Word: junes
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Dates: during 1980-1989
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...with its friendly acquisition of Warner. Within three hours of the decision, Time carried out its tender offer to pay $70 a share for 100 million of the more than 180 million Warner shares outstanding. Along with 17 million Warner shares that Time acquired in a stock swap in June, the tender gave Time a 58% controlling interest in its merger partner. As a result of the deal, Time changed its name to Time Warner; the company will buy the remaining Warner shares for a combination of cash and securities under terms that the parties must determine within three months...
...statement came from Fed Chairman Alan Greenspan, who went public with a surprisingly frank assessment last week that, at least for the moment, a recession has replaced inflation as the leading threat to the U.S. economy. In his midyear report to Congress, Greenspan confirmed that since early June, the Fed had been allowing interest rates to fall in an attempt to prevent the sluggishness from becoming too pronounced. Said he: "What we seek to avoid is an unnecessary and destructive recession...
...falter. Auto sales have stalled dramatically, contributing to a drop in total retail sales of 0.4% last month and 0.1% in May, the first back-to-back monthly declines since September and October of 1986. Industry is showing the same trend. U.S. factories operated at 83.5% of capacity in June, down from a high of 84.3% in January, a strong indicator that the economy has passed the peak in its current growth cycle...
Sensing the inflationary pressures early last year, the Fed tightened credit and dampened growth. In June the Fed was helped in its task by falling energy costs. The Government reported last week that consumer prices last month increased at an annual rate of just 2%, the slowest pace in 16 months. While Greenspan said he sees inflation as a lingering menace, he confirmed that for the moment it has been eclipsed by a need to keep the economy afloat. As a result, interest rates on three-month Treasury bills have fallen from a high of 9.4% in late March...
...estate usually takes a tumble just before a recession begins and stages a comeback as a recovery takes hold. This time some economists predict that the housing industry, aided by falling mortgage rates, may bounce back later in the year. Last week the Government reported that housing starts during June rose 7%, to an annual rate of 1.4 million. Even so, some experts are cautious about predicting a housing boon because the rise was entirely attributable to an increase in multifamily houses and apartment buildings. There was no growth in single-family-home construction, which forms the largest part...