Westinghouse wins Philippine suit
Westinghouse Electric Corp. and a New Jersey engineering firm didn't bribe Ferdinand Marcos to win a nuclear reactor construction contract, a jury in Newark, N.J., decided yesterday.
The verdict dealt another blow to the Philippine government's effort to prove that Marcos stole up to $10 billion from public funds during his 20-year rule. An appeal was being considered, a Philippine government spokesman said. The power plant was completed in 1985 but never started up because of political and safety concerns.
Marion Merrell plans acquisition
Marion Merrell Dow Inc. said yesterday that it reached an agreement in principle to acquire the generic drug business of Rugby-Darby Group Cos. Inc. Details weren't disclosed.
Privately held Rugby-Darby is the nation's largest generic drug company in terms of prescriptions filled, Marion Merrell said. Its generic drug business employs 950 people. The purchase won't include Rugby-Darby's veterinary, medical, dental, and consumer marketing groups.
U.S. airlines to raise fares
Major airlines said yesterday that they plan to raise fares $10 to $20 per round trip for excursion trips, which require a Saturday night stay. The move takes effect after a 35 percent off sale expires tonight.
On Delta, American, America West, Continental, Northwest and United, fares will rise $10 for round-trip flights under 1,000 miles and $20 for those of more than 1,000 miles. Trans World Airlines plans to raise all round-trip fares by $10 while USAir plans a $10 increase only on those over 1,000 miles.
British Airways' profit down
British Airways said yesterday that sluggish economies and excess capacity in its many markets cut last year's profit by more than half.
The carrier also said that it planned a rights offering to raise 442 million pounds ($678 million) to help reduce debt after recent investments to build alliances with other carriers.
Hewlett-Packard results surprising
Hewlett-Packard Co., propelled by its revitalized computer business, reported second-quarter earnings yesterday that surpassed Wall Street's highest expectations -- no small feat given the computer industry's recent financial doldrums. Investors flocked to the company's shares, which rose $5.125, to close at $84.75, on the New York Stock Exchange, where Hewlett-Packard was the third-most-active stock.