New American Express presidentAmerican Express Co...

BUSINESS DIGEST

June 30, 1993

New American Express president

American Express Co. appointed Jeffrey E. Stiefler, head of its IDS Financial Services unit, to be its president. Mr. Stiefler is a longtime protege of Harvey Golub, the company's chief executive, who was named to the additional title of chairman.

DTC

GM to make vans at Missouri plant

General Motors Corp. will use its Wentzville, Mo., Buick assembly plant to produce its next generation of full-size vans, the company said yesterday.

The Wentzville Assembly Center's production of Buick Park Avenues will be moved to a plant in Flint, Mich., in late fall. Production of the new van is slated to begin in the spring of 1995.

ARSoftware signs pact with lab

Landover-based Applied Research Corp. said its subsidiary, ARSoftware Corp., signed an exclusive publishing and marketing agreement with the Johns Hopkins University/Applied Physics Laboratory to market ORBIT PREDICTOR, which calculates and plots orbits and orbital decay for satellites.

Salomon lowers Manor Care rating

Salomon Brothers lowered its investment rating yesterday on Manor Care Inc. to "hold" from "buy" after cutting its earnings estimates.

Salomon lowered its fiscal 1994 per-share earnings estimate to $1.30, from $1.45, and its 1995 estimate to $1.60, from $1.75.

Group Health Association cutbacks

Group Health Association, a health maintenance organization the Washington area, said that it was taking steps to cut personnel and administrative expenses by $10.4 million a year.

The company, with 134,300 members, said cutbacks would include the elimination of up to 200 full-time positions.

FCC OKS Post sale to Murdoch

Saying hundreds of jobs were at stake, federal regulators took unprecedented action and gave Rupert Murdoch permission to buy the New York Post while owning WNYW-TV in New York City.

The Federal Communications Commission's 2-1 decision yesterday was the first time the government had waived its rules against letting a single owner hold both a daily newspaper and television station in the same city.

IMF expected to OK Russian loan

The International Monetary Fund is expected to approve a $1.5 billion loan for Russia today, the first installment for President Boris Yeltsin's government from a new IMF loan facility.

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