Reluare joi, 26 iulie 1984

THE AGGRESIVE NEW TEAM

Date: 27 July 1984

By Fred R. Bleakley

Fred Bleakley

A businessman whose authoritarian presence cast him as the defender of the beleaguered oil industry in the 1970's, and a banker who commands the respect of the international financial community were named yesterday to tackle what may be the toughest jobs in banking. The appointment of John Eldred Swearingen, former chairman of the Standard Oil Company (Indiana), and William Sterling Ogden, former vice chairman of the Chase Manhattan Corporation, to breathe life into the ailing Continental Illinois Corporation was part of the huge rescue package put together by the Federal Government. The businessman and the banker, as the team has been dubbed by the financial community, bring to Continental a reputation for tough, aggressive management and a record of success. Continental will apparently need both, considering its huge problems in maintaining its deposits from abroad, holding onto its domestic corporate business and keeping its upper- and middle-management team together. At a Chicago news conference for the press and security analysts, beamed by closed-circuit television to New York yesterday, Mr. Swearingen, vowed to ''put this bank back on its feet.'' The 65-year-old businessman will be chairman and chief executive of the holding company, the Continental Illinois Corporation. He listed as his top priorities ''reducing overhead and disposing of activities not essential to the bank.''

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FRIDAY, JULY 27, 1984 International

Date: 27 July 1984

Fidel Castro would welcome steps to decrease bitter tensions between the United States and Cuba. In a speech marking the 31st anniversary of the birth of the Cuban Revolution, President Castro said he would seriously consider ''any efforts at decreasing tensions in our area and in the rest of the world.'' (Page A1, Column 1.) Final results in Israel's elections were announced and they seemed to strengthen chances that Prime Minister Yitzhak Shamir would be asked to form a new government. The army vote showed that the right-wing faction of Parliament had gained a seat at the expense of Labor. (A4:1-3.)

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Chinese Party Official Jailed

Date: 27 July 1984

Reuters

Yi Yaowen, a Communist Party deputy secretary from Shanxi province, has been jailed for six years for raping a 19- year-old woman in 1977, the New China News Agency said today.

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New and Old Star and Old

Date: 26 July 1984

By Thomas Rogers

Thomas Rogers

Don King, the fight promoter who branched out when he helped put together the Jacksons' concert tour, introduced his ''newest star'' at a boxing news conference the other day, and she would have been more than vaguely familiar to devotees of movies that have not always been well received. It was none other than the actress Pia Zadora, who is the wife of Meshulam Riklis, board chairman of the Riviera Hotel and Casino in Las Vegas, Nev., where King has an agreement to promote fights.

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Tribune Co. Net Jumps

Date: 26 July 1984

AP

The Tribune Company, owner of The Daily News in New York and The Chicago Tribune, today reported a 35.2 percent increase in profits for the second quarter, to a record $29.2 million, from $21.6 million.

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Cavalier Choice

Date: 26 July 1984

George Karl , who starred at North Carolina and then played six seasons for the San Antonio Spurs, has been tapped to replace Tom Nissalke as coach of the Cleveland Cavaliers. The 33-year-old Karl, who will become the youngest coach in the National Basketball Association, has been with the Cleveland organization as director of player acquisition since last year. Although the Cavaliers declined to confirm his latest appointment, they scheduled a news conference for today to announce a successor to Nissalke, who was dismissed in May.

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DRIVE AGAINST DEFICITS OPENS

Date: 27 July 1984

AP

A campaign aimed at building support among citizens for balancing the Federal budget by 1989 was begun here today by Gov. Richard A. Snelling of Vermont. At a news conference Governor Snelling, the campaign's chairman, said he hoped to raise $10 million and recruit 10,000 volunteers for the ''Proposition One'' drive to put pressure on politicians to cut both military and domestic spending and to raise taxes.

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Match With a Heart

Date: 27 July 1984

Jimmy Connors and Ivan Lendl have scheduled an exhibition match in San Diego on Aug. 9 in hopes of raising $250,000 for the families of the 21 people shot to death last week at a McDonald's restaurant in San Ysidro.

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FED WON'T TIGHTEN ITS POLICY

Date: 26 July 1984

By Jonathan Fuerbringer

Jonathan Fuerbringer

The chairman of the Federal Reserve Board said today that the nation's central bank, at its policy meeting last week, decided not to tighten its monetary policy, a move that was welcomed by Wall Street and could mean that interest rates will hold steady, instead of rising, for the next several months. Testifying before the Senate Banking Committee, Paul A. Volcker, the Fed chairman, would not predict whether interest rates will fall later this year, although he said he expects the current rapid pace of expansion to slow down in the last half of the year. If the economy continues to grow rapidly, he said that rates could rise. Investors responded positively to Mr. Volcker's statements. Note and bond prices rose and interest rates showed a sharp decline on the news, and the reaction spilled over to the corporate and tax-exempt markets. (Page D16.)

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U.S. WILL INVEST $4.5 BILLION IN RESCUE OF CHICAGO BANK, VOWING MORE AID IF NEEDED

Date: 27 July 1984

By Robert A. Bennett, Special To the New York Times

Robert Bennett

In an extraordinary intervention in the banking business, the Federal Government committed itself today to a $4.5 billion rescue of the Continental Illinois National Bank and Trust Company of Chicago. It was the largest package of Federal support for any private enterprise. Three Federal banking agencies said in an announcement that they were acting to keep the bank, which has billions of dollars in bad loans and is threatened by an outflow of deposits, from collapsing, and to avoid a major international financial crisis. A financial assistance package put together in mid-May has proved inadequate and no other bank has been willing to buy Continental without enormous aid from the Government. Today's dramatic rescue is intended to protect all depositors and other creditors of the bank, restoring confidence in the entire banking system. Faith in the nation's big banks has plummeted in recent weeks because of Continental's problems and because of the high level of shaky loans to Latin American debtor countries.

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