Ukrainians will hit the hut
Ukraine is about to get a taste of big-time capitalism as Pepsico Inc. helps the new nation sell $1 billion in commercial tankers and uses the profits to build 100 Pizza Huts in the former Soviet republic.
The international food and beverage company said yesterday that it hopes to put its Pizza Huts in every major city of Ukraine, where it claims sales of Pepsi soft drinks already outnumber those of rival Coca-Cola by 3-to-1. Pepsico, based in Purchase, N.Y., said the joint venture with its new Ukrainian partners is the largest ever signed between the West and Ukraine for export of its manufactured products.
Judge lowers Keating's fine
A federal judge in Tucson, Ariz., has reduced to $1.4 billion from $4.1 billion a jury award against former Lincoln Savings and Loan owner Charles Keating and two others in a huge fraud case.
The judge threw out punitive damages ordered against the other defendants and lowered the compensatory damages to $288.7 million, the amount demonstrated during the trial to have been lost by small investors in Lincoln's parent, American Continental Corp.
U.S. District Judge Richard Bilby said the initial award reflected the jury's anger over a fraud perpetrated on the small investors. The judge said he also cut by half the punitive damages against Keating to $750 million.
Peter Pan opens new terminal
Peter Pan Trailways Bus Lines Inc., which burst onto the local transportation scene this summer with a special $6.95 fare between Baltimore and New York, will celebrate the opening of its new terminal at the Baltimore Travel Plaza today.
Fares have gone up a bit in recent months, but in honor of its expansion into the Baltimore market, the company is running a special fare of $15 to New York for a limited period. The company said the Baltimore terminal is expected to create about 100 jobs over the coming year.
Braniff deal maker charged
The engineer of the 1988 purchase of Braniff Inc. was charged yesterday with extortion and fraud for allegedly demanding thousands of dollars in kickbacks from the airline's ad agency. Scott Spencer received more than $372,000 in illegal payoffs between January and May 1992 from the airline's advertising agency, which had placed ads worth millions of dollars in newspapers across the country, according to a criminal complaint filed in Brooklyn's federal court.