Prime banks trim prime rate amid wider funding gaps
Major U.S. banks cut the prime rate to 8.5 percent from 9.0 percent as funding costs narrowed and competition intensified. Analysts cited a sharp spread between prime rates and 3 month CDs, Fed rate cuts, and improved bank profitability as drivers of the move amid banking sector pressures and real estate concerns.
MENTIONED IN THIS ARTICLE
Knight-Ridder Financial News
New York
U.S
Morgan Guaranty
James Annable
First National Bank of Chicago
Federal Reserve
Jeremy Gluck
Mitsubishi Bank
Fed
Robert DiClemente
Salomon Brothers
DiClemente
Bank of New England
Mitsubishi
General Dynamics to Cut 30,000 Jobs in Four Years
General Dynamics Corp. plans to eliminate at least a third of its 90,000 workforce over four years amid defense spending austerity. Meanwhile executives won shareholder approval for a pay plan that could greatly increase salaries.
MENTIONED IN THIS ARTICLE
Groton, Conn
General Dynamics Corp
LTV announces reorganization plan to meet pensions
LTV Corp files a preliminary Chapter 11 plan to satisfy underfunded steelworker pensions with 3.2 billion over 30 years while offering creditors about 620 million in cash and new stock. The plan, still subject to court and creditor approval, may trigger sales of Dallas-based aerospace, defense, or energy units to raise 300 million cash.
MENTIONED IN THIS ARTICLE
Dallas Morning News
Dallas
LTV Corp
Aerospace Defense
Itors
LTV
Federal Pension Insurance Agency
Pension Benefit Guaranty Corp
US Bankruptcy Court
Southern District of New York
Caldabaugh
U.S
Burton R. Lifland
Armco urged to improve steel quality for Saturn cars
Armco Steel Co must raise the quality of steel it supplies General Motors for Saturn, as Lyle Warren told Middletown Works employees. He cited inconsistent steel quality, damage on coils, and poor winding affecting the Spring Hill Tennessee plant, with potential supplier replacement if not on top of the problem.
MENTIONED IN THIS ARTICLE
Middletown
Ayp
Armco Steel Co
General Motors
Saturn
Armco
Lyle Warren
Middletown Works
Spring Hill, Tenn
Armco Steel
Armco Inc
Parsippany, N.J
Kawasaki Steel
Japan
Warren
Also Mentioned on This Page
General Dynamics
Washington
Commerce Department
Wall St
Wall Street
The
Securities Industry Association
Dalkon Trust
A.H. Robins Corp
Kohler
Freeman
Swank
Cea i
Eas
Broad & Rt
Elyria
de Beers
South Africa
Cred
Saturn’s
Saturn Automobiles
DataGn
Snetis
NYSE
Disney
Luberi
Bt Stonec
Abe
MBIA
duPont
Exkodak
ARK
Alcoa
Endesa
MirHan Marriot
Pierre R Smith
Acyan
Exxon
Ava Vale
AcCont
Bla + Allied Corporation Anheus
Gtess
Monsans
BakAm
Gennett
Morgan Motors
Enterior
Nipsco
Waerson
Newall
Goodrich First Bancorp SrMysq
Gothk GlaVals
Grace
Cox
GraMin
Bancorp
Censor
Halbin
Phir
LNB Bancorp
Harleys
Hewick
Raylo
Northern Savings
Salomn
Ohio Edison
P.N.C. Corp
Parker Hannutin
MU SchrPis
Mme
Smucker
Sehimb
Sunrise Medical
Uva
Va A
Kmart
Fe Sears
Yeahs Utilities
Consaca Ua
KaufBh
SecPac
CnStor Ste Korea
Odpl S
Woolworth
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