latest news releases from the newsroom
Bure's Acquisition of Shares in Teleca Implemented
GOTEBORG, Sweden, Jan. 31, 2002 (PRIMEZONE) -- Bure's acquisition of shares in Teleca has been implemented. The acquisition means that Bure's ownership in the merged Teleca/AU-System amounts to 16.0 per cent of capital and 16.8 per cent of votes.
NCC Sells NVS Generating SEK 301 Million Capital Gain
STOCKHOLM, Sweden, Jan. 31, 2002 (PRIMEZONE) -- NCC is selling its wholly owned installation company NVS Nordiska Varme Sana AB to institutional investors, principally the private equity company Segulah. The purchase price is SEK 431 million, following the dividend of SEK 114 million that NVS paid to NCC during 2001. The sale will generate a capital gain of SEK 301 million for the NCC Group, which will affect NCC's earnings for the first quarter of 2002.
Converium Holding AG
Converium Holding Ltd.: Agreement with Crop 1 Insurance to Manage Delivery of U.S. Federal Crop Insurance
ZUG, Switzerland, Jan. 31, 2002 (PRIMEZONE) -- Converium Holding Ltd. (NYSE:CHR) is pleased to announce that its US insurance subsidiary Converium Insurance (North America) Inc. (formerly ZC Insurance Company) has reached agreement with Crop 1 Insurance of Des Moines, IA to manage its delivery of Federal Crop Insurance. The United States Department of Agriculture (USDA) provides private insurance companies the opportunity to sell and service federally subsidized Multiple Peril Crop Insurance (MPCI) to farmers through its Standard Reinsurance Agreement (SRA). In the past 10 years, MPCI has emerged as the preeminent risk management tool used by producers of agricultural commodities in the United States. Roger Cyr, Vice President of Converium Insurance (North America) Inc. said, "Several financial services entities are supplying products and services through Crop 1 to provide an integrated approach to improve farmer's revenue opportunities while managing risk. We look forward to an exciting and bright future."
Stull, Stull & Brody, Los Angeles
Class Action Securities Lawsuit Filed Against Globix Corporation by Stull, Stull & Brody -- GBIX
LOS ANGELES, Jan. 30, 2002 (PRIMEZONE) -- A class action lawsuit was filed by the law firm of Stull, Stull & Brody on January 4, 2002 in the United States District Court for the Southern District of New York, on behalf of those who purchased or otherwise acquired common stock of Globix Corporation ("Globix" or the "Company") (Nasdaq:GBIX) between November 16, 2000 and December 27, 2001, inclusive (the "Class Period").
Securities Sleuth Takes a Look at Need for "Stricter Accounting Standards"
WASHINGTON, Jan. 30, 2002 (PRIMEZONE) -- The Securities Sleuth, http://www.securitiessleuth.com, takes a look at accounting revisions beyond the Enron scandal and the President's desire for more corporate accountability. Specifically, in the last two days PNC Financial Services Group, Inc. (NYSE:PNC) announced that it would be revising its reported net income for 2001 downward by approximately $155 million, Williams Companies (NYSE:WMB) delayed its fourth-quarter results until it assesses its financial relationship with Williams Communications, Anadarko Petroleum Corporation (NYSE:APC) announced it would correct financial results for the third quarter 2001, and Tyco International (NYSE:TYC) revealed in a proxy statement it had paid $20 million to an outside director and a charity for help in securing its acquisition of CIT Group Inc.