Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, October 20, 1993 TAG: 9310200079
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The average price of self- serve regular unleaded gasoline has increased 5.2 cents to $1.134 per gallon since last month, the American Automobile Association said Tuesday.
The motor club surveyed 5,000 stations after the 4.3 cents-per-gallon rise in the federal gasoline tax on Oct. 1.
The biggest jump was recorded in the West, up 7.8 cents to $1.257 per gallon, followed by the Midwest, up 6.9 cents to $1.139. Other increases were: New England, up 5.1 cents to $1.138; Southwest, 4.9 cents to $1.122; Great Lakes, 3.1 cents to $1.096; Southeast, 2.5 cents to $1.074; and Mid-Atlantic, 2.4 cents to $1.11. - Associated Press
\ Drug companies say they'll cut 4,500 jobs
NEW YORK - Two major pharmaceutical companies - Pfizer and Upjohn - said Tuesday they will eliminate 4,500 jobs, another indication of the extreme pressure health care reform is placing on drug companies.
Pfizer Inc. said it is eliminating 3,000 jobs in hopes of preserving its double-digit growth rate, which is becoming increasingly rare in an industry long known for impressive earnings and revenue gains.
Upjohn Co. faces patent expirations on several best-selling medicines - the tranquilizer Xanax, the sleeping drug Halcion and the anti-diabetes drug Micronase. The decision to cut 1,500 jobs and shutter or downsize 14 of its 31 plants worldwide is an attempt to ensure survival in the face of that.
Both companies' announcements came in their third-quarter earnings reports. For the quarter ended Sept. 30, New York-based Pfizer reported a loss of $214 million, compared with profits of $297.5 million a year ago. The loss includes a $525 million restructuring charge. Upjohn, based in Kalamazoo, Mich., lost $30 million, which includes a $183 million restructuring charge. - Associated Press
\ Apartments fuel housing construction
WASHINGTON - Construction of new homes and apartments jumped to the highest level in more than 3 1/2 years in September, boosted by a surge in multifamily units.
The Commerce Department said Tuesday that apartment construction shot up 52 percent, including a 40 percent gain in buildings with five or more units.
J. Roger Glunt, president of the National Association of Home Builders, attributed the multifamily surge in part to a reauthorized tax credit for low-income housing. - Associated Press
by CNB