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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 27, 1993
Page
10
Washington reports that initial unemployment claims rose by 8,000 in the week ended August 21, the first increase in a month, while the four week moving average fell 15,750 to 381,500, the lowest in almost four years.
The Commerce Department said allies should ease sanctions on high speed computers to Russia, China, and other former Cold War foes. It cited ineffectiveness as more powerful machines can be found elsewhere.
Berlin AP reports the German central bank kept its policy rates steady at its first council meeting after the euro crisis. The discount rate stayed at 6.75 percent and the Lombard rate remained at 7.15 percent.
Sprint plans cut roughly 1,000 positions representing five percent of its workforce. The reductions come from closing an operator services center in Indianapolis and a customer service center in Reston Virginia, with upper level management and other roles affected, the company said on Thursday.
FBI agents searched the Santa Monica headquarters and regional offices in Dallas and Fairfax and nine hospitals in a nationwide probe of National Medical Enterprises Inc. Insurers accuse the company of overbilling them for hundreds of millions of dollars in alleged fraud.
The Navy canceled a $176 million contract with American Ship Building Co. of New York, led by George Steinbrenner, due to severe financial and performance issues. The firm failed to respond adequately to a July 16 warning about finishing two tankers.
Honda plans the fifth generation Accord debut in Marysville Ohio with sales starting September 9 after a dealer meeting in Las Vegas. Analysts say the model must sustain volume and profit as current Accord sales lag amid yen-driven rivals and a weak U.S. market.
Mary Hart leads PanAware in raising funds for a Pan Am museum. The group preserves archives, memorabilia, and stories from Pan American World Airways, once a pioneer in transatlantic and transpacific air travel, with plans tied to Miami and New York sites and university archives.
Prosecutors swept Volkswagen AG offices and Lopez de Arrorriua’s former workspace in Wolfsburg BraunSchweig and Darmstadt seeking documents tied to General Motors and Opel. About 40 officers searched eight sites including VW purchasing rooms and private homes while Lopez reportedly remained at his desk.
AP reports closing Comex and Merc prices for metals including Gold at 368 00 per troy ounce Silver 4672 platinum 381 40 Palladium 120 50 copper 8490 per pound aluminum 519 cents zinc 4447 cents lead 32 cents tin 3 2539 Mercury 191 par 76-pound ask. Local Lorain County farm group notes grain bids with wheat 2 ana com vestoes 150 soybeans 647.
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