Newspaper article THE JOURNAL RECORD

Government Sells $5 Billion in Bonds for S7l Bailout

Newspaper article THE JOURNAL RECORD

Government Sells $5 Billion in Bonds for S7l Bailout

Article excerpt

Government Sells $5 Billion Bonds for S&L Bailout WASHINGTON - The government sold $5 billion of 30-year bonds Tuesday to help finance its bailout of the savings and loan industry.

The bonds were sold at an average yield of 8.93 percent and will carry a coupon interest rate of 8 7/8 percent, with a $10,000 bond selling for $9,942.70.

The Resolution Funding Corp., or Refcorp, received bids totaling $15.5 billion.

In two previous auctions this year, Refcorp received bids totaling $8.90 billion for a $3.5 billion issue last April and $8.17 billion in bids for $5 billion last January.

Union Membership in Manufacturing Declining BOSTON - Membership in labor unions that represent workers in manufacturing registered its biggest drop in three years in 1989, according to a forthcoming report by the Grant Thornton consulting firm.

The reason: greater demand for high-tech workers.

``There are fewer unions in the high-tech area, and those that are are not organizing as effectively,'' said Selwin Price, a partner at Grant Thornton. High-tech workers ``are better educated, higher skilled, and management might keep them happier.''

He divided manufacturing into two categories: ``low-tech,'' such as the steel, automobile and garment industries; and high-tech, such as computers.

The study's figures show labor union membership in manufacturing fell by 153,000 workers last year.

That represents a 3.2 percent drop from union membership of 4.771 million in 1988 and the largest yearly decline since 1986. That year there was a decline of 199,500 card-carrying industrial workers, a 3.8 percent drop.

By contrast, total manufacturing jobs showed a slight increase at the same time, rising 1.0 percent in 1989 and 2.3 percent over the past three years, the firm said.

Domino's to Test Pizza in Four Burger Kings ANN ARBOR, Mich. - You won't be able to have it your way just yet, but this September Burger King will begin test marketing 6-inch Domino's pizzas at four South Carolina hamburger restaurants.

The one-year experiment is aimed at McDonald's Corp.'s test of its own pizza in 200 of its eateries.

A licensing agreement was signed last week between Burger King, the nation's second largest fast-food chain, and Domino's newly created Pizzazz Division. …

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