Reported by Star-Bulletin staff & wire
Tuesday, March 18, 1997
SACRAMENTO, Calif. -- The California Public Employees Retirement System, the nation's largest public pension fund, said it will cease dealing with Japan's scandal-plagued Nomura Securities Co. Calif. pension fund
dropping NomuraThe $110 billion pension fund, known as CalPERS, also said it will begin to manage more of its own domestic funds rather than rely on outside managers.
Nomura has been tainted by alleged illegal stock transactions on behalf of a racketeering group.
Nomura Capital Management Inc., a unit of Nomura Securities, manages $185 million for the $7 billion Hawaii's Employees' Retirement System. Stanley Siu, the ERS' administrator, said last week that he has been assured by Nomura that questionable trades do not involve ERS investments. But, he said, ERS trustees will discuss their dealings with Nomura Capital next month.
FORT WORTH, Texas -- American Airlines said today that federally mediated labor negotiations with its pilots union have been productive and it expected a tentative settlement by the end of the week. American Air predicts
tentative pact soonAmerican, a unit of AMR Corp., said the tentative settlement would be presented to the board of the Allied Pilots Association at a meeting Friday in Washington.
The nation's No. 2 airline and its pilots union resumed talks Friday for the first time since a week of intensive negotiations broke down without an agreement Feb. 14.