Reported by Star-Bulletin staff & wire
Monday, July 27, 1998
GM, union said to make progress in strike talks
FLINT, Mich. -- A weekend of marathon negotiations toward settling the most costly strikes ever against General Motors Corp. produced progress, but not enough to end the seven-week dispute."There are some significant issues that have to be resolved," United Auto Workers Vice President Richard Shoemaker said early today when talks recessed. The negotiations resumed late this morning.
The strikes at two parts plants in Flint have brought GM's North American assembly operations to a virtual standstill and have cost the No. 1 automaker an estimated $2.2 billion in lost profits.
The strikes have idled about 189,700 GM employees in North America, in addition to the 9,200 strikers.
Mall developer to drop DeBartolo from name
INDIANAPOLIS -- Simon DeBartolo Group Inc., the largest U.S. shopping mall developer, is changing its name back to Simon Property Group Inc., four months after the resignation of Edward DeBartolo Jr. from the company's board.Indianapolis-based Simon DeBartolo said the change has been approved by its board and expects it to become effective on the completion of its $5.8 billion purchase of Corporate Property Investors Inc.
The resignation came amid reports DeBartolo, son of the late family patriarch Edward DeBartolo Sr., was being investigated by a federal grand jury looking into whether he committed fraud in connection with a Louisiana casino license he won.
Simon DeBartolo Group plans to build a large mall in Kakaako.
In other news . . .
WASHINGTON -- Sales of existing single-family homes slipped 2.3 percent in June after posting a record high in May. The decrease brought the seasonally adjusted sales rate to 4.72 million, down from 4.83 million, the highest since the National Association of Realtors began tracking sales in 1968. Regionally, the West suffered the largest drop in June, down 10.9 percent to an annual rate of 980,000 units.
See expanded coverage in today's Honolulu Star-Bulletin.
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