Thrifts cleanup cost loweredThe head of the U.S. thrift...

BUSINESS DIGEST

November 18, 1992

Thrifts cleanup cost lowered

The head of the U.S. thrift cleanup agency predicted yesterday that he would need another $25 billion to complete the savings and loan cleanup, down from earlier estimates of $42 billion to $43 billion.

Albert Casey, chief of the Resolution Trust Corp., told a group of corporate turnaround specialists he expected the RTC to acquire another 50 insolvent thrifts by June 30 in addition to the 727 seized so far. He said he would recommend that Congress terminate the RTC by the end of 1993 because the cleanup would be largely completed by then.

Limits set for Nippon workaholics

Taking aim at workaholic executives who toil late into the night, giant Nippon Steel is enforcing a tough new directive: lights out at 10 p.m.

The directive means all 3,300 workers at Nippon Steel's Tokyo headquarters must leave before electricity is turned off at 10 p.m. Managers who wish to work after 10 p.m. must receive prior permission and make arrangements with building personnel. Those hoping to make up for lost time by working Sundays, meanwhile, will find the doors locked.

Diagnon buying into ZooQuest

Diagnon Corp. of Rockville signed a letter of intent yesterday to buy 20 percent of ZooQuest Technologies Ltd., which provides research, development and testing services primarily in the veterinary field. Diagnon operates through a subsidiary, BIOQUAL Inc., which provides services related to medical testing on rodents and primates.

BBB for Hechinger debentures

Standard & Poor's Corp. said yesterday that it assigned its triple-B rating to Hechinger Co.'s $100 million debentures due Nov. 15, 2012.

Microlog anticipates profit

Germantown-based Microlog Corp. said yesterday that it expects to report next month a modest profit for the quarter that ended Oct. 31. It would be the first quarterly profit reported by the company since the quarter that ended July 31, 1990.

Home Depot earnings up 44%

Home Depot Inc. said yesterday that its earnings soared 44 percent and its sales leaped 41 percent, as the home-center retailer posted its 27th consecutive quarter of record results. For its third quarter that ended Nov. 1, Home Depot earned $84.4 million, equal to 25 cents a share, compared with $58.4 million, or 18 cents a share, a year ago, on sales of $1.83 billion, up from $1.3 billion.

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