S&Ls' profits rose in 2nd quarterProfits at the nation's...

BUSINESS DIGEST

September 10, 1994

S&Ls' profits rose in 2nd quarter

Profits at the nation's savings and loans increased in the second quarter and should remain steady despite rising interest rates, the government said yesterday. Second-quarter profits totaled $1.29 billion, up from $750 million in the first quarter, even though the rise in short-term interest rates increased the cost of S&Ls' deposits.

So far this year, only one S&L has failed. Some 73 of the 1,612 S&Ls regulated by the Office of Thrift Supervision are listed as troubled, but officials said they expected only one or two of those to fail.

Phone group to fight video ban

The telephone industry is preparing a constitutional challenge to a 10-year-old law that forbids telephone companies from providing video services to consumers. The broadest legal assault of its kind, the lawsuit will be filed in a federal court in Washington Monday on behalf of the 1,056-member United States Telephone Association, said the group's attorney, Mary McDermott.

Carbide sells Bhopal stake

Union Carbide Corp. yesterday sold its stake in the Bhopal, India, pesticide plant that was the site of the world's worst industrial accident. A leak of methyl isocyanate gas from the plant killed 4,000 people living in a nearby shanty town in December 1984. The plant has been closed ever since.

AT&T satellite lost after launch

pTC

An AT&T Corp. satellite was lost yesterday after being launched from an Ariane rocket that took off from the European space center in Kourou, French Guiana. The Telstar 402 satellite was designed to provide telephone and television links in the United States and the Caribbean for 12 years. Several large companies, including the Fox and ABC television networks, had planned to use it.

Ford pushes Taurus models

Ford Motor Co. announced new buyer incentives on its Taurus model yesterday, making clear that it won't give up bragging rights to the No. 1 selling car in America without a fight. Taurus has been America's No. 1 selling car for two years running. But so far this year, Accord has outsold Taurus 245,404 to 243,957. Ford cut financing from 6.9 percent to 2.9 for a 48-month loan. It also increased the rebate from $500 to $750.

Nextel raises offer for company

Nextel Communications Inc. yesterday raised its offer for American Mobile Systems Inc. to include all the wireless communications company's stock it does not already own for an estimated $73 million.

The tax-free merger proposal supersedes Nextel's current agreement to acquire up to 65 percent of American Mobile stock for a combination of cash and properties, American Mobile said.

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