Congress eyes relief as heat bills rise across households
Four senators and 25 House members introduced legislation to let pipelines drop expensive supply contracts in hope of lower winter natural gas bills, with Niagara Mohawk predicting a 43 percent rise to 689.74 for heating season. Oil prices may ease after Exxon and Amoco cuts, signaling possible broader price drops. analysts say savings could reach consumers in coming weeks.
MENTIONED IN THIS ARTICLE
Congress
House
Niagara Mohawk Power Corp
Niagara Mohawk
Exxon U.S.A
Amoco, Inc
OPEC
Northeast
Midwest
Arlen Specter
R-Pa
Senate
Bob Edgar
D-Pa
Iowa
California
Peoria
Ill
Exxon
Amoco
Amoco Inc
Oil Price Information Service
Tom Kloza
Bricktown
N.J
Gold and currency markets hit multi month highs on dollar weakness
Gold prices jumped to a three month high and silver reached a 15 month peak as the dollar weakened against major currencies. The dollar fell to 242.90 yen in Tokyo and later to 241.88 yen in London. Gold fixed at 458.15 per ounce in London and 457.50 in Zurich, while New York closed at 446.50. Silver traded near 10.97 an ounce in London. The Fed reported higher financing activity driven by Treasury borrowing, and J C Penney announced a venture with First Nationwide Savings to offer financial services in California.
MENTIONED IN THIS ARTICLE
Tokyo
London
Europe
Frankfurt
Zurich
Hong Fone
New York
J.C. Penney
First Nationwide Savings
California
Banks to offer unlimited interest NOW accounts for 2.5k balance
Federal regulators authorize commercial banks and savings institutions to launch interest paying checking accounts with unlimited interest for those maintaining a 2 500 minimum balance. The new accounts allow unlimited checks and transfers and carry up to 100 000 in federal deposit insurance per account, competing with money market funds and NOW accounts. Beginning dates are December 14 and January 5.
MENTIONED IN THIS ARTICLE
Washington
Money Market Mutual Funds
Federal Deposit Insurance
Money Market Fund
Weak economy pushes job losses but lowers interest rates
The economy’s weakness reduces hiring while easing borrowing costs. The Dow rose 24.20 to 1,055.56 as bond prices climbed and savings certificates fell to 8.853 percent at savings institutions and 8.603 percent at commercial banks. Analysts forecast further rate declines. The jobless rate jumped to 10.8 percent, the highest in 42 years, while mortgage rates dropped to 14.71 percent. Regulators cut minimum deposits for short-term certificates and allowed unlimited checks on Super-NOW accounts. Steel production rose 2.1 percent but remained the second-lowest since 1962, at 934,000 tons and 31.6 percent of capacity.
MENTIONED IN THIS ARTICLE
New York Stock Exchange
Henry Kaufman
Salomon Brothers
Allen Sinai
Data Resources Inc
Federal Reserve Board
Savings and Loan Industry
American Iron and Steel Institute
Tokyo stock exchange hits all time high on yen surge
Tokyo shares rose to an all time high as Wall Street gains and a stronger yen boosted sentiment. The Japanese Dow Jones average of 225 rose to 8026.99 yen, with turnover around 410 million shares. Foreign buyers, notably Americans, increased purchases as the yen strengthened to 243 per dollar. Analysts expect the uptrend to continue into the new year amid easing global rates.
MENTIONED IN THIS ARTICLE
Tokyo
UPI
Wall Street
U.S
Tokyo Stock Exchange
Bank of Japan
Finance Ministry
Tax tips start Sylvia Porter's 1982 tax series
The Herald Journal begins a 10 part annual tax series by Sylvia Porter focusing on smart money moves to cut taxes. It promises guidance on giving stock to children and avoiding gift taxes, with installments beginning tomorrow.
MENTIONED IN THIS ARTICLE
Sylvia Porter
Herald-Journal
Northeast CPI rises 1.2 percent August to October
The U S Labor Department reports the Northeast CPI up 1.2 percent from August through October 1982, the sharpest regional rise and 1 percentage point above the national increase. Ferrara notes housing and apparel drive the rise while food prices ease. index stands at 154.0, equal to 15.40 for October versus 10 in December 1977.
MENTIONED IN THIS ARTICLE
Boston
Northeast
U.S. Labor Department
Anthony J. Ferrara
Department
Bureau of Labor Statistics
Ferrara
Ferrera
Job outlook hints for future market by Louise Cook
The Labor Department reports on about 250 occupations showing growth through the 1980s. Total U.S. employment rises from 162.1 million in 1980 to 119.6 to 127.9 million in 1990. Areas with strong growth include accountants, auto mechanics, computer programmers, health services, and corrections officers, with percent increases ranging from 25 to 74 and needing varying levels of advanced training.
MENTIONED IN THIS ARTICLE
Labor Department
Consumer Information Center
Pueblio
Coro
Dept. 124L
United States
Accountants
Also Mentioned on This Page
Chicago
Tribu
Federal Reserve
Treasury
J.c.penney
Commission
Tokyo Exchange Soars
Sylvia Tax
Consumer Index Up
By Louise Cook
Associated Press
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