St. Joseph cuts 17 managerial jobsSt. Joseph Medical...

BUSINESS DIGEST

November 12, 1994

St. Joseph cuts 17 managerial jobs

St. Joseph Medical Center in Towson has eliminated 17 managerial jobs as part of a "restructuring" program intended to improve the hospital's efficiency and competitiveness.

The center laid off eight people Thursday -- 10 percent of the managerial staff -- and eliminated six budgeted but unfilled positions. Three people took early retirement, and six were reassigned.

The changes will save $1.2 million, according to St. Joseph officials, who said more layoffs are possible in the future. The 460-bed facility is in "very strong" financial condition, officials said.

Sugar prices hit four-year high

Sugar prices soared yesterday to their highest levels in more than four years, as a deep cut in Russia's sugar beet harvest this year heightened concern about a global shortage of the commodity.

On the New York Coffee, Sugar and Cocoa Exchange, the March world sugar contract closed up 0.38 cent, at 13.64 cents a zTC pound, the highest level since June 8, 1990.

Profits up at Dutch insurer Aegon

Dutch insurer Aegon NV said yesterday that its third-quarter net income rose 19 percent, boosted by the company's partnership with Scottish Equitable Life Assurance Society and higher income from its noninsurance business.

The company, parent of Baltimore-based Aegon USA, said it earned 285 million guilders ($160 million) in the period ended Sept. 30, up from 240 million ($127 million) in the same period last year. Aegon said its U.S. operations, including Baltimore's Monumental Life Insurance Co., also showed strong growth in revenue and income.

Crown Central to issue notes

Crown Central Petroleum Corp. has filed with the Securities and Exchange Commission to sell $100 million of senior notes. The notes will be unsecured senior obligations of the company maturing in 2004, according to the filing.

The Baltimore-based company plans to use the proceeds to retire existing senior notes due in 2001, to repay borrowing under its credit facility, and to provide working capital.

S&P downgrades Westinghouse

Westinghouse Electric Corp.'s $4 billion of publicly traded debt and preferred stock was downgraded by Standard & Poor's Corp. because of its aggressive acquisition strategy and high debt load, S&P said.

The diversified electronics company's senior debt was reduced to BBB-minus from BBB, and its subordinated debt and preferred stock was downgraded to junk-level status at BB-plus.

In a statement, Westinghouse said it was surprised by the downgrade, adding that the S&P "concerns do not reflect any new information about" the company.

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