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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Aug 10, 1990
Page
8
Promotions to move out summer merchandise and favorable weather boosted activity at major store chains in July. Yet analysts saw slower industry wide growth and warned of softer retail demand ahead. Merrill Lynch led indicators showed a 5.7 percent gain in same store sales from a year earlier in July, little change from June’s 5.8 percent.
New York based attorney Steven L. Glauberman, formerly with Skadden, Arps, Slate, Meagher & Flom, was charged with four counts of conspiracy, securities fraud and wire fraud in a multimillion dollar insider trading case. Glauberman, 39, allegedly sold inside information about planned takeovers.
In New York stockholders of Shearson Lehman Hut ton Holdings Inc. approved the merger with its parent American Express Co. by 91.59 percent. The merger will take effect at 12:01 a.m. Friday, according to spokesman Steven Faigen.
Teamsters officials tally United Parcel Service ballots on a proposed new contract in a vote that could trigger a nationwide strike. Company officials voiced optimism a stoppage can be avoided, with spokesman John Flick saying work stoppage is a last option for both sides. Results were expected to be announced Saturday.
As crude declines, stations trim prices or freeze them while retailers face thinner sales. Amoco freezes wholesale and diesel prices through Aug 15, Phillips cuts 1.8 cents, and Shell negotiates incremental increases. Smaller firms fret over slim margins and daily purchasing costs amid volatile oil pricing.
Frank Lorenzo, builder of a borrowed money airline empire, steps down as chairman and CEO of Continental Airlines Holdings. Hollis L. Harris will replace him, with Lorenzo selling most of his stake and receiving about 30 million dollars. Unions praise the exit, while the airline remains in bankruptcy and on the edge of collapse.
Federal regulators move to recover 40.9 million from Charles H Keating Jr and five Ameri can Continental executives over losses at Lincoln Savings and Loan The Office of Thrift Supervision demands a complete accounting of Keating personal assets within five days and seeks restitution for deposits misused The action names Keating and five executives individually or as a group The case marks the largest thrift restitution claim to date with further aims to bar them from the industry and remove them from Lincoln ownership
Northwest Airlines raises all fares by 10 percent for tickets bought from Aug 15, replacing an $8 surcharge. Competing carriers Delta United and USAir also lift domestic fares 5.3 percent, with several airlines joining amid rising fuel prices from the Iraq Kuwait crisis.
As tensions mount in the Persian Gulf, war risk insurance costs surge. Lloyd's of London proposed boosting rates for ships leaving Saudi ports to 10 per 100 of cargo, with rest of Gulf up to 5, later reconsidered. A tanker with $50 million cargo could face $50,000 coverage, up from $12,500.
Washington reports that operating losses at 350 government controlled Savings and Loan institutions rose 35 percent in the January-March quarter to 1.35 billion dollars from 1.0 billion a year earlier, with analysts citing deteriorating assets, rate shifts, and ongoing cleanup by the Resolution Trust Corp.
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