General Electric Co. plans to lay off 1,500 workers at its locomotive factory over the next nine months because of dwindling business, an executive said.
The layoffs announced by GE Transportation Systems President David Calhoun comprise about one-fourth of the Erie plant's work force of 6,400.
GE expects locomotive production to drop from a record 740 units this year to 460 in 1996, a 38 percent decline.
Daiwa Bank president resigns
TOKYO (AP) -- The president of Daiwa Bank resigned today to take responsibility for a $1.1 billion loss racked up by a bond trader at its New York branch.
But the bank's troubles were far from over -- just before Daiwa Bank President Akira Fujita said he would step down, Japan's Finance Ministry announced a separate Daiwa affiliate lost another $97 million in bond trading.
According to the ministry, Daiwa Bank Trust Co., the bank's investment trust arm in New York, accumulated the loss through similar U.S. bond trading. Three senior officials were involved in the loss, which was settled in 1994. The ministry discovered it during its ongoing investigation into Daiwa Bank's larger loss.
Teamsters, Ryder pleased with pact
DETROIT (AP) -- A strike that had threatened to strangle the auto industry's fall selling season forced bargainers for the nation's largest car hauler to agree to pay hikes and good benefits, Teamsters union officials said.
Negotiators for the Teamsters and the National Automobile Transporters Labor Division, which represents Ryder System Inc. and the other carriers, reached an agreement early Saturday.
"Our members deserve the credit for this victory by gearing up early and using smart strategies that made it possible to win the best agreement at the bargaining table," said Ron Carey, president of the 1.4 million-member Teamsters union.
A spokesman for Ryder said it, too, was pleased with the agreement.
Representatives of locals nationwide will gather in Washington today to review the agreement. A ratification vote could come later today or Tuesday, Teamsters spokesman Craig Merrilees said.
Commonwealth Edison to cut jobs
CHICAGO (AP) -- Commonwealth Edison Co. plans to cut 2,000 to 3,000 jobs -- up to 16 percent of its work force -- to help it compete as the electricity industry is deregulated.
Edison said Sunday that all its 18,400 workers would be eligible for buyouts. The company expects many of the takers to be among some 1,300 workers who are 50 or older.
Union hails Kellogg buyout plan
BATTLE CREEK, Mich. (AP) -- Kellogg Co.'s plan to eliminate more than 1,200 jobs by offering enhanced retirement benefits or cash buyouts was easily approved by unionized hourly workers. Workers in five states were eligible to vote, and 88 percent accepted the deal negotiated by Kellogg and the American Federation of Grain Millers, Larry Jackson, the union's president, said in Minneapolis.
The agreement allows some workers to retire early. Employees already eligible for retirement could choose a $42,000 payment or $750 a month until they qualify for Social Security.
Workers who don't fall into either retirement category could resign and take $42,000.
Honda hikes Acura Integra prices
TORRANCE, Calif. (Reuters) -- Honda Motor Co. said its U.S. prices for the 1996 Acura Integra models will increase by an average of 2.4 percent or $445 to a range of $16,100 to $22,200 from 1995 levels.