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To: Urlman who wrote (12584)	8/5/1998 7:34:00 AM
From: Glenn D. Rudolph	Respond to of 164684

PRESS DIGEST- New York Times business - Aug 5 Reuters Story - August 05, 1998 02:44 %ELC %DE ALD AMP GM F CSCO AOL C PRH DOL PG CCI V%REUTER P%RTR UKI U E SP500 D NAT JP BUS AUT DPR US USC MUNI PRESS CGO TEL AER INS GM.N ALD.N AMP.N F.N C.N AOL.N NEW YORK, August 5 (Reuters) - The New York Times reported the following business stories Wednesday: * Slower earnings growth, the Asia crisis and a strong dollar were blamed for a stampede of investors out of U.S. stocks on Wednesday. * AlliedSignal made a $9.8 billion hostile bid for AMP . * General Motors said it would cut as many as 1000 jobs in a bid to save between $200 million and $300 million a year in costs. * Ford's July U.S. car and light truck sales fell 3.8 percent. * Cisco fourth quarter profits rose. * America Online fourth quarter revenues and operating profit rose. * Sunbeam and Albert Dunlap, its dismissed chief, reached an agreement to fight shareholder lawsuits and to cooperate on an investigation by the SEC into accounting. Dunlap also resigned from the company's board. * Chrysler said it achieved $2.1 bilion in cost savings through a 1998 program. * Two top executives are to resign from recently formed hotel chain Promus . * Dole Food bought two flower companies and has made an offer for a third. * Procter & Gamble said it would accelerate its share repurchase program. * Citibank has bought a Banca Confia fund for $195 million.