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the implications for britain france and the rest of europe of having their currencies tied to the economic policy of a neutral country need considering before we judge mr. lawson 's resignation to be unfortunate |
in the least we must recognize the <unk> of trying to use exchange-rate intervention to offset the effects of <unk> reduction on capital flows |
mr. roberts was assistant treasury secretary under president reagan |
joseph p. jordan N years old becomes president chief executive officer and a director of the bank company |
mr. jordan formerly president and chief executive of <unk> national bank in <unk> n.y. succeeds donald broderick who died at N in an automobile accident |
personal spending which fueled the economy 's growth in the third quarter was clearly slowing by the end of the period raising questions about the economy 's strength as the year ends |
personal spending grew N N in september to a $ N trillion annual rate the commerce department said |
it was the smallest monthly increase in a year |
at the same time personal income was held down by the effects of hurricane hugo which <unk> through parts of north and south carolina in late september |
the department said personal income rose N N in september to a $ N trillion rate but would have climbed N N had it not been for the storm |
among the economic effects of the hurricane was a sharp drop in rental income |
the figures came a day after the government released a report showing that consumer spending propelled u.s. economic expansion in the third quarter while on an inflation-adjusted basis business investment slowed government spending declined and exports were flat |
but the new statistics show that by september the burst in spending seemed to be <unk> off |
many economists expect the weakness to continue |
i think the consumer has pretty well played himself out said david <unk> senior economist at manufacturers national bank of detroit |
i do n't think there 's a lot in the wings in other sectors of the economy to keep growth above N N he said |
in the third quarter the economy grew at a moderate N N annual rate |
in august personal income rose N N and spending grew N N |
analysts have attributed much of the summer 's <unk> in spending to bargain car prices at the end of the model year |
car sales <unk> in september after the N models were introduced |
according to the commerce department report spending on durable goods items expected to last at least three years including cars declined by $ N billion |
the nation 's savings rate was unchanged in september at N N of after-tax income far below the N N it reached in july |
all the figures are adjusted for seasonal variations |
here is the commerce department 's latest report on personal income |
the figures are at seasonally adjusted annual rates in <unk> of dollars |
<unk> ltd. said it agreed to sell a N N stake in its <unk> coal mine in the state of new south <unk> to mitsubishi development <unk> of japan |
the price was n't disclosed |
the agreement is subject to government approval |
<unk> acquired the <unk> coal mine oct. N when it bought british petroleum co. 's australian coal interests for $ N million |
<unk> said then that it was looking for a partner for the mine which produces more than three million metric tons of coal a year |
<unk> is <unk> by <unk> corp. of britain |
control data corp. which just months ago was hemorrhaging financially thinks it will be healthy enough soon to consider <unk> public debt |
moreover the company whose <unk> approach nearly proved fatal now sees alliances with others as the way back to prosperity in what it calls the data solutions business |
i 'm not saying everything is <unk> but we have completed the transition robert m. price chairman and chief executive said in an interview |
transition is a reference to the company 's five-year restructuring effort |
during that time control data had losses of more than $ N billion |
now following asset sales that shrank revenue by more than one-third this year alone control data is flush with cash |
so its senior executives are talking openly about possibly buying back some of the company 's $ N million in subordinated convertible debentures next year |
we 'd like to continue to reduce debt president lawrence perlman said |
noting that the company is offering to buy back $ N million in senior notes paying N N N he said the response will help determine future <unk> efforts |
the offer was automatically triggered by the recent sale of control data 's <unk> disk-drive business to seagate technology inc |
mr. perlman who is also acting chief financial officer and the <unk> favorite to become the next chief executive said the company is <unk> modest positive cash flow from operations and we expect that to continue into N |
he said the company has no intention of <unk> its short-term bank lines for a good part of N |
sometime next year control data will develop a new bank relationship mr. perlman said |
in recent months a group of lenders led by bank of america has extended control data up to $ N million in revolving loans through january as well as $ N million in <unk> letters of credit |
loan <unk> require that the company achieve specified levels of operating earnings and meet a rolling <unk> profitability test |
last week control data reported third-quarter earnings of $ N million or N cents a share on revenue of $ N million |
through the first nine months the company had a loss of $ N million largely reflecting the closing of its supercomputer unit |
while a few assets are still being <unk> including the sports and entertainment <unk> portion of the company 's <unk> unit mr. price said future restructuring would be a question of strategy |
we do n't need the cash |
<unk> 's automated <unk> business which operates <unk> in a half dozen states is not for sale the company said |
rather mr. perlman said control data intends to bid for the coming minnesota <unk> contract and is seeking new applications for the technology overseas where there is great interest in games of <unk> |
