1983 May Be Comeback Year for Savings and Loans
The worst of times may be ending for U S thrift institutions as rates fall. Analysts predict 1983 will bring profitability, with 1982 losses easing and many banks expanding through mergers. States from California to Florida report improved outlooks and new high yield money market products.
MENTIONED IN THIS ARTICLE
New York
Savings and Loan
Federal Home Loan Bank Board
William B. O'Connell
United States League of Savings Associations
Jonathan Gray
Sanford C. Bernstein & Co
Gray
Treasury
Ronald A. Seagraves
Security Savings and Loan Association of
Vineland
N.J
Seagraves
Security
California
Gerald D. Barrone
Fidelity Federal Savings and Loan Association
Glendale
Barrone
Depository Institutions
Fidelity Federal
O'Connell
Stewart
Florida
Pound Recovers After Rate Hike Sparks Rally
The British pound fell to 1.57 dollars in London before rebounding after Barclays Bank lifted its base rate to 10 percent, pushing the pound to about 1.6050 before settling near 1.5930. Gold and silver rose sharply as the dollar weakened across currencies. A Sinclair Group executive cited a technical breakout triggering automatic buy orders and rapid short covering.
MENTIONED IN THIS ARTICLE
New York
UPI
London
United Kingdom
Barclays Bank
Tokyo
U.S
Zurich
New York Commodity Exchange
Martin McNeill
Sinclair Group
Record trade deficit for 82 seems assured
Washington reports a $5.3 billion October merchandise deficit and a first ten month shortfall of $35.1 billion, signaling a likely annual record. Commerce Secretary Baldrige cites faster import growth, a strong dollar, and debt problems abroad as key drivers, with exports down 4 percent in October.
MENTIONED IN THIS ARTICLE
Washington
UPI
U.S
Commerce
Malcolm Baldridge
Baldrige
Department
United States
Mexico
Commerce Department
Reagan
Third straight losing week for stock market
The Dow rose 7.36 to 1,007.36 on a slow trading day marking its third straight weekly decline. NYSE volume fell to 38.81 million shares, with gold mining and auto issues leading gains while many investors took an extended Thanksgiving holiday.
MENTIONED IN THIS ARTICLE
New York
UPI
Wall Street
DJIA
New York Stock Exchange
Exchange
Trude Latimer
Evans & Co
Standard & Poor
Chester Pado
G. Tsai & Co
Los Angeles
ASA Ltd
Campbell Red Lake
Dome Mines
Homestake Mining
General Motors Corp
Ford Motor Co
Chrysler Corp
Cities Service
Sony Corp
Virginia Electric & Power
Exdividend
Occidental Petroleum
Teledyne
Occidental
Amerada Hess
Reform ideas emerge for Social Security overhaul in the United States
Seattle actuary James A. Curtis and New York consultant A Haeworth Robertson push divergent paths to fix Social Security. Curtis favors trimming universal benefits and raising the retirement age while keeping current structure. Robertson proposes the Freedom Plan with a flat old age bond system and higher retirement age, plus targeted cost of living support and coverage expansion for workers.
MENTIONED IN THIS ARTICLE
New York
James A. Curtis
Milliman & Robertson Inc
Curtis
A. Haeworth Robertson
William M. Mercer Associates
Social Security Administration
Planning Commission On Social Security
Robertson
Toshiba unveils eyes and arms robotics system in Japan
Toshiba Corp announced the world's first robots with visual sensors and arms for complex assembly work. One robot uses a camera as eyes to monitor object positions while the other handles mechanical tasks. The firm plans a wide 1983 rollout.
MENTIONED IN THIS ARTICLE
Tokyo
UPI
Toshiba Corp
Wage growth slows to 6.5 percent in 1983 outlook
Standard and Poor's The Outlook reports hourly wages will rise about 6.5 percent in 1983 the lowest since 1971. Slower growth follows high unemployment easing inflation and job security influencing contract talks for about 3.6 million workers.
MENTIONED IN THIS ARTICLE
New York
UPI
Standard and Poor's Corp
Truman names Marshall special representative to China
On this date in 1945 President Truman named General George Marshall as special representative to China. The year 1901 marks War Department authorization for the creation of the Army War College to instruct commissioned officers.
MENTIONED IN THIS ARTICLE
Harry Truman
Gen
George Marshall
China
War Department
Army War College
Also Mentioned on This Page
Robert A. Bennett
York Times Service
Russell L. Stewart
Home Federal Savings and Loan A
St. Petersburg
Home Federal
Pound
BMW
Cedar Rapids
Bob Zimmerman
Ford
First Ave. SE
Mesa Petroleum
Mesa Stock
Matsushita Electric
IBM
Matsushita
Motorola
Champion Home Builders
CMI
Dome Petroleum
National Association of Securities Dealers
By LeRoy Pope
Curtis Ee Eere
Pete
Bud Eree
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