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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 25, 1982
Page
26
Stocks finished mixed with blue chips slipping for the first time in four sessions as investors worried about higher rates. Takeover targets posted gains while semiconductor and oil drilling shares slid on weaker order indicators.
The Federal Communications Commission authorizes MCI Communications Corp to acquire Western Union International Inc a New York based provider of international telecommunications services including telex cable and data The deal marks MCI as the nations largest non Bell long distance firm with a Cedar Rapids branch listed.
International Harvester announced it will seek buyers for remanufacturing centers in Atlanta Dallas Springfield Missouri Franklin Indiana and Melrose Park Illinois. About 350 employees work there including 185 in Springfield. Plants will stay open during search and continue operating if not sold. The move aligns with IH focus on core farm and construction equipment business.
United Press International reports Sohio has raised North Slope crude prices by about $2 a barrel retroactive to June 1, with analysts predicting further U.S. crude price increases as pump prices rise. Industry sources note contracts largely set prices, while other producers consider or implement price changes amid global moves by OPEC and European producers.
Money magazine reviews 1980 car theft data showing high risk models like the Chevrolet Caprice Classic at 76 per thousand and the Corvette at 68 per thousand. Least stolen include the Dodge Colt at 2 per thousand. overall theft rate rose 1.6 percent in 1980, with about half of stolen cars now rarely recovered.
Procter & Gamble moves to curb widespread rumors linking its 1851 moon and stars logo to Satanism and Moonies. The company distributes statements from five religious leaders, notes threats to employees and families, and reports scattered product returns despite no drop in overall sales.
A temporary layoff of about 25 production workers at the Harnischfeger hydraulic crane plant in Cedar Rapids was announced. The cut, about 14 percent of the hourly staff, takes effect July 19 after the summer shutdown, with salaried workers unaffected. Company officials cite weak construction industry demand and lower inventory as reasons, with callbacks possible if conditions improve.
Hitachi and Mitsubishi Elec Co acknowledged their employees bought IBM secrets after initial denials. Nine people in the United States and twelve in Japan were charged amid U.S. FBI undercover operation. Prime Minister Suzuki called it very shocking while Japanese press criticized undercover tactics.
The Federal Home Loan Bank Board says May deposits fell only $279 million more than withdrawals, the smallest decline in four months. The national net worth of federally insured thrifts dropped to $24.7 billion, with 3,637 associations remaining after 20 failed in May.
Chrysler Corp. announced rebates of 300 to 1000 dollars on 1981 and 1982 pickups to strengthen dealer competition. Rebates apply to 1982 Rampage Ram Miser Arrow Ram 50 two wheel drive models, 1981 82 Ram 50 four wheel drive and 1981 82 Royal SE Ram trucks, with 1000 dollar top tier for Royal SE Ram.
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