Western German GDP dropsWestern Germany's economy shrank...

BUSINESS DIGEST

January 12, 1994

Western German GDP drops

Western Germany's economy shrank in 1993, with its gross domestic product showing the sharpest drop since World War II, and economists see only tentative prospects for growth in Europe's largest economy next year. Germany's Federal Statistics Office said yesterday that west German GDP fell by 1.9 percent in 1993 in real terms.

Citicorp may add Hagerstown jobs

Citicorp Credit Services Inc. plans to add 150 new jobs in Hagerstown this year, the result of corporate restructuring that involves moving a Melville, N.Y., division to Hagerstown and transferring about 150 existing jobs to the Midwest.

The fraud-prevention department and its 300 jobs are being moved to Citicorp's computer center near Washington County Regional Airport.

London Fog hires financial chief

London Fog Industries said yesterday that it hired William D. Richins as senior vice president and chief financial officer.

Mr. Richins joined the Eldersburg-based maker of rainwear and outerwear from Linens 'n Things, where he was chief financial officer.

Furrier closes downtown store

Kent Fisher Furs said yesterday that it was closing its downtown store at Saratoga and Mulberry streets after 47 years. The company, which blamed the move on its customers' "unwillingness to visit the downtown location," said it would consolidate its operations at its Towson location.

2,300 strike at GM plant in La.

About 2,300 workers struck General Motors Corp.'s Shreveport, La., truck plant yesterday.

The strike threatened to halt production of hundreds and perhaps thousands of GM's hot-selling 1994 compact pickup trucks and revealed that the auto giant's labor troubles are far from over.

Paramount leaning to QVC

Advisers to the board of Paramount Communications Inc. are strongly leaning toward urging acceptance of QVC Network Inc.'s takeover bid over the latest offer from Viacom Inc., the New York Times reported, citing an unidentified source close to the Paramount board.

Paramount's board meets this afternoon to evaluate the new Viacom offer, which has a total value of about $77 a share -- still lower than the QVC bid, which is worth about $82 a share.

Nintendo announces Seattle layoffs

Nintendo of America, a unit of Japan's Nintendo Corp., said yesterday that it will lay off 136 workers in the Seattle area as it moves some manufacturing jobs to Mexico.

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