Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, August 6, 1993 TAG: 9308060156
SECTION: BUSINESS PAGE: B5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - MCI Communications Corp. and British Telecommunications will put the world headquarters of their new joint venture in Northern Virginia, with BT Managing Director Chris Earnshaw as chief executive, the two firms said Thursday.
The specific site has not been chosen.
As revealed in June, the two telecommunications multinationals will invest about $1 billion in the joint operation over the next five years to form a worldwide strategic alliance.
MCI is the second-largest long-distance company in the United States. BT is Britain's largest long-distance and local phone service company. Both have operations worldwide. - Associated Press
\ Some airlines match Delta's fall fare cuts
Major American air carriers Thursday went along with a 35 percent fare cut by Delta Air Lines, and in some cases tried to go Delta one better.
In an attempt to beat Delta to the punch, several airlines, including United, Northwest and American, moved up the start for the discounted fares to Aug. 23 from Sept. 15.
Atlanta-based Delta, hoping to spur bookings for the slow post-Labor Day period, cut prices 35 percent on tickets bought through Aug. 17, 30 percent on tickets bought by Aug. 31 and 25 percent on tickets bought by Sept. 15 for travel between Sept. 15 and Dec. 15 to North American destinations. - Chicago Tribune
\ Gold futures take big fall in sell-off
NEW YORK - Gold prices slid more than $20 an ounce Thursday, tied to strong Chinese selling and a calming of the crisis that hit the European monetary system last week.
December gold futures ended down $22.00 at $377.20 after hitting a session low of $375.00, its lowest level since June 23 when the contract reached $371.00.
"Selling was long overdue" and many traders were waiting for the market to slip below $400 an ounce, one dealer said. The sell-off effectively wiped out the market's string of recent gains. - Journal of Commerce
\ Top corporate dogs about to feel the bite
In the coming year, many top management employees around the country are going to experience something with which their rank-and-file colleagues are familiar: smaller salary increases.
That is the message of the Conference Board's annual executive pay survey of 540 companies. The report says that for the first time since 1987, raises are expected to fall to less than 5 percent for white-collar workers and executives not covered by overtime laws.
The report said such raises are expected to average 4.3 percent in 1993 and about 4.2 percent in 1994.
"Most of the companies surveyed said they expect raises to average around 4.5 percent, which is less than the 5 percent level many had projected last year," said Elizabeth Arreglado, a Conference Board compensation specialist.
The new estimates are a far cry from the double-digit raises many executives routinely received in the early 1980s, she said.
The largest average increases in the survey were recorded in 1981, when exempt employees averaged raises of 10.5 percent and executives 10.6 percent. - Chicago Tribune
\ U.S.-Canadian beer war is over
WASHINGTON - The United States and Canada said Thursday they had resolved a long-running trade war between the two countries that had driven up the cost of certain imported beers.
Under the agreement, the United States agreed to remove the 50 percent tariffs it had imposed last year on beer imported from the Canadian province of Ontario, and Canada agreed to scrap similarly high punitive tariffs it had imposed on beer made by two American companies - the G. Heileman Brewing Co. and the Stroh Brewing Co.
The Canadian breweries affected were Molson Breweries of Canada Ltd., the Labatt Brewing Co., Sleeman Brewing and Upper Canada Breweries. - Associated Press
by CNB