Rockwell quits electric carGeneral Motors Corp.'s electric...

BUSINESS DIGEST

September 29, 1992

Rockwell quits electric car

General Motors Corp.'s electric car could be delayed because Rockwell International Corp. has pulled out, apparently angry over the cost-cutting tactics of GM's new global supply procurement executive. Rockwell was to be the lone source for plastic body panels for GM's electric car, called the Impact, the ,, trade journal Automotive News reported yesterday.

The electric car is critical to GM and other automakers because California, the biggest single market for cars in the nation, requires that 2 percent of any maker's autos sold there by 1998 be pollution-free. The only practical pollution-free technology is electricity.

Northwest doubles changing fee

Northwest Airlines doubled the fee it charges leisure passengers to change flights or switch tickets for a better discount yesterday, but its competitors didn't go along. The industry tried last month to raise the $25 fee to $50 but failed when some airlines refused to adopt broader fare increases.

Northwest's increase, effective last Friday, applies only to advance purchase non-refundable tickets, most commonly used by tourists.

Acid rain mars 11,000 Nissans

Nissan Motor Corp. said yesterday that the paint on about 11,000 vehicles parked outside its Tennessee factory were damaged by an environmental problem that the company suspects was acid rain. A Nissan spokesman said the automaker is selling the damaged vehicles at discounts to fleet customers and employees. They will not be sold to the general public.

Public offerings pass 1991 levels

Corporations issued a record amount of debt paper and stocks in the first nine months of the year, surpassing the level achieved in all of 1991, according to preliminary data released yesterday by Securities Data Co. The total reached $658 billion through the third quarter compared with $590.7 billion for all of last year. As a result, Wall Street brokerage firms' underwriting fees are also at a record -- $5.1 billion, compared with the previous all-time level of $5 billion last year.

Macy reports sales off 10 percent

R. H. Macy & Co., the famous retailer drawn into bankruptcy court last January, reported yesterday that sales fell 10.1 percent in August and that it lost $34.6 million. Macy's projected sales to continue to drop until December and January, when it expects slight sales increases over last year's holiday season.

Macy said through a spokeswoman that routine heavy spending before the holiday season decreased the company's cash on hand by nearly $90 million to $65.8 million..

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