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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 20, 1987
Page
3
Mortgage rates have fallen from spring highs but experts struggle to predict the path ahead. Fixed rates rose to near 11 percent in mid May after a nine year low around 9 percent in March, with the Federal Home Loan Bank Board reporting 10.23 percent this week versus 10.30 percent last week.
Pennzoil has drafted a bankruptcy plan to settle with Texaco for 4.1 billion of the over 10 billion judgment won after Texaco improperly acquired Getty Oil. The plan, to be filed in White Plains federal court, would isolate Pennzoil’s claim until litigation is resolved outside bankruptcy.
Toshiba Corp releases a nationwide ad admitting unlawful sale by its subsidiary of milling machinery to the Soviet Union. The notice, signed by CEO Joichi Aoi, says Toshiba will fire involved personnel, halt exports to Soviet bloc for an unlimited time, and cooperate with authorities to prevent repeats.
Nearly 4,000 machinists at General Dynamics in San Diego walked out after rejecting a final three year contract offer. About 68 percent voted for the strike, with 72 percent opposing the deal overall. Replacements will be hired as talks failed. The dispute centers on a lump-sum bonus, seniority changes, and a medical co payment plan.
Companies increasingly fund spouse job help for relocating employees. TRW Kodak and HP offer programs with counseling, interviews, and job referrals. A Merrill Lynch survey shows rising utilization with more firms covering resume writing and extra spouse job trips.
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