GM expected to promote WagonerGeneral Motors Corp. plans...


June 28, 1994

GM expected to promote Wagoner

General Motors Corp. plans to announce today the promotion of G. Richard Wagoner Jr., now the chief financial officer and head of worldwide purchasing, to run the company's crucial North American automotive operations, GM officials told the New York Times yesterday.

A corporate reshuffling has been expected at GM for weeks. Board members met yesterday in New York to consider the appointment, as well as other management changes requested by John F. Smith Jr., GM's president and chief executive.

Mr. Smith has run the North American operations since the board expelled GM's top managers and installed him in November 1992. He has scheduled a news conference today at the GM Management Center in Warren, Mich.

Best Buy to open in Columbia

Consumer electronics retailer Best Buy Co. Inc. will open a store in Columbia this fall and is looking for more sites in the Baltimore area, the company said yesterday.

Minneapolis-based Best Buy previously had declined to confirm reports that it plans to move into Baltimore. Company spokeswoman Susan Hoff said the company will look for up to six Baltimore sites, in addition to the Columbia store.

The Columbia store, in the Snowden Square shopping center, is expected to increase competition in the area for Circuit City Stores Inc. and other electronics retailers.

Dell cuts price of Pentium PC

Dell Computer Corp. yesterday became the first major personal computer maker to price a machine based on Intel Corp.'s Pentium chip below $2,000.

The step is considered important because machines priced from $1,000 to $2,000 are viewed as what most people are willing to pay for a PC.

The Dell XPS desktop computer has a Pentium chip running at 60 MHz, a 340-megabyte hard drive, eight megabytes of main memory and a 15-inch monitor.

Amoco says IRS owes $440 million

The Amoco Corp. announced yesterday that it would receive a refund of $440 million from the Internal Revenue Service to settle a long dispute over a tax aimed at limiting windfall profits.

The IRS will pay the amount after it has calculated exactly how much interest is due, Amoco said. Of the $440 million, the company estimates that $284 million is interest.

The dispute between Amoco and the agency arose over differences in interpreting certain parts of a law passed in the late 1970s to limit the profits that oil companies could make on sharply rising oil prices, which jumped about $15 a barrel, to more than $30 a barrel, from 1973 to 1974.

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