Ruling hurts Volkswagen shares
A key Volkswagen executive, accused of stealing secrets when he left General Motors Corp. in March for the German automaker, can be called a spy in print, a state court ruled yesterday.
The ruling lifted a gag order slapped on the German weekly magazine Der Spiegel last month, intensifying the controversy surrounding Volkswagen's J. Ignacio Lopez de Arriortua.
Analysts said that the executive may be forced to step down, and Volkswagen shares, already weak in anticipation of the ruling, fell 2 percent yesterday on the Frankfurt Stock Exchange.
New shipping firm visits port
A newly formed shipping line serving the newly capitalist nations of the former Soviet Union made the first of what will become monthly calls yesterday at the port of Baltimore, officials of the Maryland Port Administration said.
America-Russia-Turkey Ocean Navigation Shipping Line, owned by a Turkish company, made its first U.S. call at Houston over the weekend, port spokesman Jim Gring said.
'Crazy Eddie' convicted of fraud
Eddie Antar, founder of the Crazy Eddie chain of electronics stores, was convicted yesterday of conspiracy under federal racketeering laws for defrauding investors in the now-defunct company.
The federal court jury found Antar guilty on all 16 counts against him. Aside from conspiracy, he was charged with filing false financial statements, mail fraud and securities fraud.
Rockville firm has record earnings
Mid Atlantic Medical Services Inc., a Rockville-based managed-care company, yesterday reported record operating revenue and net income for the second quarter and first half ending June 30.
Net income for the second quarter was $3.12 million, or 21 cents a share, on revenue of $160.51 million, compared with $1.57 million, or 11 cents a share, on revenue of $142.38 million in the same period last year.
For the first half, net income was $7.7 million, on revenue of $321.33 million, compared with $5.1 million, on revenue of $277.76 million, for the same period in 1992.
Merck profits plummet 73 percent
Merck & Co. Inc., blaming a $775 million restructuring charge, yesterday reported a 73 percent drop in profits for the second quarter.
The pharmaceuticals manufacturer had announced in March that it would slash its work force by 1,000 and consolidate its manufacturing and distribution centers in a major cost-saving plan. It said yesterday that the move had slashed its profits in the latest period to $173 million, or 15 cents a share.