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Subject: DIGEST<From news services and staff reports=
Date: Tue, 3 Nov 92 04:45:22 EST
Message-ID: <14.1992Nov3.044522@AmeriCast.com>

DIGEST<From news services and staff reports=

 ECONOMY<

 T-bill rates rose.  The Treasury auctioned three-month bills at
an average discount rate of 3.05 percent, up from 2.97 percent
last week, and six-month bills at an average of 3.27 percent, up
from 3.22 percent last week. The actual return to investors will
be 3.12 percent for three-month bills with a $10,000 bill selling
for $9,922.90, and 3.37 percent for six-month bills selling for
$9,834.70.  Separately, the Fed said the average yield for one-
year Treasury bills rose to 3.50 percent last week from 3.48 per-
cent the previous week.<

COMPANIES< Lufthansa said it will not submit a bid for Continen-
tal Airlines, and there were published reports that a Houston Air
group, another of the four groups vying to acquire the carrier,
also would withdraw before yesterday's deadline.  The withdrawals
would leave two others in the running: an Aeromexico group and an
Air Canada group.<

First City Bancorp of Texas was told by the NYSE that trading of
its stock has been suspended as a result of the FDIC's seizure of
the company's 20 bank subsidiaries. Analysts said four bank hold-
ing companies are considered likely to make offers for First
City: NationsBank, Chemical Banking, Banc One and BankAmerica.<

Delta is discussing with Varig, the largest airline in Latin
America, plans for a marketing and route-coordinating agreement
that would enable the Brazilian carrier's passengers to flow into
Delta's system of connecting flights in the United States.<

Toshiba America unveiled new notebook personal computers, includ-
ing two with powerful 486 chips, and cut prices on existing
models by as much as 25 percent.<

Mack Trucks reached tentative agreement with the UAW on a new
contract for 3,000 employees in four states. Union locals in
Pennsylvania, Maryland, South Carolina and Georgia will vote on
the three-year agreement this weekend.  Details were withheld
pending the votes.<

First Fidelity Bancorp of Lawrenceville, N.J., raised its prime
rate to 6 percent from 5.5 percent, reversing a cut made one
month ago. It had been the only bank to cut its prime on Oct. 1
when it believed the Federal Reserve would lower its discount
rate.< Carnival Cruise Lines announced a new discount program
offering savings of as much as $1,000 on seven-day cruises and
$400 off three- and four-day cruises.  <

INTERNATIONAL<

Euro Disney said 7 million people - 71 percent of them foreigners
and 29 percent French - visited its theme park east of Paris from
its opening in April through the end of September. <

Canadian banks cut prime lending rates for the second time in two
weeks as the government attempted to revive the economy. The Bank
of Montreal led the way, easing its best lending rate to 7.5 per-
cent from 7.75 percent. <

The BBC will expand its World Service Television into the United
States, Japan, Australia, New Zealand and the Pacific in the next
14 months, its chief said. WSTV launched its first transatlantic
service with transmissions to Canada.<

The Bank of France lowered its benchmark interest rates by a
quarter percentage point in a sign of monetary stabilization fol-
lowing last month's European currency crisis.<

Britain told the United States it must approve British Airways'
$750 million purchase of a minority stake in USAir soon or face
"repercussions." Transport Secretary John MacGregor said delay or
rejection "would only strengthen the hand of those in Europe who
are opposed to further liberalization" of global air transporta-
tion rules.<

Suzuki will stop selling GM cars in Japan on Sunday when a dis-
tribution contract between the two firms expires. Two Pontiac
models now sold through Suzuki will be sold by Yanase & Co.,
Japan's top import dealer.<

Mercedes-Benz shelved plans to build a factory in eastern Ger-
many, citing structural problems in Western Europe's truck indus-
try and low demand in the foreseeable future.<

Bausch & Lomb opened a plant in India to make contact lenses,
lens-care products and eyeglass frames.<

REGULATION<

Union Carbide agreed to pay a $1.5 million fine and provide a
series of workplace safety procedures at its ethylene oxide pro-
duction plants in Texas. <

The Office of Thrift Supervision issued a rule increasing the
number of mutual savings institutions that will be eligible to
recapitalize without government help. The rule, which takes ef-
fect in 30 days, changes the threshold at which a mutual savings
association lacking enough capital is eligible to volunteer for a
government-supervised switch to stockholder ownership.<

COURTS<

Browning-Ferris Industries said a California court has ruled that
further review of a Los Angeles landfill project is needed if its
expansion is to go forward. <

EARNINGS

Waverly Inc., a Baltimore-based printing and publishing company,
reported a 64 percent gain in third-quarter profit.<

PEOPLE<

Mary Lou Steptoe, deputy director of the Federal Trade
Commission's bureau of competition, was named acting director of
the division. She replaces Kevin Arquit, who recently left the
FTC.<

<

02:11 11-03C9999-----

Copyright 1992, The Washington Post.  This story is from the
Washington Post's Capitol Edition On-Line and is not to be ar-
chived or redistributed.

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