Ford to suspend production
Ford Motor Co. said yesterday that it will suspend production for a week at six North American assembly plants because of a shortage of a part used in 1996 vehicles.
The suspension will affect 12,950 hourly workers and will result in the loss of 20,600 units for the week beginning Sept. 18. Ford did not specify what the component was.
Ford and its suppliers are working closely to resolve the shortage, the automaker said.
The plants suspending production are in Dearborn, Mich.; Kansas City, Mo.; Minneapolis-St. Paul, Minn.; Edison, N.J.; St. Thomas, Ontario; and Cuautitlan, Mexico.
Caldor shares surge
Shares of the Caldor Corp., the regional discount store chain that has been buffeted by rumors of impending bankruptcy, skyrocketed 31 percent yesterday, rising $1.625, to $6.875, on a report that the company had worked out a new $100 million financing package with its lenders.
But the company issued a statement saying the report in Women's Wear Daily was inaccurate. A spokeswoman for the company said it was continuing to negotiate with its bankers.
Public broadcasting plan offered
Senators and public broadcasters proposed a plan yesterday to finance advertising-free broadcasting by auctioning airwaves.
The public broadcasters proposed, at a Senate Commerce Committee hearing, creation of a $4 billion corporation to take over present taxpayer financing of the Public Broadcasting Service, National Public Radio and other public broadcasting.
The new corporation would be financed primarily with a $4 billion share of the proceeds from federal auction of airwaves for high definition television broadcasting.
Publisher challenges order
The McGraw-Hill Cos. Inc., publisher of Business Week magazine, said yesterday it is challenging a federal court order that halted publication of a story.
The story was an investigative article about developments in a lawsuit filed in Cincinnati last year by consumer products giant Procter & Gamble Co. against Bankers Trust New York Corp. over losses in financial instruments known as derivatives.
U.S. District Judge John Feikens faxed his order to Business Week about 6 p.m. Wednesday.
London firm buys "21" Club
The "21" Club, a prohibition-era speakeasy that became one of midtown New York's most popular dining and drinking holes, was sold yesterday to a London-based international hotel and restaurant corporation for an undisclosed price.
The new owner, James B. Sherwood, president of Sea Containers Ltd. and chairman of Orient-Express Hotels Inc., said he planned no changes in the staff, menu and price structure.