GM asks to cancel meeting on recall
General Motors Corp., facing a potential public relations nightmare over pickup trucks alleged to be fire hazards in collisions, has asked the government to skip a Dec. 6 public meeting on a recall and hand the issue directly to the courts.
Critics of the side-mounted fuel tanks in 1973-1987 GM pickups immediately branded the request an attempt by the automaker to avoid bad publicity and to try to force the government into a weaker legal position.
Publisher of Newsday resigns
Times Mirror Co. announced yesterday that Robert M. Johnson resigned as publisher of the company's Newsday newspaper "as a result of differences in business philosophy with senior management" at Times Mirror.
Raymond A. Jansen, publisher and chief executive of the company's Hartford Courant newspaper since 1990, will succeed Mr. Johnson.
The change comes the day after the Audit Bureau of Circulations said Newsday posted one of the largest losses among large daily papers in weekday circulation -- 7.26 percent -- for the six months ending Sept. 30. Other major papers also reported declines in circulation for the same period.
Times Mirror also publishes The Sun and The Evening Sun.
Merc sells corporate trusts
The Bank of New York yesterday said it completed the purchase of Mercantile Safe-Deposit & Trust Co.'s corporate trust business, which is primarily a data processing business. The acquisition brings Bank of New York more than 550 corporate trust and agency relationships from the Baltimore-based bank, representing more than $22 billion in securities. Terms were not disclosed, and there will be no layoffs, Mercantile said.
Simon cuts back on mall deal
Simon Property Group Inc. has scuttled plans to spend $1 billion for 19 shopping malls from Equitable Cos.'s real estate arm and may try to buy a select few instead. Analysts and investors praised the move, saying Simon Property was overpaying in what would have been the largest property purchase ever by a real estate investment trust, or REIT.
Simon Property initially bid high for the malls, which included three in Maryland: Country Club Mall in LaVale, Frederick Towne Mall in Frederick and Valley Mall in Hagerstown.
Series EE bonds go to 5.92%
The interest rate on U.S. savings bonds for the next six months will be 5.92 percent, up from 4.7 percent. The rate, adjusted twice a year for market conditions, will be in effect through April 30 for Series EE bonds, the Treasury Department said.