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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Aug 01, 1990
Page
10
FDIC chair L William Seidman says the Bank Insurance Fund faces a third straight annual loss due to weak real estate markets and bank failures. He estimated up to 2 billion dollars in losses this year, risking the fund dropping to about 11 billion in assets.
The Commerce Department reports new home sales rose 8 percent in June to a seasonally adjusted annual rate of 581,000, the sharpest gain since November. Analysts see this as a potential bottoming of the sluggish housing market after May gains were revised higher to 23 percent.
In Champaign Illinois scientists from the University of Illinois and the Harlan E Moore Heart Research Foundation report lean pork with less saturated fat by feeding hogs whale soybeans cooked in an extruder. The feed raises the polyunsaturated to saturated fat ratio, claiming 50 percent better pork chops and 100 percent better bacon.
The US subsidiary of NV Koninklijke Bijenkorf Beheer said it will acquire FAO Schwarz from its 17 stores and catalog business for an undisclosed price. The Dutch firm confirms the purchase of a venerable American toy store chain.
The report notes Bank Insurance records show about 2 billion dollars in losses for 1988 and 1989. It states that 200 or more banks collapsed in each of those years, signaling widespread instability in the banking sector.
Washington a House vote to toughen penalties for savings and loan crimes includes creating a national commission to study causes of the S and L debacle. The bill would double funding for investigations to up to 153 million yearly for 1991 92 and 93 and adds a federal felony to conceal assets from regulators. It also sets a 10 year minimum and fines up to 10 million or double gain and harm for continuing crime enterprises with over 5 million in two years and could raise max terms for embezzlement and bribe taking to 30 years.
Continental Information Systems Corp posts a 1989 loss of 213 million, with 197.3 million in the fourth quarter, as trustee James Hassett questions figures prepared before his appointment. The year shows a sharp decline from 1988 profits, while revenues rise. Hassett alleges improper bonuses totaling 37 million and seeks recovery from former executives, including CEO Harry Goetzmann.
A Labor Department survey shows US factory productivity lagging behind all but one major industrial nation last year. Analysts say weak savings and investment curb plant investment, keeping living standards from rising quickly. Robert Dederick of Northern Trust notes the link between savings and national influence on the power curve.
Chrysler plans a redesigned Voyager and Caravan aiming to maintain dominance in the minivan market amid fresh competition from General Motors Mazda Toyota and Volkswagen. Chief engineer Francois Castaing says the 1991 models focus on interior changes and usability to appeal to typical buyers aged around 43 with two children and about 50 000 annual income.
Walt Disney Co disclosed a $2 billion waterfront plan for Port Disney in Long Beach with a marine themed park called DisneySea. The project includes hotels, shopping, dining and a cruise terminal, plus an aquarium and research operations. A Burbank site was rejected, with Long Beach or Anaheim as options near Disneyland.
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