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FINANCIAL MARKETS W
COMMODITIES
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CNY (Carvar Bancorp Inc.) 1} ant
AMB (Amar Bharod HoapBal)
C?C (Caraona, Inc.) 71/8
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The equal dollar weighted index of lomparuex din are either owned or nptraltd by African-Americana
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PuMitheri Inc . an organisation that repretenu more than 200 African-American newxpeperx acroxt die
Untied Stalex I
e.
Former Hockey Star
Focuses on Investing
Derek Sanderson spent the
1970s starring on a Boston Bruins
hockey team that won two Stanley
Cup championships. Today,
Sanderson, 52, is a managing
director of the sports group at
State Street Research A Manage
ment Co., he spends his time talk
ing with' sports agents about the
need for professional athletes to
save for their future.
"Athletes make a lot of money
and many of them spend it as
quickly as they make it," said
Sanderson. "The key is for athletes
to learn as early in their careers as
possible that they have to save and
the agent is the catalyst in the
learning process," he also said.
Sanderson's business group, orga
nised in October, helps manage
about $45 million for almost 100
former and current professional
athletes.
Boston-based State Street
Research, which is owned by Met
ropolitan Life Insurance Co.,
introduced a mutual fund that
only accepts investments from for
mer and current professional ath
letes, as well as sports umpires,
trainers, agents and their families.
The mutual fund has a lower min
imum initial investment than the
private client account. The State
Street Research Athletes Fund has
attracted about $15 million since
opening at the end of March,
1998.
Bloomberg News
Nissan Motor Co. Plans to
Increase Minority Dealers
Nissan Motor Co., the sixth
largest vehicle seller in the U.S.,
plans to boost minority-owned
dealerships by 25% as it seeks to
reverse declining car and truck
sales across the country. The move
comes after General Motors
Corp., the world's biggest
automaker, announced their plans
to recruit more minority dealers.
Nissan has struggled as rivals
Honda and Toyota report record
sales.
I Ford Motor Co. has the high
I est percentage of minority-owned
? dealerships and their minority
recruitment program has been in
existence since 1984. "It's really up
to the companies to devote the
resources and encourage minority
ownership," said Ford spokes
woman Joy Wolfe.
Nissan said it will link the com
pensation of executives to their
performance in appointing minor
ity dealers. It also appointed a task
force and two new executive posi
tions to oversee minority represen
tation in North America.
Bloomberg Mews
; Carson Inc. to Buy Johnson Products Co.
? IVX Bioscience will sell the
! stock of its personal care product
' subsidiary, Johnson Products Co.,
Inc., to Carson, a global manufac
turer and marketer of ethnic hair
\ care products. Johnson Products
; develops, manufactures and mar
? kets a variety of hair care products
' and cosmetics designed primarily
for African-American consumers.
Its hair care products are sold
. under the Johnson Products name
and include brand names such as
Gentle Treatment, Ultra Sheen,
Precise, Bantu and Afro Sheen,
and its cosmetics are sold under
the Posner name. Johnson Prod
"ucts also owns the Flori Roberts,
Patti LaBelle and IM AN cosmetic
i lines and the Derniablend line of
! corrective cosmetics.
Carson has agreed to pay $70
million for Johnson Products hair
. care products and Posner cosmet
; ics businesses, and an undisclosed
; amount for the other cosmetics
'? lines. The parties have entered into
a contractual arrangement with
" respect to the Flori Roberts, Patti
La Belle and I MAN cosmetics lines
and the Dermablend corrective
cosmetics line, granting Bioscience
the right to sell such cosmetics
lines to third parties. "This sale -
completes the divestiture of our
significant non-pharmaceutical
businesses, and allows manage
ment to focus its efforts on the
recently announced strategic
" This sale completes the
divestiture of our signifi
cant non-pharmaceutical
businesses, and allows man
agement to focus its efforts
on the recently announced
strategic restructuring of
our company."
