Judge to review Lorenzo airline plan
The U.S. Department of Transportation told an administrative law judge yesterday to reopen hearings on Frank A. Lorenzo's application to launch a discount airline at Baltimore-Washington International Airport.
Less than a month ago, Judge Robert L. Barton recommended that the application be denied, saying the Houston-based ATX Inc. could not be trusted to comply with federal regulations. But the DOT said yesterday that the "public interest required a fuller examination of important questions raised in the case." It ordered the judge to make a new recommendation by Dec. 28.
3.1% second-half growth predicted
Chief executives of the nation's largest corporations were told that the lackluster economic performance during the first half of this year was a temporary setback and that growth already had picked up.
Economic advisers to the 111 executives at the meeting of the elite Business Council forecast yesterday an economic growth rate of 3.1 percent during the second half of this year and in 1994.
Waverly to buy French publisher
Waverly Inc., a Baltimore-based publisher of medical journals and books, has agreed to purchase 100 percent of the outstanding shares of Editions Pradel, a Paris-based publisher of medical and scientific books. The price of the all-cash deal was not disclosed.
Editions Pradel was founded in 1988 by Dr. Mariette Guena-Pradel, who will continue as its publisher.
1st-time jobless claims drop
The number of Americans filing first-time claims for jobless benefits fell by 9,000 last week to the lowest level in more than nine months, the government said yesterday. The Labor Department said new applications for unemployment insurance in the week that ended Oct. 1 dropped to 320,000, the lowest weekly total since Dec. 26.
In Maryland, the number of new jobless claims jumped by more than 25 percent, to 3,790, in the week that ended Sept. 25.
Consumer credit continues rise
Consumer credit increased by a seasonally adjusted 5.7 percent annual rate in August, less than in July but still the third straight monthly advance, the government said yesterday.
The Federal Reserve said consumers added $3.6 billion to their installment debt, down from a revised $5 billion increase in July. The original $5.1 billion estimate in July had been the largest since consumers took out $5.3 billion in new installment debt in October 1989.