Younger Keating sentencedCharles Keating III was sentenced...


July 30, 1993

Younger Keating sentenced

Charles Keating III was sentenced to eight years and a month in prison and ordered to pay $97.3 million in restitution yesterday for his role in the Lincoln Savings fraud directed by his father.

For-profit school project trimmed

After months of trying to raise $750 million to start a for-profit chain of schools, Whittle Communications has substantially scaled back the project and may resort to an experimental version using a budget of as little as $40 million, an executive close to the company said yesterday.

Sears expands credit card policy

Sears, Roebuck & Co.'s Merchandise Group said yesterday that all of its 1,800 U.S. and Puerto Rico stores will accept VISA, Mastercard and American Express credit cards beginning Aug. 1, in addition to its SearsCharge and Discover Card.

Xerox earnings fall 10 percent

Xerox Corp. said yesterday that earnings fell 10 percent in the second quarter from a year ago, due to weak economic conditions in the United States and Europe and a reorganization of its U.S. sales force.

Net income totaled $112 million, or 96 cents per share, compared with $124 million, or $1.12 per share, in the second quarter of 1992.

Chrysler to raise prices in 1994

Chrysler Corp. said yesterday its 1994 models will average about 1.8 percent more than the introduction price of 1993 models.

The increases match the average jump General Motors Corp. announced two weeks ago for all but its Saturn small-car subsidiary. Saturn prices are up 5.1 percent over 1993 model introductions. Chrysler's 1994 increases amount to 1.2 percent, or $244, above current average prices.

Pact deadline extended at plant

Baltimore-based Eastern Stainless Steel Corp. and the United Steelworkers of America have agreed to extend a contract deadline by two days to 12:01 a.m. tomorrow. The contract covers 400 of the 600 workers at the Essex plant.

UAL reports strong earnings

The parent of United Airlines, UAL Corp., reported better-than-expected second-quarter results yesterday, providing further evidence that a sluggish turnaround in the airline industry is taking hold.

UAL, based in Chicago, reported net income of $22 million for the quarter, or 54 cents a share, compared with a loss of $91 million, in the same period last year. Industry analysts had predicted that UAL would earn 18 cents a share.


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