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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 28, 1981
Page
25
Banks and thrifts push sky high yields up to 35 percent plus bonuses to lure new deposits. The all-savers certificates, tied to a Reagan tax cut, run Oct 1 1981 to Dec 31 1982 with $500+ denominations and tax exemptions up to 1000 per person 2000 per couple.
Chicago traders consider round the clock hours at the Board of Trade and Mercantile Exchange to expand international business. A committee led by David Goldbert studies extending trading from 5 a.m. to 3 p.m. shifting from 7 30 a.m. to 2 p.m. Observers warn about staffing and slow activity during odd hours.
A Spanish proverb notes a wise person changes his mind while a fool never does. It highlights flexibility and stubbornness as key mindsets.
Massey Ferguson Ltd reports a $3 million net third quarter profit ended July 31, with an operating loss of $23.7 million and an exchange gain of $26.7 million driven by a strong U S dollar. Sales fall 6 percent to $689 million, nine‑month results show a widened loss of $86.4 million on $1,942 million in sales. Victor A. Rice cites weak market conditions due to high interest rates and falling commodity prices.
Deere and Company posted third quarter 1981 sales of 1.471 billion dollars, up 8 percent from 1.368 billion. Net income rose to 67.1 million dollars, or 99 cents per share, from 27.6 million dollars, or 45 cents. Retail demand in the United States and Canada was higher in the first nine months of 1981 versus 1980.
Milwaukee firm Allis-Chalmers plans sharp reductions across all agricultural equipment lines, with layoffs possible though the exact number is not yet known. CEO David C. Scott cites high interest rates depressing demand and at this time the duration of cutbacks remains unclear.
The Nuclear Regulatory Commission voted 5-0 to push the reactor accident warning siren deadline from July 1 to February 1. Staff and industry groups had urged a one year extension. Only six of 48 utilities met the original timetable for installing sirens and related 15 minute warning systems within ten miles of a reactor.
Shareholders of the Coca-Cola Bottling Co of New York Inc approve the cash merger with Coca-Cola Co and others. The deal, expected to close by day end, pays $10 375 in cash per share to New York firm stockholders.
China’s Xinhua reports a Thursday contract with Deere & Co of Moline Illinois to obtain technical aid on building combines. Deere will also buy many Chinese made combines spare parts and farm tools with Deere technology. This marks China’s first contract to import technology for making combines.
UPI reports U.S. gasoline inventories jumped in the week ended August 21. The American Petroleum Institute says stockpiles rose to 236.5 million barrels from 233.6 million, driven by higher production amid soft demand.
C Edward Acker, who built Air Florida from 7.8 million in revenue to 161 million, was named chairman and chief executive of Pan American World Airways. The announcement followed retiring chairman William T Seawell's confirmation.
New York markets slipped to a 13 month low as high rates and inflation weighed on trading. Dow fell 10.18 to 889.08, NYSE index down 0.82, Nasdaq down 0.99, with Mesa Petroleum and Superior Oil among active losers amid takeover chatter. Pan Am named new chairman and CEO C Edward Acker.
The U S trade deficit fell to 1.46 billion dollars in July as oil import volumes dropped to 5.1 million barrels daily. July exports reached 19.3 billion while imports totaled 20.7 billion, easing from June's 3 billion shortfall and the April to June quarter's 7 billion deficit. The year end deficit is now seen near 40 billion.
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