Business Briefs

Reported by Star-Bulletin staff & wire

Monday, June 7, 1999

Harnischfeger files for bankruptcy

MILWAUKEE -- Harnischfeger Industries Inc., the world's biggest mining-equipment maker, filed for Chapter 11 bankruptcy protection after it took on debt just as orders dropped and metals prices fell.

Harnischfeger also said it has received commitments for financing of $750 million, which will allow the company to continue to pay employees and provide benefit programs.

Northwest workers authorize strike

CHICAGO -- Northwest Airlines Corp. flight attendants voted overwhelmingly to strike, their union said, setting the stage for the second work stoppage in a year at the nation's fourth-largest airline. They cannot strike until 30 days after the National Mediation Board declares an impasse.

Microsoft unveils new Office 2000

REDMOND, Wash. -- Microsoft Corp. unveiled its Office 2000 package of business software, hoping the upgraded product continues to be a cash cow for the world's top software maker.

E+Offering offers IPOs to customers

SAN FRANCISCO -- E+Offering, the online investment banking firm backed by E+Trade Group Inc., said it has launched its Web site www eoffering.com through which it will allow E+Trade customers the opportunity to buy a piece of initial public offerings.

In other news . . .

The planned merger of BancWest Corp., parent of First Hawaiian Bank, and SierraWest Bancorp. has been approved by the Federal Deposit Insurance Corp. and SierraWest shareholders.

Alexander & Baldwin Inc. purchased an Ontario, Calif., warehouse for $5.3 million.

Utah's No. 1 bank First Security Corp. said it would buy the state's No. 2 bank Zions Bancorporation in a $5.9 billion stock deal.

British Steel Plc said it is taking control of Dutch rival Hoogovens , creating the world's third-largest steel producer.

Of Mutual Concern

News for mutual fund investors

Vanguard Windsor Fund reopening after 10 years

VALLEY FORGE, Pa. -- Vanguard Group is opening its Windsor Fund to new investors for the first time since May 1989 after the fund's assets fell in recent years.

The $19 billion stock fund became one of America's biggest and top-performing funds during the 1980s under the guidance of money manager John Neff, who retired at the end of 1995.

Windsor struggled in the late 1990s as the type of stocks the fund buys, including industrial companies such as Alcoa Inc., lagged until recently. Vanguard Windsor was up 15.5 percent this year at Friday's close, exceeding the 8 percent return of the Standard & Poor's 500 index. The fund, at its peak, had assets of $23 billion in April of 1998 before investors began pulling out. An estimated $3.8 billion was redeemed in the 12-month period ended March 31, according to researchers at Boston-based Financial Research Corp., which tracks fund flows. Vanguard, the second-biggest U.S. mutual fund company, announced in March that Sanford C. Bernstein & Co. would join Wellington Management Co. in running the Windsor Fund.

Merrill Lynch to add 4 closed-end muni funds

NEW YORK -- Merrill Lynch & Co. plans to introduce four new closed-end muni funds in the next few weeks worth as much as $600 million amid increased interest in municipal bonds, the head of its tax-free fund group said. Merrill is planning state-specific funds for New York, Florida, California and New Jersey. The funds will consist of insured bonds and trade on the New York Stock Exchange. The funds will be worth about $100 million, although their value will rise to about $150 million each with the addition of leverage.