Insurers to form computer network for linking agents

Article Abstract:

The Alliance for Productive Technology is a venture formed by a group of insurers and two database management companies that aims to provide a computer network designed to hasten the processing of policies and the flow of price information. The venture hopes to create a standardized software system to let insurance agents transmit and retrieve information from several companies without having to re-enter policyholder data several times. Some insurance industry analysts and consumer groups have expressed skepticism, in part because the venture excludes the direct insurance writers that have their own sales personnel and do not rely on independent agents.

INSURANCE CARRIERS, Data processing and preparation, Computer networks, Usage, Insurance industry, Technology application, Information storage and retrieval, Networks, Insurance Policy Handling, Claims Processing, Alliance for Productive Technology

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ITT may sell some or all of 37% stake in Alcatel telecommunications venture

Article Abstract:

ITT Corp stock jumped $2 to close at $54.75 on May 10, 1990, after it announced that it may be willing to divest some or all of its 37 percent stake in Alcatel N.V. Alcatel was formed in 1986 as a joint venture between ITT and Compagnie Generale d'Electricite (CGE) in which ITT sold all its European telecommunications to CGE in exchange for $1.3 billion and a 37 percent stake in Alcatel. ITT has the option to sell its stake without CGE's permission until the end of 1990. ITT's stake is estimated to be worth $3 billion and investors believe that the company will use the proceeds to buy back securities.

COMMUNICATION, Mergers, acquisitions and divestments, Telecommunications services industry, Telecommunications industry, Investments, Securities, Business planning, Alcatel N.V., ITT, ITT Corp., Compagnie Generale d'Electricite

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GE is fined $10 million in criminal case

Article Abstract:

General Electric Co agrees to pay a $10 million criminal fine, as well as an additional $20 million in unrelated civil penalties in connection with inflated defense contract billings. The fine follows a guilty verdict that states GE misrepresented subcontracting costs and concealed cost reductions in connection with a contract the firm had with the US Army to install a mobile battlefield computer system. The fine is the second largest against a defense contractor. The additional $20 million in civil fines are connected with unrelated defense contracting matters that also involve over-charging.

Electronic computers, National security, Computer industry, Cases, Fraud, General Electric Co., GE, United States. Department of Defense, Defense contracts, Lawsuits, Defense Contract

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