Mixed signals on economy
Manufacturers boosted their monthly output in May, completing a solid year of expansion, but weaker April business sales reinforced other signs that economic growth was moderating, the Federal Reserve Board reported yesterday.
Industrial production rose in May by 0.2 percent after a 0.1 percent April gain, continuing a string of increases that started in June 1993.
In a separate report, the Commerce Department said business sales by manufacturers, wholesalers and retailers took their biggest tumble in 28 months, dropping 0.8 percent in April to a seasonally adjusted $622.8 billion.
Soros earned $1.1 billion in '93
International financier George Soros earned $1.1 billion in 1993, breaking his own record for making money on Wall Street, according to a survey by Financial World magazine.
In fact, Mr. Soros, known for his large investments in Eastern Europe and the former Soviet Union, became the first person on Wall Street to bring home more than $1 billion in a 12-month period, the magazine reported.
His compensation exceeded the gross domestic product of at least 42 member nations of the United Nations and was roughly equal to that of Chad and Burundi.
New office building for DOE
Manekin Corp. said yesterday that it has reached a deal with the U.S. government to build a 75,000-square-foot office building in Germantown for lease to the U.S. Department of Energy. The building is scheduled to open in February.
The new building is the second in a 400,000-square-foot first phase of Manekin's Cloverleaf Center Germantown, a 150-acre mixed-use development off I-270 in Montgomery County.
The project is a joint venture of Manekin and Copley Real Estate Advisors of Boston, which has been a longtime financial backer of the Columbia-based development and real estate services firm.
Gaccione quits as Heileman CEO
Richard F. Gaccione has resigned as president and chief executive of G. Heileman Brewing Co. after less than six months on the job, the La Crosse, Wis.-based brewer said yesterday. William J. Turner, Heileman's chairman, and Russell G. Cleary, the company's chairman and chief executive from 1971 through 1988 and a member of the board, were named interim co-CEOs.
The company, which operates a brewery in Halethorpe, said Mr. Gaccione resigned because of the large amount of travel the position requires.
British firm can buy MCI stake
The Justice Department said yesterday that it has reached an agreement allowing British Telecommunications PLC to purchase a 20 percent stake in MCI Communications Corp.
British Telecom wants to invest $4.3 billion in the second-largest U.S. provider of long-distance telephone services.