There/EX were/VBD many/JJ pioneer/NN PC/NN contributors/NN ./. William/NNP Gates/NNP and/CC Paul/NNP Allen/NN in/IN 1975/NN developed/VBD an/ART early/JJ language-housekeeper/NN system/NN for/IN PCs/VB ,/, and/CC Gates/NNP became/VBD an/ART industry/NN billionaire/NN six/CD years/NNS after/IN IBM/NN adapted/VBD one/CD of/IN these/DT versions/NNS in/IN 1981/NN ./. Alan/NNP F./NN Shugart/NNP ,/, currently/RB chairman/NN of/IN Seagate/NNP Technology/NN ,/, led/VBD the/ART team/NN that/WDT developed/VBD the/ART disk/NN drives/VBZ for/IN PCs/VB ./. Dennis/NNPS Hayes/NN and/CC Dale/NN Heatherington/NNP ,/, two/CD Atlanta/NN engineers/NNS ,/, were/VBD co-developers/NN of/IN the/ART internal/JJ modems/NN that/WDT allow/VB PCs/VB to/TO share/VB data/NN via/IN the/ART telephone/NN ./. IBM/NN ,/, the/ART world/NN leader/NN in/IN computers/NNS ,/, did/VB not/RB offer/VB its/PRP$ first/JJ PC/NN until/IN August/NNP 1981/NN as/IN many/JJ other/JJ companies/NN entered/VBD the/ART market/NN ./. Today/NN ,/, PC/NN shipments/NN annually/RB total/VB some/DT $/$ 38.3/NN billion/CD world-wide/JJ ./. F.H./NNP Faulding/NNP &/NN Co./NN ,/, an/ART Australian/JJ pharmaceuticals/JJ company/NN ,/, said/VBD its/PRP$ Moleculon/NNP Inc./NN affiliate/VB acquired/VBN Kalipharma/NNP Inc./NN for/IN $/$ 23/CD million/CD ./. Kalipharma/NNP is/VBZ a/ART New/JJ Jersey-based/JJ pharmaceuticals/JJ concern/NN that/WDT sells/VBZ products/NNS under/IN the/ART Purepac/NNP label/NN ./. Faulding/NNP said/VBD it/PRP owns/VBZ 33/NN %/SYM of/IN Moleculon's/PRP$ voting/NN stock/NN and/CC has/VB an/ART agreement/NN to/TO acquire/VB an/ART additional/JJ 19/CD %/SYM ./. That/DT stake/NN ,/, together/RB with/IN its/PRP$ convertible/JJ preferred/VBD stock/NN holdings/NN ,/, gives/VBZ Faulding/NNP the/ART right/JJ to/TO increase/VB its/PRP$ interest/NN to/TO 70/CD %/SYM of/IN Moleculon's/PRP$ voting/NN stock/NN ./. Oil/NN production/NN from/IN Australia's/PRP$ Bass/NN Strait/NN fields/NNS will/MD be/VB raised/VBN by/IN 11,000/NN barrels/NN a/ART day/NN to/IN about/IN 321,000/NN barrels/NN with/IN the/ART launch/NN of/IN the/ART Whiting/NN field/NN ,/, the/ART first/JJ of/IN five/CD small/JJ fields/NNS scheduled/VBN to/TO be/VB brought/VBN into/IN production/NN before/IN the/ART end/NN of/IN 1990/CD ./. Esso/NNPS Australia/NNP Ltd./NN ,/, a/ART unit/NN of/IN New/JJ York-based/JJ Exxon/NNP Corp./NNP ,/, and/CC Broken/NNP Hill/NNP Pty./NNP operate/VBP the/ART fields/NNS in/IN a/ART joint/JJ venture/NN ./. Esso/NNPS said/VBD the/ART Whiting/NN field/NN started/VBD production/NN Tuesday/NN ./. Output/NN will/MD be/VB gradually/RB increased/VBN until/IN it/PRP reaches/VBZ about/IN 11,000/NN barrels/NN a/ART day/NN ./. The/ART field/NN has/VB reserves/VB of/IN 21/CD million/CD barrels/NN ./. Reserves/VB for/IN the/ART five/CD new/JJ fields/NNS total/NN 50/CD million/CD barrels/NN ./. The/ART Perch/NN and/CC Dolphin/NN fields/NNS are/VBP expected/VBN to/TO start/VB producing/VBG early/JJ next/JJ year/NN ,/, and/CC the/ART Seahorse/NNPS and/CC Tarwhine/NNP fields/NNS later/RB next/JJ year/NN ./. Esso/NNPS said/VBD the/ART fields/NNS were/VBD developed/VBN after/IN the/ART Australian/JJ government/NN decided/VBD