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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 30, 1990
Page
7
Ford faces potential costs and staffing challenges if GM crafted retirement and wage terms spread to Ford under a national UAW pattern contract. Analysts note pension costs, retiree counts, and unemployment fund boosts could raise Ford's expenses, even as GM seeks workforce reductions. Negotiations move toward Dearborn with cautious optimism.
Washington reports the Index of Leading Economic Indicators was unchanged in July after a small June gain. The measure forecasts conditions six to nine months ahead and signals possible slowing economy before the Middle East crisis. FDIC blocks state chartered savings and loan withdrawals from the Federal Home Loan Bank System for 18 months to protect bailout financing.
Washington reports new home sales in July at a seasonally adjusted annual rate of 548000, down from 561000 in June and 741000 a year earlier. The Commerce Department also revised May and June totals downward amid higher mortgage costs linked to the Mideast crisis.
A Manhattan federal judge dismissed a civil racketeering suit accusing Leona Helmsley of illegally taking millions from her ailing husband. The case by former Helmsley executive William H. Miller claimed reduced commissions, but the court found no basis under civil racketeering law.
In Vienna OPEC backed higher production for members with spare capacity pushing WTI to 25.92 a barrel. The move, described as in line with needs, drew mixed comments from analysts and Kuwait's exiled representative praised the decision amid the Kuwait-Iraq crisis.
Aldi Inc plans a 14 000 square foot no frills supermarket at 5220 Detroit Rd in a 45 acre development near Abbe Road in Sheffield Village Lorain County The store will join Rim Rego's and face the planned Twin Valu Superstore Taco Bell and KFC restaurants were also to be built The site was purchased Aug 20 for 360 000 from Drexel Development Corp of Columbus Aldi operates more than 200 stores and avoids services such as check cashing or bagging.
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