Painewebber

Venture to acquire Westin hotelsStarwood Capital Group LP and Goldman, Sachs & Co. said yesterday they will form a joint venture to acquire Westin Hotel Co. from Aoiki Corp. for $561 million in cash. The companies will also assume the hotel chain's debt. The purchase is backed by financing from Nomura Asset Capital Corp. Under the agreement, Aoki will retain interest in nine U.S. and Canadian hotels as well as the Westin trademark in Asia. Westin will continue to manage the nine hotels and control the Westin name worldwide.

Altered tomato approvedA genetically altered tomato that's supposed to have that summertime, farm-stand taste moved closer to grocery store shelves yesterday when the Agriculture Department said it would no longer regulate the "Flavr Savr" tomato. "Flavr Savr" is the trademark for a tomato developed by Calgene Inc., of Davis, Calif. It resists spoilage and can be picked and shipped at a tasty, red-ripe stage. The company expects to market the tomato commercially by late next summer.The Food and Drug Administration, however, must declare "Flavr Savr" a food before Calgene can begin marketing the tomato to consumers.

Ellicott City-based Damar Group, which provides personal computer training and technical support to businesseses and individuals, has been selected by W. R. Grace & Co. to provide customized computer training for the VAX and PC users.FLOWER SHOP EXPANDSBev & Lee Wilhide's Flowers has announced plans for a new store in Elkridge at the corner of Montgomery Road and Route 1 in the Elkridge Corners Shopping Center.The store, the fifth in the area for Wilhide's Flowers, is scheduled to open in the early fall.

CBS takeover talks reportedWalt Disney Co. has teamed with ex-studio chief Barry Diller in takeover talks with CBS Inc., an entertainment industry newspaper reported yesterday.The Hollywood Reporter, citing sources who spoke on condition of anonymity, said there was a serious restart in negotiations.Last summer, Mr. Diller, former chief of 20th Century Fox Inc. and former chairman of home shopping network operator QVC Inc., tried and failed to orchestrate a merger.Disney would not comment on the report, and a CBS spokesman and Mr. Diller were not immediately available to comment.

J. HARMS PROMOTES HARVEY AND OSBORNJohn E. Harms Jr. and Associates Inc., an engineering, planning and surveying firm with offices at 90 Ritchie Highway in Pasadena, has announced new assignments for some key executive and managerial personnel.Eugene C. Harvey, P.E., senior vice president, will be principal-in-charge of the quality assurance program. In this capacity, Harvey will participate in major design decisions on each project, working to update company design standards and procedures and expand the in-house plan review process.

When Charles Knell retired a decade ago with a $350,000 nest egg, he and his wife entrusted their money to D. Jeffrey Rice, the son of the Knells' best friends and a broker at Alex. Brown & Sons.Their goal was not to get rich, but merely to provide for a quiet lifestyle in southern Florida. Who better to leave their money with than Alex. Brown, Baltimore's pre-eminent investment banker, and Mr. Rice, a respected friend of the family?The mistake was costly. Within five years, nearly three-quarters of their money was gone.

Over the long term, brokerage companies look like solid investments. Brokers should profit nicely from the growing number of wealthy individuals, who presumably will need brokerage services to manage their new riches. And brokerage companies are beginning to build their nontraditional businesses, thanks to Congress' repeal of the Glass-Steagall Act. Now that brokers can offer a complete line of financial services, it may prompt some consolidation in the industry. Brokers may buy up more nonbrokerage companies, and, alternatively, banks and insurance companies may take over some of the large brokerage firms.

At 9:20 a.m. yesterday, the dozens of buttons on the phone on Mickey Misera's desk at Alex. Brown Inc. were just about all dark."In 1987, every light on this board was lit up" on the October day known as Black Monday, said Mr. Misera, an Alex. Brown managing director and head of listed equity trading. "This time, they're going to watch [stocks] open" before deciding whether or not to sell, he said.When the market opened, it moved higher. The threat of a Monday crash -- replicating 1987, when a 100-point drop in the Dow on a Friday, Oct. 16, was followed by the 508-point debacle on Monday -- was over.

If American Airlines and British Airways announce a plan to combine some of their resources today, airline industry analysts say it's not necessarily bad news for USAir Group Inc.According to published reports, American and British Airways will share their marketing, sell seats on each other's flights, and intertwine their frequent flier programs. The deal is scheduled to be formally announced today in New York by American's chief executive officer, Robert L. Crandall.All three airlines declined comment yesterday.

Kodak to lay off 2,000Eastman Kodak Co. will lay off about 2,000 workers, Chief Executive Kay R. Whitmore announced. Kodak will also reduce spending on research and development, cut administrative expenses and consolidate equipment manufacturing operations at several sites to save the company more than $200 million in 1993, Mr. Whitmore said yesterday.Boeing engineers strike 1 dayBoeing engineers, intent on getting the airplane maker back to the negotiating table, staged a one-day strike to draw attention to their plight.