Today's headlines* The dollar fell again to a new low...

BUSINESS DIGEST

August 26, 1992

Today's headlines

* The dollar fell again to a new low against the German mark amid signs that U.S. consumers have become less confident about their economic future and that French voters might reject the European monetary union. Page 1F

* Consumer confidence sank in August to a five-month low, all but wiping out any chance of an economic pickup before the November presidential election. Page 1F

* Insurers estimate losses could reach $4 billion in Florida as the industry begins to fear the worst from Hurricane Andrew, one of the most destructive storms of the century. Page 1F

* The Dow Jones industrial average rose 4.05 points yesterday, to close at 3,232.22, after a series of dramatic moves that were attributed largely to jitters over the dollar's stability. Page 5F

Card issuers sue telemarketers

Visa U.S.A. and Mastercard are suing four telemarketing companies in what the credit-card issuers are calling the largest international credit-card fraud yet uncovered.

The lawsuit, unsealed yesterday in U.S. District Court in Los Angeles, accuses the telemarketers of laundering $3 million in phony credit-card charges through foreign banks. The suit also says criminal investigations are under way in Austria and Singapore, where a portion of the alleged laundering occurred.

The suit accuses two companies in California and two Florida-based companies of masterminding a laundering scheme involving 20 telemarketers of beauty aids, travel packages, luggage, vitamins and other products.

Maybaco to back consolidation

A group led by The Maybaco Co. of Maryland has agreed to vote its 9.64 percent or 8.75 million common shares in favor of a proposed consolidation between MNC Financial Inc. and NationsBank, a Charlotte, N.C., bank holding company. Maybaco an investment group controlled by Alfred Lerner, chairman of MNC.

Savin files for Chapter 11

Savin Corp., a distributor of copiers and facsimile products, said yesterday that it has filed for Chapter 11 bankruptcy protection in New York. William R. Krehbiel, Savin's chief executive officer, said the filing would let the company reorganize around its core business operations while cutting operating costs and improving its debt structure.

Savin, which was founded in 1959, also announced a second-quarter loss of $940,000, compared with a loss of $12.8 million for the same quarter a year earlier. Revenues for the second quarter were $60.1 million, compared with $76 million for the second quarter of 1991.

Crown to buy back shares

Crown Cork & Seal Co. will buy back more than 4 million shares, or 4.6 percent of all outstanding shares, for nearly $135 million in cash and notes, the company announced yesterday. Crown, which has become one of the world's biggest makers of metal cans, is buying back shares from two large holders for $33.375 a share.

Both holders, The Connelly Foundation and Toronto-based CCL Industries Inc., will continue to maintain stakes in the company, Crown said. Crown's stock closed yesterday at $33.675, up 75 cents.

Macy expects positive results

R. H. Macy & Co. has told its suppliers and their financial advisers that it expects to report positive cash flow for its fourth quarter that ended July 31, reversing the results of the two previous quarters.

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