Word: investers
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Largely in response to such protestations, the Federal Reserve announced, as part of the new Carter program, that all money market funds must set aside 15% of any future deposits in non-interest bearing accounts with the Federal Reserve. Since money market funds cannot then invest this cash in bank certificates of deposit or any other high-yielding accounts, the effect for fund shareholders would be a modest reduction in the net interest they could earn...
...A.C.S. grant in August 1978 brought interferon instant respectability, accelerated worldwide IF research, and set off a flurry of activity in the executive suites and laboratories of the nation's drug companies. Impressed by the fact that the cancer organization thought enough of IF's prospects to invest so much of its scarce money in the test, industry decided to gamble on the drug's success. Pharmaceutical companies have now poured as much as $150 million into interferon research and production facilities. Their incentive was heightened last summer when the National Cancer Institute announced that it would buy as much...
American steel manufacturers invest less per ton of steel produced than do any of their major foreign competitors. The American Iron and Steel Institute (A.I.S.I.) estimates that if the industry is to preserve its domestic market from further erosion, steelmakers must raise annual capital expenditures from an average $2.9 billion now to $7 billion over the next decade. The industry is hoping for some tax breaks so that it can recover its capital faster than the 15-year depreciation schedule allows. Pushed by inflation, plant and equipment costs almost doubled in the past ten years or so. Thus $100 spent...
Steelmen would also like to use for more productive investment some of the $600 million a year they will have to spend through 1985 to comply with air-and water-quality standards. In just one year, the spending to meet the last 5% to 10% increments in environmental standards is so high that the money could build four energy-saving continuous casters for rolling steel. Says U.S. Steel Vice President Earl Mallick: "If we could invest that money in those facilities, we would have a totally different steel industry...
...industry talk much about a steel shortage leading to high returns in the mid-1980s, but that is probably wishful thinking. Still, steel demand is projected to rise from last year's 115 million tons to 134 million tons by 1988. If the industry starts to invest in more productive plant and equipment now, it will probably be able to meet most of that demand without much more than the current 15% reliance on imports. But if nothing is done by then to halt the decline of steel, the A.I.S.I. warns, domestic shipments will drop to about 85 million...