Sears may take Visa, MasterCardSears, Roebuck and Co. is...

BUSINESS DIGEST

July 10, 1993

Sears may take Visa, MasterCard

Sears, Roebuck and Co. is close to accepting Visa and MasterCard at its stores, just days after spinning off the Discover credit-card business it created.

Sears said it has reached a tentative agreement with First Financial Management Corp. in Atlanta to handle purchases made with Visa and MasterCard.

Judge to OK plans for O&Y board

A bankruptcy judge said he intends to approve plans for a new board for Olympia & York (U.S.A.), an important step toward reviving the developer's much-delayed debt restructuring talks.

After yesterday's pronouncement comes the hard part: getting bankers and bondholders to make progress on reorganizing $5.8 billion in debts, among the largest real estate workouts ever.

Dollar surges against mark

The dollar surged to a 20-month high against the German mark yesterday after a large purchase in Europe set off what traders said was a chain reaction of buying in a thin market.

Dealers said the identity of the buyer was unknown. The dollar was quoted at 1.7210 marks in late New York trading, up from 1.7030 marks late Thursday.

Billman appeals extradition

Tom J. Billman, who is charged with stealing $28 million from the failed Community Savings & Loan Association, has appealed a French court's order June 30 to extradite him to Baltimore for prosecution.

Robert M. Disch, a lawyer for Mr. Billman, said the appeal was entered in the French court Monday, before the five-day filing deadline expired. But the lawyer said his client might withdraw the appeal and agree to return to the United States to face federal wire fraud and mail fraud charges in U.S. District Court in Baltimore.

Martin gets testing contract

Martin Marietta Corp. received a $23 million Navy contract to perform qualification tests on destroyers intended for Japan. The company's Moorestown, N.J., Government Electronic Systems unit will complete the testing, which is to be done in Moorestown by March 1997.

European auto sales drop 17.5%

European auto sales fell 17.5 percent in the first half of 1993, indicating that the industry's recession is worse than had been feared.

Sales in 17 Western European countries dropped 18.4 percent in June alone compared with last year, according to figures released yesterday by the French and European Automobile Manufacturers Associations.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.