Newspaper article THE JOURNAL RECORD

Proposed Gasoline Tax Hike Hits Snag

Newspaper article THE JOURNAL RECORD

Proposed Gasoline Tax Hike Hits Snag

Article excerpt

Proposed Gasoline Tax Hike Hits Snag WASHINGTON _ A five-cent gasoline tax increase hit a potentially troublesome snag when House Democratic leaders agreed to allow lawmakers to vote on whether they want some highway projects enough to raise taxes. House Speaker Thomas S. Foley, who favors the tax boost and the transportation spending it would finance, bowed on Thursday to Republicans'

demands that they be allowed a shot at stripping away the tax.

Billionaire Boosts American Express NEW YORK _ American Express Co., the financial services giant burdened by its troublesome Shearson Lehman Brothers brokerage, will receive a $300 million boost from multibillionaire Warren Buffett. Under terms of the agreement announced Thursday, American Express will sell preferred securities to Berkshire Hathaway Inc., Buffett's Omaha, Neb.-based investment conglomerate, or its subsidiaries.

Chrysler to Build Operation in Illinois HIGHLAND PARK, Mich. _ Chrysler Corp. said Thursday it would build a $109 million operation at an Illinois assembly plant to supply body panels for a new line of small cars. The stamping operation at the Belvidere, Ill., plant is to begin production in 1993, supplying parts for a new car codenamed "PL." Construction of the body-shop expansion will begin in September.

The operation will add 210,000 square feet to the Belvidere factory's existing body shop and will add about 100 workers to the plant's 3,600-employee payroll, Chrysler spokesman Scott Fosgard said.

GM to Lay Off 1,600 Workers Early LINDEN, N.J. _ About 1,600 workers at the General Motors Corp. plant in Linden may be off the job until May 1993 _ eight months longer than originally planned, officials said. The plant, which makes Chevrolet Corsicas and Berettas, was supposed to close in September for one year so it could be retooled to manufacture Chevrolet S-10 pickups. But although the plant will close as scheduled, truck production won't start for 16 to 20 months because of poor economic conditions, GM spokeswoman Karen Hulsey said.

Number of Vietnamese Firms Skyrockets WASHINGTON _ The number of businesses owned by Vietnamese-Americans increased 415 percent in just five years during the 1980s, the Census Bureau reported Thursday. While entrepreneurs from the ranks of Americans with roots in Korea or India more than doubled during that same 1982-87 period, those increases generally coincided with the rate of population growth for those groups. By contrast, the extraordinary increase in the number of businesses owned by Vietnamese-Americans for those five years far outstripped the group's population increase _ 135 percent _ for the entire decade. The census counted 614,546 Vietnamese Americans in 1990, compared to 261,729 in 1980.

There were 25,671 firms owned by Vietnamese-Americans in 1987, compared with 4,989 five years before, the Census Bureau said. …

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