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Argentina, which waged a losing war against Britain for control of the Falkland Islands in 1982, now wants to buy them. Argentine Foreign Minister Guido Di Tella said his government was prepared to offer the more than 2,000 Falklanders up to $800,000 per inhabitant. The British government says the islanders have a right to self-determination, but the Falklands' governor insists they will not sell their nationality.
BUSINESS
LOTUS EATERS
IBM looked to reassert itself in the personal-computer software market by tendering a hostile $3.3 billion bid for Lotus Development Corp. Its star asset: the popular Lotus Notes groupware program, which allows far-flung users to work simultaneously on the same document. Lotus' stock jumped more than $3 just before IBM's bid was announced, raising suspicions on Wall Street of insider trading. NOVITZ
Michael Ovitz isn't going anywhere. Negotiations for the Creative Artists Agency chairman to head MCA collapsed as Seagram completed its $5.7 billion purchase of 80% of the entertainment giant. Disputes between Ovitz and Seagram ceo Edgar Bronfman Jr. over executive autonomy and a compensation package worth more than $200 million are speculated to have caused the impasse.
SMOKED
Philip Morris studied nicotine for 15 years and found "pharmacologic" effects on smokers' brains and bodies, according to documents obtained by the New York Times. A lawyer for the cigarette manufacturer denied it used data gathered in the research to manipulate nicotine levels.
SPORT
MORE THAN THE TRIPLE CROWN
Thanks to Thunder Gulch, which won the Belmont Stakes last week, D. Wayne Lukas became the first horse trainer ever to win five consecutive Triple Crown races. His horses took the Preakness and Belmont last year and this, as well as this year's Kentucky Derby (Thunder Gulch again).
--By Kathleen Adams, Nick Cattogio, Lina Lofaro, Lawrence Mondi, Michael Quinn, Jeffery C. Rubin, Alain L. Sanders and Sidney Urquhart