Six Lopez associates quit GMGeneral Motors Corp. confirmed...

BUSINESS DIGEST

March 24, 1993

Six Lopez associates quit GM

General Motors Corp. confirmed the resignation of three top purchasing executives and three midlevel buyers, all confederates of Jose Ignacio Lopez de Arriortua, who resigned last week to become the No. 2 executive at Volkswagen A.G.

Bethlehem profit forecast in '93

Bethlehem Steel Corp.'s chairman said the company expects to return to profitability during 1993. Curtis Barnette said the second-largest U.S. steel company will have a profitable quarter sometime this year, adding that a profit for all of 1993 is "certainly possible."

Judge OKs Parker Pen takeover

A federal judge rejected a request by the Justice Department for a temporary restraining order prohibiting Gillette Co. from offering $561 million to buy out Parker Pen Holdings Ltd.

Through its Waterman subsidiary, Gillette controls about 21 percent of the U.S. market in high-priced fountain pens, while Parker has a 19 percent share.

FDIC lowers bank loss estimates

The Federal Deposit Insurance Corp. reduced its estimate of failed bank assets for 1993 to $25 billion from $76 billion, and cut its estimate for 1994 to $45 billion from $68 billion.

Times Mirror in TV station talks

The Times Mirror Co., which owns the Los Angeles Times, Newsday, The Sun and The Evening Sun, confirmed yesterday industry reports that it was "in discussion concerning transactions involving its four broadcast television stations."

The company, without elaborating, said it remained uncertain whether any agreements would be reached.

Big paper profits for Weill

Primerica Corp. Chairman Sanford Weill made $63.8 million in paper profits last year by exercising stock options, most of which he received in 1986. Mr. Weill exercised the options to purchase 4.99 million Primerica shares in 1992, but he didn't sell any of the stock.

Separately, the 59-year-old executive received a 1992 pay package worth about $3.59 million, a 17 percent increase from what he received in 1991.

Merck to cut 1,000 jobs

Merck & Co. Inc., the nation's biggest drug company, warned yesterday that it faces an earnings slowdown this year and plans to cut 1,000 jobs.

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