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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 14, 1990
Page
18
The Tokyo Stock Exchange Nikkei 225 closed at 32,352.13, down 268.44 points or 0.82 percent, its lowest since March 28, 1989. Traders blamed a day of arbitrage selling by foreign and institutional firms, with some hope of a bottom below 31,000 points.
The Commerce Department reports the 1989 U S trade deficit narrowing to 105 9 billion and the current account gap improving 16 from 126 6 billion in 1988 Yet the United States remains the world s largest debtor with an annual deficit above 100 billion for the sixth straight year The October December quarter shows a 20 57 billion deficit down 10 2 percent from the prior quarter as economists caution on still weak balance of payments
The article explains the current account or balance of payments, noting the fourth quarter 1989 figures for air services and merchandise trade and a deficit in foreign aid and pensions for Americans abroad. It emphasizes the current account as a key measure of overall trade, service, and investment flows and its impact on U.S. borrowing from foreigners.
Forest City Enterprises Inc reports an 18.7 percent drop in Q4 earnings to 4.9 million dollars or 54 cents a share on 25.6 million in sales and operating revenues. For the 12 months, earnings were 5.9 million dollars or 72 cents a share on 91.3 million in sales.
Japanese real estate investment in the United States fell 10.7 percent to 14.77 billion in 1989 as funds shift toward Western Europe ahead of the 1992 EC trade barrier removal target. California Hawaii and New York accounted for 81 percent of total, led by Los Angeles and New York.
The North Olmsted Planning Commission unanimously denied Great North ern Properties Co. plan to rezone 1.7 acres on Columbia Road to mixed use for a four story office building. Residents argued creeping zoning would hurt property values and curb development near the Great Northern Mall. The panel will study and tighten mixed-use rules to limit retail.
Loram County Farm Bureau Cooperate Association lists yesterday's closing bids for principal grains. Wheat 3.44 dollars per bushel, shelled corn 9.47, oats 1.50, soybeans 5.51 per bushel.
May Company officials propose a 23 000 square foot south side addition and a 4000 square foot north side addition at Great Northern Mall in North Olmsted. The project, to be reviewed by the Planning Commission and Architectural Review Board, would rework the ring road, landscaping, and parking lot and may include a pedestrian linkage between levels.
Officials say proposed I-480 exit ramp at Columbia could reshape the neighborhood delaying traffic and altering local access. The discussion reflects broader concerns over development and impacts on surrounding residents and businesses.
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