P&G quitting U.S. juice businessProcter & Gamble Co. is...

BUSINESS DIGEST

September 18, 1992

P&G quitting U.S. juice business

Procter & Gamble Co. is getting out of the juice business in the United States and focusing its beverage line on fruit drinks.

P&G said yesterday that it is discontinuing its Citrus Hill orange-juice brand next month, after disappointing sales, and will seek buyers for its three other 100-percent-juice brands.

P&G said it will take an after-tax charge of $200 million in the July-September quarter to cover the cost of the restructuring.

U.S. to cut FHA mortgage fees

The Bush administration said yesterday that it is acting to reduce mortgage insurance premiums on 15-year FHA insurance mortgages, a move that could save homebuyers between $2,500 and $6,000 over the life of a loan. The regulatory reform was announced by the Department of Housing and Urban Development as the president campaigned in Georgia.

4 more indicted in BCCI case

Four men were indicted by a federal grand jury in Atlanta yesterday in the latest charges stemming from the BCCI banking scandal.

Charged with conspiring to defraud the Internal Revenue Service were William Batastini, 41, a former senior vice president and comptroller of the National Bank of Georgia; former NBG owner Ghaith Pharaon, 52; former NBG officer Tariq Jamil, 50; and Swaleh Naqvi, 59, a former officer of the Bank of Credit and Commerce International. Mr. Batastini, a former IRS agent, was also charged with taking bribes, misapplication of bank funds and money laundering.

DCC players to sell in Japan

Philips Electronics NV, inventor of the audio cassette and compact disc, said yesterday that its Digital Compact Cassette players will go on sale in Japan next week and in Europe next month.

The DCC system, which offers CD-quality sound on tapes that can record as well as play back, will cost around $799.00 worldwide, a Philips spokeswoman said. It should reach U.S. stores in the first week of November.

Armco makes stock offering

Armco Inc., which owns two stainless-steel plants in the Baltimore area, announced yesterday that it is offering 2 million shares of cumulative convertible preferred stock, with a liquidation preference of $50 per share.

Computer auction tomorrow

An auction of 5,000 personal computers, printers, peripherals and accessories -- most brand-new -- will be held tomorrow morning at the Renaissance Park near Dulles Airport in Northern Virginia. The auction, billed as the largest computer auction ever held, will begin at 10 a.m.

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