Auto industry shifts into new business philosophy
Big 2 1/2 automakers post profits despite weak sales as they slash costs and push efficiency. GM Ford Chrysler cut production and curb labor costs amid a looming restructuring. UAW labor relations shift as management, labor, and government pursue a revived, leaner industry model.
MENTIONED IN THIS ARTICLE
Jean Heller
Anions Newhouse News Service
Detroit
U.S
General Motors Corp
Chrysler Corp
Gerald Greenwald
Greenwald
United Auto Workers Union
Flint
Mich
Commerce
Malcolm Baldrige
Baldrige
Washington
Arvid Jouppi
Ford
Chrysler
UAW
American Motors Corp
Volkswagen of America
Los Angeles
Northrop Corp
Philip Caldwell
General Motors
William J. Abernathy
Harvard University
Gold prices dip amid mixed global trading forces
Gold slid up to eleven dollars as trading retreated from a seven month peak. London fixed bullion at 381.75 dollars, down from 386.50. Gold in New York traded around 387.50, while Hong Kong closed at 378.72. Silver eased to 7.61 in London, with dollar/yen and other rates shifting in Europe and Asia.
MENTIONED IN THIS ARTICLE
Old
Zurich
London
Europe
Mexico
Hong Kong
Tokyo
New York Commodity Exchange
Handy & Harman
Penn Square Bank losses hit area credit unions hard
Regulators reported no area credit unions were involved in Penn Square Bank losses while 71 of 132 federally insured unions with uninsured deposits spanned states including California Oklahoma Missouri and Florida. New York’s only involved IBM credit unions. Total uninsured deposits across 30 states and DC stood at about 104.1 million.
MENTIONED IN THIS ARTICLE
Oklahoma
Penn Square Bank
California
Missouri
Florida
Michigan
Kansas
Indiana
National Credit Union Administration
House Subcommittee On Commerce, Consumer and Monetary Affairs
New York State
Penn Square
States
District of Columbia
Federal Deposit Insurance Corp
Credit Union Administration
Wendell Sebastian
Credit Union Agency
Associated Press
Credit Union Insurance Fund
Oklahoma City
Federal
S&ls
S&l
New York
New Mexico
Texas
Arizona
Maryland
Washington
Iowa
Nevada
Colorado
Utah
Oregon
New Jersey
Alabama
Massachusetts
Virginia
Tennessee
North Carolina
Ohio
Ilinois
Nebraska
Kentucky
South Carolina
Georgia
Alco reopens layoffs forecast in Auburn plant
Andy Knobel reports Alco Power Inc. will lay off about 80 plant workers in coming weeks after seven weeks of shutdown. Management cites lagging sales though 624 plant and 50 office staff returned to work today. About 800 employed at Orchard Street facility. seven week shutdown stretched vacation.
MENTIONED IN THIS ARTICLE
Andy Knobel
Auburn
Alco Power Inc
John J. Nichols
Nichols
Alco
Orchard Street
Marine Midland Bank Cuts Prime Rate to 13 1 2 Percent
Marine Midland Bank lowered its prime lending rate by half a percentage point to 13.5 percent, matching Chase Manhattan Bank’s Friday cut and setting a 22 month low. Other major banks including Guaranty Trust First National Bank of Chicago and Bankers Trust followed with reductions as costs of funds fell.
MENTIONED IN THIS ARTICLE
California
Marine Midland Bank
Marine
Chase Manhattan Bank
New York City
Mo Guaranty Trust
First National Bank of Chicago
Bankers Trust
Cash-only sales lift Arco share and volumes in 1982
Arco switched to a cash-only policy in April 1982 and boosted gasoline sales and market share. Dan Lundberg notes Arco sold 13.6 percent more gallons in January–May 1982 vs 1981, rising from eighth to seventh place as prices fell. May 1982 volumes reached 435.6 million gallons, up from 344.9 million a year earlier. Arco’s Q2 outlook suggests a roughly 50 percent revenue rise vs 1981.
MENTIONED IN THIS ARTICLE
Atlantic Richfield Co
Dan Lundberg
Lundberg Letter
Arco
Chevron
Lundberg
Syracuse
George Babikian
Arco Petroleum Products Co
Arco Petroleum Products Division
James Morrison
Your Money's Worth Your Money's Worth
A cautious look at what happens to pension rights if a company fails or ends its pension plan. PBGC insures private plans, but rising terminations push the federal fund toward a deficit, with billions underfunded and millions affected across many firms.
MENTIONED IN THIS ARTICLE
Gress
PBGC
Protecting pensions as PBGC considers higher premiums
The article outlines calls in Congress to raise the PBGC premium to six dollars per participant to cover growing unfunded liabilities. It warns of transfer loopholes enabling firms to shed obligations by selling or terminating plans and urges closing loopholes while stressing the need to protect insured pensions amid potential large future claims and possible government borrowing.
MENTIONED IN THIS ARTICLE
PBGC
Edwin M. Jones
Congress
Tre
Also Mentioned on This Page
Federal Communications Commission
Western Union Telegraph Co
FCC
Western Union
June Majors
Credit Unions
State League of Credit Unions
William Kieschnick
International Harvester
Bethlehem Steel
Braniff International
Pension Benefit Guaranty Corp
By Sylvia Porter
Sim
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