Panic selling hits dollar in global exchange rout
The dollar slumped after European central banks reportedly dumped about 1.5 billion in world currency markets. Traders cited aggressive intervention led by West Germanys Bundesbank as the key factor, with the dollar falling against the mark, franc, and lire amid wide bid-ask spreads and renewed doubts about its near term strength. The British pound also fluctuated, while gold traded mixed as markets reassessed stimulus and inflation dynamics.
MENTIONED IN THIS ARTICLE
Edith M. Lederer
London
United States
Federal Reserve
Paul Volcker
West Germany
Deutsche Bundesbank
Switzerland
Federal Reserve Bank of New York
U.S. Treasury
Trevor Cass
Barclays Bank
Howard Kurz
Bank of America
New York
Lawrence Kreicher
Irving Trust Co
Republic National Bank
IRS offers rewards for tax evasion informants
New York Times Service reports the IRS can pay informers up to 10 percent of recovered tax, with awards up to 100000. In the last fiscal year 350 rewards were paid from 7000 claims, yielding 34 million in back taxes. Informants must file a confidential form and audits may take years.
MENTIONED IN THIS ARTICLE
United States
U.S
Tokyo
London
Europe
New York
New York Times
Washington
Internal Revenue Service
Internal Revenue Code
John Doe
Wilson Fadely
IRS
Stocks end session slide after early gains on rates
Wall Street opened higher as rates dipped then slipped near the close. The Dow fell 5.08 to 1281.03 as short term Treasuries rose nearly a quarter point and long term bonds dropped. IBM HP and Digital Equipment led declines while American Can slid 4 to 51 percent.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
Treasury
Wall
Berg Enterprises
Financial Institution Services
American Can
Myron Picoult
Oppenheimer & Co
Picoult
International Business Machines
Digital Equipment
Hewlett-Packard
Exchange
Standard & Poor
S&p
Phillips ends shareholder vote on massive Phillips plan
Phillips Petroleum closes polls on a restructuring proposal amid plans to raise employee stock to 39 percent, buy back 38 percent, and pay $50 cash for 20 million shares. Analysts say a failed vote could lead to a sweetened offer or a takeover, while Icahn opposes the plan.
MENTIONED IN THIS ARTICLE
Bartlesville
Okla
Phillips Petroleum Co
Phillips
William Douce
New York
Carl Icahn
City Eyes Full Time Development Post Says Mayor
Mayor Donald Canney told the Cedar Rapids Board of Realtors that the city may hire a full time development person to push economic growth. He praised Saturn plant efforts and noted Cedar Rapids has Moody Triple A credit, low property tax, and a declining industrial tax rate while others vie for a Saturn site.
MENTIONED IN THIS ARTICLE
Aity
Donald Canney
Cedar Rapids Board of Realtors
Longbranch
Canney
Saturn
Cedar Rapids
Iowa Development Commission
Cedar Rapids Area
Houston
San Antonio
Army alters notice to allow Deere bid
The Army revised a diesel engine contract notice to permit Deere and Co. to bid. Rep. Cooper Evans said the description will change to a six cylinder engine like Deere 4000 series tractors for 15,000 five ton trucks. Army officials may seek Deere rotary engine research funds and Deere could bid on engine and transmission for a new combat earth-mover.
MENTIONED IN THIS ARTICLE
Washington
Deere and Co
Cooper Evans
Iowa
Army
Deere
Waterloo
Evans
Cuts Approved Des Moines Plant Wage Concessions
Des Moines workers at the Firestone Tire and Rubber plant voted 904 to 630 to accept wage and benefit reductions of 3.43 dollars per hour to save jobs. Firestone spokesman Bob Troyer said no investment decisions were made yet, but the Des Moines plant is an attractive candidate for investment.
MENTIONED IN THIS ARTICLE
DES Moines
Firestone Tire & Rubber Co
Firestone
Bob Troyer
Akron
Ohio
White Farm plant to idle 200 workers at Charles City closure
White Farm Equipment will shut down the Charles City plant at Friday close, leaving the foundry operating while about 200 production workers are idle. Ray Blanchard, tractor operations manager, cites poor market conditions for the indefinite closure after workers had just returned from a December layoff.
MENTIONED IN THIS ARTICLE
Charles City
White Farm Equipment Co
Ray Blanchard
Blanchard
Norwest Names Johnson President Chief Executive
Lloyd P. Johnson, previously vice chairman at Security Pacific Corp in Los Angeles, is named president and chief executive of Norwest Corp the Minneapolis bank holding company. John W. Morrison 62 will stay as chairman. The president post had been vacant since 1982 with Norwest subsidiaries operating in multiple offices.
MENTIONED IN THIS ARTICLE
Los Angeles
Lloyd P. Johnson
Security Pacific Corp
Norwest Corp
John W. Morrison
Norwest
Cedar Rapids
Delta Orders Four Boeing 767-300s for Delta Fleet Expansion
Delta Air Lines has ordered four more Boeing 767-300s at about 260 million, bringing its total to nine in the 767-300 fleet. The 255-seat jet offers 23 percent more passenger space and 30 percent more cargo. Initial deliveries are planned for October 1986. Rockwell-Collins in Cedar Rapids supplies major cockpit systems.
MENTIONED IN THIS ARTICLE
Seattle
Delta Air Lines
Boeing Commercial Airplane Co
Also Mentioned on This Page
Federal Reserve Board
Fed
Neil Robinson
Chase Manhattan Bank
U.S. Tax Court
Money Briefs Army
Boeing
Blunt Ellis & Loewi
Second Avenue
S.E
Blunt Ellis & Loewi Incorporated
SIPC
Securities Corporation of Iowa
FDIC
FSLIC
SCI
Second Ave
P.O
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