Newspaper article THE JOURNAL RECORD

Maxwell Dies in Boating Accident

Newspaper article THE JOURNAL RECORD

Maxwell Dies in Boating Accident

Article excerpt

MADRID, Spain _ Robert Maxwell, the flamboyant billionaire who built a global publishing empire, was found dead Tuesday in waters off the Canary Islands. He reportedly fell from his 180-foot luxury yacht. The death of the 68- year-old publisher ended the reign of a contentious press baron who battled press unions, barked out orders in one of eight languages and bullied editors as he built a $2 billion media conglomerate. The Czechoslovak-born Maxwell, who escaped the Holocaust and immigrated to Britain in 1940, personally ran the empire. His death has raised questions about the future of his debt-burdened holdings, which include New York's Daily News.

Bush Warns Against Tax Cuts WASHINGTON _ President Bush said Tuesday that cutting taxes to try to stimulate the economy would send interest rates "right out through the roof." Bush, who has been vacillating on whether to send Congress a new package to spur economic growth, said he still hasn't made up his mind. But he told reporters in a White House picture-taking session: "What I don't want to do is come up with a growth package that just further burdens the American taxpayer. And I'm not going to do that." Referring to the crop of tax-cut proposals that have sprouted on Capitol Hill, Bush said: "Some of these suggestions that shoot the long-term interest rates right out through the roof are simply unacceptable. I'm talking about the idea of getting broad tax cuts without regard as to what it does to long-term interest rates or the (1990) budget agreement."

Postal Service Holds Stamp Price WASHINGTON _ The governors of the Postal Service voted Tuesday to keep the price of a first-class stamp at 29 cents rather than raising it a penny. But Postmaster General Anthony Frank said holding the line now means the next increase, possibly as much as a nickel, will probably come a year earlier than originally planned. "America will likely see another postage rate increase in early 1994 _ instead of 1995 _ and another in 1997 or 1998," Frank said. …

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