ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Thursday, April 10, 1997 TAG: 9704100026
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
Credit-card write-offs highest in 7 years
NEW YORK - Credit-card loan losses reached a seven-year high in February, according to Moody's Investors Service.
Balances written off as uncollectable reached 6.4 percent, compared with 4.58 percent a year earlier, based on a review of $190billion in credit-card loans. It's the 11th straight month of rising losses and the highest charge-off rate in the seven years Moody's has tracked credit-card charge-offs.
The average payment rate was 12.67 percent, down from 12.71 percent a year ago, marking the first year-over-year decline in almost a year, Moody's said.
Credit-card accounts with past-due balances rose to 5.64 percent in February, up more than 20 percent from 4.65 percent in February 1996.
-BLOOMBERG NEWS
Dow, GE settle trade-secret suit
PONTIAC, Mich. - Dow Chemical Co. and General Electric Co. have settled a lawsuit in which Dow accused GE of hiring away workers to steal trade secrets, company officials said Wednesday.
The companies said they had reached an ``amicable resolution,'' but would not disclose details. No money was involved in the settlement, they said.
Spokesman Bruce Bunch said GE did not acknowledge any guilt in the settlement. ``We deny the allegations,'' he said.
Dow, based in Midland, Mich., alleged GE's plastics business for more than a year had hired former Dow employees and put them into similar jobs that would cause them to use Dow trade secrets. Dow and GE are major players in the fiercely competitive automotive supplier industry.
-ASSOCIATED PRESS
P&G buys maker of Tampax
CINCINNATI - Tambrands Inc. thrived for 60 years as an independent company and built a market-leading position with its sole product, Tampax tampons, despite stiff competition from rivals Playtex and Kimberly-Clark.
Now Procter & Gamble Co. is acquiring Tambrands to take aim at the global market. P&G on Wednesday announced the $1.85 billion purchase of Tambrands, based in White Plains, N.Y., which has a 44 percent share of the international market and almost 50 percent of the U.S. market. It has 2,600 employees worldwide.
P&G stock jumped 4 to 199 3/4, and Tambrands rose 2 to 48 1/2 on the NYSE.
-ASSOCIATED PRESS
LENGTH: Medium: 52 linesby CNB