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Tue., Jan. 26, 1999

From Staff

Union membership rose by more than 100,000 in 1998, an increase over the previous year. The AFL-CIO attributed the increase to more aggressive organizing. The Labor Department reported that union membership grew to 16.2 million last year.

Microsoft Corp. announced a 2-for-1 stock split, prompting a sharp rise in the share price. Microsoft stock rose $5.62 a share to close at $161.87 in trading on the Nasdaq Stock Market. The split would take effect March 12 if shareholders approve an increase in the company’s authorized common stock.

Swedish telecommunications company LM Ericsson will eliminate about 11,000 jobs - more than 10 percent of its worldwide work force - over the next two years.

Albertson’s Inc. has notified the U.S. Securities and Exchange Commission that it plans to raise as much as $2.5 billion by issuing debt securities. The company also will use some of the money for debt retirement, working capital and other acquisitions.

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Jesse Tinsley

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U.S., Iran stall on Hormuz reopening as oil supplies tighten

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