May starts fall from April as Syracuse builders press on
May saw 67 single family homes started in Syracuse, down from April but up from May 1981, with 16 fewer two family starts. Through May 1981 227 single family homes were started, 26 percent below the first five months of that year. Most homes remain under contract as model homes number about 20, while industry hopes ride on state and federal mortgage initiatives and a new GEM loan plan offering shorter terms and lower early payments that still cut total interest.
MENTIONED IN THIS ARTICLE
Syracuse
Harold Masters
Home Builders
Central
New York
Masters
Ers
Master
Congress
Federal
Home Loan Mortgage Corp
GEM
Dollar and gold rise in global trading as markets shift
Dollar gains ended in Tokyo with the yen at 256.65, the British pound at 1.7395 per dollar, and various European rates higher. Gold prices climbed across centers from London to Zurich and Hong Kong, with US quotes at 342.20 and 342.92 for bullion. International Harvester seeks debt relief of 1.6 billion dollars, while Reynolds buys Heublein for 1.3 billion in a major merger. UNR Industries files for bankruptcy amid asbestos lawsuits, and Aetna Life reports a 3.7 percent rise in net income with an acquisition plan for Federated Investors.
MENTIONED IN THIS ARTICLE
Tokyo
Europe
London
Zurich
Hong Kong
New York
Handy & Harman
Gulf and Western to Sell Two Subsidiaries for 350 Million
Gulf and Western announces plans to sell two of its subsidiaries to Richfield Holdings for 350 million in cash, securities and property, aiming to streamline operations and raise capital for strategic initiatives.
MENTIONED IN THIS ARTICLE
Gulf and Western
Richfield Holdings
Italy offers no relief to banks over Luxembourg unit debt
Italy told 170 bankers in London that the central bank has no obligation to back overseas subsidiaries of Banco Ambrosiano. The discussion focused on repayment prospects and the bank’s exposure to the Luxembourg unit amid the creditor crisis. Anheuser-Busch to expand barley malting in Manitowoc Wisconsin to over 4 million bushels annually due to beer demand.
MENTIONED IN THIS ARTICLE
Italy
Luxembourg
Banco Ambrosiano
London
Anheuser-Busch Cos
Manitowoc
Wis
Anheuser- Busch
IRA survey shows new savings from tax deductible accounts
A Life Insurance Marketing and Research Association survey finds 62 percent of IRAs opened in early 1980s funded at least partly from regular income, indicating new savings rather than withdrawals. It also notes 15 percent from passbook savings and 19 percent from money market funds or CDs, with 33 percent of eligible households likely to open IRAs this year.
MENTIONED IN THIS ARTICLE
Congress
Life Insurance Marketing and Research Association
Robert Waldron
American Council of Life Insurance
Walter Zukowski
Marketing and Research Organization
Savings and Loan Associations
Savings and Investment
Money Market
Kmart to Close 305 Auto Service Centers Nationwide
Kmart will close 305 automobile service centers including at Green Hills Plaza and Auburn in Central New York. About 900 workers lose jobs. remaining centers in Camillus, Clay, DeWitt, Northern Lights and Western Light stay open. Company cites unprofitability despite 1,400 centers nationwide. Quarterly earnings drop 83 percent from year earlier.
MENTIONED IN THIS ARTICLE
Kmart
New York
Troy
Green Hills Plaza
Auburn
David Krider
Bernard M. Fauber
Camillus
Clay
DeWitt
Northern Lights
Western Light
Green Hills
Krider
Fauber
T.J. Maxx to open area store in Market Place Mall
T.J. Maxx will open its first New York state store August 15 at Market Place Mall near North Syracuse, debuting with Fay's Drugs Co as the complex launches. The store offers brand name apparel at 20 to 60 percent off, with hours initially noon to 8 p.m. then standard daily times.
MENTIONED IN THIS ARTICLE
T. J. Maxx
New York State
Market Place
Syracuse
Maxx
Fay’s Drugs Co
Mar
Ket Place
Cicero Mall
Circle Drive
Rte. 481
T.J. Maxx
Ben Cammarata
Framingham
Mass
Colt denies plant closing in Midland Pennsylvania
Colt Industries says no decision to close its Crucible Stainless and Alloy Division in Beaver County has been made, while confirming ongoing workforce reductions. Residents fear the plant may soon be idle as talks with Cyclops Corp. ended and no other buyers have surfaced.
MENTIONED IN THIS ARTICLE
Midland, Pa
Colt Industries
Crucible Stainless & Alloy
Beaver County
Jack Campbell
Colt
Pennsylvania
Campbell
Don Heldman
Crucible
Cyclops Corp
Cyclops
Heldman
Midland
William Vinovich Sr
Borough Council
Productivity up in second quarter for private U.S. firms
U.S. private nonfarm business productivity rose 2.3 percent at an annual rate in Q2 from output up 1.8 percent and hours worked down 0.4 percent. Manufacturing productivity grew 0.9 percent. The 12 month period ending last Dec. 31 shows a 0.1 percent overall decline. The government noted the gain followed declines in prior years and hours worked fell amid lower employment in the sector.
MENTIONED IN THIS ARTICLE
Washington
U.S
Bureau of Labor Statistics
Bureau
United States
Also Mentioned on This Page
State Mortgage Agency
International Harvester
Harvester
R.J. Reynolds
Heublein
Reynolds
Heub Jein
General Cinema
UNR
UNR Industries
Aetna
Aetna Life
Federated Investors
Iras
John Cunniff
Nersure
Netsure Nganswer
Aliiivus
Tih
Thes Fegee
Agra Seg
T Commer Bank
Wolsure Noangwer
Eid
Aed
Aro
Anong
Cammarata
Fay’s
Children’s Outlet
Linen 'N’ Things
New Jersey
Diane Menga
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