Singapore Airlines orderSingapore Airlines yesterday...

BUSINESS DIGEST

June 23, 1994

Singapore Airlines order

Singapore Airlines yesterday ordered as much as $10.3 billion in new jets from Airbus Industrie and Boeing Co., another sign that the commercial aircraft business is recovering.

Because the order has been in the works for months and the jets are to be delivered through the year 2003, the purchase isn't expected to have an immediate impact on production schedules at either company. But the order gives more assurance that the aircraft makers won't need more production cuts.

Foreign airlines have been seeking to buy new jets this year to refurbish their fleets after years of restrained spending. Saudi Arabia plans to buy $6 billion worth of new jets from Boeing and McDonnell Douglas, and China is said to be talking with Boeing

about a potential $5 billion order.

Whiting-Turner gets contract

The state Board of Public Works awarded a $9.5 million contract yesterday to Whiting-Turner Contracting Co. Inc. to modernize three container cranes at the Dundalk Marine Terminal. The project is expected to extend by 20 years the anticipated use of the cranes.

Last month, the three-member board, which acts on major construction and consultant contracts, approved the purchase of a $7.4 million crane at Dundalk, giving the state's largest marine terminal a total of 10 container cranes.

Tobacco production to decline

Lower domestic consumption and falling exports will cause a drop of about 12 percent in U.S. cigarette production for the year ending this month, the Agriculture Department says.

And despite higher price supports and rules that limit foreign tobacco to 25 percent of the total used in U.S. cigarettes, 1994-1995 tobacco prices may rise only slightly, according to the USDA's tobacco outlook summary.

Under current conditions, total domestic tobacco production for the period will fall about 8 percent from the 1993-1994 yield of 1.61 billion pounds, the summary said.

NationsBank acquisition

NationsBank Corp. will buy RHNB Corp. and its subsidiary, Rock Hill (S.C.) National Bank, the companies said yesterday.

The agreement would be a tax-free exchange of common stock. RHNB stockholders would get 0.35 shares of NationsBank for each RHNB share.

Based on NationsBank's closing share price of $53.625 yesterday, the transaction would be worth about $18.77 a share to RHNB stockholders, the companies said. The deal would be valued at nearly $44 million if all eligible RHNB debt was converted to common stock.

G; NationsBank is the largest banking company in Maryland.

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