Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 27, 1993 TAG: 9301270094
SECTION: BUSINESS PAGE: A7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Smith to resign from GM boardFormer General Motors Corp. Chairman Roger B. Smith, who many critics said symbolized the problems facing the giant automaker, has agreed to resign from the company's board of directors at the end of his term in May.
Smith said Tuesday that he "volunteered to step down" at a board nominating meeting in Detroit this month, but he could not say what the board has decided to do.
GM's outside directors have been putting pressure on Smith to resign for months because they found it increasingly difficult to erase his management legacy while he continued to sit on the board, sources said.
Since the start of 1990, GM has lost more than $12 billion in its core North American operations. In October, the outside directors forced Robert C. Stempel to resign as chairman. - Washington Post
No deal for USAir, big 3 airlines urge
WASHINGTON - The three biggest U.S. airlines urged the Clinton administration on Tuesday to withhold approval of a $300 million British Airways investment in financially strapped USAir.
"U.S. policy should be to open our doors to foreign investment only when it complies with U.S. law, conforms to the public interest and does not have an adverse impact on the competitive capabilities of U.S. carriers," American Airlines, Delta Air Lines and United Airlines said in a statement.
USAir said Thursday that British Airways had agreed to invest $300 million in a deal that would provide both airlines more access to passengers in Europe and the United States.
A $750 million version of the deal was withdrawn last month in the face of opposition by the Bush administration, but executives of both USAir and British Airways expressed optimism the Clinton administration would approve the smaller agreement. - Associated Press
Budget deficit jumps into runaway lane
WASHINGTON - The federal budget deficit so far this year is growing at a pace that, if maintained, would easily surpass last year's record, the government said Tuesday.
The deficit in December - the third month of the government's 1993 fiscal year - was $38.9 billion, compared with $2.5 billion a year earlier, the Treasury Department reported.
The gap between spending and revenues for the first three months of the fiscal year totals $120.5 billion, up 44 percent from $83.8 billion a year ago.
About $24 billion of the December increase occurred because the government sent out January's Social Security checks on Dec. 31 instead of Jan. 3, as scheduled. But even without that anomaly, the deficit would be running ahead of last year's, which eventually totaled a record $290.2 billion.
The Bush administration projected a 1993 deficit of $327 billion, while the Congressional Budget Office predicted it would total $310 billion. - Associated Press
Briefly . . .
Hanson PLC, the British owner of Grove Worldwide Co. in Salem and MW Manufacturing Inc. of Rocky Mount, has agreed with Santa Fe Pacific Minerals Corp., a subsidiary of Santa Fe Pacific Corp., to exchange the gold assets of Hanson's Gold Fields Mining Co. for the coal and quarry assets in New Mexico of the Santa Fe companies.
Roanoke Electric Steel Corp. on Tuesday declared a 12-cents-per-share common stock dividend, payable Feb. 25 to shareholders on Feb. 10.
Norfolk Southern Corp. on Tuesday declared a 45-cents-per-share quarterly dividend on its common stock, payable March 10 to stockholders on Feb. 5.
Littlefield Adams & Co., parent of two Roanoke firms, said Tuesday its new Medical Sales Associates subsidiary in Jackson, Miss., anticipates its 1993 sales will exceed $40 million. The company, a maker of specialty products for the disabled under the 1992 Americans with Disabilities Act, was acquired in November for 80,000 shares of Littlefield Adams stock. Littlefield Adams owns Collegiate Pacific and Personal Screening in Roanoke and Funwear, an Ohio company.
Cole & King, a public accounting firm, has been formed by Clark M. Cole and C.J. King, with offices at 2707 Brambleton Ave. S.W., Roanoke.
Johnson Mortgage Corp., with an office in Roanoke, has changed its name to TideMark Mortgage, part of a consolidation of the mortgage division with its parent, TideMark Bank for Savings, formerly Newport News Savings Bank. The consolidation was part of conversion of the bank from a Virginia-chartered stock savings and loan association to a federally chartered stock savings bank.