Rumors Rise Over Saturn Plant Amid Water Worries
Eastland Texas hopes cool the fear of a Saturn auto plant with 600 acres required and up to 500,000 cars yearly. Mayors, chambers, and governors from Ohio Illinois Michigan lobby GM as Saturn chief Joseph Sanchez recovers from a heart attack. Local fears include water supplies while workers and unions seek jobs, incentives, and franchise interest.
MENTIONED IN THIS ARTICLE
Edward Miller
Detroit
Eastland
Texas
General Motors Corp
Saturn
Charlene Young
K-Bob’s
Chamber of Commerce
Saturn Corp
Joseph Sanchez
Oldsmobile
Ohio
Richard Celeste
Michigan
Washington
James Blanchard
Illinois
James Thompson
Thompson
Sanchez
Blanchard
United Auto Workers Union
Iowa targets Saturn plant with Cedar Rapids lead
Iowa seeks to lure the Saturn car plant with Cedar Rapids as the strongest candidate. Gov. Terry Branstad plans a Detroit trip to present the bid, with a Monday GM meeting set. A proposed 4 percent tax exemption on new machinery and computers would fund a 52 million plan, largely via state lottery.
MENTIONED IN THIS ARTICLE
Iowa
Saturn
Cedar Rapids
Jack Bailey
Iowa Development Commission
Detroit
General Motors
Terry Branstad
Branstad
Susan Neely
Iowa City
Waterloo
First-time unemployment claims rise in mid January
First-time unemployment claims increased by 80,000 to 437,000 for the week ended January 12, with seasonally adjusted figures. The number of people collecting unemployment benefits rose to 2,691,000 for the week ended January 5, and total recipients across programs reached 3,829,800, up from the prior week.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Employment and Training Administration
P&G Profits Fall in Second Quarter on Investment Costs
Procter and Gamble reports a 36 percent drop in quarterly profit to 137 million dollars, or 81 cents a share, as revenue climbs 8 percent to 3.3 billion. The decline follows heavy spending on new products, with comparing figures from the prior year.
MENTIONED IN THIS ARTICLE
Cincinnati
Procter & Gamble Co
HP reports 7 percent rise in early 1985 orders in Palo Alto
Hewlett-Packard said its first two months of fiscal 1985 orders rose 7 percent from the same period in 1984. The Spectrum project for next generation computer products is progressing on schedule. Details were shared at a meeting with analysts at HP’s Palo Alto headquarters.
MENTIONED IN THIS ARTICLE
Palo Alto
Calif
Hewlett-Packard Co
Hewlett-Packard
GM Recalls 225000 Cars Over Pollutant Control Gear
The EPA says about 225000 1981 and 1982 GM cars with 4.1 liter V-6 engines require recall to fix faulty pollution control equipment. Affected models include the 1982 Buick Regal and Regal Estate Wagon, Pontiac Bonneville lines, Cadillac DeVille Fleetwood Brougham Eldorado Seville, Buick Electra LeSabre Riviera, and Oldsmobile Ninety Eight Toronado. Owners should expect recall letters by mid February.
MENTIONED IN THIS ARTICLE
Washington
General Motors Corp
Environmental Protection Agency
EPA
Takeover Approved as Denny's Shares Vote Ends Suit Push
Denny's Inc. shareholders approved a 753.4 million leveraged buyout led by management and Merrill Lynch Capital Markets with completion expected today. Two shareholder suits allege the 43.00 dollar per share price is inadequate, while stock traded between 30.25 and 42.75 this year. About 77 percent voted in favor at a special meeting.
MENTIONED IN THIS ARTICLE
LA Mirada
Calif
Denny’s Inc
Management
Merrill Lynch Capital Markets
Denny
Denny's
EPA seeks record $6.8 million penalty from Waste Management
The Environmental Protection Agency files a civil complaint seeking a $6.8 million penalty against Chemical Waste Management Inc of Oak Brook for alleged violations of federal PCB use recordkeeping and marking regulations from 1980 to 1983. Company officials did not respond.
MENTIONED IN THIS ARTICLE
Chicago
Environmental Protection Agency
Chemical Waste Management Inc
Oak Brook
EPA
Fort Wayne lands GM plant after 26 million incentives
Fort Wayne will gain a General Motors light truck plant costing 26 million in improvements and incentives. The deal includes eight million for sewer work and eleven million for job training, with a ten year tax relief and a 25 year non annexation pact. Plant to employ 3,000 to 3,400 workers with a 500 million build cost and 250,000 trucks produced annually. Construction to start soon near the city limits.
MENTIONED IN THIS ARTICLE
Mark Glenn
General Motors
Fort Wayne
Ind
Win Moses Jr
Indiana
Moses
Vester Plant
Treasury to amend burdened mileage rule for business deductions
Treasury official Mimi Feller said changes will be made soon to a rule requiring contemporaneous records for vehicle, computer and equipment use claimed as business deductions. Critics allege the logs are excessively burdensome, with options under study to allow a small share of personal use without detailed logs.
MENTIONED IN THIS ARTICLE
Washington
Treasury Department
Mimi Feller
Treasury
Feller
Congress
Federal Express to expand Cedar Rapids branch
The Cedar Rapids Federal Express office will move to 1919 Edgewood Road SW on Feb 1, expanding from 8,000 to 22,400 square feet. The upgrade aims to triple space, add 10 to 15 jobs, support ZAP Mail operations, and requires a new branch manager after Don Cline's transfer to Orlando. Hoyt Investments owns the Edgewood Road building. Byers and Happel Realty arranged leasing with help from the Chamber of Commerce Committee of 100.
MENTIONED IN THIS ARTICLE
Cedar Rapids
Federal Express
15Th Ave. Court
Northwestern Bell Telephone Co
Edgewood Road
Williams Boulevard
Federal
Activi
Hoyt Investments
Byers and Happel Realty
Chamber of Commerce Committee of 100
Money supply falls as bond prices rally on Fed report
The Fed's mid January report shows M1 slipping to 556.8 billion, a 3.2 percent annual gain. Bond prices rose on the data with long term Treasuries gaining as much as 1.5 percent before finishing higher. Analysts say policy remains accommodative and growth targets stay in place.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
Fed
Treasury
Frank Mastrapasqua
Smith Barney
Harris Upham & Co
Money Market Services Inc
Belmont
Calif
Wall Street rally pauses as advancers lead declines
The stock market closed mixed after a broad rally, with the Dow down 4.30 to 1,270.43 while advances outnumbered declines about 6 to 5 on the NYSE. Volume reached 160.74 million shares as traders took profits after a three week run, aided by Fed policy and easing rates.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
Also Mentioned on This Page
Stan Hall
Warren
Tribune Chronicle
T.C. the Cat
Lordstown
Fairfield
Cials
Hall
Young
MONEY
P&g
H&p
An International Har
C.R
Don Cline
Orlando
Fla
Telephone Company
Maury Harris
Paine Webber Group Inc
Harris
Wall Street
Federal Reserve
Coe College
Pat Morgan
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