Reported by Star-Bulletin staff & wire
Thursday, September 5, 1996
Reported by Star-Bulletin staff & wire
Thursday, September 5, 1996
Fifteen-year fixed-rate mortgages rose to 7.88 percent from 7.60 percent. Both rates were the highest since the week ended July 12, when the 30-year rate averaged 8.42 percent and the 15-year rate 7.93 percent.
Adjustable mortgage rates rose to an average of 5.85 percent this week from 5.75 percent last week.
A year ago, the 30-year rate averaged 7.63 percent, the 15-year 7.16 percent, and the adjustable loan 5.86 percent.
The Treasury Department would issue five new quarters each year commemorating five states beginning in 1997 under the bill, which was approved yesterday by a voice vote.
The quarters would be similar to the ones issued in honor of the bicentennial in 1976. States will be honored in the order in which they joined the union.
All 50 commemorative quarters will have the same design on one side.
The other side will be designed by the Treasury secretary in consultation with state officials, the Citizens Commemorative Coin Advisory Committee and the Commission on Fine Arts.
Campbell said it would buy back up to $2.5 billion worth of its own stock - a step intended to make remaining shares more valuable. The company also said it agreed to buy a German soup maker for about $210 million.
Wall Street applauded the moves. In New York Stock Exchange trading, Campbell shares climbed $4.25 to close at $72.75.
Campbell said it would eliminate 650 jobs, or 1.5 percent of the 43,000 people it employs in North America. The cuts include 175 positions at its world headquarters in Camden. The company also said it would close a ramen noodle plant in Atlanta and a poultry research facility in Farmington, Ark., and sell poultry processing facilities in Douglas, Ga.; Tecumseh, Neb., and Worthington, Minn.
The Los Angeles-based restaurant chain also said it turned a profit in its first quarter, reflecting continued progress in its restructuring. Sizzler filed for Chapter 11 bankruptcy protection in June to escape long-term leases associated with underperforming restaurants.