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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 09, 1985
Page
20
Ford Motor Co. said four wheel drive will be offered next year on the Tempo Mercury Topaz compact line and an upgraded Escort will debut this summer with a development cost of 241 million dollars. Production is slated at 15 000 to 20 000 units yearly.
Des Moines Register and Tribune Co sells KHON NBC Honolulu to Burnham Broadcasting of Chicago for about 55 million dollars. Sale to close this summer as the parent company undergoes liquidation. Gannett had agreed January 31 to buy the Des Moines Register and related assets for 200 million. A second station WQAD in Moline was to be sold to The New York Times Co. for 26 million.
Assistant Postmaster General Gordon C. Morrison said at a National Press Club luncheon the Postal Service seeks to hold mail charges steady for five years after a February 17 increase. First class letters rise from 20 to 22 cents and other rates will follow.
Stewart Haas editor of the Waterloo-Cedar Falls Courier resigns effective Feb 22 to become a newspaper consultant for Frank N. Magid Associates Inc. of Marion. Haas joined the Courier in the late 1950s as a city reporter and rose to editor two years ago after previously editing the Cedar Falls Record for 22 years.
Veterans Administration head Harry N. Walters said he cannot support Reagan administration plans to raise origination fees on VA home loans, warning the move could push some veterans from the housing market. He will not testify for the proposal and urged further study, while Budget Director Stockman would speak for the plan.
Transportation Secretary Elizabeth Dole announced the sale of government owned Conrail to Norfolk Southern Corp after evaluating three bidders. Norfolk Southern offered 1.2 billion dollars plus guarantees to keep Conrail intact for at least five years. The deal covers the government 85 percent stake while Conrail workers hold 15 percent.
Frontier Airlines workers across 60 cities in 22 states and in Canada and Mexico launched a campaign to inform local merchants where customers come from. Doug Bader said staff will show their I D s when buying clothing food fuel and other items to demonstrate collective visibility and buying power in the community.
The dollar again set new exchange-rate records Friday against several European currencies. The Italian lira and French franc posted fresh lows for a fourth straight day. The British pound weakened, posting a new closing low in London and later in New York.
Law requiring contemporaneous records for business use of cars trucks and home computers draws outcry from farmers and business groups. House and Senate members push repeal as IRS warns of cost and minimal revenue while changes fall short for computers.
The FAA proposed allowing two engine planes on trans Atlantic routes. If finalized the Boeing 767 could fly US Europe, replacing the current three and four engine jets. The rule would extend single engine diversion time from 60 to 120 minutes citing engine reliability. Rockwell Collins supplies cockpit gear for the 767.
Wall Street gains broaden on the week with the NYSE composite and S&P indices hitting new highs While the Dow slips 0.11 to 1289.97 the broader market climbs aided by aerospace airlines and paper stocks Retail steel and several financial issues retreat Trading volume delays from prior days and bond gains temper stock returns Firms such as Phillips Petroleum Safeway PepsiCo Unocal and BankAmerica trade actively as market breadth widens and new records are posted on major gauges
Carl Icahn withdraws an 8.09 billion bid for Phillips Petroleum and unveils an antidote plan aiming to profit by buying 25 percent of stock at 57 a share and pressing a buyback at 62 plus interest. If successful, the maneuver could compel Philips to pay 7.7 billion to other shareholders while restructuring focuses on employee ownership and asset sales. The Feb. 22 vote would test the plan amid Phillips opposition and a December settlement ending Pickens led takeover bids. Icahn holds about 7.5 million shares.
The 7th U.S. Circuit Court of Appeals upheld a lower court ruling that workers at Oscar Mayer Foods Corp. Chicago plant are owed about $7 million in back and future wages. Oscar Mayer may appeal after reviewing the decision. An arbitrator and U.S. district judge previously ruled for the union.
The federal government asked General Motors to voluntarily recall 1.75 million 1982 to 1984 front-wheel-drive A-body cars including the Oldsmobile Cutlass Ciera Pontiac 6000 Chevrolet Celebrity and Buick Century. The issue resembles a brake-locking defect found in 1980 X-body cars with nearly 450 complaints received by the NHTSA.
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