'94 U.S. autos selling well
U.S. automakers had a strong start to the 1994 model year, with sales of domestically built new vehicles rising 18.5 percent in mid-October.
Cars sold at an annualized rate of 7.8 million in the Oct. 11-20 period, the highest so far this year. Light trucks sold at a rate of 5.7 million, the highest on record. The combined sales rate plus imports and heavy trucks pushed the annualized rate to about 15.8 million, also the best of the year.
Existing home sales are up
Sales of existing homes shot up to the second-highest level in 14 years last month. The National Association of Realtors reported yesterday that sales of existing single-family homes totaled 3.91 million at a seasonally adjusted annual rate, up 2.6 percent from August's 3.81 million.
Japan to accept foreign bids
Japan bowed to intense pressure from the United States today, saying it would open its construction market to enable foreign firms to bid for the nation's public works projects.
Masayoshi Takemura, chief Cabinet secretary, told a news conference that the government would introduce an open bidding system on government or quasi-government projects above a certain size.
Care Group wins damages suit
A federal judge in Baltimore has awarded $1.2 million in damages to a New York home health care company after finding the senior administrator of its Baltimore branch guilty of breach of contract.
The Care Group had accused Edith L. Creef, then-senior executive of its former Baltimore branch, in a June 1992 lawsuit of enticing nursing staff to move to another company and bring patients. Ms. Creef was found liable for breach of contract, breach of fiduciary duty, interference with contractual relationships that the Care Group had with its patients and employees, and conspiring against the company's interests.
Atlantic Richfield to cut jobs
Atlantic Richfield Co. said it would eliminate up to 1,000 jobs in a restructuring of its U.S. oil and gas unit. The oil company plans to split its Dallas-based Arco Oil & Gas Co. operations in the lower 48 United States into four separate units.
Fusion Systems weighs sale
Fusion Systems Corp., a privately held high-technology manufacturing company based in Rockville, said yesterday that it was considering an initial public offering or sale of the company.
The company said it has been consistently profitable and has generated sales of $47 million over the past 12 months.