WEEK IN REVIEW

Asia deals AmEx an uppercut

American Express Co. officials told analysts that, thanks to Asia, second-half revenue won’t be nearly as good as the first half. It plans to cut costs to keep the bottom line up.

On the good news side of the ledger, Amvescap, the London-based result of the merger between Aim Management Group Inc. and Invesco Plc, reported first-half profit up 55% to £116.6 million, or $195 million or so American.

They’re still digesting GT Global Fund Inc. parent LGT Asset Management to the tune of $75 million or $80 million, and aren’t planning any more big meals soon.

Roberto recalled

The Pittsburgh Pirates’ new ballpark, financed by the people of Pennsylvania, will be called PNC Park when it opens in three years. After all, PNC Bank Corp. is putting up $1.5 million a year for the right to do so and to be the exclusive provider of financial services there. So don’t even think about buying a Vanguard Fund if you’re a Bucs fan.

One engaging note: Some of the outfield fences will be 21 feet high. Why? Roberto Clemente wore uniform number 21. You may recall that Roberto was the greatest Pirate of the modern era and hero to the hemisphere’s Spanish-speaking majority and right-thinking non-bankers everywhere. He died a quarter-century ago while delivering relief supplies to Nicaraguan earthquake victims.

Proud as a…

The demutualizing Prudential Insurance Co. of America — remember when their debit men came around every week to collect a quarter for life policies on babies? — has a real estate arm that started peddling properties in the $3.5 million neighborhood over the airwave of CNBC.

The great unwashed need not even look at the commercials, according to the cable web’s president, the folksily named Bill Bolster. “Our audience has earned the right to enjoy luxury homes, automobiles and other fine things in life. This is a perfect fit for CNBC.” Next thing you know, they’ll be gilding parent NBC’s peacock to make it more representative of their audience.

It’s YOUR government

Those friendly folks at the Treasury, without even looking at the Dow Jones Industrial Average of 30 yo-yos, are marketing to the little guy. They’ll sell bills, notes and bonds in lots as small as $1,000 (bills had a $10,000 minimum, for example).

Starting next month, Treasury Direct customers will be able to buy via the Internet and the following month they can just pick up the phone for brokerless purchases. No wonder Cantor Fitzgerald LP, the big bond house, is planning an electronic futures exchange designed to humble the Chicago Board of Trade.

Numbers, for real

Cendant Corp. will announce its real second quarter and first-half results Thursday, along with restated full-year 1997 numbers and its final estimate of what the bad numbers from its CUC unit did to 1995 and 1996 results.

Also restating results is Sunbeam Corp.: part of 1998, all of 1997 and maybe 1996. “Chainsaw” Al Dunlap, chairman when accounting irregularities were revealed, is being blamed.

“Al Dunlap was viewed as a hero — not by the people he laid off but by stock market investors,” said Standard & Poor’s Corp. analyst Efraim Levy. “At this point, he’s a goat.”

The company’s stock has plunged 89% since March and was trading under $7.

Chinese relief

Deutsche Bank AG will stop lending to Chinese state-run companies because of a row over a failed $80 million loan. . .The Bank of New York is buying 80% of Everen Capital Corp.’s clearing subsidiary for $13 million after taxes… The Federal Reserve Board thumbs-upped Dutch bank Rabobank NV’s $375 million deal for New York money-manager Weiss Peck & Greer LLC.

Bloomberg News contributed to this report

closing Quote

“If you run a marathon, it doesn’t mean you’re in shape for the rest of your life.”

— Adviser Ross Levin, on planning not being a one-shot. Page 12