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The Export-Import bank has decided to provide up to $1.5 billion in loan guarantees for U.S. exports to cash-starved Brazil, officials said yesterday.Congress has a month to review the proposal before the Ex-Im bank can make the credit guarantees, officials said. It will likely be November before loans are actually arranged, but the Ex-Im board made the decision this week in order to give Congress enough time to review it before the end of the current fiscal year, an administration.
Gene Mayer, the top seed in the $200,000 D.C. National Bank Classic, has withdrawn from the tournament because he wants to rest his right wrist. Mayer, the eighth-ranked player in the world, has been suffering from tendinitis."I'm disappointed," said tournament cochairman John Harris.
Government officials said yesterday that exploratory oil drilling on Georges Bank has had no adverse ecological impact, but environmentalists and fishermen said test results are inconclusive and more study is needed.
Rep. Mickey Edwards, Oklahoma City Republican, on Wednesday was named chairman of the United States Global Strategy Council.In an inaugural address, he said the organization must form ""a comprehensive global strategy'' and then ""sell it'' to the public.The conservatively oriented organization was formed about five months ago.It's purpose:
The man who arranged the Chrysler bailout urged international bankers yesterday to apply the same principles to the rollover of Third World debt - and then he added a new name to the familiar litany of nations in trouble. France has found its way to "the forefront of concern," according to James E. Wolfensohn, president of his own investment banking firm in New York.
Federal bank regulators today will propose a series of measures intended to restrain foreign lending by U.S. banks, Congress was told yesterday.The promise was made by Federal Reserve Board Governor Henry Wallich and Treasury Secretary Donald T. Regan, who testified before a subcommittee of the House Banking Committee in favor of a controversial $8.5 billion increase in the United States' participation in the International Monetary Fund.
Democratic mayoral candidate W. Wilson Goode yesterday said that if elected mayor he could shift some city deposits from Center City banks to neighborhood-based savings institutions.Goode told the Frankford Business Exchange Club that he would like to move $10 million in city funds, less than one-tenth of one percent of the city budget, into these institutions.
Economist Lester Thurow of MIT paints a grim picture. The three major economies of the free world - Japan, the United States and West Germany - have either zero growth or no economic growth. About 35 countries in the developing world are paying neither principal nor interest on their debts and therefore are in bankruptcy, though they have not declared it.
The military government of President Augusto Pinochet took charge of five private banks Friday and shut down three others in a bid to shore up Chile's ailing financial system.It was the second time in 18 months the government has intervened to save Chilean banks weakened by a deepening economic recession. The Pinochet regime previously took charge of four private banks and four private finance companies.
Raymond E. Morlock, a former bank executive, died Monday at Victoria Hospital. He was 76.Born in St. Louis, Mo., Mr. Morlock came to Miami in 1925.He was employed in 1933 by First State Bank of Miami, then known as Little River Bank and Trust Co. At the time of his retirement in 1971, he was senior vice president of the bank.Mr. Morlock was a member of Central Christian Church, and a charter member of the Miami Shores Kiwanis Club and the Village Masonic Lodge No. 315.
The 40 minutes Grenada's Prime Minister Maurice Bishop spent with national security adviser William P. Clark here last June probably cost him his life four months later, framing an overdue moment of truth for the United States in the Western Hemisphere. Bishop's murder was dictated by the fear of fellow Grenadian Marxists, shared by Moscow and Havana, that he was deserting to the West.
Banks across the nation increased their prime lending rate from 10.5 percent to 11 percent yesterday, further chilling the investment climate on Wall Street, where stock prices fell on all the major exchanges in a day of slow trading.The closely watched Dow Jones industrial average fell 20.23 points to 1,163.06, the lowest level since the Dow closed at 1,156.64 on April 13. The loss was the worst single-day decline since June 28, when the average fell 20.24 points.
The FBI will investigate whether Jake Butcher's United American Bank committed any crimes by lending bank directors and relatives $54.8 million in 1982, the Federal Deposit Insurance Corp. said Friday.FDIC spokesman Alan Whitney said the FBI will join the investigation because of the "size and complexity" of UAB, which Monday became the fourth largest bank to fail in U.S. history.
John L. Kensinger Jr., 55, a vice president and director of the Citizens Bank & Trust Co. of Maryland who was active in business and service groups, died of cancer Feb. 1 at the Washington Adventist Hospital in Takoma Park.Mr. Kensinger, who lived in Silver Spring, was born in Altoona, Pa. He graduated from Hyattsville High School and attended the University of Maryland. He served in the Navy in World War II and again during the Korean conflict.
A House panel yesterday approved a draft report said to be "extremely critical" of the federal supervision of the failed United American Bank in Knoxville, Tenn.The House Government Operations subcommittee on commerce, consumer and monetary affairs voted 4-to-0, with one abstension, to approve the still-private report prepared by its staff. The full committee is scheduled to consider the document Nov. 15.
The Mellon Bank of Pittsburgh and three big Texas banks have withdrawn multimillion-dollar lines of credit to T. Boone Pickens, chairman of the Mesa Petroleum Co., Wall Street sources said Tuesday.The move came after the Texas oilman announced he was the head of a group that already had spent $630 million for an 8.75 percent stake in the Gulf Oil Corp. and was prepared to raise its investment in the giant oil company to $1.1 billion, or almost 15 percent.
The National Banking Comission has approved a request from the Heritage International Bank of Bethesda to open a representative office in Tel Aviv.Donald E. Wolpe, chairman of Heritage International, said he expects to visit Israel soon to complete arrangements to open the Tel Aviv office early next fall.Representative offices are not bank branches and, therefore, can not accept deposits or make loans.
Nearly every country in the world looks to the U.S. economy to help extricate it from the grip of the recession: we are seen as the locomotive, and if only our economy would expand vigorously, we would pull the rest of the world behind us. But alone we cannot do it, and if the recovery is not dynamic, the locomotive may soon run out of steam.Developing countries usually are not seen as actors in the world economic recovery.
Thousands of conservative savers in the Philadelphia area will get a few cents extra in interest on their savings dollars starting Jan. 1, thanks to a change in banking regulations.Those steadfast souls who have kept their money in statement savings accounts, rejecting better rates available elsewhere, will get a small reward next week at most large commercial banks.
Shipments of steel to the United States from the Third World are outstripping those from traditional U.S. suppliers in Western Europe and Japan this year, sparking complaints of unfair trade practices from steel makers in the United States, Europe and Japan.United States Steel Corp.