Bank raises prime rate amid frictions in lending market
Chase Manhattan Bank increases its prime lending rate by 0.5 percentage point to 19.5 percent as banks face higher borrowing costs and demand. Other banks follow with a 1 point rise to 19 percent. The report also notes currency moves as the dollar strengthens against the franc after Mitterrand’s French victory. Gold prices traded in London and Zurich, while U.S. Steel announces broad price hikes to offset rising costs.
MENTIONED IN THIS ARTICLE
Chase Manhattan Bank
U.S
Francois Mitterrand
Zurich
London
New York
Handy & Harmar
Bankruptcies Rise Sharply Hit Creditors and Banks
The sharp rise in bankruptcies is expected to curb consumer credit by area banks. Key Bank of Central New York reports personal bankruptcies jumped 75 percent in the first year of the new act, with accounts going bankrupt rising 131 percent from 1979 to 1980. Business failures surged nationwide, with 2,933 in the first 10 weeks of the year and 10,727 for 11 months in 1980, driven by recession and high interest rates.
MENTIONED IN THIS ARTICLE
James P. McMahon
Key Bank of Central New York
Key Bank
McMahon
Dun & Bradstreet Inc
Leonard Andrews
National Bankruptcy Reporter
Haig Paid 1.21 Million as UTC President
Documents show Secretary of State Alexander M. Haig earned about 1.21 million dollars in 13 months as head of United Technologies Corp. UTC reported 1980 basic salary of 738,750 dollars plus 12,000 for insurance and an estimated 468,437 in stock options. He also forfeited potential income totaling about 1.64 million dollars when leaving UTC to join the Reagan administration.
MENTIONED IN THIS ARTICLE
Hartford
Reagan Administration
Securities and Exchange Commission
Hartford Courant
UTC
Pratt & Whitney Aircraft
Carrier Corp
Sikorsky Aircraft
Hamilton Standard
Otis Elevator
Mostek Corp
Norden Systems
Top executives optimistic on economy after meetings
Nations biggest corporations display renewed optimism about lower inflation and growth at The Business Council sessions in Hot Springs Virginia. Executives anticipate expansion, job gains, and price stability as conservative federal policies bolster confidence, though immediate action remains uncertain.
MENTIONED IN THIS ARTICLE
James Rousmaniere JR
Hot Springs
Business Council
Homestead Resort
Lewis W. Foy
Bethlehem Steel Corp
Foy
Theodore H. Brophy
General Telephone & Electronics Corp
FTC scales back pro consumer push under budget cuts
Washington AP report says the Federal Trade Commission is retreating from broad industry regulation amid budget cuts and a conservative White House. It has relaxed a used car dealer rule, dropped subpoenas in auto probes, and rejected ads rules for nonprescription drugs, signaling a shift from its late 1970s aggressive stance.
MENTIONED IN THIS ARTICLE
Washington
Federal Trade Commission
White House
FTC
Ralph Nader
GM to launch J-cars to counter Japanese autos
General Motors moves to curb Japanese sales in the United States by introducing J-cars. The program includes Cavalier J2000 Cimarron models from Chevrolet Pontiac and Cadillac with features kept in and prices expected from 7000 to 11000 dollars. GM promises top quality control and aims to win back buyers from Japanese brands.
MENTIONED IN THIS ARTICLE
James Peltzap
United States
General Motors Corp
Japan
U.S
Chevrolet
Pontiac
Cadillac
Buick
Oldsmobile
Robert D. Lund
Your Money's Worth Dangers of creative home mortgage tricks
A cautionary national notice warns homebuyers about creative contracts such as GRIP AMI REMs WRAP ARMs SAMs and other Adjustable or Renegotiable loans. It explains escalating payments hidden costs and how these plans can strip equity and trap buyers in long run.
MENTIONED IN THIS ARTICLE
U.S
Federal Home Loan Board
National Savings and Loans and Mutual Savings Banks
Also Mentioned on This Page
Syracuse Herald-Journal
Ray
Business Digest
USS
U.S. Steel Corp
U.S. Steel
Bill Keslar
AMC
American Motors Corp
Jeep
Renault
William Holmes
Agway Inc
DeWitt
Syracuse
American Society of Mechanical Engineers
American Society of Heating, Refrigeration
Samuel E. Park
New York Air Brake Co
Central New York
American Production & Inventory Control Society
Hilton Syracuse Inn
Chase
Detroit
Alan Murray
Citibank
Chicago
Toute
Natonal Consumer Finance
Haig
Citicorp
Walter Winston
Reagan
Ruben F. Mettler
TRW Inc
Mettler
Charles L. Brown
At&t
Jeffrey Joseph
U.S. Chamber of Commerce
Chamber
Michael Pertschuk
Carter
Pertschuk
Pennsylvania Avenue
Magnuson-Moss
David Clanton
Commission
Clanton
Congress
General Motor
Milford
Mich
By Sylvia Porter
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