Ex-GM aide gets Volkswagen seatVolkswagen made official...

BUSINESS DIGEST

March 13, 1993

Ex-GM aide gets Volkswagen seat

Volkswagen made official yesterday what had been rumored for more than a month -- that Jose Ignacio Lopez de Arriortua, lured away from his cost-cutting mission at General Motors Corp. on Thursday, would join Europe's largest automaker and acquire a board seat. Mr. Lopez, 52, had worked at GM since 1979.

Omnicom Group to buy TBWA

Omnicom Group Inc., one of the world's biggest advertising organizations, said yesterday that it had agreed to buy TBWA International and make the agency its third international ad network.

Power plant will be delayed

A Western Maryland power plant, slated to be in operation by 1996, will be delayed for three years under terms of an agreement between the builder, AES Warrior Run Inc., and opponents of the project. The settlement was filed with the Public Service Commission yesterday.

AES plans to build the 180-megawatt, coal-fired plant in Cumberland to sell power to Potomac Edison Co., which supplies electricity to Western Maryland.

Japan barely out of recession

Japan's economy edged out of recession in the last quarter of 1992, but slumping domestic consumption limited the growth to an annual rate of just 0.5 percent, the Economic Planning Agency said yesterday.

Economists said the expansion did not necessarily bode well for the economy because most of the growth came from exports and growing inventories. Domestic consumption of Japanese-made goods as well as imports fell as consumers tightened their wallets, the agency said.

Hirschfeld gains New York Post

A bankruptcy judge turned over the New York Post yesterday to Abe J. Hirschfeld, a real estate developer, ending Steven Hoffenberg's operation of the tabloid after less than two months.

U.S. Bankruptcy Judge Francis Conrad sided with Mr. Hirschfeld, saying he was in a better position to save the newspaper, which ran out of operating capital because of the personal bankruptcy reorganization of its owner, Peter Kalikow.

PHH files for notes offering

PHH Corp. of Hunt Valley has filed for the shelf offering of $1 billion of medium-term notes due nine months to 40 years from issue. In a filing with the Securities and Exchange Commission, the company said the proceeds would be used to finance assets nTC the company manages for clients and for general purposes.

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