Newsday (Nassau Edition) from Hempstead, New York • 59

jY'Vf Htmum ho 1BUSIN SAVE 55 to 60 off comparable retaS prices wtren you TAKE AN EXTRA i si i ALREADY REDUCED SPRING SUfAMER FASHIONS SUITS and DRESSES SPORTSWEAR COORDINATES SHORTS PANTS and SKIRTS TOPS and BLOUSES JACKETS LOUNGEWEAR SLEEPWEAR INTIMATE ACCESSORIES AND MORE! (MnwBOfnothcUted) out against brokerages trying to steal its clients Bloomberg Business News reported Now Kidder has sued a client IAG International Acceptance Group NV which asked CS First Boston to underwrite a $25 million bond IAG had a contract to use Kidder aa its exclusive investment banker for three yean KuMg their own needs ahead of the said William Benedetto chairman of a private investment banking firm Allowing IAG to violate the contract would be an admission of weakness Benedetto said BOILING OVER Coffee futures surged for toe third straight session aa the conviction grew that weekend freeze in Brazil was a disaster for the leading coffee producer Experts say up to 50 percent of 1994-95 harvest may be lost Coffee wh olesalers in this country already have begun raising prices be-cause of worst freeze in nearly 20 years and with winter only beginning in the Southern Hemisphere plenty of time for even more damage The September contract at toe New York Coffee Sugar and Cocoa Exchange gained 1690 cento and settled at $18985 a pound up 48 percent since Friday FEDERATED PERSISTS Federated Department Stores Inc is sweetening the pot for bond holders in an attempt to win the support for its takeover efforts Bloomberg Business News reported Federated is to pitch a proposal to RH Macy board of directors on Friday The retailer will toy to sway dissident directors with a plan that offers nunc to bondholders according to a person familiar with the negotiations has vowed to remain independent But LARGE SIZES FOR LESS CABLE PLACE 177 Cove Road (516) 741-7027 CA Takeover Leads to Egress At Ingres Corp ABOUT HALF of the 250 software engineers at a California company have quit or been fired in the wake of its takeover by Computer Associates International Inc Bloomberg Business News reported The mass exodus at Alameda-based Ingres Corp was prompted in part by a protest over Computer denial of benefits to unmarried domestic A partners of em- ASK GrOUp ployees and by a new rule barring employees who leave from joining rival software companies said Eric Carlson former chief executive of ASK Group Inc Ingres parent Computer Associates last month agreed to acquire ASK Group for $310 million The exodus includes some of the top software designers analysts say and complicates Computer efforts to absorb the database software company In a one-paragraph statement Ishuidia-based Computer Associates said it had the difficult of reducing staff departing ASK employees even those who decided to leave will receive generous severance Computer Associates said adding that it provided the benefits we do not want anyone with us who does not wish to be with RISING TEN Market watchers were left wondering if the dollar was falling or the yen rising yesterday as the Japanese currency gained sharply in value against all major currencies The dollar traded at a new post-World War II low of 9855 yen but gained against key European currencies by nearly half of 1 percent Ironically the prevailing arguments for buying yen were based on reports from Japan that the government there will continue to be unstable for at least the next several months is very said Josh Feinman global markets economist at Bankers Trust more disarray in the stronger the STILL GOING STRONG Led by surprisingly strong consumer spending the economy grew solidly during the harsh winter of 1994 The gross domestic product increased at a 34 percent annual rate in the first three months of this year the Commerce Department said The gross domestic product which measures the total value of goods and services produced in the United States rose at a sizzling 7 percent rate in the final quarter last year While expansion has eased dramatically this year the latest figures show Americans continuing to spend at a robust pace BROKER FINED Merrill Lynch Co has agreed to pay $4 million to more than 3600 investors to settle accusations that its brokerage unit improperly made money on the investments in convertible Merrill Lynch not admit hut the New York Stock Exchange fined it $90000 Merrill Lynch had told its investors that at a future date they had to choose between cashing in their securities or converting them into common stock But Merrill failed to tell the investors that if they chose the lees profitable option mA Merrill Lynch would make money on their decision by converting their securities anyway and pocketing the difference POACHERS STRIKE Although weakened bond "Ij1 Kidder Peabody ft Ca hat sale enriched plan if backed by enough Mary directors would boost the chances of the bankruptcy court approving a merger of Federated and as part of the Chapter 11 reorganization EBB TIDE The flow of money into mutual funds remains spotty according to the latest report from the Investment Company Institute The industry group said net cash flow into longterm funds totaled $117 billion in May up from $87 billion in April But that was barely half the mrnint fht poured into the funds a year ago RnnH funds did far worse however with a net outflow of $411 million The bonds funds wow drained of $29 billion in April FREE GIFT WITH ANT $10000 FEN PURCHASE! HARABUZTI TABLE 30" top Folds up for easy storage Spring action mechanism Precision made List: $51000 PEARL $19995 10NTHE RAILROAD LINK Telephonic Corp a unit of Jericho-based Instrument Systems Corp received a contract worth more than $10 million Bloomberg Business News reported Telephonies will supply Elmira Heights-based ABB Traction Inc with communications equipment for 222 new subway can for the Market-Frankford railroad line which is now being built by the Southeastern Pennsylvania Transportation Authority The equipment includes radios public address systems and electronic signs HAWKEYE WORK The Navy has awarded Northrop Grumman Corp a $638 million contract to upgrade four E-2C Hawkeye surveillance planes Bloomberg Business News reputed Factories in Bethpage and St Augustine Fla will improve the surveillance and communications fypKilitiea nf tha four planes DIGITJLL DEAL InterDigital Communications Corp said it has received five Defense Department contracts worth a total of $12 million Bloomberg Business News reported The Great Neck company specializes in digital wireless technology CompUedbyMarkJMcOarTyfhmitafrunrireporU BREKEL SK0SP VUUI1E STEED HOT9-TOOL HI 20 bite -MuU purpose (JUKI 1 -EJunuunr i i anaiooc Adi 701) Stock Two Styles 525x85 List: $895 KAIL $491 85 11" List: $1195 KAUSAS9 2411 Huupifit Tpka East Meadow NY 11554.