Dollar tumbles against mark
The dollar tumbled to a 28-month low against the German mark and was mixed against other currencies yesterday as investors bought the mark as a haven from political and economic problems elsewhere.
Traders said Mexico's fiscal crisis, political wrangling between Republicans and Democrats and chronic trade deficits were hurting the dollar.
The dollar fell as low as 1.4598 marks, its lowest since Oct. 16, 1992. It was last quoted at 1.4612 marks, down from 1.4677 Thursday.
Lockheed names unit presidents
Lockheed Corp., the Calabasas, Calif.-based defense contractor that is in the process of merging with Martin Marietta Corp., in Bethesda, has announced the appointment of presidents of three major operating units.
Minoru S. Araki, 63, will become president of Lockheed Missiles & Space Co. Dain M. Hancock, 53, will become president of Lockheed Fort Worth Co., which produces the F-16 fighter plane. John S. McLellan, 53, is the new president of Lockheed Aeronautical Systems Co.
German workers on strike
Germany's engineering sector was plunged into its first strike in 11 years yesterday as thousands of workers in the state of Bavaria walked out to fight for more pay and a shorter working week.
IG Metall, which with 3 million members is the largest union in the western world, called out 11,000 workers at 20 firms in an indefinite strike.
Navy settles with shipyard
The Navy has ended a lengthy dispute with American Ship Building Co. by agreeing to pay $18 million to the shipyard, whose largest shareholder is New York Yankees owner George Steinbrenner.
U.S. Bankruptcy Court Judge Thomas Baynes approved the settlement Thursday, saying it would bring badly needed cash to the troubled firm and put it in a position to operate more efficiently.
Pentagon auditors determined that the Navy owed $27 million to the company for work on three ships. While the Navy disagreed, the Tampa, Fla., company determined that bringing a lawsuit to trial could have taken up to five years and would have cost millions of dollars needed to pay creditors, an attorney for the company said.
Hanover Sterling out of business
Hanover Sterling & Co., a New York brokerage firm best known for bringing public a company begun by Lawrence Taylor, the former NFL linebacker, was shut down by the National Association of Securities Dealers yesterday because it failed to meet the NASD's capital requirements.
The collapse of the firm left stocks it had brought public without support, and they plunged in price, losing from 57 percent to 80 percent of their value.
Stock in All-Pro Products, the company Mr. Taylor formed, fell $3.375 a unit, to $2.125.
@