GM says it earned profit in 1993General Motors Corp.'s...


January 07, 1994

GM says it earned profit in 1993

General Motors Corp.'s chief executive, John Smith, said yesterday that the automaker earned its first profit in four years in 1993, and he said he expects an even stronger year in 1994.

Mr. Smith declined to say how much GM earned last year, but through the first nine months of the year, the automaker had a profit of $1.3 billion, virtually assuring it would end the year in the black for the first time since 1989, when it earned $4.2 billion.

Pension underfunding widens

The gap between promised pensions and the money available to pay them in companies with underfunded plans soared to $53 billion in 1992, a shortfall that eventually could jeopardize the retirements of millions of Americans.

The Pension Benefit Guaranty Corp. said yesterday that underfunded, single-employer plans had $235 billion in benefit liabilities and just $182 billion in assets to pay for them -- a deficit of $53 billion, 40 percent above 1991's $38 billion.

The PBGC said 72 percent of the underfunding is in plans sponsored by 50 companies, primarily in the steel, automobile, tire and airline industries.

USAir to fight in 18 markets

USAir Group Inc. launched a counterattack against Southwest Airlines yesterday by choosing 18 markets where it will introduce more efficient service on short-haul routes.

In its new service, USAir will use secondary airports such as Baltimore-Washington International Airport, instead of Washington's National or Dulles airports. As reported yesterday, USAir intends to increase the number of jet flights at BWI to 121 a day, up from 88 less than two years ago.

Maryland Federal's profit rises

Maryland Federal Bancorp Inc. in Hyattsville said third-quarter earnings rose 3 percent amid lower loan loss provisions and a rise in net interest income.

The thrift-holding company, parent company of Maryland Federal Savings and Loan Association, said net income rose to $2.97 million, or 89 cents a share, for the quarter that ended Nov. 30, from $2.89 million, or 88 cents, a year ago.

Firm is now Colliers Pinkard

W.C. Pinkard & Co. said yesterday that it was changing its name to Colliers Pinkard, a move to highlight the affiliation of Baltimore's largest commercial realty brokerage firm with the Colliers International brokerage system.

Founded in 1922, the firm conducts more than $280 million worth of commercial real estate transactions annually.

First-time jobless claims rise

The number of Americans applying the first time for unemployment benefits rose by 70,000 last week, but economists saw no cause for concern over the long-term job outlook.

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