Deal boosts aluminum stocks
Aluminum stocks rose yesterday after a weekend agreement by major aluminum-producing nations to cut annual production by 1 million metric tons, or roughly 5 percent of world output.
Aluminum prices have been depressed by a huge world surplus, caused largely by rising exports from the former Soviet republics. Under the accord, Russia agreed to cut 500,000 metric tons of production this year in exchange for financial and technical assistance from Western nations.
Xerox posts $577 million loss
Xerox Corp. reported a loss yesterday of $577 million for the fourth quarter, the result of an $813 million charge to cover the cost of a previously announced restructuring program.
The company also said that its restructuring program would result in estimated pretax cost savings of more than $1 billion in coming years. On that news, shares of Xerox rose sharply, to close up $5.50, at $98.125, in heavy trading.
GE, fund group to invest abroad
GE Capital Corp. and the fund group headed by George Soros, the Wall Street billionaire and philanthropist, are joining forces to invest in electric power plants in developing countries, the two sides announced yesterday.
The new Global Power Investments will raise at least $2.5 billion and invest it in building or running privately owned power plants, the partners said. The fund will focus initially on Mexico and Asia, particularly China, India and Indonesia.
Continental adds 'Peanuts' cities
Continental Airlines added seven more cities yesterday to its "Peanuts Fares" program from Baltimore-Washington International Airport. The changes raise from 14 to 23 the airline's total number of destinations from BWI.
The discount fares are now being offered on new flights to Indianapolis; Milwaukee; Dayton, Ohio; Orlando, Fla.; New Orleans; Pensacola, Fla., and Houston.
The Peanut Fares, up to 50 percent of the unrestricted full fare, are available on every flight.
Baltimore bank to pay dividend
American National Savings Bank F.S.B. yesterday declared its first quarterly dividend as a public company. The 9.8-cent per-share dividend will be paid on Feb. 15 to stockholders of record as of yesterday. The Baltimore thrift's holding company, which owns about 55 percent of the 2.05 million shares outstanding, will not receive the dividend on its shares.
Macy reports December profit
R. H. Macy & Co. which is in Chapter 11 bankruptcy reorganization, reported yesterday a $203.3 million profit during the crucial month of December, a 37.6 percent rise over the department store company's earnings a year earlier.