Reported by Star-Bulletin staff & wire
Friday, April 2, 1999
TheStreet.com sets stock-offering priceWASHINGTON -- TheStreet.com set its pending initial public offering at 5.5 million shares with a price range of $11 to $13 a share, Federal Filings Business News reported today. On Feb. 23, the company, an Internet financial news provider, had filed for up to $75 million in common stock but had not detailed terms of the offering. The New York-based company said it plans to use proceeds from the offering to develop new products and expand internationally.
Mitsui O.S.K. to cut 24% of work forceTOKYO -- Mitsui O.S.K. Lines Ltd., one of Japan's top shipping company, will slash about 24 percent of its 2,100-strong work force by March 2001, the company said today.
Mitsui said it will save up tp $50 million by scrapping about 500 jobs from the parent company in the two year period, Bloomberg News reported.
In other news . . .WASHINGTON -- Gillette Co. today said its second-largest shareholder, the private investment banking firm Kohlberg Kravis Roberts & Co., plans to halve its stake in the consumer products conglomerate through the sale of more than 25 million shares worth more than $1.5 billion.
Tokyo's Nikkei stock average shed 37.37 points, or 0.23 percent, closing the week at 16,290.19 points. Yesterday, the index advanced 490.97 points, or 3.1 percent.
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