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.
Tokyo plan put at $72 billion
The size of the Japanese government's fiscal plan to stimulate the flagging economy seems to be growing even before it has been announced.
Japanese media reported yesterday that the package, which is expected to be unveiled tomorrow, will total more than $72 billion, $16 billion more than was anticipated just days ago.
The stock market is closely watching for signs of the government's commitment to the Japanese economy. Some brokers fear anything less than $64 billion could hurt share prices.
IMF endorses Russian reforms
The International Monetary Fund gave Russia's economic reforms a tentative seal of approval yesterday, shrugging off reports of a deepening domestic dispute over the course of monetary policy.
IMF Deputy Director Richard Erb said at a news conference that he was impressed with the views of government and central bank officials during a visit to the Russian capital.
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.
Toyota plans to cut bonuses for management by 20 percent because of the poor results, officials said.
It was the second year in a row that Japan's largest automaker has reported a large profit decline, and the numbers show the depth of difficulties faced by Japan's auto industry as the nation's economy slumps.