GM may offer early-retire dealsJohn F. Smith Jr...

BUSINESS DIGEST

February 06, 1993

GM may offer early-retire deals

John F. Smith Jr., president and chief executive officer of General Motors Corp., says that the automaker's cash flow appeared strong in the fourth quarter but that GM may offer a new round of early-retirement packages to shore up finances.

Mr. Smith also said a recall was not necessary for the pickup trucks that have been criticized for having faulty fuel tanks. He spoke during a reception at the Chicago Auto Show.

British Airways chief retiring

Lord King, chairman of British Airways, said he is retiring early, his success in transforming a money-losing state-run carrier into a successful private company having been overshadowed in the end by a "dirty tricks" scandal.

Mr. King, 75, insisted yesterday that his immediate departure was unrelated to British Airways' dispute with Virgin Atlantic Airways.

Alex. Brown analyst joins Kemper

Joseph Payne, formerly the analyst for mainframes and minicomputers at Alex. Brown & Sons, joined Kemper Securities this week, officials at Kemper said. Neither Mr. Payne nor Ramon Pecuch, head of Kemper's equity research department, could be reached for comment.

First American posts '92 loss

First American Bankshares Inc., the bank once secretly owned by the corrupt BCCI, reported a small fourth-quarter profit but posted an overall loss of $31.4 million for 1992. First American, based in Washington, is the largest bank in the capital area and has been for sale since it severed ties with the failed Bank of Credit and Commerce International.

Olympia & York restructuring OK'd

An Ontario Court has given final approval to Olympia & York Developments Ltd.'s Canadian restructuring. The real estate developer is expected to leave bankruptcy protection next month.

Once the world's largest property developer, the Toronto real estate company became caught in a decline in world property markets, which left it with a shortage of cash and dozens of anxious bankers. In May, it sought the equivalent of bankruptcy protection for its Canadian properties and its gigantic Canary Wharf office project in London.

Rohr signs jet-engine contract

Rohr Inc. in Hagerstown has signed a contract with a jet-engine maker that could mean $750 million in business for the aerospace company through the year 2002.

Company officials said they almost lost the contract with Pratt and Whitney to Martin Marietta.

Rohr's Hagerstown plant employs about 450.

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