Monday, September 3, 2001
Kraft considers buying spree, says online reportLONDON >> Kraft Foods Inc., the largest U.S. food company, is looking for acquisitions in health foods, snacks and drinks, according to an interview today in the online edition of the Financial Times.
Kraft's joint chief executives, Betsy Holden and Roger Deromedi, told the FT they were looking for "tack-on" acquisitions and were planning to use recent purchases as platforms for a broader range of products.
Although the food industry has been through a wave of large deals, beginning with Kraft's purchase of Nabisco and the sale of Bestfoods to Uni-lever, analysts and investment bankers expect a strong pace of smaller-scale activity from disposals and auctions.
Libya tells U.S. oil firms to return or lose rightsTRIPOLI, Libya >> If U.S. firms do not return to oil fields they were forced to abandon because of sanctions against Libya, they will lose their rights to the fields, Libya's foreign minister said yesterday.
At the same time, Abdel-Rahman Shalqam expressed, in some of the most direct terms ever, Libya's desire to reconcile with the United States, which maintains a unilateral embargo imposed on this oil-rich North African country in 1986.
"Libya desires a resolution with America," Shalqam said after meeting with Italy's foreign minister, Renato Ruggiero.
Shalqam's remarks came a day after Libyan leader Moammar Gadhafi railed againstWashing-ton in a speech marking the 32nd anniversary of his rise to power.
Washington, which accuses Libya of sponsoring terrorism, recently extended sanctions against foreign companies conducting business with Libya by five years.
Morgan Stanley mulls sale of plane-leasing unitLONDON >> U.S. investment bank Morgan Stanley is considering selling its Ansett Worldwide aircraft leasing business, though tough market conditions could depress the unit's $5 billion asset value, the online edition of the Financial Times said today.
The bank acquired Ansett Worldwide for an undisclosed sum in February 2000 from joint owners News Corp. and TNT Post of the Netherlands, which combined with its existing Morgan Stanley Aircraft Holdings unit created the world's third-largest aircraft leasing company.
Morgan Stanley would not comment to the newspaper, which cited industry sources saying it had sounded out potential buyers for the business after completing the integration of the two units.
Ansett Worldwide has 173 aircraft leased to more than 40 airlines, the paper said.
NEW JOB>> Robert Oneha has been named sales account executive at the Kahala Mandarin Oriental Hawaii. He will serve as the resort's contact for corporate travel and the entertainment industry. Oneha previously served as assistant to the sales manager for meeting and incentive groups and Asia/Japan senior sales manager.
PROMOTION>> Verizon Hawaii has promoted Nelson Tanaka to manager of customer operations for Maui County. He was previously senior sales engineer. Tanaka, who joined the company in 1969, will oversee Verizon's residential and business operations on the islands of Maui, Molokai and Lanai.
RECOGNITION>> Mo' Better Massage President Cindy Chang has received certification in acupuncture from the National Certification Commission for Acupuncture and Oriental Medicine. In addition to acupuncture, Chang is also certified in cosmetology, massage therapy and aromatherapy.