OTHER NEWS - Jan. 1, 1994
From Times Staff and Wire Reports
China today abolished its official currency exchange rate and fixed its first floating rate in decades at 8.7 yuan to the dollar, the Xinhua news agency reported. . . . Southwest Airlines Co. completed its acquisition of the privately held Morris Air in an all-stock transaction valued at about $134 million. . . . Eastman Kodak Co. spins off its chemical unit today, creating the nation’s 10th-largest chemical company and, in so doing, paring $2 billion of debt from its balance sheet.
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