Britain and Norway cut North Sea prices as OPEC pressure rises
Britain and Norway publicly lowered North Sea oil prices to 30.50 dollars a barrel, signaling potential OPEC base-price cuts from 34 dollars. Nigerian and Libyan price talks, plus Mexico’s looming impact, underscore mounting pressure on global oil costs and US pump prices.
MENTIONED IN THIS ARTICLE
Robert Burns
Britain
Norway
North Sea
OPEC
United States
Organization of Petroleum Exporting Countries
U.S
Kuwait
Ali Khalifa al- Sabah
Nigeria
Libya
Nigerian National Oil Company
London
Dillard Spriggs
Petroleum Analysis Ltd
New York
Caracas
Humberto Calderon Berti
Mexico
New Law Targets Interest From Bearer Bonds
The 1982 tax act shifts reporting to the IRS and imposes 10 percent withholding on post June 1983 dividends and interest. Banks, corporations and Treasury will withhold, reducing tax avoidance via bearer bonds. The change affects holders of bearer bonds, banks, money funds, stocks, and mutual funds.
MENTIONED IN THIS ARTICLE
Congress
The
Treasury
Corporation
U.S. Treasury
Banks
Withholding Changes on Interest and Dividends in 1983
Consumers face 10 percent withholding on interest and dividends after June 1983 unless exempt. Withheld amounts can be credit against 1983 taxes when filing in 1984, with bank or broker statements issued similarly to W-2 forms. Bearer bonds incur withholding on post 1982 coupons. registered notes and bonds post 1982 aim to improve tracking for tax reporting.
MENTIONED IN THIS ARTICLE
IRS
Treasury
Sylvia Porter
Porter
Financial Almanac
Johnson Drive
Fairway
Kan
Universal Press Syndicate
Cedar Rapids Chamber Forms Committee of 100 for Growth
The Cedar Rapids Marion Area Chamber of Commerce board approves a Committee of 100 to expand economic development. A 100 community leaders group will be formed to raise funds and guide efforts, as Des Moines and Waterloo intensify regional programs.
MENTIONED IN THIS ARTICLE
Cedar Rapids-Marion
Waterloo
Chamber
Abbott Lipsky
Stamats Pressroom Closes Temporarily in Cedar Rapids
Stamats Communications Inc of Cedar Rapids shut its press room effective February 22 for one week due to lack of work. Eight members of the Cedar Rapids Printing and Graphic Arts Union local 104 are affected. Roger Hawley vice president says the shutdown is temporary and staff will be recalled as work becomes available.
MENTIONED IN THIS ARTICLE
Stamats Communications, Inc
Cedar Rapids
Roger Hawley
Stamats
Subaru recalls 84 253 vehicles over seatback weld flaws
The NHTSA said Subaru of America will recall 84 253 1980 model vehicles to replace faulty seatback frames with inadequate weld joints. One accident report and nearly 300 complaints prompted the safety action. Affects DL GL and GLF models across hatchbacks sedans hardtops wagons and 4x4s. Repairs at no cost to owners.
MENTIONED IN THIS ARTICLE
Washington
UPI
National Highway Traffic Safety Administration
Subaru of America Inc
NHTSA
Subaru
Farm income down factory pay up offset overall income
Commerce Department data show farm income fell sharply in January while factory wages rose, yielding only a 0.03 percent monthly gain in total personal income to an annual rate of 2.639 trillion. Spending was flat, unemployment benefits declined, and per capita disposable income fell.
MENTIONED IN THIS ARTICLE
Washington
UPI
Commerce Department
Federal Reserve System
Late buying surge lifts stocks in light pre holiday trading
A late buying surge nudged U.S. stocks higher in thin pre holiday dealings. The Dow rose to 1,092.82, the S P 500 advanced to 148.00, and the NASDAQ hit a record. Volume was modest as investors covered short positions and awaited energy and interest rate signals. Major movers included AT&T, Long Island Lighting, and Metromedia while the market eyed a potential oil price cut impact on global finance.
MENTIONED IN THIS ARTICLE
NEW York
UPI
Dow Jones Industrial
DJIA
New York Stock Exchange
Standard & Poor
George Washington
Money M1 Up 2.8 Billion in Week Despite Rate Talk
The M1 money supply rose by 2.8 billion to an adjusted 490.8 billion for the week end February 9, while analysts say Fed chairman remarks lessen the chance of higher rates. Fruehaut Corp recalls 155 of 185 laid off workers at its Fort Madison Iowa truck trailer plant as production rebounds.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
Fort Madison, Iowa
Fruehaut Corp
Refco and chairman fined record CFTC settlement
Chicago brokerage Refco and its chairman Thomas H. Dittmer agreed to a total 525000 dollar penalty for violations of federal commodity speculation rules. Refco to pay 375000 and Dittmer 150000, largest ever fining by the CFTC. The company maintains Iowa offices in Sioux City and Des Moines.
MENTIONED IN THIS ARTICLE
Washington
Chicago
REFCO
Thomas H. Dittmer
Commodity Futures Trading Commission
CFTC
Iowa
Sioux City
Des Moines
Also Mentioned on This Page
Ahmed Zaki Yamani
British National Oil Corp
Internal Revenue Service
Versal Press Syndicate
Lipsky
Jack Evans
Evans
American Telephone & Telegraph Co
Long Island Lighting
Mario Cuomo
Lilco
Shoreham
Long Island
Mesa Offshore Trust
Sperry Corp
Allied Corp
Tice Finanziaria S.P.A
Dorinda Gmbh
Metromedia
Capital Cities Communications
Walt Disney
Dome Petroleum
Instrument Systems
Wang Laboratories
National Association of Security Dealers
Shah Ahmad of
Persia
Fruehaut
U.S. and World Daily
Locally Owned
Ope
Sheraton Inn
33Rd Ave
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