its debt.The purchase is the latest by Fairfax Chairman Prem Watsa, who has built a reputation for buying and turning around insurers.
BUSINESS
By BLOOMBERG NEWS | December 2, 2000
STAMFORD, Conn. - Xerox Corp. had its credit ratings on about $11 billion in debt cut to below-investment grade yesterday by Moody's Investors Service, a move that will heighten the cash crunch at the world's largest copier company. The company also announced 275 job cuts yesterday. The firings follow 350 administrative staff jobs cut last month. All of the recently announced job cuts are separate from the 5,200 layoffs that the company said in March would be carried out by April 2001.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | December 21, 1999
By everyday standards, the leasing of eight digital copiers is hardly worth noting.But years from now, the execution of the small deal yesterday between Advance Business Systems Inc. and Hodes, Ulman, Pessin & Katz in Towson may well stand as a milestone in the development of electronic commerce.That's because the Cock- eysville office equipment company and the Towson law firm struck their deal without paper and with help from eOriginal Inc., a 3-year-old Baltimore company with a patented process that allows users to create, sign, transfer and retrieve documents electronically.
BUSINESS
December 31, 1990
Nearly all American offices have copiers, and the vast majority have facsimile machines and personal computers, according to a survey released by Ricoh Corp., a leading office equipment company.The survey, "Issues in the Office," also found that midlevel managers are increasingly heavy users of these machines, sometimes using them more than their support staff.The survey of U.S. offices found that 94 percent have copiers, 87 percent have personal computers, 78 percent have fax machines and 57 percent have laser printers.
BUSINESS
September 16, 1992
Merger pleases AT&T and NCRThe chief executives of AT&T and NCR said yesterday that the two companies' $7.5 billion merger a year ago this month had been successful and that AT&T's computer operations, troubled in the 1980s, would be profitable in 1992.Robert E. Allen, chairman and chief executive of American Telephone and Telegraph Co., said at a news conference, however, that because the company's computer business now comprises NCR, AT&T's old computer operations and the recently acquired Teradata, comparing this year's financial performance with last year's was mixing "apples, oranges and ++ peaches."
BUSINESS
September 16, 1992
Stocks continuing to slideThe stock market declined broadly today, extending yesterday's slide as traders reappraised the outlook for interest rates worldwide.The Dow Jones average of 30 industrials dropped 5.14 points to 3,322.18 in the first half hour of trading. Losers outpaced gainers by more than 3 to 1 in nationwide trading of New York Stock Exchange-listed issues. Volume on the Big Board came to 28.91 million shares as of 10 a.m.Production off in AugustIndustrial production fell 0.5 percent in August, the government said today, due in part to the effects of Hurricane Andrew and a strike at a General Motors parts plant.
SPORTS
By Vito Stellino and Vito Stellino,Staff Writer | November 6, 1992
ASHBURN, Va. -- Stan Gelbaugh, pro football's traveling man, doesn't get easily discouraged.Now working with his ninth team and third league, spanning three different countries, Gelbaugh still is enthusiastic that he's the starting quarterback for the 1-7 Seattle Seahawks heading into Sunday's game against the Washington Redskins.It's better than the alternatives."Like working," Gelbaugh said with a laugh. "It beats selling copiers. That's what I always remind myself every now and then, and if I forget it, my wife reminds me."
NEWS
October 12, 1993
IN 1876, Johns Hopkins University's first freshmen had no electric lights; many burned oil, past midnight. In 1993, ceiling lights are on and screens are lit arounnd the weekday clock -- in Krieger Hall's computer lab. Fifty Macs, 35 or so PCs; no reserved machines, just sit down and log in.Of course, many members of the new, largest-yet Class of '97 brought their own along: sound system here, word system there. What with modems and networks, maybe a few have gone back to the ways of 1876 -- messaging home, instead of phoning collect.
BUSINESS
By BLOOMBERG NEWS | March 28, 2000
STAMFORD, Conn. -- Xerox Corp., the world's No. 1 copier company, plans to announce this week that it will cut at least 2,500 jobs to reduce costs and take a pretax, first-quarter charge of as much as $700 million, analysts said yesterday. The company is likely to cut between 2,500 and 5,000 jobs, analysts said. Xerox has said the cuts will be fewer than the 10,000 eliminated in a 1998 restructuring program. The company is likely to contract out some manufacturing, notably for the housings of some printers and copiers, analysts said.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | December 21, 1999
By everyday standards, the leasing of eight digital copiers is hardly worth noting.But years from now, the execution of the small deal yesterday between Advance Business Systems Inc. and Hodes, Ulman, Pessin & Katz in Towson may well stand as a milestone in the development of electronic commerce.That's because the Cock- eysville office equipment company and the Towson law firm struck their deal without paper and with help from eOriginal Inc., a 3-year-old Baltimore company with a patented process that allows users to create, sign, transfer and retrieve documents electronically.
