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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Dec 27, 1990
Page
10
New York reports investors push up prices of home building shares by 28 percent in a month as rates fall and a housing downturn looms. Analysts warn quarterly earnings will be poor and bankruptcies possible, but spring could bring renewed demand and stock gains for leading firms with solid balance sheets.
Times News Service notes banks still accessible for credit enabling more building. Allen says major builders will show profits this quarter, though earnings will be far below last year amid reduced construction activity.
Existing home sales rose 3 percent in November to a seasonally adjusted 3.14 million units, the first increase in five months, with the South and West leading gains while the Northeast fell. 30 year fixed rates dropped to 9.64 percent, easing consumer caution and boosting activity.
Eastern Airlines gains a large federal contract covering more than 345 routes for passenger travel by government staff next year. The deal comes as the airline faces a 60 count criminal indictment against Eastern and nine top managers over alleged falsification of safety and maintenance records.
Pennzoil Co bought 90 million dollars in Chevron shares since December 3 lifting its stake to 9.4 percent from 9.1 percent. The purchases averaging 69.75 dollars a share raise Pennzoil’s total Chevron investment to 2.2 billion. The IRS extended to May 31 the deadline to invest remaining Texaco award proceeds. Chevron, based in San Francisco, rose to 73.25 on the NYSE while Pennzoil closed at 65.
The Herald American will publish a Progress edition on January 27 reviewing last year and looking ahead to 1991. Businesses may submit a one page summary including company name address employee count top executive description sales profits 1990 highlights and 1991 goals. Deadline January 4, 1991 to Ellen Flood Syracuse NY.
The Greater Syracuse Chamber of Commerce aims to occupy a $2 million 24,000 square foot headquarters on 572 S. Salina St by March. The site will host the chamber offices along with Syracuse Convention and Visitors Bureau, Syracuse Sports Corp., and the Onondaga County Private Industry Council. King & King Architects designed the building, Hueber-Brewer Construction Co. Inc. is the builder, with construction starting in late August to replace the existing Hotels at Syracuse Square offices.
In Los Angeles area markets luxury goods face a slow end of year as a new tax nears. Dealers report mixed results with some noting rising prep buys while others see lagging jewelry and fur sales. Mercedes Benz and Acura dealers report upticks as customers rush to avoid the tax.
An Agriculture Department Inspector General review of 71 emergency loans totaling 2.1 million dollars across 18 county offices in four states found controls inadequate to ensure eligibility and correct loan amounts. The report notes 43 borrowers received excessive loans totaling over 600 thousand dollars and cites repeated past audit findings since 1983. It also highlights failures to cross check with ASCS and FCIC, missing records, and improper use of loss prices.
Data firm reports 1990 U S merger activity fell 47 percent to 4 486 deals valued at about 199 9 billion from 1989 s 4 763 deals worth 377 9 billion Planned acquisitions included Time Inc Warner Communications forming Time Warner at 14 11 billion MCA Inc Matsushita bid at 7 4 billion and Centel GTE merger valued at 6 24 billion
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