RTKL opens Hong Kong officeRTKL Associates Inc. said...


January 20, 1994

RTKL opens Hong Kong office

RTKL Associates Inc. said yesterday that it has opened an office in Hong Kong, positioning the Baltimore architecture firm to pursue business in Taiwan and in Hong Kong.

The nation's sixth-largest architectural firm has pushed hard in recent years to build its international business, partly as a response to sharp declines in commercial development in the United States because of the recession and its aftermath.

Laurin McCracken, RTKL's worldwide director of marketing, said most of the actual design for projects in Hong Kong and Taiwan, as well as the other Asian nations in which RTKL does business, will continue to be done at U.S. RTKL offices.

Host Marriott sells 26 inns

Host Marriott Corp. said it agreed to sell 26 Fairfield Inns hotels for net proceeds of about $115 million to a joint venture that includes the Carlyle Group L.P., a Washington investment firm.

Host Marriott, part of the old Marriott Corp., said it signed a nonbinding letter of intent to sell the hotels to a venture formed by Sage Hospitality Resources Inc., a Denver company, and Carlyle.

U.S. use of foreign oil hits record

The United States used a record amount of foreign oil in 1993, largely because of a continuing decline in domestic production, an industry group said yesterday.

The United States imported 49.5 percent of its petroleum, an average of almost 8.5 million barrels per day, according to the American Petroleum Institute. This was 7.8 percent higher than the nearly 7.9 million barrels a day imported in 1992, API said. The previous annual peak in imports was 47.7 percent in 1977, API said.

QVC extends bid's expiration date

QVC Network Inc. extended the expiration date yesterday for its buyout offer for Paramount Communications Inc. to match the new deadline on the revised bid from its rival, Viacom Inc.

The 4 1/2 -month-old bidding contest is moving toward a showdown on Feb. 1, a deadline Paramount has set for final offers.

Viacom is offering about $900 million more cash than QVC has. Its new bid also gives some protection to Paramount shareholders against a decline in the value of the stock in its deal.

Ruble hits new low vs. dollar

The ruble hit a new low against the U.S. dollar yesterday, as the fate of economic reform in Russia grew increasingly uncertain.

The ruble plunged 6.9 percent, to 1,607 to the dollar, on the Moscow Interbank Currency Exchange, after the resignation of two leading reform advocates in President Boris N. Yeltsin's Cabinet this week fueled fears of continued turmoil.

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