Word: hardest-hitting
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...hardest-hit stocks on Wall Street recently has been that of Continental Illinois Corp., the parent of Continental Illinois National Bank and Trust Co., the nation's seventh largest commercial bank (1981 assets: $45 billion). In the wake of huge reported loan losses following the collapse of Penn Square Bank of Oklahoma City in June, Continental's stock has plunged to a mere 15%. Earlier this year the stock had traded at 36. Last week, in a public relations blitz designed to get the bad news behind him, Continental Chairman Roger Anderson took the highly unusual step...
...that is now seven months old. The Commerce Department reported that the gross national product fell at a steep 5.2% annual rate during the last three months of 1981, the biggest drop since the 9.9% decline during the second quarter of 1980. In the construction industry, one of the hardest-hit sectors of the economy, housing starts last year were at an annual rate of only 1.1 million, the lowest in 35 years. Early signs for 1982 are not much more encouraging. Treasury Secretary Donald Regan predicted last week that the G.N.P. will fall at an annual rate of about...
...development." With these words, spoken before the standing committee of China's National People's Congress Feb. 28, Vice Premier Yao Yilin described a watershed decision by the country's economic planners. Specifically, Yao announced a drastic 13% cutback of the 1981 budget; capital construction, the hardest-hit sector, would be chopped almost in half. Peking, it appeared, was scrapping much of the philosophy behind the ambitious Four Modernizations* development campaign launched with great fanfare three years...
...Though it struck the major cities in its path, the quake concentrated with cruel efficiency on impoverished rural villages. In all, 179 communities suffered at least some damage, and 310,000 people were made homeless. General Antonio Tamburino, military commander of the relief forces in Avellino, one of the hardest-hit provinces, ventured that the dead might number 10,000 or more before the last of the debris was cleared...
...past month, virtually no rain has fallen there, or in most of Oklahoma and parts of Arkansas and New Mexico. When the rains finally came down, so did temperatures that have been breaking records for weeks throughout the Midwest and South. In Dallas and Fort Worth two of the hardest-hit cities in the country, the temperature has hit 100° or more for 33 consecutive days...