Earnings up at 2 GM unitsTwo of General Motors Corp.'s...


February 10, 1994

Earnings up at 2 GM units

Two of General Motors Corp.'s nonauto subsidiaries, Electronic Data Systems Corp. and GM Hughes Electronics Corp., reported higher earnings yesterday, but GM's finance company reported smaller profits.

The three subsidiaries earned a combined fourth-quarter profit of $686 million in 1993, down from $703 million in the 1992 period.

GM, the nation's largest automaker, is scheduled to report consolidated 1993 earnings today.

Md. official joins Westinghouse

Scott M. Blacklin, head of the Maryland Department of Economic and Employment Development's International Division the past two years, has joined the Westinghouse Electric Corp. as director of programs in the former Soviet Union.

Mr. Blacklin will lead the Linthicum-based Electronic Systems Group's efforts to develop an air traffic control system in that part of the world.

Texaco settles Louisiana suit

Texaco's settlement yesterday of a lawsuit with Louisiana includes a promise to invest $152 million in the state's battered energy industry, a move expected to produce about 1,000 jobs.

The dispute mainly concerned royalties that Texaco paid to Louisiana from natural gas produced in fields leased from the state.

The settlement also includes a payment to the state of $250 million in cash.

Aetna reports record loss

Aetna Life & Casualty Co. reported its largest-ever quarterly loss yesterday after a $1.03 billion charge to cut 4,000 jobs and drop two product lines.

The nation's fourth-largest insurer said its fourth-quarter loss widened to $1.13 billion, or $10.09 a share, from a loss of $191.9 million, or $1.74, a year earlier. Core earnings before the charge and investment gains jumped to $142.9 million, from $600,000.

Wal-Mart details Leedmark deal

Wal-Mart Stores Inc., the nation's largest retailer, yesterday confirmed previous reports that it has bought the former Leedmark site in Glen Burnie. The company said it plans to open a 245-employee Wal-Mart store at the site in the summer.

F & E Resource amends report

F & E Resource Systems Technology Inc., owner of recycling and composting plants, said yesterday that it had filed an amended quarterly statement for the three months that ended Sept. 30 to reflect a reduction in a reserve fund.

The Baltimore company said the reserve, created to offset the cost of a Prince George's County project, was lowered by $800,000, to $1.6 million, improving quarterly results by the same amount.

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