NEWS
By Mike Farabaugh and Mike Farabaugh,SUN STAFF | February 24, 1999
Five Westminster residents have been charged by criminal summons, accused of conspiring to produce and pass counterfeit $20 bills since Jan. 1, Westminster police said yesterday.A 16-year-old girl was charged as a juvenile, and at least one other adult might be charged within a week, said Lt. Dean Brewer, a police spokesman.Also charged were Michael T. Dill, 18, of the 1900 block of Meadow Drive; Ryan M. Hill, 19, of Silver Meadow Lane; Kelly N. Mayo, 19, of the 700 block of Johahn Drive; and Michael C. Latini, 20, of the 500 block of Old Westminster Pike.
BUSINESS
By June Arney and June Arney,SUN STAFF | February 17, 1999
For $150,000, Action Business Systems President Bill Wallace wants to be able to use his skybox at PSINet Stadium more than 10 times a year.He has done just that by effectively turning the company skybox into a downtown office to sell the complete line of Toshiba products for which he has exclusive rights in the area.Theresa Abato, whose job is managing the Ravens stadium's 108 private suites, hopes more people will follow Wallace's lead, making the stadium into a downtown office park in its own right.
FEATURES
By SUSAN REIMER | October 6, 1998
LET ME GO on record as saying that there are too many pieces of paper in my life, in all our lives. Kids in school are endlessly bringing home papers for you to read and for you to sign. My kids lose most of those papers, and there are still too many of them in my life.There are too many pieces of paper in my children's lives, too. They are forever having to color this one and show all their work on that one and fill in the blanks on another. My kids lose these papers, too, and still there are plenty of papers in their lives.
BUSINESS
By BLOOMBERG NEWS | March 12, 1998
STAMFORD, Conn. -- Xerox Corp. said yesterday that it will sell its Crum & Forster Holdings Inc. subsidiary to Fairfax Financial Holdings Ltd. for $680 million, completing its five-year exit from the financial services industry.Fairfax, a Toronto insurance and investment management company, will pay Xerox $565 million in cash for the commercial property and casualty insurer and assume $115 million of its debt.The purchase is the latest by Fairfax Chairman Prem Watsa, who has built a reputation for buying and turning around insurers.
BUSINESS
August 26, 1992
Market opens lowerThe stock market opened lower today in New York after a weaker-than-expected report on factory orders for durable goods that sowed more concerns about the economy.At 10 a.m. on Wall Street, the Dow Jones average of 30 industrial stocks was down 6.48 points to 3,225.74. Declining issues slightly outnumbered advancing ones on the New York Stock Exchange, with 546 up, 603 down and 616 unchanged.Card issuers sue telemarketersVisa U.S.A. and Mastercard are suing four telemarketing companies in what is being called the largest international credit-card fraud yet to date.
NEWS
By John Rivera and John Rivera,SUN STAFF | April 12, 1997
The FBI's white-collar crimes squad is accustomed to nabbing accountants who cook their books and executives who skim from their company's accounts.But increasingly, agents find themselves dealing with a different kind of white-collar criminal: organized gangs that see the opportunity for easy money in check fraud.Using high-tech equipment, the gangs produce high-quality counterfeit checks that are hard for even experienced eyes to detect."Right now we have probably a half-dozen cases going on organized groups," said Kevin L. Perkins, supervisory special agent for the FBI white-collar crimes unit in Baltimore, which includes 10 agents and four full-time financial analysts.
NEWS
By John Rivera and John Rivera,SUN STAFF | April 12, 1997
The FBI's white-collar crimes squad is accustomed to nabbing accountants who cook their books and executives who skim from their company's accounts.But increasingly, agents find themselves dealing with a different kind of white-collar criminal: organized gangs that see the opportunity for easy money in check fraud.Using high-tech equipment, the gangs produce high-quality counterfeit checks that are hard for even experienced eyes to detect."Right now we have probably a half-dozen cases going on organized groups," said Kevin L. Perkins, supervisory special agent for the FBI white-collar crimes unit in Baltimore, which includes 10 agents and four full-time financial analysts.
FEATURES
By Melissa Grace and Melissa Grace,SUN STAFF | March 6, 1996
For pulp-publishing, the future has arrived. It's a machine of the 21st century. Its inventors and its operators say it will revolutionize what people read, how they are educated and even how they do business.It's 20 feet long. It will work 24 hours a day. It's called DocuTech.Several of these beasts are out there right now, hard at work, and one is poised to crank up the hum and the drum of Maryland's publishing subculture.With it, owner Paul Coates -- founder and publisher of Baltimore-based Black Classic Press -- is evolving from publisher to printer-publisher.
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