Phillip Frost
restructuring of our company,"
said Phillip Frost, Bioscience
Chairman and CEO. IVAX Cor
poration, dba IVX Bioscience,
Inc., is a holding company with
core subsidiaries engaged in the
research, development, manufac
ture and marketing of generic and
branded pharmaceuticals.
"We are very pleased to add
one of the premier ethnic personal
care businesses to Carson's leading
global portfolio of products. This
acquisition will enable us to pro
vide retailers and consumers a
broader, more complete selection
of high quality products specifical
ly formulated for people of
African descent. The opportuni
ties internationally using the exist
ing Carson infrastructure are excit
ing as well," said Carson, Inc.,
Acting CEO, Vincent Wasik. Car
son, Inc. sells its products in the
U.S. and in over 60 countries
around the world under the names
Dark & Lovely. Excelle, Beautiful
Beginnings, Dark & Natural.
Magic and Let's Jam.
Bloomberg News
v
What Blacks Think
About Corporate America
Most Black professionals think
discrimination is still common in
big corporations, but they're large
ly positive about their own
employers and bullish about their
career prospects, according to an
exclusive poll in the July issue of
FORTUNE.
FORTUNE commissioned the
Joint Center for Political and Eco
nomic Studies in Washington to
conduct the nationwide poll. The
results provide what the magazine
describes as a richly textured and
sometimes contradictory portrait
of attitudes.
More than two-thirds of the
750 respondents described them
selves as optimistic about their
Ross Technology
Prepares For
uOrderly
Shutdown"
Ross Technology said it .tyill
fire 93 employees, or about
half its workforce, as part of
an "orderly shutdown"
because of evaporating sales
of its computer chips used in
Sun Microsystems Inc. work
stations. The Austin, Texas
based company, which is 60
percent-owned by Japanese
chipmaker Fujitsu Ltd., said it
will shrink its operations to a
group of engineers and man
agers to oversee sales of
microprocessors to existing
customers through the end of
the year. The remainder of the
employees will be transferred
to its newly formed Bridge
Point unit. It is "highly
unlikely shareholders will
recover anything," the compa
ny said.
Ross Technology, once a
major supplier of micro
processors for engineering
workstations using Sun's tech
nology standards, has been
trying to find a buyer with no
success. The company has
been squeezed as Sun shifts to
other suppliers including
Fujitsu. An effort to revive
sales with a line of its own
workstations has been unsuc
cessful so far.
j
Fujitsu provided $50 mil
lion to Ross Technology for
emergency funding last year.
Sun also owns a 5 percent
stake in the company.
Bloomberg News
professional future* in corporate
America, and more than half said
they expected to be promoted
within five year*. But when asked
if workplace discrimination is still
common or rare, 81 percent said it
is still common while 13% said it is
rare. A huge gap was also seen in
response to a question about pay
equity: 76% said no when asked
whether Blacks and Whites of
equal training and experience were
being paid equitably, compared to
17% who answered yes.
i
The poll contained tome real
surprises - most strikingly, 41% of
Black professionals said they
would accept a job at a corpora
tion that had recently been found
guilty of discrimination, while a
slightly lower number, 40% said
they would not. The main reason
seems to be that given their experi
ences, Blacks typically accept that
organizations will be somewhat
discriminatory, and there is also an
element of pragmatism in the post
Texaco era; people might feel that
a situation would improve If the
company had already been found
guilty of discrimination.
? * , e
i.
Asked what kind of job corpo
rate America is doing in promot
ing Blacks on an equitable basis,
40% said poor; 33% said fair; 18%
said good; and 1% said excellent.
Sixty-four percent of respondents
said they would advise young
Blacks to pursue careers as entre
preneurs, with less than a quarter
recommending a corporate career.
A ?imilarly large number, 68%
expressed a desire to start their
own businesses. And 50% of
respondents felt that Black leaders
should spend more time on busi
ness, while 31% said they should
spend more time on politic*. Com
plete result* and further explana
tion of the method* used are avail
able on www.fortune.com.
Bloomberg News
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