Dollar Falls Against Major Currencies as European Rates Rise
In London the dollar slipped against the pound to 2.0750 from 2.0666 yesterday while early rates show declines against West German marks 2.2980 Swiss francs 2.0632 French francs 5.5350 Italian lire 1,144.5 and Dutch guilders 2.5553. Tokyo trading shows the dollar advancing, closing at 221.95 yen, up from 221.80. Gold opened at 483.50 in London, up 6, with Hong Kong at 483.17 and Zurich at 482.50. Silver traded in London at 10.93.
MENTIONED IN THIS ARTICLE
London
U.S
Tokyo
Europe
Zurich
Hong Kong
Ryder Seeks Tax Shelter Driven Acquisitions
Ryder System plans to merge again seeking acquisitions in financial services and transportation services that require little debt or fuel and would use unused tax benefits from its leasing business. No targets named. Burns spoke in Chicago as the Miami company eyes balance through strategic buyouts. Separately Sun Ship Inc. sale discussions emerged with Sun Co. group offering to buy the shipbuilder. Japan weighing protective steps if US Danforth bill limits auto imports to 1.5 million annually.
MENTIONED IN THIS ARTICLE
M. Anthony Burns
Ryder
Burns
GE and British partner push beta battery program
General Electric and British partner Chloride Silent Power Ltd. form a five year alliance to develop a sodium sulfur beta battery for energy storage and vehicle use. Elbert F. Lowell says the aim is to accelerate commercialization by pooling knowledge at GE’s Schenectady Energy Systems Center and Chloride Silent Power facilities in Runearn Cheshire and Ksagland. The beta battery would store over four times the energy of lead acid for the same weight and last at least five years in vehicles and a decade or more in stationary applications.
MENTIONED IN THIS ARTICLE
Schenectady
N.Y
General Flectric Co
Chioride Salent Power Ltd
Great Brain
Elbert F. Lowell
Energy Saytems
Lowell
Energy Systems Programs
Chloride Silent Power
Runearn
Cheshire
Ksagland
Reagan says no more U.S. aid for automakers
Washington reports Secretary Lewis says the Reagan administration will not provide further aid to U.S. automakers. Japan will curb shipments, but Lewis sees limited impact on car prices, consumer choice, or unemployment. He cites 50,000 possible new jobs vs 600,000 current layoffs and notes Congress may consider a tax deduction for new-car buyers, though inflation concerns loom.
MENTIONED IN THIS ARTICLE
Washington
Reagan
U.S
Transportation
Drew Lewis
Detroit
Lewis
Japan
United States
Congress
Ford plots break-even by end of next month says Caldwell
Ford Motor Co faced 18 months of red ink and a $14 billion loss in 1980 but chairman Philip Caldwell told stockholders the company is on track with a massive product reform to reach near break-even by the end of next month. He cautioned against predicting a profit for 1981 while forecasting a second-quarter improvement and noted new models and engines slated every six months. The executive credited Reagan era proposals for economic relief and industry deregulation as helping Ford’s turnaround.
MENTIONED IN THIS ARTICLE
Craig Marks
General Motors Corp
House
Transportation
Helen Petrauskas
Ford Motor Co
Lewis
Dustry
Chrysler
Detroit
Ford
Philip Caldwell
Caldwell
Chrysler Corp
U.S
Reagan
Greenspan warns inflation tied to borrowing and money growth
Alan Greenspan told Congress that inflation will not ease until federal borrowing falls and bank credit and money supply growth slow continuously. He contrasted with the administration's view that money supply growth alone drives inflation, while economists weighed tax cuts, deficits, and investment incentives in a cautious forecast of 1983.
MENTIONED IN THIS ARTICLE
Edward Cowan
New York Times Service
Washington
Alan Greenspan
Reagan Administration
Congress
Senate Finance Committee
Greenspan
Wall Street
David I. Meiselman
Federal Reserve
Meiselman
Gary L. Ciminero
Merrill Lynch Economics, Inc
Ciminero
F. Gerard Adams
Wharton Economic Forecasting Associates Inc
Adams
Treasury
Brookings Institution
Washington Research Center
White House
Brookings
Finance Committee
Max Baucus
D-Mont
Medicaid costs scandal critics call for reform
A reader denounces inflated Medicaid prices and recalls a hidden system of waivers and discounts. They urge full public disclosure, sworn price certifications by drug makers and wholesalers, and refunds if overpayments are proven, arguing real waste lies in the AWP based cash flow.
MENTIONED IN THIS ARTICLE
White House
Congress
America
Pitdare
Medea
Tata
Cvot Mises
Also Mentioned on This Page
Business Digest
Field
Chicago
Ryder System
Sun Co
Sun Ship Inc
Sen
John C. Danforth
Naohiro Amaya
Ministry of International Trade and Industry
Amtrak
A. Caldwell
Donald E. Petersen
Burdicks
Burdick
Glenn Burdick
Daniel
Marianne Burdick
Jonathan Burdick
Benjamin Lee
William Freeman
Richard Lucas
Joseph DiMaggio
Frederick Cook
GMC
Moyers Corners
Liverpool
Madeuge Manuufacturer
Sylvia Porter
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