Today's headlines* CARE is considering moving its...


Today's headlines

* CARE is considering moving its headquarters from New BTC York, and its decision may hinge on whether Baltimore is able to come up with a richer package of relocation subsidies than Atlanta for the international relief agency. Page 1D

* Volkswagen introduced its new VW bus, the vehicle of choice for many college professors and intellectuals of the 1960s. Gone is the classic boxy shape, and, alas, so may be the vehicle's old personality. Page 1D

* The airline industry's latest fare war took a new twist yesterday as USAir reversed an earlier stand of accepting discount coupons from other carriers and instead cut excursion fares by up to $50 in select markets. Page 2D

* The National Institutes of Health might accept an international ban on patents for more than 2,000 human gene fragments. Page 3D

Overseas news boosts stocks

Stock prices headed higher today, encouraged by a stronger dollar and rallies in overseas markets.

The Dow Jones average of 30 industrials climbed 11.89 points to 3,258.70 in the first half-hour of trading. Gainers outnumbered losers by nearly 3 to 1 in nationwide trading of New York Stock Exchange-listed issues, with 934 up, 337 down and 557 unchanged. Volume on the Big Board came to 29.27 million shares as of 10 a.m. on Wall Street.

The dollar gained ground in foreign exchange trading, recouping some of the losses it suffered lately amid worries about the U.S. economic and political outlook.

Westinghouse to sell debt

Westinghouse Electric Corp. has filed a registration statement with the Securities and Exchange Commission to sell up to $1 billion of debt securities.

The Pittsburgh company plans to use proceeds from the debt sale for capital expenditures, repayment of short-term borrowings and other corporate purposes.

Bethlehem to sell operations

Bethlehem Steel Corp. said it agreed to sell part of its Steelton, Pa., track work fabrications operations to Conley Frog & Switch Co. of Memphis, Tenn. Terms weren't disclosed.

The steel company said the transaction is subject to agreement on several items.

Henry Von Spreckelsen, Bethlehem Steel's manager of corporate communications, said the part being sold makes frogs, track intersections that allow trains to change direction, and switches. It employs 400 people.

Not included in the sale are other shops that make rails and pipes, he said.

GM Lordstown plant is struck

The United Auto Workers today struck a General Motors Corp. fabricating plant in Lordstown, Ohio, that produces parts for 14 GM models, including the fast-selling Saturn. Saturn production will shut down tomorrow as a result, the company said.

Both union and managmement said they were willing to continue talks on grievances that focused on job security and health and safety issues. Bob Jones, a company spokesman, said union members had left the fabricating plant and set up picket lines.

Toyota profit off 45%

Toyota Motor Corp. announced yesterday that its profit fell 45 percent in the fiscal year that ended in June, citing stalled sales in Japan and abroad.


Copyright © 2020, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad