To: Hawaii60 who wrote (12822 ) 8/8/1999 10:33:00 PM From: orkrious Respond to of 30916
We're back in TSCM. This time it's positive (or at least least neutral). Is it reasonable to assume that this is in return for the GE investment that was disclosed before?thestreet.com Weekend Report: Cisco Puts $1 Billion Into KPMG to Build Net Services By Brian Louis Staff Reporter 8/8/99 7:46 PM ET Not counting sports, big news was scarce this weekend, although there are a few tidbits to pass along. Cisco (CSCO:Nasdaq) said it was making a $1 billion investment in KPMG LLP, the accounting and consulting firm, The New York Times reported. Under terms of the deal, KPMG, part of KPMG International, will use the money to hire 4,000 engineers and service professionals over the next 18 months to deliver Net-based data, voice and video services to its business and consulting clients, the Times reported. Cisco, in return for its investment, will own a stake of less than 20% in KPMG's U.S. unit, according to the newspaper. Internet portal Snap.com, owned by NBC and CNet (CNET:Nasdaq), said today it signed a deal to market products from Web telephony provider Net2Phone (NTOP:Nasdaq) on NBC Web sites, according to a Reuters report. In exchange, Snap.com, NBC and GE Capital will acquire equity stakes in Net2Phone. NBC and GE Capital are units of General Electric (GE:NYSE). The automaking unit of South Korea's Daewoo Group plans to raise $3.5 billion via a strategic alliance with General Motors (GM:NYSE), lead creditor Korea First Bank said yesterday, according to Reuters. On Friday, Daewoo Motor's president said Daewoo was willing to surrender managerial rights to GM in an effort to reach an alliance, the report said. American Tower (AMT:NYSE) said today it would acquire the rights to 2,100 communications towers from AirTouch Communications, a unit of Vodafone AirTouch (VOD:NYSE ADR). Brewery workers at Anheuser-Busch's (BUD:NYSE) 12 U.S. breweries approved a new five-year national contract. The workers are represented by the International Brotherhood of Teamsters. CNet also said that until Aug. 31 it is waiving normal fees for a standard listing on its online auction site, offering sellers a basic listing for free. As for some of the sports news from over the weekend, on Friday night, the San Diego Padres' Tony Gwynn smacked his 3,000th hit, while on Saturday Wade Boggs of the Tampa Bay Devil Rays became the first player to hit a home run to mark his 3,000th hit.