Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.twt.news From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: Headline Article Date: Sun, 1 Nov 92 20:06:09 EST Message-ID: \SE A;MONEY;THE WEEK IN REVIEW \BY FROM WIRE DISPATCHES AND STAFF REPORTS S=NEW STORY GM has a flat General Motors Corp. lost money, had a palace coup, saw its market share shrink and thought about dumping the Oldsmobile name. Other than that, it was a quiet week. It began Monday when Chairman Robert Stempel called it quits after weeks of speculation that he would be forced to do so. Mr. Stempel took over from Roger Smith - he who would not show up for the movie "Roger and Me" - in 1990. By week's end, speculation shifted back to Mr. Smith, with the big question being whether a meeting tomorrow will result in his resignation from GM's board. Their fall from grace comes as GM swims in red ink because of a slow economy and increased competition. Mr. Stempel had a Draconian plan to turn things around, cutting 74,000 workers and closing 21 factories by 1995, but he lost the board's support because he didn't enact the cuts quickly enough. More bad news came Thursday when GM reported third-quarter losses of $753 million. Adding to GM's gloom was news that its share of the U.S. car market fell to 33.3 percent during the third quarter, and not just because of Japanese strength; rivals Ford and Chrysler gained market share. Searching for solutions, the giant automaker floated the idea of changing the name of its venerable Oldsmobile brand to align it with GM's successful Saturn line. There was a lot of talk about Youngsmobiles and Saturnization. S=NEW STORY Meanwhile . . . * Borden Inc. said it will eliminate about 3,000 jobs and close 10 plants as it revamps operations. * S.C. Johnson & Son Inc. agreed to buy Bristol-Myers Squibb Co.'s household-products business, including such brands as Windex and Drano, for $1.15 billion. * American Express Co. posted a third-quarter loss of $205 million and said it will cut 4,800 jobs from its charge-card business. S=NEW STORY Number-crunch time * The economy gave President Bush a pre-election present: It grew a lot more than people expected. The gross domestic product in the third quarter increased at a 2.7 percent annual rate instead of the predicted 1.6 percent. The doomsayers said it won't last. * Americans' average income rose, although the amount from wages and salaries slipped. * The rest of the news was less bullish. Home sales fell, consumer confidence sank, new jobless claims increased, and new-home sales dropped. * One thing that certainly gained: voter registration. S=NEW STORY Vermont maple mugs for Virginia The cover of the "Virginia Is for Lovers" fall visitors guide features a golden-leafed maple with a backdrop of rolling hills. But the scene isn't in Virginia. It's in East Peacham, Vt. "It's perfectly all right," joked Vermont Gov. Howard Dean. "Next year, we're going to market George Washington as the first president. I want to invite all Americans to visit Mount Vernon in Montpelier." Norma Zarroli of Valley Forge, Pa., a fan of Vermont's radiant fall foliage, said her son John noticed the mistake recently when he compared the Virginia guide with an identical picture identified as East Peacham in the Chevron Baltimore Lubricant District calendar. "I thought it was false advertising," she said. "But I thought it was funny." Thomas Fallon, account executive for FPG International, a photography stockhouse in New York, said the Chevron picture definitely is East Peacham. Pam Jewell, audio-visual-services marketing manager of the Virginia Tourism Development Group in Richmond, said she was told it was a Virginia tree. "It's not like we don't find maples here," she snapped. S=NEW STORY When in Rochester . . . Moto Photo Inc., a chain of one-hour photofinishing stores, announced last week that it will use mostly Fuji film products in its 361 stores - except those in Kodak's hometown. Michael Adler, chairman and chief executive of the Ohio-based chain, said Moto Photo will continue using mostly Eastman Kodak Co. products at its seven stores in Rochester, N.Y. "We decided it would be prudent to use Kodak products in Rochester despite the Fuji arrangement," Mr. Adler said. Prudent indeed. This article is copyright 1992 The Washington Times. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM