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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 16, 1986
Page
25
Washington AP reports industrial production dropped 0.5 percent in June, the fourth decline in five months, with half the drop tied to strikes in communications, aluminum and timber. Retail sales rose 0.2 percent, the weakest since March, while May and April estimates were revised higher.
Broad stock selloff continues with the Dow Jones average tumbling 24.75 to 1768.70 amid downbeat earnings and weak economic data. IBM plunges 3.1 points to 135.34, Citicorp slides 2 percent, and the S and P indexes decline further as volume surges on the NYSE.
Cadbury Schweppes shareholders in London approved a 230 million dollar purchase of Canada Dry and Sunkist lines from RJR Nabisco. FTC and Investment Canada must still approve. Cadbury plans to sell Canada Dry’s Canadian bottling business to Coca Cola for 90 million. First National Bank Oklahoma City reopens as First Interstate Bank. Associated Dry Goods accepts a 2.84 billion stock swap merger with May Department Stores, exchanging each Associated share for 0.882 May shares valued at 69.35 dollars.
Two major networks reportedly trimmed upfront advertising rates for prime time this fall amid weak demand and a sluggish economy. ABC and CBS lowered rates about one percent versus last year, while NBC raised average prime-time rates 3 to 7 percent.
Canadian citizen with U S resident alien status seeks credit in Chicago. Advice covers contacting local credit bureaus, providing past and current addresses, name changes, and options the bureau may take to merge records or bill costs. Arbitration avenues include NASD NYSE and AMEX with contact details for filing complaints.
Detroit's seven major automakers show an 8.9 percent rise in July 1-10 new car sales from last year with Chrysler up 25.6 percent and Ford up 8.8 percent while GM slips to 54.8 percent market share. Nissan's sales plunge as U.S. plant retools for 1987 models.
Iowa Utility Board rules Electric Light and Power Co must refund 429,336 to about 161,000 residential customers who were overcharged by employee discounts from June 15, 1982, to Dec. 31, 1985. Refunds begin Monday. average per customer not yet determined. gas customers previously refunded 22,242.
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