Society Corp., KeyCorp to merge
KeyCorp and Society Corp. announced yesterday that they were merging to form the nation's 10th-largest banking company, a powerful institution aimed at servicing Fortune 500 companies as well as mom-and-pop businesses and consumers.
If approved by shareholders and regulatory authorities, Albany, N.Y.-based KeyCorp and Cleveland-based Society expect to complete the merger by early 1994. The merger would give the new company combined assets of more than $58 billion and nearly 1,400 offices in 18 states from Maine to Alaska.
Nintendo cuts projected earnings
Nintendo Co. Ltd, the maker of popular Super Mario games and home video machines, said yesterday that it slashed this year's earnings forecast because of poor sales.
The company projected profits at only 121 billion yen ($1.1 billion) for the year ended March 31, 1994, down sharply from its earlier estimate of 170 billion yen ($1.6 billion).
BG&E; seeks to cut electric fuel rate
The Baltimore Gas and Electric Co. has asked the Public Service Commission for permission to cut its electric fuel rate by 5.8 percent, which would reduce the typical monthly residential bill by 50 cents beginning in November.
Westinghouse settles out of court
Philippine President Fidel Ramos agreed yesterday to an out-of-court settlement with Westinghouse Electric Corp. in which the government will drop fraud charges involving a nuclear plant that never opened.
Under the agreement, Westinghouse will provide two combustion turbine generators worth $49.5 million to supplement a national power shortage. The jury acquitted Westinghouse of allegations that it bribed the late President Ferdinand Marcos to win the contract for the $2.3 billion plant.
S&P; raises rating on Chrysler debt
Chrysler Corp. emerged from the list of junk-bond companies for the first time in more than two years as Standard & Poor's Corp. raised its rating on $12.8 billion of the No. 3 automaker's debt.
Microlog contract for nuclear plant
Microlog Corp. in Germantown said it received an order from Union Electric Co.'s Callaway nuclear plant for its emergency voice response system. The value of the order was not disclosed. Microlog said the system will be installed at the emergency operations center of the plant in Fulton, Mo.