GM to stop urging federal benefitsGeneral Motors Corp...

BUSINESS DIGEST

July 17, 1993

GM to stop urging federal benefits

General Motors Corp. said yesterday it would stop urging its workers to apply for federal unemployment benefits rather than state compensation even though it is a legal option that saves the company money. The announcement comes a day after members of the House Ways and Means Committee said they would work to end the option in the federal unemployment program.

Wickham to raise $1 million

The J.L. Wickham Co., a Baltimore machine tool manufacturer, is conducting a private offering of $1 million in stock to raise working capital, according to company Chairman Richard P. Sullivan. He said the company was seeking investments from venture capital firms that specialize in industrial operations.

Europe's banks aid Danish crown

European central banks joined forces to prop up the Danish crown in the face of huge currency-market speculation yesterday, while the Danish government raised interest rates sharply to help out.

In the latest bout of a currency crisis that has been on and off since last year, all central banks that remain members of Europe's exchange-rate system bought crowns virtually nonstop to defend the beleaguered currency.

Prices of Saturn cars to rise

General Motors Corp. said yesterday it will raise prices on its 1994 Saturn models by an average of 3.5 percent, nearly twice the rate it has announced for the rest of its line of cars and trucks.

The move comes despite criticism from Labor Secretary Robert B. Reich of manufacturers that raised prices rather than using favorable foreign-exchange rates to take market share from overseas competition.

Oncor acquires DNA license

Oncor Inc. in Gaithersburg said yesterday that it acquired an exclusive license from the Children's Hospital of Philadelphia for DNA probes that can identify individuals with congenital heart malformations caused by an inherited abnormality of chromosome 22.

Price starts blue-chip fund

T. Rowe Price Associates Inc. said it has introduced a blue-chip growth fund to invest in what the Baltimore mutual fund company called the leading companies in the emerging growth industries of the late 20th century. Core holdings of the new fund include Primerica Corp., Disney Co., Whirlpool Corp., Motorola Corp., General Electric Co,. Pepsico Inc. and Coca-Cola Co.

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