BGE unit to sell 10 acres in Va.
Baltimore Gas & Electric Co.'s Constellation Real Estate unit said yesterday that it has agreed to sell a 10-acre site at its Parkway Crossing project in Northern Virginia to Dayton Hudson Corp., parent of the Target discount retail chain. Terms were not disclosed.
The 50-acre project in Woodbridge, Va., is adjacent to the Potomac Mills Mall discount outlet center, which attracts 13 million customers annually. Constellation and a Virginia development firm bought the land in March.
Sony plans new factory in Pa.
Sony Corp. announced plans yesterday for a $300 million factory to make TV screens in southwestern Pennsylvania, hoping to alleviate some of the supply shortage caused by the demand for bigger-screen models.
The factory in Mount Pleasant, about 40 miles southeast of Pittsburgh, will be a joint venture with glass makers Corning Inc. and Asahi Glass America Inc. It will employ 500 to 700 people.
Consumer borrowing off in April
Consumer credit growth slowed in April but remained relatively strong despite other signs of a slackening economy and slower income growth.
The Federal Reserve said yesterday that installment credit rose 14.1 percent at an annual rate, or $11 billion, off from March's 18.3 percent increase, which totaled $14.1 billion.
Hechinger buys D.C. building
Landover-based Hechinger Co. announced yesterday that it has finalized the acquisition of a 125,000-square-foot former Sears building on Wisconsin Avenue in Washington. The company also plans to renovate a 77,000-square-foot building on Benning Road in the nation's capital. The two moves represent an investment of more than $15 million, the company said.
CBS names entertainment chief
Warner Bros. Television President Leslie Moonves, one of the most successful TV production executives in Hollywood, will join CBS as president of its entertainment division, replacing Peter Tortorici, the network announced yesterday.
Dollar gains on rate speculation
The dollar gained against leading currencies yesterday after German central bank officials hinted they would consider lowering interest rates.
The dollar also rose on indications the Federal Reserve was divided on what to do about U.S. interest rates, meaning that a U.S. rate cut may be delayed.
In late New York trading, the dollar was quoted at 1.4144 $H German marks, up from 1.4105 German marks late Tuesday. The dollar also climbed to 84.90 Japanese yen from 84.67 yen.