Word: short-term
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...Corp., which quietly reported large profits last quarter. The agreement in that case: The United Auto Workers permitted fewer immediate benefits, in return for a spot on Chrysler's board of directors. By contrast, look at the recent demise of the Checker Cab Company. Its employees refused to make short-term concessions; they ended up without a company--or jobs...
Knowing that a Mexican default could destabilize the entire global monetary system, the central banks of the leading industrial countries last week announced a new short-term loan of $1.85 billion. Continued unease about Mexico's finances and a rumor that Argentina is also close to default helped send the price of gold in London up $50 in two days last week...
...institutions that borrow funds, for the fourth time since July 19. The discount rate now stands at 10%. Mean while, the prime rate that banks charge their most creditworthy business customers has dropped to 13½%, down three points since midsummer and the lowest since September 1980; some other short-term rates have come down even more sharply. The decline is also spreading to interest charges that are of concern to anyone hoping to buy a house or car. Government agencies last week lowered the interest charges on VA-or FHA-backed mortgages to 14%, and the financing subsidiary...
...there has been little opposition to Mexico's request to postpone the payment of $10 billion in principle on short-term loans. There is still no agreement, though, on Mexico's request for up to $1 billion to use as a stand-by loan...
...economy produces both winners and losers, and the relative losers this time could be people with cash in the popular money-market funds. These have paid an average annual return of as high as 17% in the past twelve months. Since the funds make their money by investing in short-term Government securities and bank certificates of deposit, they will no longer be able to pay out as much as they did before. The average money-market yield is already down to about 11.5% and is likely to drop still further...