Stock market opens lowerStock prices were lower at the...

BUSINESS DIGEST

September 22, 1992

Stock market opens lower

Stock prices were lower at the opening of trading today in New York, continuing to follow a decline in the government bond market. The Dow Jones average of 30 industrials was down 4.05 points at 3,316.78 in the first half-hour of trading. Declining issues outnumbered advances by a narrow margin on the New York Stock Exchange, with 545 up, 617 down and 612 unchanged. Trading was light, with Big Board volume totaling 26.35 million shares as of 10 a.m. on Wall Street.

Housing starts rise sharply

National housing starts jumped 10.4 percent in August, the sharpest increase in 18 months, the government said today. It was the first advance in three months and boosted starts to the highest level since March.

All regions of the nation registered improvements except for the Northeast, where starts declined. Even the South, parts of which were hammered by Hurricane Andrew in late August, posted a gain.

GTE enters credit card war

GTE Corp. yesterday became the latest blue-chip company to join the credit card war, offering a combination phone card and MasterCard with a low 6 percent annual interest rate. The phone company, which does business in 40 states, said the card was designed to offer customers both a credit card and phone calling card.

GM, Daewoo partnership ending

General Motors Corp. will sever its partnership with South Korea's Daewoo Group later this month after a yearlong dispute over management and sales, Daewoo officials said yesterday. Daewoo, the third-largest automaker in South Korea, has criticized GM's management conditions, while GM has been uneasy with frequent labor disputes.

Daewoo Motor Corp. builds the Pontiac LeMans subcompact, the only car it sells in the U.S.

Brazil, banks reach accord

Brazil and its creditor banks said yesterday that they have completed negotiations on a $44 billion debt deal. The announcement on the debt-reduction accord came in the form of a three-paragraph joint release by Brazilian Finance Minister Marcilio Marques Moreira and Citibank Vice Chairman William Rhodes during the International Monetary Fund World Bank annual meeting in Washington.

Martin gets $50 million contract

Martin Marietta Corp. has received a contract for about $50 million from the Air Force to provide a new-generation sensor system for potential use on the F-22 Advanced Tactical Fighter, the company said yesterday.

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