Gorbachev Decrees Ruble Devaluation and 100 Percent Foreign Ownership
President Mikhail Gorbachev announced decrees devaluing the ruble and permitting full foreign ownership of Soviet enterprises. The rules, part of a market reform plan, set an official exchange rate of 1.8 rubles per dollar for commercial use, with a separate tourist rate unchanged.
MENTIONED IN THIS ARTICLE
Moscow
Mikhail S. Gorbachev
Soviet Union
Gorbachev
Izvestia
Tass
U.S.S.R
New York Stock Exchange
Spain
Mr. Gorbachev
Inter
U.S
Ivan Ivanov
State Foreign Economic Commission
Aetna to restructure core units cutting 2600 jobs
Aetna Life and Casualty Co announced a restructuring to cut about 2,600 positions and save up to 95 million dollars yearly by merging its three domestic insurance divisions into two. The plan follows a third quarter earnings drop to 886 million dollars and a 60 million dollar severance charge, with most job losses in Hartford area offices.
MENTIONED IN THIS ARTICLE
New York
Aetna Life and Casualty Co
Aetna
Denise A. Petsis
Argus Research Corp
Travelers Corp
Hartford
Cigna Corp
Michael Fringuelli
Salomon Bros
Middletown
Windsor
Conn
Sun Hill owner touts Stuff-A-Pumpkin bags success
Benson Zinbarg, president of Sun Hill Industries in Stamford, stands with Anita Dembiczak holding giant Stuff-A-Pumpkin bags. He gambled all his savings on the bags, which proved a success. he refused to disclose sales figures but said creditors can be paid next month due to the novelty's success.
MENTIONED IN THIS ARTICLE
Benson Zinbarg
Sun Hill Industries
Stamford
Keating case tests release of grand jury testimony
Los Angeles AP says Charles Keating Jr and lawyers challenge the 42 count indictment for securities fraud as lacking evidence while seeking to unseal nearly 6,000 pages of grand jury testimony. Keating headed American Continental Corp and Lincoln Savings, whose collapse cost taxpayers billions and harmed thousands of bondholders. prosecutors seek a focused, strong case.
MENTIONED IN THIS ARTICLE
Los Angeles
Charles Keating Jr
Savings and Loan
Keating
Phoenix
American Continental Corp
American Continental
Lincoln Savings and Loan Association
Lincoln
Sweden to slash welfare state in austerity plan
Sweden's Social Democratic government unveiled drastic cuts to the national budget to curb inflation and restore currency confidence. The package would eliminate 11 percent of civil service jobs, cut billions, and shift funds from health and education while seeking European Community membership. The move faces opposition as inflation remains high and elections loom.
MENTIONED IN THIS ARTICLE
Stockholm
Sweden
Social Democratic
Ingvar Carlsson
Carlsson
Social Democratic Party
Union
Europe
Machnnery
Alan Larsson
Mr. Carlsson
Social Democrats
Also Mentioned on This Page
James T. Lyon
Shyobyalh
Mr. Keating
Frederick County National Bank
Frederick
Rou Sami Ella
Alaska
Holland America Line Westours
Westours
Travel Consultants, Inc An Asia al
Carlson Travel Network
Dagens Nyheter
Common Market Food Co-op
Maryland
Buckeystown Pike
Common Market
Genera
Retail Report
Maryland Retail Merchant Association
Marylann
FCNB
FDIC
Cirrus
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