Steelworkers, Ispat talks resume
Talks between the United Steelworkers of America and Ispat Mexicana S.A. de C.V. were on again yesterday for four hours in Washington, according to the Steelworkers.
Talks between the two sides -- which could lead to the reopening of Bethlehem's closed bar, rod and wire division -- broke off Feb. 21. The division, which could be sold to the India-based Ispat, includes the rod mill at Sparrows Point, which had a work force of 340.
GM confers with bank syndicate
General Motors Corp. met yesterday with a syndicate of banks that are close to offering the automaker $25 billion in credit, but failed to wrap up the deal.
The credit package for GM and its General Motors Acceptance Corp. financing arm will be syndicated among U.S. and European banks.
In the latest example of cutbacks by Japanese automakers to cope with lean times, Mazda Motor Corp. said it was pulling out of talks to jointly produce vehicles in Europe with Ford Motor Co.
The decision follows Mazda's announcement late last year that it was scrapping plans to build a North American luxury car sales network. It also follows last month's news that Nissan Motor Co. would close a domestic auto plant.
Delta may sell subsidiary
Delta Air Lines is considering the sale of its 1,000-employee Delta Information Services, a company official confirmed. The Atlanta-based airline, in efforts to recover from its $565 million loss last year, said the unit is one of several under consideration for a possible sale.
Consumer borrowing rose in Jan.
Consumer borrowing rose for the fifth consecutive month in January as Americans rang up purchases on credit cards, the Federal Reserve System said yesterday. The $904 million increase in consumer credit, which excludes home equity loans, contributed to a 1.5 percent gain in the annual rate of borrowing, the Fed said.
2 Symantec executives deny theft
Two software company executives charged with stealing trade secrets say they're innocent and the case against them shouldn't even be in a criminal court.
Symantec Corp. President and Chief Executive Gordon Eubanks, 46, and Eugene Wang, 35, a vice president of San Jose, Calif.-based Symantec, pleaded innocent yesterday to felony charges of stealing trade secrets from competitor Borland International Inc. Mr. Eubanks and Mr. Wang said the case should be in a civil court, not a criminal court.