Ford unveils 'world car' ventureBattling to rebound from...

BUSINESS DIGEST

March 03, 1993

Ford unveils 'world car' venture

Battling to rebound from its worst-ever loss, Ford Motor Co. unveiled a risky new venture yesterday -- its first "world car," to be produced simultaneously in Europe and the United States. The Mondeo, as it will be known in Europe, will compete in the midsize sector hotly contested among European, American and Japanese automakers. A name has not yet been chosen for the car in the U.S. market.

52,000 layoffs announced in Feb.

U.S. employers announced nearly 52,000 layoffs during February, dominated by cutbacks in the aerospace industry, according to a national job placement firm.

The figures reported yesterday by the Chicago-based firm, Challenger, Gray & Christmas, reflected a drop of nearly 50 percent from the 103,217 layoffs announced the month before. But the January figures were skewed by the 50,000 layoffs announced by Sears, Roebuck and Co.

FDA panel halts Pergamid

A Food and Drug Administration advisory committee told Scios Nova Inc. yesterday that it would not recommend approval of Pergamid, a drug that could be used to rid bone marrow of cancer cells in leukemia patients.

The company said the decision would not have "any material effect" on it financially. Scios Nova said it was told that more studies would be needed to prove that Pergamid was effective. But the company, which had expected to try to sell the license, said it was not sure it would pursue approval.

Hagerstown closing to mean layoffs

An envelope maker in the Washington County Business Park in Hagerstown plans to close next month, laying off most of its 35 workers. The company, Allen Envelope, had been leasing space at the park since 1988. Some employees will be hired at the company's headquarters in Berwyn, Pa., said Peter Thomas, director of The Training Place, a federally funded job development center for Western Maryland.

BG&E to save on bond expenses

The Baltimore Gas and Electric Co. will save $1.2 million in interest expense as it replaces old bonds with new bonds at lower interest rates.

GM delays closing Ohio plant

General Motors Corp. has decided to delay closing an Ohio plant because of increased demand for the engines produced there, company officials said yesterday. The plant, which employs 563 workers in suburban Moraine, near Dayton, had been scheduled to shut down in 1996, with production transferred to a new plant in Mexico.

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