Boeing OKs $75 million settlement
Boeing Co. said yesterday it will pay $75 million to settle disputes with the government over how much of certain overhead costs can be charged to government contracts.
The settlement covers every government contract Boeing has worked on over the past 14 years -- from the F-22 fighter to the space station to computer services for the Social Security Administration, a Boeing spokesman said.
According to the Justice Department, the settlement resolves three issues, the most significant of which concerned allegations that Boeing improperly charged millions of dollars in research and development costs to government contracts.
Clinton hints at China sanctions
President Clinton has decided to designate China as one of the world's biggest pirates of American products, a step that could lead to new trade sanctions against Beijing by the end of the year, the New York Times reported.
Quoting administration officials, the newspaper reported that Mr. Clinton reached the decision after his top trade and economic advisers recommended unanimously yesterday afternoon that he take the step to punish China for its pirating of American compact discs and computer software.
Macy merger plan unveiled
Ending four months of speculation, Federated Department Stores Inc. unveiled its proposal yesterday for merging with R. H. Macy & Co.
Federated's proposal for getting Macy out of bankruptcy values Macy at $3.51 billion, far more than it had previously indicated it would be willing to pay.
Although its plan values Macy at about $150 million less than a revised reorganization proposal that Macy submitted to creditors yesterday, analysts and traders said Federated's proposal was inherently stronger because the market has already established TC a value for Federated's stock, which would make up $925 million of the bid.
Crop Genetics posts loss
Crop Genetics International Corp. said yesterday that it lost $2.43 million, or 32 cents a share, in the quarter ended March 31, compared with a loss of $1.72 million, or 29 cents a share, a year earlier. Revenues for the period dropped to $32,500 from $726,500 last year.
The Columbia-based company said its results reflected its transition from a research organization to a virus production company.
Mall auction postponed
The auction of the Towson Marketplace shopping center was postponed yesterday, as the sale was deferred until May 20 to allow the plaza's owner and its lender to continue talks aimed at avoiding foreclosure.
The center was advertised for auction earlier this month after its owner, a partnership controlled by Bramalea Ltd. of Toronto, failed to repay a $17 million mortgage loan made in 1986 by the Equitable Life Assurance Society of America.
@