GM puts officers under contractGeneral Motors Corp...

BUSINESS DIGEST

April 08, 1993

GM puts officers under contract

General Motors Corp., worried that executives who left last month may be spilling secrets to Volkswagen AG, is putting top officers under contract for the first time, Chief Executive Jack Smith said. Such contracts are a dramatic step for GM, which used to be able to keep executives in the fold with lucrative long-term compensation plans.

T-bond prices post modest gains

Treasury bond prices posted modest gains yesterday, as speculation mounted that the Treasury would sell fewer long-term securities at its May auction.

The price of the Treasury's main 30-year bond was up 3/16 point, or $1.88 per $1,000 in face value, while its yield fell to 6.94 percent. On Tuesday, the bond's yield closed at 6.96 percent. Prices and yields move in opposite directions.

FCNB posts increase in profits

FCNB Corp., parent of Frederick County National Bank in Frederick, reported first-quarter earnings of $1.35 million, or 63 cents a share, representing a 69 percent increase over earnings of $797,000, or 37 cents a share, a year earlier.

SEC OKs hybrid mutual fund

Federal regulators gave the go-ahead to a new type of mutual fund that would have aspects of both closed- and open-ended funds. The Securities and Exchange Commission voted yesterday to approve the hybrid, which is known as an interval fund because its operators will be able to buy back shares from investors at regular intervals.

Asking the IRS for an extension

Cash-short taxpayers may now delay filing their federal tax returns for four months and have one fewer penalty to worry about.

But the extension is not automatic; it still must be requested by filing Form 4868 by the midnight April 15 deadline. And while the failure-to-file penalty will be waived for not paying up immediately, interest and penalties may still be charged on any taxes paid after the deadline.

Warrant issued for Fiat official

Italian authorities issued an arrest warrant for the chief operating officer of Fiat, the latest executive of the industrial giant to be caught up in a nationwide corruption scandal, news reports said.

The charges against Giorgio Garuzzo followed an investigation of alleged bribes paid by Fiat's truck subsidiary, Iveco, the reports said. Mr. Garuzzo was reportedly on a business trip in Europe, but has agreed to surrender.

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