Global Markets and Policy Steps Highlight Mixed Week
The report notes a muted pre weekend trading session with the dollar edging higher against major currencies while gold and silver fluctuated. Baldrige announces a new trade action targeting foreign steel subsidies, and Canada hikes its share of oil and gas production revenues to 36 percent by 1990. White House cuts federal loan guarantees by 20.3 billion, including 16 billion for home purchase loans. IBM to pay Ford up to 200 million for tax credit usage, and several firms report quarterly results. Auto production faces a 2.3 percent week drop as demand slows.
MENTIONED IN THIS ARTICLE
Tokyo
Europe
London
Zurich
Hong Kong
New York
Handy & Harman
Canada
Marc Lalonde
White House
IBM
Ford
Builders hair drop in prime rate boosts builders hopes
William J. Camperlino reports Chemical Bank cut the prime rate to 17 percent, signaling potential relief for construction costs. He notes mortgage rates must fall for area homeseekers to qualify, citing strong demand and high income barriers. Association leaders were re elected at the Holiday Inn Downtown with a trade show and new officers named.
MENTIONED IN THIS ARTICLE
Joseph A. Porcello
William J. Camperlino
Chemical Bank
Camperlino
Home Builders Association of
Central New York
Association
Holiday Inn
James Raite
Score
Frank Pizzica
Robert J. Luber
Charles Moynihan
New Associates
Carl Dodge
Stephen J. McGinnis
John Holihan
Apartment House Council
Gas decontrol views differ on prices and shortages
In Washington, consumer groups and gas producers clash over deregulation, arguing current law underprices new gas and causing shortages versus regulators who say prices rise too fast without enforcement. Congress may scrap the 1978 act, but Reagan aides shelved the plan. About 60 percent of gas from post-1977 wells moves toward decontrol in 1985, while 40 percent from pre-1977 wells remains under price controls.
MENTIONED IN THIS ARTICLE
Washington
Senate Energy Committee
Congress
All Savers Help S&Ls Post October Deposit Gains
NEW YORK AP Deposits at savings and loan associations exceeded withdrawals in October for the first time since February thanks to All Savers Certificates. Rollin D. Barnard of the U.S. League of Savings Associations reported 18.7 billion dollars in All Savers Certificates sold, with 25 percent new money and the rest transferred from other accounts. Deposits in S&Ls rose by 2.1 billion dollars, and Barnard called the product the most successful yet, noting Congress approved it to aid thrift institutions and housing. He cautioned the housing recovery would be slow and unlikely before next summer.
MENTIONED IN THIS ARTICLE
New York
Savings and Loan
Rollin D. Barnard
U.S. League of Savings Associations
S&ls
Barnard
League
Congress
All Savers
Radisson project tops 7 million in Central New York
Radisson's 7.5 million apartment development by Community Realty Management of Rochester covers more than 300 units on 16 acres at the northeast edge of Baldwinsville. DiMarco Construction Co. builds on three sites as Onondaga County awaits completion by next summer.
MENTIONED IN THIS ARTICLE
Radisson
New York
Community Realty Management
Rochester
DiMarco Construction Co
Baldwinsville
Samuel Rae
Detroit Metals
Anheuser- Busch
Schultz
Anheuser-Busch
Onondaga County
Citibank card machine scam hits New York customers
New York Attorney General Robert Abrams says a con artist bilked at least 125 Citibank customers of about $30,000 at card operated machines. Citibank disputes liability and cites customer communications. The scam relies on a two dip process and a phony out of order claim, with victims withdrew funds after a second machine use.
MENTIONED IN THIS ARTICLE
New York
Robert Abrams
Citibank
William Heron
Abrams
World Trade Center
Beth Warren
Sotheby Park- Bennet Auction Galleries
Heron
Money's Worth: U S Auto Industry in Buyer Rebellion
Sylvia Porter reports a deep U.S. car and truck sales slump into 1982 with buyer apathy toward high prices and rates. Detroit automakers struggle. Chrysler relies on loans while Ford and GM face losses and retooling costs amid weak demand and costly financing.
Car sales slump as fuel costs and odometer law bite
The drop in car sales follows high fuel costs and an odometer rollback law. Many keep aging cars longer to save on depreciation and insurance while reducing trips and opting for smaller, cheaper models. Higher loan interest and delayed new purchases hit automakers hard.
MENTIONED IN THIS ARTICLE
You
Detroit
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Athly Morgage
Seteas
Obra
Inter
Business Digest
United States
Malcolm Baldrige
France
Belgium
Luxembourg
Romania
South Africa
House-Senate
Grumman
McDermott's
Blue Bell
Joy Manufacturing
The
Treasury
S&ls Post
Willowbrook Homes
Foxfire Lane
Robert Schultz
Willet Parkway
State Urban Development Corp
Sylvia Porter
U.S
Chrysler
General Motors
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