VW to cut 30,000 jobsEurope's biggest carmaker, Volkswagen...

BUSINESS DIGEST

January 13, 1993

VW to cut 30,000 jobs

Europe's biggest carmaker, Volkswagen AG, is planning to cut 30,000 jobs worldwide by the end of 1994 as a declining domestic market and falling exports bite into profits, industry sources said yesterday.

Sales of savings bonds a record

The Treasury Department sold $17.7 billion in U.S. savings bonds in 1992, breaking a 48-year-old record set during World War II. The latest annual sales total compares with $12.4 billion sold in 1944, the old record, and roughly $9.5 billion in 1991.

Moody's studies Kmart debt

Moody's Investors Service said it may lower its rating on Kmart Corp.'s debt because the retailer's December sales were weak and results at remodeled stores have fallen short of the agency's expectations. About $4 billion worth of Kmart's debt would be affected by the rating change.

Nonstop BWI-St. Louis flights

USAir Inc. said it would begin nonstop service between Lambert-St. Louis International Airport and its Baltimore-Washington International hub, effective March 2.

Credit bureau faces FTC charges

The Federal Trade Commission charged a major credit bureau with illegally using its credit records to help telemarketers and direct-mail operations.

The FTC alleged yesterday that Trans Union Corp. used "sensitive, federally protected" credit information from its consumer reporting data base to compile the lists for clients "for purposes not permitted under the law."

TWA given court extension

A federal Bankruptcy Court judge gave Trans World Airlines more time to file its reorganization plan and approved a half-million-dollar severance package for one of its top managers.

U.S.-built Mercedes-Benz hinted

Mercedes-Benz, a unit of Daimler-Benz AG, hinted yesterday that it may build cars in the United States, saying that the country was on a "short list" of sites considered for a future assembly plant.

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