Economic officials back forceful monetary policy
The U S government’s top economic officials urged a forceful monetary policy including record high interest rates to tame inflation. Fed Chair Paul Volcker and Treasury Secretary Miller said actions are necessary despite pain for borrowers and political risk ahead of primaries. They briefed business leaders in Hot Springs, Virginia, and backed sticking with tight policy until inflation is under control.
MENTIONED IN THIS ARTICLE
Hot Springs
UPI
Federal Reserve Board
Paul Volcker
Treasury
G. William Miller
Volcker
Carter
Federal Reserve
Miller
Business Council
Fed
Reginald Jones
General Electric Co
Clifton Garvin Jr
Exxon Corp
Irving Sapiro
duPont
Walter Winston
Citicorp
San Diego
Retail sales rise 2.2 percent in September amid recession talk
Commerce Department data show September retail sales up 2.2 percent and August revised to a 3.1 percent gain. Inventories rose 0.8 percent in August as economists note the gains may not persist amid recession concerns. Auto sales led with a 4 percent rise due to discounts while inventories of autos fell 2 percent in August but remained 26 percent above August 1978. Food and grocery up 3 percent, general merchandise and drugs up 2 percent, building materials and hardware up 1 percent.
MENTIONED IN THIS ARTICLE
Washington
UPI
Commerce Department
Gaskins Named ICC Chairman by Carter
President Carter designated Darius Gaskins to lead the Interstate Commerce Commission succeeding Daniel O Neal. Gaskins 40 of Washington has held posts as deputy assistant energy secretary for policy analysis and economics roles at the Civil Aeronautics Board the FTC and taught economics at UC Berkeley. O Neal resigns effective December 31.
MENTIONED IN THIS ARTICLE
Washington
UPI
Carter
Darius Gaskins
Interstate Commerce Commission
ICC
Daniel O’neal
Gaskins
Energy
Civil Aronautics Board
Federal Trade Commission
University of California At Berkeley
O'Neal
Shroud of Turin tests inconclusive and ongoing
LASL scientists reviewing Turin shroud say tests negate a hoax but do not prove the relic’s authenticity. They cannot confirm a real body formed the image, note potential blood staining, and seek carbon dating on a few threads to establish age.
MENTIONED IN THIS ARTICLE
Los Alamos
N.M
Turin
Christ
John Jackson
U.S. Air Force Academy
Los Alamos Scientific Laboratory
Italy
Diane Soran
LASL
Raymond Rogers
Robert Dinegar
Dinegar
Chrysler Boosts 1980 Car Prices By 5.1 Percent
Chrysler Corp raises average sticker price on 1980 models by 359 dollars or 5.1 percent. About 300 dollars covers new costs for fuel economy, emissions, safety and noise standards while 59 dollars partly offsets other rising costs. The move aligns with other automakers and follows government anti inflation guidelines.
MENTIONED IN THIS ARTICLE
Detroit
UPI
Chrysler Corp
General Motors Corp
Ford Motor Co
American Motors Corp
Volkswagen of America
Chrysler
Infant feeding compromise at WHO meets aims to boost breastfeeding
About 140 participants from governments U N agencies NGOs and ICIFI agreed on recommendations to promote breastfeeding and restrict dried milk substitutes by multinational firms including Nestle and Gerber. Strong focus on marketing distribution support education and better health status for women involved in child care. In Israel former ambassador Chaim Herzog urged a policy shift toward negotiating with the PLO to satisfy U S public opinion though stopping short of calling for talks with the PLO while it seeks Israel's destruction.
MENTIONED IN THIS ARTICLE
Geneva
Switzerland
UPI
World Health
U.N
International Council of Infant Food Industries
ICIFI
World Health Organization
U.N. Children’s Emergency Fund
Nestle
Gerber
Israel
Tel Aviv
Palestine Liberation Organization
U.S
Chaim Herzog
Jerusalem Post
PLO
Herzog
Wayne County near cash exhaustion jeopardizes payroll
Wayne County Detroit faces a looming $2.3 million payroll due next week as cash reserves near depletion while a judge orders nearly $1.6 million to fund four court systems. The county projects at least a $19.5 million deficit and operates on weekly finances amid corruption allegations involving Art Metal over past shipments.
MENTIONED IN THIS ARTICLE
Detroit
UPI
Wayne County
Federal judge halts GSA furniture purchase freeze
U.S. District Judge Harold Greene granted a 10 day restraining order blocking further GSA purchases of more than 25 million dollars in Art Metal- USA Inc furniture. The judge wants to review Art Metal’s claim that contracts were canceled due to news reports and congressional pressure.
Iwo Jima flag raiser Rene Gagnon dies at 55
Rene Gagnon, one of the last two living participants in the Mount Suribachi flag raising on February 23, 1945, died Friday in Hooksett New Hampshire at age 55. He worked as a maintenance man at an apartment complex and died rather suddenly. The other survivor is John Bradley of Wisconsin, a former Navy sailor.
MENTIONED IN THIS ARTICLE
Manchester
N.H
UPI
Rene Gagnon
Iwo Jima
Gagnon
Hooksett
Funeral Home
Mount Suribachi
Marine Corps
Washington
John Bradley
Wisconsin
U.S. Navy
IRS Raises Interest Rate for Tax Payments
The IRS said the rate for underpayments and overpayments will rise from 6 percent to 12 percent, effective February 1, 1980, in response to higher rates elsewhere.
MENTIONED IN THIS ARTICLE
IRS
Washington
UPI
Internal Revenue Service
Brahmaputra Floods Displace Over a Million in India
Swollen Brahmaputra River floods large areas of northeastern India after late monsoon rains. Officials report Gauhati, Assam, noting at least 13 fatalities as the disaster leaves over a million people homeless.
MENTIONED IN THIS ARTICLE
New Delhi
India
Israel Drives Into Syria as Jordan Joins War
On this date in 1973 Israel tank forces push into Syria while Jordan joins the Middle East conflict as the fourth Arab combatant against Israel, broadening the regional crisis.
MENTIONED IN THIS ARTICLE
Israel
Syria
Jordan
Middle East
Pig-Crazy UPI Says China Houses Large Pig Population
UPI reports that almost half of the world’s pigs are kept by farmers in China. The statistic highlights the country’s dominant role in global pig farming and meat production.
MENTIONED IN THIS ARTICLE
China
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David Boorsma
Victoria
Minn
Norman J. Stevenson
First Avenue SE
Farm Bureau Insurance Farm Bureau Mutual Insurance Company
West Des Moines, Lowe
GSA
Donald K
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Cedar Rapids
Jeanne M. Wiltsey
Arthur A. Miner
Ike
Hawkeye
Sharon
JoAnn—Mcintosh
Pig
UM UE
Hawkeye Downs
Cedar Rapids, Iowa
Salvation Army
Salvation Army Staff Band
Chicago
Peggy Thomas
Howard C. Kitzman
Northern Michigan University
Donald Clark
Indiana
Edwin Franko Goldman
Kennedy High School
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