in/IN 1987/NN to/TO make/VB the/ART first/JJ 30/CD million/CD barrels/NN from/IN new/JJ fields/NNS free/JJ of/IN excise/NN tax/NN ./. R.P./NNP Scherer/NNP Corp./NNP said/VBD it/PRP completed/VBN the/ART $/$ 10.2/NN million/CD sale/NN of/IN its/PRP$ Southern/JJ Optical/JJ subsidiary/JJ to/IN a/ART group/NN led/VBD by/IN the/ART unit's/PRP$ president/NN ,/, Thomas/NNP R./NNP Sloan/NN ,/, and/CC other/DT managers/NNS ./. Following/VBG the/ART acquisition/NN of/IN R.P./NNP Scherer/NNP by/IN a/ART buy-out/NN group/NN led/VBD by/IN Shearson/NNPS Lehman/NNP Hutton/NNP earlier/RBR this/DT year/NN ,/, the/ART maker/NN of/IN gelatin/NN capsules/NN decided/VBD to/TO divest/VB itself/PRP of/IN certain/JJ of/IN its/PRP$ non-encapsulating/NN businesses/NNS ./. The/ART sale/NN of/IN Southern/JJ Optical/JJ is/VBZ a/ART part/NN of/IN the/ART program/NN ./. The/ART White/JJ House/NN said/VBD President/NN Bush/NN has/VB approved/VBN duty-free/JJ treatment/NN for/IN imports/NNS of/IN certain/JJ types/NN of/IN watches/NN that/WDT are/VBP not/RB produced/VBN in/IN "/'' significant/JJ quantities/NNS "/'' in/IN the/ART U.S./NNP ,/, the/ART Virgin/NN Islands/NNS and/CC other/JJ U.S./NNP possessions/NNS ./. The/ART action/NN came/VBD in/IN response/NN to/IN a/ART petition/NN filed/VBD by/IN Timex/NNP Inc./NN for/IN changes/NNS in/IN the/ART U.S./NNP Generalized/NNP System/NN of/IN Preferences/NN for/IN imports/NNS from/IN developing/VBG nations/NNS ./. Previously/RB ,/, watch/NN imports/NNS were/VBD denied/VBN such/JJ duty-free/JJ treatment/NN ./. Timex/NNP had/VBD requested/VBN duty-free/JJ treatment/NN for/IN many/JJ types/NN of/IN watches/NN ,/, covered/VBN by/IN 58/NN different/JJ U.S./NNP tariff/NN classifications/NN ./. The/ART White/JJ House/NN said/VBD Mr./NNP Bush/NN decided/VBD to/TO grant/NN duty-free/JJ status/NN for/IN 18/CD categories/NN ,/, but/CC turned/VBD down/RP such/JJ treatment/NN for/IN other/JJ types/NN of/IN watches/NN "/'' because/IN of/IN the/ART potential/NN for/IN material/JJ injury/NN to/TO watch/VB producers/NN located/VBN in/IN the/ART U.S./NNP and/CC the/ART Virgin/NN Islands/NNS ./. "/'' Timex/NNP is/VBZ a/ART major/JJ U.S./NNP producer/NN and/CC seller/NN of/IN watches/NN ,/, including/VBG low-priced/NN battery-operated/JJ watches/NN assembled/VBN in/IN the/ART Philippines/NN and/CC other/JJ developing/JJ nations/NNS covered/VBD by/IN the/ART U.S./NNP tariff/NN preferences/NN ./. U.S./NNP trade/NN officials/NNS said/VBD the/ART Philippines/NN and/CC Thailand/NN would/MD be/VB the/ART main/JJ beneficiaries/NN of/IN the/VBP president's/PRP$ action/NN ./. Imports/NN of/IN the/ART types/NN of/IN watches/NN that/WDT now/RB will/MD be/VB eligible/JJ for/IN duty-free/JJ treatment/NN totaled/NN about/IN $/$ 37.3/NN million/CD in/IN 1988/NN ,/, a/ART relatively/RB small/JJ share/NN of/IN the/ART $/$ 1.5/NN billion/CD in/IN U.S./NNP watch/NN imports/NNS that/det/pron/that year/NN ,/, according/NN to/IN an/ART aide/NN to/IN U.S./NNP Trade/NN Representative/NN Carla/NNP Hills/NN ./. Magna/NNP International/NN Inc.'s/PRP$ chief/JJ financial/JJ officer/NN ,/, James/NNP McAlpine/NNP ,/, resigned/VBN and/CC its/PRP$ chairman/NN ,/, Frank/NNP Stronach/NNP ,/, is/VBZ stepping/NN in/IN to/TO help/VB turn/VB the/ART automotive-parts/NN manufacturer/NN around/RB ,/, the/ART company/NN said/VBD ./. Mr./NNP Stronach/NNP will/MD direct/VB an/ART effort/NN to/TO reduce/VB overhead/NN and/CC curb/JJ capital/NN spending/NN "/'' until/IN a/ART more/RBR satisfactory/JJ level/NN of/IN profit/NN is/VBZ achieved/VBN and/CC maintained/VBN ,/, "/'' Magna/NNP said/VBD ./. Stephen/NNP Akerfeldt/NNP ,/, currently/RB vice/IN president/NN finance/NN ,/, will/MD succeed/VB Mr./NNP McAlpine/NNP ./. An/ART ambitious/JJ expansion/NN has/VB left/VBN Magna/NNP with/IN excess/JJ capacity/NN and/CC a/ART heavy/JJ debt/NN load/NN as/IN the/ART automotive/JJ industry/NN enters/VBZ a/ART downturn/NN ./. The/ART company/NN has/VB reported/VBN declines/NN in/IN operating/VBG profit/NN in/IN each/DT of/IN the/ART past/JJ three/CD years/NNS ,/, despite/IN steady/JJ sales/NNS growth/NN ./. Magna/NNP recently/RB cut/VB its/PRP$ quarterly/JJ dividend/NN in/IN half/NN and/CC the/ART company's/NN Class/NN A/ART shares/NNS are/VBP wallowing/VBG far/RB below/IN their/PRP$ high/JJ of/IN 16.125/NN Canadian/JJ dollars/NNS (/( US$/NNP 13.73/NN )/) ./. On/IN the/ART Toronto/NNP Stock/NN Exchange/NN yesterday/NN ,/, Magna/NNP shares/NNS closed/VBD up/RP 37.5/NN Canadian/JJ cents/NNS to/IN C$/NNP 9.625/NN ./. Mr./NNP Stronach/NNP ,/, founder/NN and/CC controlling/NN shareholder/NN of/IN Magna/NNP ,/, resigned/VBN as/IN chief/JJ executive/NN officer/NN last/JJ year/NN to/TO seek/VB ,/, unsuccessfully/RB ,/, a/ART seat/NN in/IN Canada's/PRP$ Parliament/NN ./. Analysts/NN said/VBD Mr./NNP Stronach/NNP wants/VBZ to/TO resume/VB a/ART more/RBR influential/JJ role/NN in/IN running/VBG the/ART company/NN ./. They/PRP expect/VBP him/PRP to/TO cut/VB costs/NNS throughout/IN the/ART organization/NN ./. The/ART company/NN said/VBD Mr./NNP Stronach/NNP will/MD personally/RB direct/VB the/ART restructuring/VBG ,/, assisted/VBN by/IN Manfred/NN Gingl/NNP ,/, president/NN and/CC chief/JJ executive/NN ./. Neither/IN they/PRP nor/CC Mr./NNP McAlpine/NNP could/MD be/VB reached/VBN for/IN comment/NN ./. Magna/NNP said/VBD Mr./NNP McAlpine/NNP resigned/VBD to/TO pursue/VB a/ART consulting/JJ career/NN ,/, with/IN Magna/NNP as/IN one/CD of/IN his/PRP$ clients/NNS ./. Lord/NN Chilver/NNP ,/, 63-year-old/NN chairman/NN of/IN English/NNP China/NNP Clays/NN PLC/NNP ,/, was/VBD named/VBN a/ART nonexecutive/NN director/NN of/IN this/DT British/JJ chemical/JJ company/NN ./. Japanese/NNPS investors/NNS nearly/RB single-handedly/NNS bought/VBD up/RP two/CD new/JJ mortgage/NN securities-based/JJ mutual/JJ funds/NNS totaling/JJ $/$ 701/NN million/CD ,/, the/ART U.S./NNP Federal/JJ National/JJ Mortgage/VB Association/NN said/VBD ./. The/ART purchases/NNS show/VB the/ART strong/JJ interest/NN of/IN Japanese/NNPS investors/NNS in/IN U.S./NNP mortgage-based/JJ instruments/NNS ,/, Fannie/NNP Mae's/PRP$ chairman/NN ,/, David/NNP O./NN Maxwell/NN ,/, said/VBD at/IN a/ART news/NN conference/NN ./. He/PRP said/VBD more/JJR than/IN 90/CD %/SYM of/IN the/ART funds/NNS were/VBD placed/VBN with/IN Japanese/NNPS institutional/JJ investors/NNS ./. The/ART rest/NN went/VBD to/TO investors/NNS