Shake-up at Metropolitan LifeMetropolitan Life Insurance...

BUSINESS DIGEST

September 23, 1992

Shake-up at Metropolitan Life

Metropolitan Life Insurance Co., the nation's No. 2 life insurer, said it will replace its chief executive and chief financial officer in a sweeping management shake-up. A company spokesman said yesterday that Harry P. Kamen will replace Robert G. Schwartz as chief executive officer and chairman April 1, 1993.

MetLife, with $144 billion of assets under management, named Mr. Kamen to succeed Mr. Schwartz, who is retiring after 44 years at MetLife. Stewart G. Nagler, senior executive vice president, is succeeding Philip Briggs as chief financial officer. Mr. Briggs also is retiring.

Aug. budget deficit $24.7 billion

The shortfall between the government's spending and its income was $24.7 billion in August as the annual budget deficit moved steadily to record heights, the Treasury said yesterday.

In the first 11 months of the fiscal year that ends Sept. 30, the deficit has swollen to $295.6 billion from $262.6 billion in the first 11 months of fiscal 1991. It already has superseded the previous record deficit of $269.5 billion set in fiscal 1991.

Mexico rejects new NAFTA talks

President Carlos Salinas de Gortari said in a television interview that Mexico will not renegotiate the North American Free Trade Agreement now awaiting legislative approval in the United States and Canada. "No renegotiations. This is a very good agreement -- good and serious for the three countries," he said in an interview to be aired Sunday on the NBC network.

NAFTA, which would knock down most trade barriers among Mexico, Canada and the United States, has come under fire in recent weeks in the U.S. Congress over job-loss and environmental concerns.

Fitch confirms A+ for BG&E

Fitch Investors Service Inc. confirmed Baltimore Gas & Electric Co.'s A+ rating on first refunding mortgage bonds and preferred stock yesterday. Fitch reported that BG&E has been able to cut costs and improve the performance of its nuclear power plant, eliminating the need to buy $350,000 in supplemental power a day.

Whirlpool to lay off 850

Whirlpool Corp. announced plans yesterday to lay off 850 workers by the end of November, but some will be recalled after the first of the year. About 500 workers at the Evansville, Ind., refrigerator plant will be furloughed next month and an additional 350 in November.

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