Cigna plans to cut 1,000 jobsCigna Corp. is planning to...

BUSINESS DIGEST

September 17, 1993

Cigna plans to cut 1,000 jobs

Cigna Corp. is planning to eliminate about 1,000 jobs in its health insurance division as part of a plan to become more competitive, the company said.

The jobs will be cut by the end of the year as part of a goal to reduce costs at Cigna HealthCare by 15 percent by the end of 1994, the company said yesterday. No decisions were made on the jobs will be eliminated.

Mercedes-Benz makes demands

Mercedes-Benz of North America has told about 30 magazines not to run its ads in any issue with articles that may reflect poorly on Germany or the company. While the automaker said yesterday that most of the magazines have agreed, some industry executives and analysts questioned whether the request could censor a publication's content.

Wal-Mart won't build store

Wal-Mart Stores Inc. said yesterday it has canceled plans to build a department store in the rural town of Westford, Mass., in the wake of fervent opposition from local residents.

More than 4,000 residents had signed petitions opposinWal-Mart, mirroring resistance the nation's largest retailer has seen in other communities as it expands into the Northeast. Westford's population is 16,400.

Profits at S&Ls declined in quarter

Profits at the nation's savings institutions declined to $1.3 billion in the April-June quarter, from $1.8 billion during the first three months of the year, the government said yesterday.

Although down 29 percent from the first quarter, second-quarteearnings were up 2.3 percent from a year ago. And it was the 10th consecutive quarter of profitability for the industry. In Maryland, the thrift industry earned $43.8 million in the quarter compared with $8.5 million a year earlier.

Nine proposals made for offices

The state Department of General Services said it had #F received nine proposals from contractors to finish the interior of the state's newly purchased 260,000-square-foot office building at 6 St. Paul St.

But a department spokesman said none of the financial terms of the bids will be known for up to 12 days.

GSA stops buying, leasing space

Uncle Sam's landlord, the General Services Administration, halted all buying or leasing of new office and warehouse space yesterday. The decision put into effect a key provision of Vice President Al Gore's review of the government's efficiency.

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