Calvert to protect money fund
The Calvert Group has received permission from the Securities and Exchange Commission to protect its money market fund from investment losses tied to the Orange County, Calif., bankruptcy. The company said it was unlikely to be necessary, but that "the management company stands ready to take action if necessary."
The Calvert Tax-Free Reserves California Money Market fund has less than 1.5 percent of its $270 million invested in securities issued by Orange County, the Bethesda-based mutual fund company said.
Pension funding gap grew in '93
The gap between funding for private pension plans and the benefits the plans promise grew by $1.7 billion last year at the companies with the 50 biggest underfunded retirement plans. But in some cases there was improvement.
The difference between the companies' pension liabilities and assets totaled $39.7 billion in 1993, up from $38 billion in 1992, the Pension Benefit Guaranty Corp. said yesterday.
U.S. Bioscience stock drops 69%
A government committee's recommendation against U.S. Bioscience's drug to treat side effects of chemotherapy prompted the biotech company's stock to plunge 69 percent.
The Food and Drug Administration's oncologic drugs advisory committee recommended late Monday against sale of Ethyol. The panel said a recent patient study didn't confirm that Ethyol was entirely effective.
Coffee futures prices plummet
Coffee futures prices plummeted more than 7 percent yesterday to their lowest level in nearly six months after the U.S. Agriculture Department released new global and Brazilian supply estimates that exceeded trade expectations.
Analysts said the slide was accelerated by a dearth of roaster demand and rising near-term supplies as producer countries market their newly harvested beans.
Grey Advertising to take write-offs
Grey Advertising Inc. said yesterday that it will take write-offs totaling $35 million to $40 million, causing a substantial loss for the year.
Grey, the eighth largest advertising agency in the world, said that when the write-offs are excluded, its profits should match 1993 results. The company also announced a boost in its dividend for the 20th straight year.
Oslo stock official's body found
The body of the president of the Oslo Stock Exchange was found floating off Norway's southeast coast yesterday, hours after he was fired on suspicion of financial impropriety. Erik Jarve's body was spotted in the Skagerrak Sea near Bamble, where he owned a summer cabin.