Newspaper article THE JOURNAL RECORD


Newspaper article THE JOURNAL RECORD


Article excerpt

Administration Cuts Duty-Free Status

WASHINGTON - The Reagan administration said Friday it is ending duty-free status for about $3 billion in imports from Taiwan, Korea and other developing countries and is eliminating entirely the eligibility of Nicaragua, Paraguay and Romania.

Poor records on worker rights were cited as the reason for penalizing the three countries whose eligibility for duty-free status was cancelled.

U.S. Trade Representative Clayton Yeutter said President Reagan's decision to begin imposing 5 to 7 percent tariffs on some 290 products from eight countries represents a ``redirection'' toward shifting duty-free status to countries with ``greater need.''

Securities Offerings Set Record

NEW YORK - Tumbling interest rates sent the volume of corporate securities offerings surging to a record high in 1986, and Salomon Brothers Inc. was the lead underwriter of the issues for the fourth consecutive year.

Total dollar volume of securities sold in the United States and abroad by American companies nearly doubled last year to $318.4 billion from the previous record of $171.5 billion in 1985, said IDD Information Services, a corporate finance research firm.

Most of the gain came in the U.S. market, where volume more than doubled to about $220 billion, IDD said Thursday.

Factory Orders Up for Month

WASHINGTON - Orders to U.S. factories for manufactured goods soared 4.1 percent in November, the biggest increase in two years, the government reported Friday.

The Commerce Department said orders totaled $200.42 billion in November as a huge 107.9 percent rise in demand for defense equipment boosted overall demand.

The overall increase, which followed a 3.5 percent decline in October, was the best monthly performance since a 4.4 percent rise in November 1984.

Without the big jump in the volatile defense category, factory orders would have risen a much smaller 1.13 percent after a 1.6 percent October decline and a 3.3 percent September rise in the civilian category.

In a second report, the Commerce Department said construction spending fell 0.7 percent in November to a seasonally adjusted annual rate of $377.0 billion. The November decline followed a 0.8 percent October drop, with the two consecutive setbacks providing further evidence that construction spending is weakening after posting big gains earlier in the year.

IRS Wants to Take Credit Cards

WASHINGTON - The Internal Revenue Service is proposing the use of credit cards to simplify the process of paying annual income taxes, IRS Commissioner Lawrence Gibbs said Friday.

The IRS proposal, currently under consideration at the Treasury Department, would allow taxpayers to charge their tax bills just as they charge merchandise.

Auto Industry Profits Down Sharply


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