More S&L cleanup funds urged
The president of the Resolution Trust Corp., Albert V. Casey, renewed the Bush administration's plea yesterday for Congress to provide the savings and loan cleanup with more money before adjournment. The agency, created in 1989 by the S&L bailout law, has been without spending authority since April, when the House overwhelmingly defeated a spending measure. The RTC has spent $87 billion, closing 652 of the 721 S&Ls it has seized in the past three years.
Mr. Casey has estimated it would take up to $43 billion more to finish the job, but he warned House Speaker Thomas S. Foley that the delay in funding this year already has added $600 million to $900 million to the program's cost by allowing money-losing S&Ls to remain open.
Company agrees to buy Hylind
Information America Inc. in Atlanta said it agreed in principle to acquire Baltimore-based Hylind Infoquest Inc., a privately held company that provides public record searching, filing and document retrieval services nationwide for law firms, financial institutions and others. The all-cash transaction is expected to completed by year-end. The price was not disclosed.
Hainan opens futures market
China's southern island province of Hainan has opened the country's first futures market for farm products and tropical crops. The state-run Xinhua News Agency said the market in the provincial capital, Haikou, will conduct its first transactions for melon on Monday.
In futures trading, contracts for future delivery of commodities are bought and sold.
Metal workers reject offer
Labor contract talks covering more than 18,300 employees of Aluminum Co. of America and Reynolds Metals Co. broke down when two unions rejected the companies' offer. In April, the country's two top aluminum makers reached agreement with the United Steelworkers and the Aluminum, Brick and Glass Workers to extend by one year the contract that was to have expired May 31 of this year.
The talks, which began in Pittsburgh on Sept. 14, will convene again in the spring, the unions said.
Moody's lowers Sears' ratings
Moody's Investors Service lowered yesterday its credit ratings on $23 billion of debt securities issued by Sears, Roebuck and Co. and its subsidiaries. Moody's said the action was prompted by a statement earlier this month by Sears' Allstate insurance subsidiary that its after-tax loss from claims related to Hurricane Andrew could reach $700 million.