he would n't elaborate |
control data 's semiconductor business <unk> inc. continues to lose money the executives acknowledged but they said they consider some of the technology vital to national defense and so are reluctant to <unk> of it |
the company 's strategy for keeping its computer products business profitable it recently achieved profitability after several quarters of losses calls for a narrow focus and a lid on expenses |
partly costs will be held down through strategic technology alliances management said |
control data recently announced an agreement with mips computer systems inc. to jointly develop machines with <unk> operating software |
james e. <unk> computer products group president said such arrangements could help slash control data 's computer research and development costs in half by the end of N |
he disclosed that before control data scrapped its <unk> systems inc. supercomputer business this past spring those costs were running at nearly N N of group revenue |
at the same time four of six design projects were <unk> he said |
asked how the company hopes to expand its computer hardware business mr. <unk> said it sees good opportunities in systems integration |
we think we 're getting only N N of the integration dollars our customers are spending he said |
we 're in environments that are going to spend a lot of money on that |
control data mainframes are designed for <unk> intensive computing users such as the scientific engineering and academic communities |
utilities management is a major commercial niche |
reviewing the company 's <unk> with disaster mr. price conceded it had tried to do too much on its own |
absolutely he said |
but while its stock is selling at about half control data 's estimated breakup value neither messrs. perlman nor price said he spends much time considering the possibility of a hostile takeover |
we 've been listed as a candidate for so long it 's not worth worrying about said mr. price |
well the arrogant east coast media have spoken again going for the green editorial oct. N |
having <unk> in the great state of california for the past seven years i find it hard to ignore our environmental problems when i start my commute to work with eyes <unk> and head <unk> from the <unk> air when i try to enjoy the <unk> and come home covered with <unk> and oil when i hear of numerous deaths related to i... |
perhaps it 's entertaining for those like you to discount the concerns of environmentalists suggesting that their <unk> initiatives are <unk> and referring to so many citizens as <unk> activists |
strange that we do n't hear similar criticisms of the east coast activists who seek to clean up boston harbor or rid their <unk> of medical waste |
while there are no easy low-cost solutions simply ignoring our problems will result in their <unk> increasing and spreading throughout the state the nation and the world |
if nothing else such initiatives as these will provide an awareness to citizens and lawmakers and encourage appropriate <unk> action |
before your next <unk> editorial please spend more time out here <unk> the situation it just may change your view |
john barry <unk> calif |
i realize you were just looking for something <unk> to say about california and its environmental movement but picking frank lloyd wright to say it for you was a bad call |
wright 's organic architecture demonstrated a keen <unk> to the environment decades before it became fashionable among <unk> activists |
indeed wright said all his life that the greatest <unk> he learned were derived from the study of nature |
obviously it 's lost on you that about N N of the american people these days and in fact the president of the united states consider themselves environmentalists |
as for california being a state run by liberal environmental <unk> let 's not forget where ronald reagan came from |
perhaps mr. reagan who claimed that air pollution is caused by trees is the man you should be <unk> to back up your position that economics is more important than the earth |
but it was frank lloyd wright who said is this not <unk> |
the <unk> that knows no god but more |
robert <unk> santa <unk> calif |
your editorial was <unk> and neatly matched by the readers ' comments in letters to the editor <unk> scaring on the side of caution |
the <unk> and <unk> of john h. adams 's comments for the national resources defense council fully justifies your <unk> of california 's greens in particular as <unk> activists |
we may all hope that california 's voters will <unk> the scientific realities that their own university 's <unk> prof. tom <unk> provides them and ignore the <unk> <unk> by their wealthy hollywood <unk> |
i have a different approach to offer not only to californians but to all americans |
in a free country the law should restrict citizens as little as is consistent with good <unk> and public safety |
would-be <unk> should have the burden of proving reasonable necessity when they urge a prohibition for enactment into law |
w. brown <unk> jr warsaw va |
the N airlines in the international air transport association last year posted group net profit of $ N billion on revenue of $ N billion |
according to the association 's annual report scheduled to be released today in warsaw <unk> members have n't posted such a strong performance since the late 1970s |
revenue last year increased by more than N N over N and net income nearly tripled from restated year-earlier net of $ N million |
the group attributed the strong results to the favorable economic climate rising demand for air travel and improved average yield revenue received per ton of traffic <unk> a <unk> |
<unk> <unk> airlines carried N million passengers last year N N more than in N |
but <unk> the distance <unk> while carrying people increased N N in N |
the association said that lack of airport and air space capacity is the biggest problem facing the airline industry |
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