Dollar falls as money supply rises despite Fed rate cut talk
The dollar slipped in European and Tokyo markets after Friday’s data showed a rise in the U.S. money supply. Dealers cited expectations of a Federal Reserve discount-rate cut before the Williamsburg summit and possible relief in the prime rate, while gold and other bullion prices opened higher in Europe. Treasury bond futures surged on demand for refunding issues.
MENTIONED IN THIS ARTICLE
Federal Reserve Board
Williamsburg
Fed
Europe
London
Zurich
Hong Kong
Treasury
Bank Customer Rates Vary by Institution
Customer rates shown here are approximate and may differ across banks. Rates to customers may vary from bank to bank.
Antitrust suit blocks Norwich Oxford banks merger
The Justice Department filed a civil antitrust suit in Syracuse to stop the proposed merger of National Bank and Trust Company of Norwich and National Bank of Oxford. The government argues the deal would lessen competition in Chenango County, where the two banks hold major deposits. The suit seeks a permanent injunction. the OCC had approved the merger earlier, and filing suspends the merger pending court action.
MENTIONED IN THIS ARTICLE
Justice Department
Chenango County
William French Smith
Washington
U.S. District Court
Syracuse
National Bank and Trust Company of
Norwich
National Bank of Oxford
U.S. Comptroller of the Currency
William F. Baxter
Department
Antitrust
The
National Bank and Trust Company
Everett A. Gilmour
Norwich Bank
C. Vernon Stratton
Oxford Bank
Gilmour
FHA VA mortgage rates fall to three year low
Rates on FHA and VA loans drop to 11.5 percent from 12 percent, the lowest in three years. Conventional rates average about 13 percent. Officials say the move could boost housing activity and widen buyers, with banks noting optimism for future lending. Fannie Mae simplifies ARM plans to three types pegged to Treasury rates.
MENTIONED IN THIS ARTICLE
John Konrad
Syracuse Savings Bank
William Massey
Key Bank
Massey
Federal Housing Administration
Veterans Administration
Federal National Mortgage Association
Corporation
Fannie Mae
Treasury Security
Kodak to lay off 1600 Rochester workers amid earnings drop
Eastman Kodak Co announced about 1,600 layoffs in the Rochester area effective May 20 after a 73 percent drop in first-quarter operating earnings for 1983. Analysts cited recession, weak US rebound, and unfavorable exchange rates as drivers behind the cutback.
MENTIONED IN THIS ARTICLE
Eastman Kodak Co
Rochester
Kodak
Stanley Morten
Wertheim & Co
New York City
Henry Kafka
United States
Rochester-area
U.S. Apparatus
U.S
Monroe
Raymond Cowen
Value Line Investment Survey
Profit rebound in first quarter offsets steel chemicals and oil drag
The first quarter shows overall improved corporate profitability amid a revived economy and lower interest rates, though heavy industry remains weak with steel firms posting losses and airlines suffering. A New York Times compilation of 253 major companies indicates 54 percent fell or earned less vs a year earlier, while 45 percent reported higher after tax profits.
MENTIONED IN THIS ARTICLE
Commerce Department
New York Times
Productivity Holds Steady In April Economic Update
Purchasing managers at about 250 industrial firms report April production rising at a constant pace, employment improving with more hires than layoffs for the first time since June 1981, and prices climbing with 25 percent noting higher costs. The ISM index climbs to 57, signaling continued expansion.
MENTIONED IN THIS ARTICLE
Itv
National Association of Purchasing Management
Department of Commerce
Your Money's Worth Tax Refund Boost Explained
Tax withholding errors since July 1 left many taxpayers overwithheld, while IRA contributions can trim taxable income by up to 2000 for individuals or 4000 for couples. Planners urge placing refunds into an IRA to earn tax free income and secure additional deductions for 1983. Options include stocks bonds CDs and government-guaranteed instruments.
MENTIONED IN THIS ARTICLE
Internal Revenue Service
TRS
Sylvia Porter
Prudential Bache Securities
U.S
Smart Ways To Use Your Tax Refund In 9 Scenarios
The article outlines options for tax refunds from under 200 to over 2500 dollars. It suggests spending for entertainment, buying a video disc system, paying debt, or planning for future needs. It also notes investing in IRA funds, money markets, long term bonds, real estate partnerships, and college funds. It mentions avoiding frivolous buys and considering tax planning advice.
MENTIONED IN THIS ARTICLE
RCA
Casablana
Larry Biehl
Bichl
Also Mentioned on This Page
Syracuse Herald-Journal
Tokyo
Nova Scotia
Canada
New England
Commerce
Malcolm Baldrige
Treasury Billa
Commercial Bank
Savings Bank
Vision
Savings and Loan
Tho
Binghamton
Utica
Albany
Samuel R. Pierce Jr
Mome
David Maxwell
New York State
William Ramage
Ramage
Eastman Kodak Company
IRS
Bailard, Biehl & Kaiser
San Mateo
Calif
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