U.S. aids loan fund for Md. firms
The federal Economic Development Administration has awarded a $2 million grant to the state Department of Economic and Employment Development that is to be used to assist defense-dependent businesses in developing new commercial markets for their products and modernizing their manufacturing operations.
The grant is to be used by the state in setting up a revolving loan fund that can provide working capital to small companies located in counties heavily dependent on defense contracts.
Police order mobile data system
The Baltimore Police Department has ordered a $3.4 million computerized mobile information system from the local Westinghouse Electric Corp. division and Motorola Inc., the companies announced yesterday.
The equipment, which is to be installed in 200 patrol cars over the next six years, will provide officers with faster information on suspects.
The contract represents the first sale in a line of business that Westinghouse has been developing to lessen its dependence on military contracts.
Santa Fe rejects Union Pacific bid
Santa Fe Pacific Corp. rejected a $3.4 billion hostile takeover offer from Union Pacific Corp. last night, saying it felt the bid would not receive antitrust approval from federal regulators.
The unexpected proposal, made Wednesday night, threatened to block a $2.5 billion merger agreement announced in June between Burlington Northern Inc. and Santa Fe that would have created a railroad bigger than Union Pacific, currently the nation's largest railroad.
Also yesterday, Union Pacific filed a lawsuit against Burlington Northern and Santa Fe that seeks to terminate their merger agreement.
Demand strong for Md. bonds
Demand was strong this week for $160 million in 15-year Maryland general-obligation bonds, which were auctioned off at a low-interest bid of 5.6926 percent in New York Wednesday, state officials said yesterday.
The bonds drew a higher-than-usual five bids, and by noon yesterday the syndicate that bought them had resold all but $26 million worth. The bonds were listed as triple-A by all three chief financial rating services, continuing Maryland's position as one of only five states with the highest rating for its securities.
Insurance-reform vote put off
A state task force studying how to reform the health insurance market for individual consumers yesterday delayed until later this month a vote on what changes in insurance laws to recommend to next year's session of the General Assembly.
The Expansion of Insurance Reform Task Force will vote either Oct. 14 or Oct. 28.