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...said producer prices soared 1% in February. The jump, which showed that such prices have climbed at an alarming 12.6% rate so far this year, aroused fears that inflation might be picking up just as the economy is slowing down. That warning of possible 1970s-style stagflation sent the Dow Jones industrial average down 48.57 points Friday, to 2,292.14, its sharpest one-day decline in eleven months...
...increase in two weeks. At week's end the Federal Reserve confirmed the quickening trend by raising its discount rate, which is the rate it charges banks for short-term loans, from 6.5% to 7%. Anticipating the effects that $ rising rates will have on business and the economy, the Dow Jones industrial average plunged 42.5 points in one session after the inflation numbers were released last Wednesday. Over the course of the week, investors sent the Dow falling to 2245.54, down 79.28 points...
Authorities may be able to trace at least some of the U.S.-produced chemicals seized in Colombia over the past two weeks. The contraband included containers marked with the logos of Dow Chemical Co. and Union Chemical Corp. Both companies are among major U.S. chemical producers who have agreed to cooperate with the DEA in seeking to ascertain the final destination of the chemicals before allowing them to leave the country. In the case of the chemicals seized in Colombia, however, most of the batch numbers on labels had been scratched off by knife blades. Given how successful drug lords...
Megamillionaires with a willed fortune are often ambivalent about it. Inheriting Dow Jones stock now worth $150 million, recalls Christopher Bancroft, was like winning an elephant in a raffle: "I didn't know what the hell to do with it." Laura, a fourth-generation Rockefeller whose maiden name is hidden behind two marriages, remembers her family's vast compound as a "verdant cage." A psychiatric social worker, she happily gives away her inherited income to favorite causes like the Children's Defense Fund...
...appeal have split on the issue when freelance work is involved. Since millions of dollars are potentially at stake down the line, Snyder's group has found itself allied with some major corporate interests. Supporting briefs have been filed by trade associations, whose members include I.B.M., Procter & Gamble and Dow Chemical, as well as publishing companies such as the New York Times Co., Time Inc. and the Hearst Corp. Reid has also managed to attract some influential supporters. The Justice Department has taken his side, as have two coalitions of artists who are worried about losing the rights to their...