Fed governor John LaWare said there are numerous stresses on the American economy that may lead to recession, although some aspects of the economy, notably exports, remain strong. He warned about the prospect of a rapid decline in the value of the dollar.
Amoco announced an agreement that could eventually lead to a joint venture with the Soviet government for development of oil fields in western Siberia.
Toyota plans to construct a $50 million parts plant in Troy, Mo., continuing a strategy of challenging America's Big Three automakers on their own turf. A Toyota unit, Bodine Aluminum, will build the new plant, which will make intake manifolds and cylinder heads. The parts are now imported from Japan.
Car and truck sales in early September declined by 2.2 percent from the levels of a year earlier. Chrysler's car sales were down 15.9 percent, Ford's were down 0.6 percent, while GM's climbed 6.4 percent.
Thomson Group will fund $100 million in new consumer electronics research by the David Sarnoff Research Center. The two are already working together to develop a high-definition television system.
Walt Disney Studios and Interscope Communications, a Japanese investment group, have joined forces in a film production venture worth at least $100 million. The agreement calls for Disney and Interscope, a major Hollywood producer in partnership with investment banker Nomura Babcock & Brown, to produce and market movies together for four years.
AT&T awarded $1 million contracts to five area companies, four of them minority-owned, to assist in an AT&T office automation job at the Transportation Department. The companies are Automated Sciences Group Inc. of Silver Spring; CBIS Federal Inc. of Fairfax; Computer Resource Management of Herndon; PSI International Inc. of Fairfax; and World Computer Systems Inc. of Laurel.
Savin was awarded a contract by the General Services Administration to provide 4,000 photocopiers to the Navy and other agencies. The value of the contract will be based on the number of copies made.