A brief item in the Business section yesterday incorrectly...

BUSINESS DIGEST

April 30, 1993

A brief item in the Business section yesterday incorrectly described an acquisition agreement reached by Griffith Consumers Co. Griffith has agreed to buy only the retail and commercial heating oil business of Steuart Petroleum Co.

The Sun regrets the error.

Griffith to buy Steuart Petroleum

Griffith Consumers Co., a Cheverly-based distributor and retailer of heating oil and gasoline, has agreed to buy Steuart Petroleum Co., which sells heating oil in Baltimore, Annapolis and Washington. Terms of the sale were not disclosed.

Griffith said the purchase will increase its sales revenues by nearly 20 percent, to $176 million a year. Griffith sells petroleum products from West Virginia to New Jersey.

FOR THE RECORD - CORRECTION

Lloyd's predicts $5.7 billion loss

Fighting to survive the worst crisis in its 305-year history, Lloyd's of London predicted losses of $5.7 billion over the next two years and unveiled a sweeping plan yesterday to strengthen its finances.

But it conceded that the short-term outlook is likely to leave thousands of its individual investors broke or in financial distress.

Lloyd's, the fabled institution that insures everything from pianists' fingers to cargo ships, said it would slash costs, exert more control over its highly decentralized operations and seek to limit the losses faced by its "names," as the individual investors who finance the policies are known.

Lorenzo airline gets U.S. scrutiny

The U.S. Department of Transportation said it would conduct a formal investigation to determine whether Frank A. Lorenzo's new Friendship Airlines is fit to operate.

The department said "there are important questions" about whether Friendship meets the fitness criteria for air carriers.

The new carrier is considering Baltimore-Washington International Airport as a hub for its daily, discount flights to Boston and Orlando, Fla. No date has been set for the hearing.

Group of 7 vows more cooperation

Finance officials from the world's seven richest industrial countries pledged to intensify their efforts at cooperation in an effort to spur a sluggish world economy.

The United States and its major economic allies unveiled no new steps yesterday, promising instead to emphasize economic policies already under way in hopes that they hold the key to boosting global output.

Columbia Bancorp profits up 117%

Columbia Bancorp, parent of the Columbia Bank, said its first-quarter earnings gained more than 117 percent from a year ago, to $324,018, or 20 cents a share, from $149,156, or 16 cents a share.

The company, which has $190 million in assets, also announced that a 10 percent stock dividend would be paid May 29 to shareholders of record May 7.

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