Motorola signs satellite pactMotorola Inc. said yesterday...

BUSINESS DIGEST

February 04, 1993

Motorola signs satellite pact

Motorola Inc. said yesterday that it reached agreement with a Russian firm to launch 21 of the satellites needed for its proposed $3.37 billion Iridium communications network.

Motorola said it signed a contract with Khrunichev Enterprises to launch the satellites, part of a 66-satellite network that would allow voice, paging, fax and other messages to reach any point on the globe without the need for land-based relays.

Bethlehem plans price increase

Bethlehem Steel Corp. said yesterday that it would raise plate steel prices 2 percent to 4 percent, adding to a push by big steel makers to try to make increases stick.

Bethlehem said carbon steel plate prices would rise $10 a ton, to about $505, while strip mill plate prices would increase $20 a ton to $527 on April 4.

S&P downgrades GM debt

Standard & Poor's Corp. followed through yesterday on a threatened downgrade of $86 billion in General Motors Corp.'s debt ratings, hindering the automaker's flexibility to borrow at the best rates.

The action, foreshadowed in one of S&P's "CreditWatch" warnings Nov. 2, means that the two major debt rating agencies have dropped the rating on the automaker's commercial paper below the top tier. Moody's Investors Service Inc. lowered GM's rating earlier.

Sales of U.S.-made cars up

Sales of domestically made cars and trucks soared 24.6 percent in late January, while total sales, including imports, finished up 10.5 percent for the month, according to figures released yesterday by the automakers.

U.S.-built vehicles sold in late January at a daily rate of 39,578 compared with 31,767 last year. There were nine selling days in the period this year and 10 last year.

IHS forms partnership

Integrated Health Services Inc. in Hunt Valley has formed a partnership with a Missouri nursing home chain. Under the partnership with the Tutera Group of Kansas City, IHS would have exclusive rights to develop its specialty medical units within Tutera-owned facilities.

AT&T card executive resigns

TC

Paul Kahn, one of the credit card industry's leading lights, resigned abruptly as president of the AT&T Universal Card. Mr. Kahn also quit as chairman of the AT&T Universal Financial Corporation, the company said yesterday. Mr. Kahn, 48, led American Telephone & Telegraph Co. into the credit card business three years ago.

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