Reckoning up.(MCI International to sell Internet assets to Cable and Wireless)(includes other international business news)(Brief Article)

Economist (US), The, July, 1998

America's MCI Communications will sell all of its Internet assets to Cable & Wireless of Britain for $1.75 billion. The sale was required by regulators, who have now approved MCI's $37 billion merger with WorldCom. The deal should give C&W the American clout that it needs to forge a European alliance.

Accounting irregularities at CUC, with which HFS merged last year to form Cendant, a company whose franchising interests range from Avis car hire to the Ramada hotel chain, are worse than first thought. They amount, said Cendant, to ''a fraud of historic proportions''. Cendant shares plunged and are now trading well below their April level, when fraud at CUC was first disclosed.

More accounting irregularities were uncovered at Allied Carpets, one of...

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