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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 12, 1982
Page
21
UAW and Ford reached a tentative agreement on wage and benefit concessions that could save Ford about 1 billion over 31 months. Key issues remain on plant closings and outsourcing to foreign or non union sources, with leaders signaling progress but caution about final resolution.
The National Insurance Consumer Organization estimates Americans pay 235 billion dollars in premiums annually, about 11.7 percent of disposable income, or 1025 dollars per person. It calls the system inefficient and urges reform for fairer rates and more competition.
After a near decade gap Hasbro re introduces G I Joe as a 3 inch action figure. Hasbro President Stephen Hassenfeld and consultant Anthony Parkinson estimate 1982 sales above 20 million with a 4 million advertising push.
Robert Luckey, president of Chart House Inc. in Louisiana, becomes CEO of Sambo’s Restaurants Inc. as the chain seeks to exit Chapter 11. Daniel Shaughnessy is out, replaced amid creditor pressure. Shaughnessy will be a consultant at $25 000 a month for 15 months. The chain has closed over 400 locations nationwide including 15 in Iowa.
Nash-Finch Co. posted 1981 sales of 1,073,526,702 a company record and up 8.7 percent from 1980. Total earnings reached 10,902,414 up 4.4 percent with earnings per share of 3.17. Fourth quarter sales totaled 250,640,524 and net earnings 3,489,468 up 18 percent from 1980.
UPI reports a downbeat session as deficits and high rates weighed on stocks. The Dow slipped to 834.67 while the NYSE index eased to 66.11 and the S and P 500 fell to 114.43. NASDAQ declined to 182.25 amid lighter volume. Texaco and RCA showed activity as GM warned of plant idlings and higher capital spending.
Chicago and North Western Transportation Co. reported record earnings for the year ended December 31 1981 driven by new tax laws. Net income rose to 54.3 million or 3.89 a share on 981.75 million in revenue with a fourth quarter net income of 13.3 million. The company noted softer freight demand in Q4 1981 and early 1982 but offset this with tax benefit sales totaling about 13 million.
Toyota Motor Corp will build a robot operated auto plant with annual capacity up to 250,000 cars in the Midwest by 1986. The move follows Honda and Nissan plants and aims to counter U.S. pressure over car exports amid labor costs and quality concerns.
The Outlook reports U S stock markets lagged foreign markets over the past decade with S P composite rising 1.8 percent annually, while Tokyo and Hong Kong gained 15 percent and German markets 4.3 percent. Currency effects cited as key drivers.
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