Airlines slash summer fares
America West Airlines Inc. cut summer air fares yesterday, a move that USAir Group Inc. and Northwest Airlines Inc. quickly matched.
The carriers are slashing fares for some summer travel as much as 40 percent on tickets bought before July 12. USAir, the largest carrier at Baltimore-Washington International Airport, later offered discounts of up to 40 percent on fares in the United States, Canada, Mexico and the Caribbean.
IBM stock passes $100 mark
International Business Machines Corp.'s stock passed $100 for the first time since July 1992, when it fell below the century mark on its way to a record low of $41 in August 1993.
The $100 price is a milestone for the world's largest computer maker, whose shares were battered through the early part of the decade as prices for mainframe computers plummeted and Big Blue struggled to adapt to the popularity of personal computers. IBM's shares settled back slightly by the end of the day, closing up 62.5 cents at $99.50 in trading of 3.9 million shares.
Crown announces 2 promotions
Crown Central Petroleum Corp., a Baltimore-based retailer fTC and refiner, said yesterday that Randall M. Trembly was promoted to senior vice president of refining and that George R. Sutherland Jr. was promoted to senior vice president for supply and transportation.
Magazines gain in ad revenue
Major consumer magazines posted their biggest first-half advertising gains in more than a decade in the first six months of the year.
Publishers Information Bureau reported yesterday that ad pages were up 6.7 percent and that ad revenue climbed 13.3 percent in the January-June period compared with a year ago in the 201 consumer magazines it tracks.
York to sell debt securities
York International Corp. filed to sell as much as $200 million of debt securities and warrants. The York, Pa.-based company plans to use the proceeds from the sale to reduce floating-rate debt under its credit facilities, according to a filing with the Securities and Exchange Commission.
Benetton may fight German ad ban
The Benetton clothing retailer may fight a German ban on advertising featuring AIDS and other provocative themes, saying it is not alone in using social consciousness to sell products.
Germany's federal appeals court ruled Thursday that three Benetton ad campaigns -- focusing on AIDS, child labor and ecological disasters -- violated the principles of fair competition by using compassion for commercial purposes. A spokeswoman said yesterday that the company may argue the ban violates free speech rights.