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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 20, 1990
Page
20
Heinz chairman Anthony J O'Reilly said negotiations on selling Al steak sauce and Greg Poupon mustard lines to H J Heinz Co were discussed with Wall Street analysts. RJR Nabisco spokesman called the report categorically untrue.
Ford Motor Co recalls about 60,000 1990 Tempo and Mercury Topaz cars with 2.3 liter engines to replace an engine cooling fan. Owners will be contacted by mail and repairs will be performed free.
Norwest Corp of Minneapolis and Wyoming National Bancorporation sign a letter of intent that could lead to Norwest acquiring Wyoming National Bancorporation for about 43 million dollars total, at 20 dollars a share. AT&T to launch Selectsaver rate enabling chosen area code direct dialing for 1.90 dollars monthly plus per-minute charges. Evening and weekend calls 12 cents per minute, day calls 20 cents, with 5 percent discount on other out-of-state direct-dialed calls. Program starts May 3.
Tokyo stocks plunged 4.15 percent led by the Nikkei falling 1,353.20 points to 31,263.24 its lowest close since January 1989. A senior Bank of Japan official stressed inflation as the main concern amid a stronger dollar and rate hike expectations. Investors priced in further losses as yen weakness and policy signals fed fears of higher rates. Analysts noted reluctance to buy yen until the discount rate rises from 4.25 percent.
U S shares rebound in an afternoon rally despite a sharp Tokyo decline with the Dow at 2755 63 up 14 41 points. Advancers outnumbered decliners 730 700 and 533 unchanged on the NYSE as volume fell to 142 30 million. Procter & Gamble and Raytheon led Iowa gains with 1 4 moves while Banks of Iowa lagged.
Coniston Partners and UAL unions announce a 3.8 billion dollar all cash and stock offer for United Airlines. The plan would give employees 75 percent ownership and include new labor agreements. Shareholders would receive 150 cash and 25 in securities plus 25 percent non voting stock for each share.
About 3,000 Norton Co employees marched around City Hall in Worcester to protest a hostile takeover bid by British firm BTR PLC led by John Cahill. They fear loss of livelihoods as Cahill pursues a $1.64 billion purchase at $75 a share, while Cahill says Worcester operations would stay.
Gerber Products Co. will sell three North Carolina plants employing about 600 people as part of restructuring its Gerber Childrenswear Inc. business. An after tax reserve of 8.3 million dollars, or 22 cents a share, will be established by a charge in the fourth fiscal quarter ending March 31 to cover anticipated losses on sales.
A group of private economists from the Shadow Open Market Committee forecast lower borrowing costs in 1990. They predict the prime lending rate near 9.5 to 9 percent by summer and fixed mortgages easing toward 9.8 percent, with the federal funds rate dipping to about 7.5 percent by midyear.
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