Fed disinclined to boost ratesFederal Reserve officials...


September 25, 1993

Fed disinclined to boost rates

Federal Reserve officials last month shifted their monetary policy away from a bias toward raising interest rates, according to meeting minutes.

All members of the Federal Open Market Committee at the Aug. 17 meeting "agreed that recent developments pointed to the desirability of a steady policy course" because of the absence of inflation pressures and the restraining effect of budget deficit reduction, according to the minutes released yesterday.

Credit bureau can't sell names

A major credit bureau was barred yesterday from selling lists of thousands of consumers to telemarketers and direct-mail advertisers based on federally protected information in its files.

Administrative Law Judge Lewis F. Parker upheld Federal Trade Commission charges that Trans Union Corp. of Chicago had violated the Fair Credit Reporting Act in compiling and selling the lists. The act governs the privacy of the consumer credit information collected and sold by credit bureaus. Trans Union is one of three major credit bureaus in the United States.

Apple executive fights his layoff

Albert A. Eisenstat, Apple Computer Inc.'s executive vice president and secretary until this week, is one employee laid off during the company's restructuring who is not going quietly.

Mr. Eisenstat, 63, was terminated Thursday as part of the cost-cutting program that has led to 2,000 layoffs so far this year, the company said. In a complaint filed in Superior Court the same day, he sued Apple and Chief Executive Michael Spindler alleging breach of contract, wrongful termination and age discrimination. Apple said the suit had no merit.

Times Mirror debt downgraded

Moody's Investors Services Inc. said yesterday that it downgraded the senior notes and debentures of the Times Mirror Co., publisher of the Los Angeles Times, Newsday, The Sun and The Evening Sun newspapers, to A2 from A1.

It affirmed the company's Prime-1 commercial paper. About $1.1 billion of debt is affected.

Applied Research keeps NASA pact

Applied Research Corp. of Landover has won a $7 million, five-year continuation of a weather research contract from the National Aeronautics and Space Administration.

Applied Research said it would continue a 13-year-old contract to provide support services to NASA's Climate and Radiation Branch and Tropical Rainfall Measurement Mission. The contract extension will create jobs for five more workers, as well as extend employment for 21, the company said.

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