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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 18, 1992
Page
19
Toys R Us in New York reports a 40 percent jump in Q2 earnings to 32.7 million on 1.25 billion in sales up 18 percent. First half 1992 earnings reach 61 million with 2.42 billion in sales, reflecting solid traditional toy demand.
Phar-Mor Inc. filed for Chapter 11 protection in bankruptcy court after announcing a 350 million accounting charge tied to a scheme allegedly led by former president Michael Monus and ex-CFO Patrick Finn. The chain named Coopers & Lybrand as a target of suit for negligent failure to uncover the fraud.
US West and two unions representing 37,662 workers across 14 states reached a tentative contract after a midnight strike deadline. The pact provides 5 percent raise this year and 3 percent in each of the next two years. Ratification by the CWA and IBEW is expected in two to three weeks.
Fall like weather in August slowed corn and soybean maturation in Iowa, raising frost fears. Weekly temperatures averaged 7 to 9 degrees below normal, the coolest week since May. Iowa corn condition remained 95 percent good or better with 75 percent in milk stage and 5 percent denting. soybeans 85 percent setting pods with slow pod setting and yellowing in wet low areas.
Stocks finished mixed in light summer trading ahead of the Republican convention in New York. The Dow fell 4.05 to 3324.89 while volume on the NYSE eased to 152.77 million shares. Bond fears of a larger deficit weighed as Bush eyed a convention address.
A Foster Higgins survey of 1,380 employers shows more companies shift retiree medical costs to retirees. Average retiree plan cost rose 9.3 percent in 1991 to 2486 dollars per retiree, while 19 percent require full premiums from retirees 65 and older, up from 16 percent.
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