IBM to cut office space by 40%
IBM is aiming to shed 40 percent of the office space it leases or owns in the United States by the end of the year, a spokesman said yesterday.
The computer company wants to cut its U.S. office holdings from million square feet to 26 million square feet, chiefly because of the sharp reduction in its number of employees and changing work patterns.
Intel, MCI work on PC, phone
The Intel Corp. and the MCI Communications Corp. said yesterday that they had agreed to explore and develop ways to integrate the personal computer and the telephone.
GM retirees to pay for medical
General Motors Corp.'s 105,000 salaried retirees and surviving spouses will begin making monthly contributions to health care for the first time next year. The deductions from retirees' pensions could be as much as $107 a month, depending on the form of health care they choose and their number of dependents.
GM's 73,000 active salaried employees began paying health care premiums this year for the first time since the 1960s. When the plan was announced earlier this summer, retirees were told they would begin paying premiums in 1994.
FDA urged to curb sale
Two advisory committees recommended that the Food and Drug Administration deny nonprescription sales of low doses of an ulcer medication for treatment of heartburn and indigestion.
The committees said yesterday that drug manufacturer SmithKline Beecham had not proved that cimetidine, also known by the brand name Tagamet, relieves heartburn. They advised SmithKline that studies proving effectiveness could win FDA approval of its request.
Omni Hotel purchase completed
A Dallas investment group said yesterday it has completed its previously announced $18 million acquisition of the Omni Inner Harbor Hotel, the biggest hotel in Baltimore.
Patriot American Acquisition Corp. said it will manage the asset on behalf of a "major institutional investor" it did not name. The company said in June that the hotel would be owned by a
consortium of U.S. and offshore pension funds.
Graham yields Post helm
Katharine Graham, chairwoman of the Washington Post Co., made the final transfer of corporate power to her son, Donald E. Graham, yesterday by relinquishing her office to him.
Mr. Graham now holds all the former corporate offices of his mother as chairman and chief executive of the Washington Post Co. and publisher of the daily newspaper. Mrs. Graham, 76, named him publisher in 1979.