from/IN France/NNP and/CC Hong/NNP Kong/NNP ./. Earlier/JJR this/DT year/NN ,/, Japanese/NNPS investors/NNS snapped/NN up/IN a/ART similar/JJ ,/, $/$ 570/NN million/CD mortgage-backed/JJ securities/NN mutual/JJ fund/NN ./. That/DT fund/NN was/VBD put/VBN together/RB by/IN Blackstone/NNPS Group/NN ,/, a/ART New/JJ York/NNP investment/NN bank/NN ./. The/ART latest/JJS two/CD funds/NNS were/VBD assembled/VBN jointly/RB by/IN Goldman/NNP ,/, Sachs/NNPS &/NN Co./NN of/IN the/ART U.S./NNP and/CC Japan's/PRP$ Daiwa/NNP Securities/NN Co/NN ./. The/ART new/JJ ,/, seven-year/NN funds/NNS --/: one/CD offering/VBG a/ART fixed-rate/JJ return/NN and/CC the/ART other/JJ with/IN a/ART floating-rate/JJ return/NN linked/VBN to/TO the/ART London/NNP interbank/NN offered/VBD rate/NN --/: offer/VB two/CD key/NN advantages/NNS to/IN Japanese/NNPS investors/NNS ./. First/RB ,/, they/PRP are/VBP designed/NN to/TO eliminate/VB the/ART risk/NN of/IN prepayment/NN --/: mortgage-backed/JJ securities/NN can/MD be/VB retired/VBN early/JJ if/RB interest/NN rates/NNS decline/NN ,/, and/CC such/DT prepayment/NN forces/NN investors/NNS to/IN redeploy/VB their/PRP$ money/NN at/IN lower/JJR rates/NNS ./. Second/NN ,/, they/PRP channel/VB monthly/JJ mortgage/NN payments/NNS into/IN semiannual/JJ payments/NNS ,/, reducing/VBG the/ART administrative/JJ burden/NN on/IN investors/NNS ./. By/IN addressing/VBG those/DT problems/NNS ,/, Mr./NNP Maxwell/NN said/VBD ,/, the/ART new/JJ funds/NNS have/VBP become/VBN "/'' extremely/RB attractive/JJ to/TO Japanese/NNPS and/CC other/JJ investors/NNS outside/IN the/ART U.S/NNP ./. ./. "/'' Such/DT devices/NNS have/VBP boosted/VBN Japanese/NNPS investment/NN in/IN mortgage-backed/JJ securities/NN to/IN more/JJR than/IN 1/CD %/SYM of/IN the/ART $/$ 900/CD billion/CD in/IN such/JJ instruments/NNS outstanding/JJ ,/, and/CC their/PRP$ purchases/NNS are/VBP growing/VBG at/IN a/ART rapid/JJ rate/NN ./. They/PRP also/RB have/VBP become/VBN large/JJ purchasers/NNS of/IN Fannie/NNP Mae's/PRP$ corporate/JJ debt/NN ,/, buying/VBG $/$ 2.4/NN billion/CD in/IN Fannie/NNP Mae/NNP bonds/NNS during/IN the/ART first/JJ nine/CD months/NNS of/IN the/ART year/NN ,/, or/CC almost/RB a/ART tenth/JJ of/IN the/ART total/JJ amount/NN issued/VBD ./. James/NNP L./NN Pate/NN ,/, 54-year-old/NN executive/NN vice/IN president/NN ,/, was/VBD named/VBN a/ART director/NN of/IN this/DT oil/NN concern/NN ,/, expanding/VBG the/ART board/NN to/TO 14/CD members/NNS ./. LTV/NNP Corp./NNP said/VBD a/ART federal/JJ bankruptcy/NN court/NN judge/NN agreed/VBD to/TO extend/VB until/IN March/NNP 8/CD ,/, 1990/CD ,/, the/ART period/NN in/IN which/WDT the/ART steel/NN ,/, aerospace/NN and/CC energy/NN products/NNS company/NN has/VB the/ART exclusive/JJ right/NN to/TO file/VB a/ART reorganization/NN plan/NN ./. The/ART company/NN is/VBZ operating/VBG under/JJ Chapter/NN 11/CD of/IN the/ART federal/JJ Bankruptcy/NN Code/NN ,/, giving/VBG it/PRP court/NN protection/NN from/IN creditors'/PRP$ lawsuits/NN while/NN it/PRP attempts/VBZ to/TO work/VB out/RP a/ART plan/NN to/TO pay/VB its/PRP$ debts/NNS ./. Italian/JJ chemical/JJ giant/NN Montedison/NNPS S.p.A./NNP ,/, through/IN its/PRP$ Montedison/NNPS