Clinton urged to bar USAir dealThe three biggest U.S...

BUSINESS DIGEST

January 27, 1993

Clinton urged to bar USAir deal

The three biggest U.S. airlines -- American, Delta and United -- urged the Clinton administration yesterday to withhold approval of a $300 million British Airways investment in financially strapped USAir.

USAir announced Thursday that British Airways had agreed to invest $300 million in a deal that would provide both airlines with greater access to passengers in Europe and the United States.

Cullen new Bell Atlantic president

Bell Atlantic Corp. said James G. Cullen was elected president of the company, effective Feb. 1. A company spokeswoman said Mr. Cullen succeeds Anton J. Campanella, who retired June 30. Mr. Cullen and other officers divided Mr. Campanella's duties, but the position has been vacant since he retired.

The company said Mr. Cullen, currently president, chief executive and chairman of New Jersey Bell, will be succeeded at New Jersey Bell by Alfred Koeppe, New Jersey Bell vice president for public affairs.

Record earnings at BankAmerica

BankAmerica Corp. reported record 1992 earnings of $1.5 billion and said it had reached agreement to sell about $1 billion in foreclosed real estate and troubled loans to Wall Street investors.

RTC sells Rockville buildings

The Resolution Trust Corp. has sold the Town Centre Inn and an adjoining 14-unit apartment building in downtown Rockville for $1.4 million, representing 54 percent of the properties' book value. The buyer, Montgomery Housing Partnership of Wheaton, plans to use financing from tax-exempt bonds to renovate the buildings and convert them into a 74-unit apartment complex, with at least half of the units reserved for low-income tenants.

20-year Md. coal contract won

AES Warrior Run Inc. has signed a 20-year contract with Anker Energy Corp. to supply 650,000 tons of Maryland coal annually to a proposed power plant in Allegany County. The contract could begin in late 1996. AES Warrior Run is an affiliate of AES Corp. of Arlington, Va.

France turns deficit to surplus

France recorded its best trade performance in 20 years yesterday, transforming the country's 1991 $5.6 billion trade deficit into a surplus of the same size in 1992. The turnaround is a victory for the government's anti-inflationary stance, but economists say the surplus may disappear in 1993 because of the economic slowdown in Europe.

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