Interest in USAir reportedBritish Airways, frustrated in...

BUSINESS DIGEST

January 19, 1993

Interest in USAir reported

British Airways, frustrated in an attempt to buy 44 percent of USAir Group Inc., plans as soon as this week to bid for a smaller stake that would give it a foothold in the domestic U.S. aviation market, several newspapers reported yesterday.

British Airways declined to comment on the reports that an offer for up to 25 percent of USAir could come soon after President-elect Bill Clinton's inauguration tomorrow. The airline did say it was holding talks with USAir.

The Financial Times said British Airways would bid $340 million for a 20 percent stake in USAir. Other newspaper reports put the stake being sought by British Airways between 15 percent and 25 percent.

Chevrolet minivans in China

General Motors Corp. is close to finding a vehicle assembler in China that eventually would build as many as 150,000 Chevrolet Lumina APV minivans a year for local sale, according to Automotive News, a weekly trade publication. Chinese production of the APV probably would be from kits shipped from North America.

Meanwhile, GM said yesterday that it would cut 1,450 jobs at its Chevrolet-Lumina plant in Oshawa, Ontario, in March because of slow sales.

Xerox to quit some lines

Xerox Corp. said it planned to leave the insurance and other financial services businesses so it can focus on its core document-processing business.

The office machine giant also announced charges of more than $1.4 billion to pay for the moves, as well as the adoption of required accounting changes.

Xerox said it would "disengage" from Crum and Forster, a property and casualty insurer; Furman Selz, an institutional brokerage and research, investment banking and management firm; and Xerox Life, which sells annuities and life insurance.

EC growth forecast downgraded

Faced with economic stagnation in Germany, the European Community downgraded its predictions for growth this year and forecast increased unemployment.

Henning Christophersen, the EC's top finance official, yesterday predicted economic growth of only 0.8 percent for 1993 across ** the 12-nation community and zero growth in Germany, Europe's biggest economy.

Treasuries trading resumes today

Trading in the Treasury market was closed yesterday in observance of the birthday of Dr. Martin Luther King Jr.

The regular Monday auction of three-and six-month Treasury bills will be held today.

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