Interest rates reach year high as recovery risk grows
In New York the AP reports rates rising for three months to the highest level in a year. Economists fear the rate climb may derail a robust recovery with the dollar gaining strength and stock markets retreating. The Labor Department notes unemployment falling to 9.5 percent in July while deficits rise and Treasury auctions hit new highs.
MENTIONED IN THIS ARTICLE
New York
Edward Yardeni
Prudential Bache Securities Inc
Labor Department
Treasury Department
Treasury
Wall Street
U.S
Federal Reserve
Texas
Missouri
Federal Reserve Board
Yardeni
Alan Murray
Citibank
Murray
Fed
Commerce Department
Federal Housing Administration
Veterans Administration
White House
Congress backs Iowa group bid to buy tracks
Congress via a transportation appropriations bill urges the Federal Railroad Administration to assist the TRAIN group of Iowa businessmen in purchasing the Rock Island Lines track from Council Bluffs to Chicago and securing operating rights to Peoria. The tentative sale is about 45 million dollars and TRAIN seeks aid to close the deal.
MENTIONED IN THIS ARTICLE
DES Moines
Congress
Federal Railroad Administration
Iowa
Reagan
TRAIN
Council Bluffs
Bureau, Ill
Peoria
Ill
Chicago
Rock Island
Scott Bannister
The
Iowa Railroad
Imports Up Exports Down Record Trade Deficit Level
U.S. imports jumped 10 percent to 63.9 billion in the second quarter driven by a 24 percent rise in petroleum products, widening the merchandise trade deficit to a record 14.8 billion. Exports fell 1 percent to about 49 billion as farm, machinery, petroleum, and coal products declined.
MENTIONED IN THIS ARTICLE
Washington
U.S
Commerce Department
United States
Baldrige
Private retirement plan loans face strict new limits
Private retirement plans that allow borrowing must follow tightened rules. Loans must be nondiscriminatory, capped at the lesser of 50 000 or half vested benefits, with exceptions for 10 000. Interest rates must be market-based and repayment within five years, longer for home purchases. Department of Labor approval required for sponsor loans.
MENTIONED IN THIS ARTICLE
Ly Leonard Sloane
New York Times Service
New York
William Small
Kings Management Co
Bellmanr
N.J
Internal Revenue Service
IRS
Department of Labor
Small
Stocks edge higher in slow trading on mixed week
Stocks closed a volatile week with a small gain as autos airlines mining and oil services led advances while oil, aerospace and forest products fell. The Dow rose 0.20 to 1183.29, the NYSE Composite up 0.27 to 93.60, and volume eased to 67.85 million shares.
MENTIONED IN THIS ARTICLE
New York
New York Stock Exchange
Reagan signs withholding ban and Caribbean aid measure
President Reagan signed a bill barring the withholding of taxes from interest and dividend income, overriding threats of a veto. The legislation also includes tariff concessions for non Communist nations in the Caribbean and Central America, part of the administration s aid plan. Congress approved the move amid lobbying by banks and savings institutions, with the Senate 90 7 and the House 392 18 voting to sustain. The change shifts from 10 to 20 percent withholding for identified tax cheats.
MENTIONED IN THIS ARTICLE
Washington
Reagan
Caribbean
Central America
White House
Larry Speakes
House
Savings and Loan
Senate
Congress
AT&T breakup order signed by federal judge Greene
U S District Judge Harold H Greene signed the final order authorizing AT T breakup under a 471 page plan. The decision followed Charles L Brown stating AT T would accept Greene's conditions for approval amid concerns of short term rate rises and service access.
MENTIONED IN THIS ARTICLE
Washington (Ap
American Telephone & Telegraph Co
Robert W. Nichols
Consumers Union of the
U.S
Harold H. Greene
At&t
Charles L. Brown
Greene
Protests Hit Iowa Illinois Gas Rate Hike Hearing
Several hundred residents packed a Davenport meeting to oppose a 35.5 percent rate increase sought by Iowa Illinois Gas and Electric. The protest centers on funding for the Louisa Generating Station near Muscatine and questions why customers should pay for a decision critics call faulty. Formal testimony by company officials starts next week in Des Moines. service areas include Iowa City and Wilton.
MENTIONED IN THIS ARTICLE
Davenport
Iowa Commerce Commission
Iowa-Illinois Gas and Electric Co
Louisa
Muscatine
Iowa-Illinois
Also Mentioned on This Page
Iowa Group
Commerce
Malcolm Baldrige
Departme
American Telephone & Telegraph
NYSE
Exxon
International Business Machines
General Motors
Eastman Kodak
Allied
G.D. Searle
PepsiCo
Searle
Coca-Cola
Halliburton
Schlumberger
Hughes
Texaco
Standard of California
Mobil
Standard & Poor
S&p
Commerce Unit
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