Economic upturn begins after big retreat in economy
The piece notes cautious optimism about a nascent recovery led by a rebound in consumer sentiment and corporate activity. It cites Merrill Lynch, the Michigan index, and statements from GM and the Port Authority, while warning that unemployment and interest rates still drag and overall strength remains limited.
MENTIONED IN THIS ARTICLE
Merrill Lynch
Michigan
Roger Smith
General Motors
Conference Board
Rosemary Scanlon
Port Authority
New York
New Jersey
Mid-Atlantic
Institute For Social Research
University of Michigan
Richard Curtin
Michigan Survey
Curtin
Gold bullion prices hold steady amid mixed world quotes
Bullion markets show little change with London dealers at 439 an ounce and Zurich bids 438.80, while Hong Kong and New York quotes range around 438.7 to 436.70. Silver in London 13.55 and New York 13.60. Industry earnings for US property and casualty insurers rise sharply in Q1 1983 to 1.99 billion on premiums 24.63 billion. pre tax gains 4.58 billion, underwriting loss 2.51 billion. Kaiser Steel directors approve sale to Irwin Jacobs group valued at 271.4 trillion, subject to approvals and definitive agreement. Kaiser meeting delayed to August/September. International Harvester to recall 700 of 1,300 laid-off workers by mid-summer. Q2 operating loss improved 51 percent despite 21 percent sales drop.
MENTIONED IN THIS ARTICLE
London
Zurich
Hong Kong
New York
Handy & Harari
Handy & Harman
National Association of Independent Insurers
Insurance Services Office
Insurance Information Institute
Insurance Companies
Kaiser Steel Corp
Minneapolis
Irwin L. Jacobs
Kaiser
International Harvester Co
Springae
Midhuly
Bank Customer Rates Float Amid Varying Bank Practices
Rates to customers vary by bank with approximate figures listed. Prime rate 10.50 percent, discount 8.50, federal funds 8.65, Treasury bills three months 8.56 and six months 8.58. CDs range 3 months 8.40 to 8.75 percent, 8 months 8.50 to 9.05. Small savers 8.67, passbook 5.5, savings bonds 8.5, municipal bonds 10.29.
Leading indicators rise in April signaling ongoing recovery
The Commerce Department said the Index of Leading Economic Indicators rose 1.1 percent in April, the tenth straight monthly gain, led by a higher average work week and improving orders. Nine of eleven indicators advanced while two fell, suggesting the recovery from the 1981-82 recession remains solid, with no immediate sign of a new downturn.
MENTIONED IN THIS ARTICLE
Commerce Department
Williamsburg
Reagan
White House
Larry Speakes
Sluggish World Recovery Dampens Local Economic Outlook
The Mid-Atlantic region awaits a modestly optimistic economic outlook, hindered by sluggish global recovery and a strong dollar that could soften growth prospects for the area. Local analysts warn external weakness may temper expansion and hiring.
Monetary talks stall on large world money conference plan
Summit leaders directed aides to study the feasibility of a major conference to reform global monetary management. The process remains distant with a decision possibly in a year. The group asked Regan and other governments to consult IMF head Jacques de Larosiere on potential roles for a high level conference and how it might improve the current system. The Bretton Woods memory and the shift away from gold backing are cited as context for today’s volatile currency values.
MENTIONED IN THIS ARTICLE
Treasury
Donald T. Regar
Jacques de Larosiere
International Monetary Fund
Francois Mitterrand
Regan
United States
Berea Oil and Gas expanding in Appalachian Basin fields
Berea Oil and Gas Corp, founded 1976 and based in Buffalo, has grown rapidly by drilling in the Appalachian Basin across New York Ohio Pennsylvania and West Virginia. From 1977 to 1980 revenues rose from 361000 to 8.5 million with assets climbing to 32 million. The company produced 105000 cubic feet of gas and under 4000 barrels of oil in 1978, expanding to 4.08 million cubic feet and 155000 barrels from 562 wells in eight states last year. Founder Thomas O’Neill Jr. credits risk taking and strategic acquisitions, notably a 3.2 million seismic survey funded by a single well in New York.
MENTIONED IN THIS ARTICLE
Berea Oil & Gas Corp
Appalachian
New York
Ohio
Pennsylvania
West Virginia
Berea
Buffalo
Revene
Thomas O'Neill Jr
O’neill
Beren
Fredonia
Here
Col
Edwin Drake
Titusville
Texas
Middle East
O'Neill
New face coming downtown Jefferson Center work underway
Construction on the Jefferson Center at South Salina and East Jefferson streets advances with removal of old exterior walls and preparation for a glass facade on the upper floors for potential tenants. The street level houses CVS Walden Books Beck Shoes Tops & Bottoms Fotomat and two restaurants. Kemper Insurance clerical operation and Manufacturers Hanover Bank occupy nearby space. Jefferson Center Associates led by Thomas H Greenwood develops the project with financing from Syracuse Industrial Development Agency and Community Development.
MENTIONED IN THIS ARTICLE
Jefferson Center
South Salina
East Jefferson Streets
Salina Street
CVS
Walden Books
Beck Shoes
Tops & Bottoms
Fotomat
Beaugart
Jefferson Street
Pizza Garden
Kemper Insurance
Empire Division
Sibley’s
Manufacturers Hanover Bank
Kmart
Jefferson Center Associates
Thomas H. Greenwood
Syracuse Industrial Development Agency
Community Development
Also Mentioned on This Page
Chem Sour
US Department of Gammaene
Gaston Thorn
European Community
Williamsburg Va
Appalachian Basin
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