4 European airlines talkingFour European airlines said...

BUSINESS DIGEST

February 27, 1993

4 European airlines talking

Four European airlines said they are intensifying their talks on possible cooperation in Europe's recently deregulated air travel market.

The carriers, KLM Royal Dutch Airlines, Scandinavian Airlines System (SAS), Swissair and Austrian Airlines said yesterday that they had set up working parties to assess what forms cooperation might take, how it could be achieved, and in what time frame.

Amgen sued by shareholders

Amgen Inc. said yesterday that it faces lawsuits from shareholders following its disclosure that first-quarter earnings will be substantially lower than previously expected.

The company said the lawsuits, filed in U.S. District Court, named Amgen and two of its officers as defendants. Amgen said it plans to defend itself vigorously against the suits, which seek unspecified damages.

Kraft to close dairy headquarters

Kraft General Foods said yesterday that it would close the Philadelphia headquarters of its National Dairy Products Corp., which employs 203 people.

The company said it expects at least half the 165 management employees will be transferred to other Kraft and General Foods offices in White Plains, N.Y. and Glenview, Ill.

Leslie Fay $13.7 million loss

Leslie Fay Cos. announced preliminary financial results yesterday of its audit committee's investigation into accounting irregularities. The committee's report said Leslie Fay had a loss of $13.7 million on sales of $777.4 million in 1992. Before it announced the accounting scandal, analysts had expected it to earn $24 million to $25 million.

Northwest to lay off 123 pilots

Northwest Airlines said it will lay off 123 of its 5,400 pilots by April to "reflect our level of flying requirements for the rest of the year." The Minneapolis-based airline is considering 130 additional furloughs after the peak July traffic period, said Curt Kruse, a spokesman for the Airline Pilots Association.

Calpers wants more stocks

California's public pension fund is considering putting $3.5 billion into equities in a move that could give a major boost to U.S. stock markets, a newspaper reported yesterday.

Dale Hanson, head of the $73 billion California Public Employees Retirement System, the nation's largest public fund, told the Wall Street Journal he wants more of the fund's portfolio devoted to stocks. The fund, known as Calpers, currently has $23 billion -- 31 percent of assets -- invested in the equity market.

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