Andrew Grove, who has been at Intel Corp. since its creation 30 years ago, is resigning as chief executive and will be replaced by Craig Barrett, the computer chipmaker's No. 2 executive.
The company said this morning that Grove, 61, will stay on as chairman and Grove said in a statement he would focus on broad strategic issues.
Grove revealed in 1996 that he had prostate cancer. There was no indication this morning whether his illness played a role in his leaving the chief executive job.
Time magazine named Grove its 1997 "Man of the Year," calling him a great entrepreneur whose product "propels a new economy." Intel, with a market value of $137 billion has been a driving force behind the computer industry's emergence as a driving force in the U.S. economy. Intel makes 90 percent of the world's microprocessors.
GM mulls buying 50% of Daewoo
SEOUL, South Korea (Bloomberg) -- General Motors Corp. could acquire a stake of as much as 50 percent of Daewoo Motors as part of an alliance the companies are considering, Daewoo Chairman Kim Woo Choong said today.
The investment would follow an agreement in early February in which the Daewoo Group and GM said they would explore sharing vehicle production. The alliance is part of GM's effort to expand in Asia and Daewoo's plans to reduce debt.
Kim didn't provide further details.
GM said it had no agreement to announce. "Discussions are still under way," said GM spokesman John Pekarek. "Everything is possible in negotiations."
Emergency OPEC meeting called
LONDON (AP) -- OPEC ministers plan to gather next week for emergency talks about pledges to restrain oil production in an effort to push crude prices higher.
Traders are skeptical that the oil-producing nations can live up to recent promises to slash output by up to 2 million barrels a day. The pledges by individual oil exporters have come to just a little more than half that amount, and experts say it remains uncertain whether each country will actually cut as much as it says.
But news of the emergency meeting, announced Wednesday by the 11-nation by Organization of Petroleum Exporting Countries, gave a lift to oil prices in the futures markets. On the New York Mercantile Exchange, light sweet crude oil for May delivery closed up 56 cents at $16.48 per barrel.
PSC sued over 25 pay-call cap
ALBANY (AP) -- New Yorkers may have to deposit another dime in the pay-phone to make local calls if Bell Atlantic Corp. has its way.
The telecommunications giant has filed a lawsuit against the state Public Service Commission in state Supreme Court to invalidate its rule fixing pay-phone rates for local calls at 25 cents.
Last fall, Bell Atlantic raised pay-phone costs in eight other states to 35 cents a call.
5-year T-note yields rise
WASHINGTON (AP) -- Yields on five-year Treasury notes rose in Wednesday's auction.
The high yield was 5.620 percent, up from 5.605 percent at the last auction on Feb. 25. It was the highest rate since five-year notes sold for 5.685 percent on Dec. 23. The notes will carry a coupon interest rate of 5 1/2 percent with each $10,000 in face value selling for $9,948.30.
Airwaves auction nets $578 million
WASHINGTON (AP) -- Government licenses to provide telephone, television and Internet services via new wireless technology fetched $578.6 million at an auction that ended Wednesday.
The Federal Communications Commission auction, which opened Feb. 18, closed after 128 rounds in which 139 companies submitted bids. Of 986 licenses on the block, 864 were sold.
TCI reports 4th-quarter loss
ENGLEWOOD, Colo. (AP) -- Tele-Commmunications Inc. lost $392 million in the fourth quarter on lower revenue, the cable giant reported.
The loss compared to a profit of $722 million in the fourth quarter of 1996. Revenue dropped 11 percent to $1.92 billion from $2.16 billion, reflecting the spin-off of TCI's satellite business and a change in the way it accounts for results of its electronic retailing services.