Chrysler reports best ever quarterly profit in Q2
Chrysler Corp. earned a best ever 310.3 million dollar profit in the second quarter, 2.41 dollars a share, up from 106.9 million a year ago. Autoworkers union warns of talks and possible anger if pay raises stall, while the automaker notes strong US sales and cost cuts as drivers behind the surge.
MENTIONED IN THIS ARTICLE
Detroit
Chrysler Corp
U.S
United Auto Workers Union
Marc Stepp
Chrysler
United States
Arvid Jouppi
John Hammond
Data Resources Inc
Lexington
Mass
Canada
General Motors Corp
Ford Motor Co
American Motors Corp
Deducting Spouse Travel Costs After a Business Trip
The IRS may disallow the spouse portion of travel deductions unless a clear business purpose is shown. If your wife’s presence helped preserve the company's image or directly generated measurable business with a dollar value, you might have a case. Otherwise subtract her travel, lodging, and meals from the trip total.
MENTIONED IN THIS ARTICLE
North Carolina
IRS
Los Angeles Times
Saving patterns across age groups and future projections
The life cycle of saving shows people under 45 save a smaller share of income than older groups. Mortgage and child-raising costs drop after 45, freeing disposable income for saving or spending. As the baby boom grows the young and middle-aged, saving rates decline overall and are projected to fall further.
Corporate Results Note Cedar Rapids Firms Provide Mixed 1983 Starts
First half 1983 shows Op Rev from Oscar Moyer and FMC up year over year but net income down due to marketing costs. Fiscal year total shows Revco D S with strong expansion in the Cedar Rapids area and rising profits. James L. Ferguson cites improved volume but higher marketing costs. General Foods in parent role to Oscar Moyer, with Iowa operations.
MENTIONED IN THIS ARTICLE
James L. Ferguson
General Foods
Oscar Moyer
Iowa
FMC
Cedar Rapids
Revco D.S
Consolidated Freightways Reports Fiscal Figures and Cedar Rapids Terminal
Consolidated Freightways presents 1983 figures with net income of 18 464 and 15 445 dollars per share 1.37 and 1.15 respectively for two periods. The company also notes a terminal located in Cedar Rapids Iowa as part of its network.
MENTIONED IN THIS ARTICLE
Consolidated Freightways
Cedar Rapids
Volcker wins approval after deficit warning returns
Federal Reserve Chairman Paul Volcker renewed his warning that large deficits hinder recovery. He testified to the Senate Banking Committee as deficits hover near 200 billion dollars. The Senate approved his nomination for a second four year term 16 to 2, with Cranston and Sasser dissenting. Martin Feldstein backed restraint, saying growth will only modestly cut the deficit.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Paul Volcker
Volcker
Senate Banking Committee
Congress
Central Bank
Fed
Alan Cranston
D-Calif
James Sasser
D-Tonn
Senate
Ing
Rao Chalasani
Prescott, Ball & Turben Inc
Hewlett-Packard
National Semiconductor
Motorola
Dow Jones
Martin Feldstein
President’s Council of Economic Advisers
New York Stock Exchange
IBP Fort Dodge Plant to restart in August
IBP Inc plans to reopen its Fort Dodge cattle slaughter plant in the first week of August after a February suspension. About 235 workers were laid off. around 200 will be recalled. A new contract ratified June 28 by UFCW Local P-1135 lowers wages to 8.20 dollars per hour from 9.55.
MENTIONED IN THIS ARTICLE
Fort Dodge, Iowa
IBP Inc
Fort Dodge
United Food and Commercial Workers
P-1135
Late rally lifts stock market on renewed optimism
Wall Street closed higher after a late rally erased early losses led by gains in transport and technology shares. TheDow Jones averaged 1,229.37, up 1.51, while the Nasdaq edged up 2.53 to 319.29 and the NYSE composites edged lower.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Hildegarde Zagorski
Prudential Bache Securities Inc
Federal Reserve Board
NYSE
Standard & Poor
S&p
Norton Simon
Esmark
Anderson, Clayton & Co
Congressional deal trims withholding repeal plan
Negotiators reach a watered down substitute for withholding tax on interest and dividends with 20 percent bans for identified tax cheats. The package lowers revenue from 13.4 billion to about 2.6 billion over five years while extending a homebuyer bond exemption. The measure also includes Caribbean tariff relief and blocks inner city relief amendments. Final action hinges on securing the homebond extension and presidential approval.
MENTIONED IN THIS ARTICLE
Washington
House
Senate
Committee of 100 reaches 55 percent of goal in Cedar Rapids drive
The Committee of 100 reports $277,000 raised toward a $500,000 three year economic development program at a chamber meeting. Beatrice Foods plans to unify 11 subsidiaries into Beatrice Agri- Products Co with Cedar Rapids headquarters. Swarzentbruber says 100 to 150 new jobs expected within 60 to 90 days. campaign aims to finish within 30 days.
MENTIONED IN THIS ARTICLE
Cedar Rapids-Marion Area
Truber
Jack Evans
Swarzentruber
Cedar Rapids
Committee of 100
Beatrice
Vigortone
Beatrice Ag
Evans
Alleghany approves sale to American Express
Alleghany Corp. board approves in principle the sale of substantially all assets to American Express in a deal valued at over 1 billion dollars. The agreement calls for 15,250,000 shares of American Express stock after a three for two split and the assumption of most liabilities, subject to definitive agreement, regulatory and stockholder approvals.
MENTIONED IN THIS ARTICLE
Minneapolis
Alleghany Corp
Alleghany
American Express Co
American Express
IDS
Jobless Claims Drop to Two-Year Low
Washington AP says initial unemployment claims fell to about 381,000 for the week ending July 9, its lowest since late May 1981, signaling ongoing recovery as the national rate slips to 10 percent in June from 10.8 percent last December.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Also Mentioned on This Page
Source
U.S. League of Savings Institutio
Uar
Reagan
Caribbean
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