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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 23, 1983
Page
4
The Dow Jones industrial average rose to a new intraweek high of 1257.52, up 14.23, led by high tech shares and blue chips. Investors welcomed evidence of continued economic recovery with inflation subdued as volume rose on the NYSE and bond prices edged higher amid easing rates.
The Commerce Department reports a 0.3 percent rise in August durable goods orders after July's 2.9 percent drop, with expectations of vigorous economic performance in Q4 1983. An energy data update shows oil imports up 17 percent year over year, while economists forecast continued expansion but slower growth next year.
The SEC voted to require less disclosure of top executives pay in proxy statements for next year. Corporations must list incomes of their five highest paid officers and outline salaries bonuses and deferred compensation. Details of pensions stock options and any special plans such as golden parachutes must be disclosed.
Rockwell International wins a 3 375 000 contract for AN GRC 17 L radio systems with about 30 percent of the work in Cedar Rapids by Collins Telecommunications. Announcement was made in Washington by Sen. Roger Jepsen. Life Investors trusts pay cash distributions in October. Wometco Enterprises sold to Kohlberg Kravis Roberts for about 842 million. Eastern Airlines chairman Frank Borman plans payroll cost cuts with most pay forfeited.
The Labor Department reports 2.889 million people received extended unemployment benefits in the week ending Sept 3, down from 3.071 million, the lowest since Sept 198. New first-time claims fall to 372,000 for the week ending Sept 10, the lowest since late July, though Labor Day shortened office hours that week.
United Auto Workers officials say about 2 500 workers laid off from GM's Fremont California plant will be rehired when the plant reopens in a joint venture with Toyota. Experience will count but the venture can hire freely. the UAW will be the plant's bargaining agent. FTC antitrust review pending. formal contract talks to start by April 1985.
ConAgra officials approve a 14 percent rise in the annual common stock dividend to 1.14 dollars from 1.00. The quarterly cash dividend at 28.44 cents per share will be paid December 1 to stockholders of record October 28.
Pennzoil Co and a group of private investors create Proven Properties Inc to operate oil and natural gas production. The announcement identifies the new venture as a separate company with initial interests in exploration and development.
The FCC certified Coleco Industries Inc. Adam home computer system as meeting technical standards. An FCC official said the Adam letter quality printer passed agency tests earlier in the week.
The 1984 model year opens for GM Ford and AMC amid expectations of little to no incentives, while analysts predict promotions may reappear later in the year. Chrysler and Volkswagen also report no incentive plans as sales rise from 1982 levels.
Harold Becker widely recognized as a founder and former president of the Greater Downtown Cedar Rapids Association has been elected president of the Downtown Association for the coming year. He succeeds Donald Hattery with new officers and a large slate of directors and an executive committee elected to three and two year terms.
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