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BUSINESS
November 9, 1989 | Associated Press
J. P. Morgan & Co. said Wednesday that its chairman, Lewis T. Preston, was stepping down two years before retirement and would be succeeded by the bank-holding company's current president. J. P. Morgan, which owns Morgan Guaranty Trust Co. bank, said in a statement in New York that Dennis Weatherstone, the current president, will take over as chairman and chief executive Jan. 1. Preston, 63, will serve as chairman of the company's executive committee starting next year, J. P. Morgan said.
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NEWS
May 6, 1995 | From Times Staff and Wire Reports
Lewis T. Preston, who headed the World Bank for less than four years but was credited with major transformations of the agency that lends money to developing nations, is dead. Preston, who died of cancer at age 68 Thursday at his home, had announced earlier this year that he would retire at the end of May. "Lew Preston provided a quiet, firm leadership that has transformed the bank.
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NEWS
May 6, 1995 | From Times Staff and Wire Reports
Lewis T. Preston, who headed the World Bank for less than four years but was credited with major transformations of the agency that lends money to developing nations, is dead. Preston, who died of cancer at age 68 Thursday at his home, had announced earlier this year that he would retire at the end of May. "Lew Preston provided a quiet, firm leadership that has transformed the bank.
BUSINESS
November 9, 1989 | Associated Press
J. P. Morgan & Co. said Wednesday that its chairman, Lewis T. Preston, was stepping down two years before retirement and would be succeeded by the bank-holding company's current president. J. P. Morgan, which owns Morgan Guaranty Trust Co. bank, said in a statement in New York that Dennis Weatherstone, the current president, will take over as chairman and chief executive Jan. 1. Preston, 63, will serve as chairman of the company's executive committee starting next year, J. P. Morgan said.
BUSINESS
December 1, 1993 | From Times Staff and Wire Reports
World Bank to Set Up Micro Loans: The world's biggest lender will donate $2 million for loans as small as $50 for the world's poorest people, Lewis T. Preston, World Bank president, announced. The money will go into a fund to help set up "micro-level credit schemes" in several countries. The idea is to help people without money to pursue such occupations as street-corner vending, dressmaking or poultry keeping.
NEWS
October 18, 1991 | Associated Press
The World Bank pledged Thursday to help the Soviet Union overcome its massive economic problems, despite concerns that such aid would divert resources from struggling Third World nations. World Bank President Lewis T. Preston said that aid to Moscow will not place an undue strain on the bank, which annually approves about $16 billion in loans and also dispenses economic expertise.
BUSINESS
September 11, 1986
Robert V. Lindsay, president of J. P. Morgan & Co. since 1980, announced Wednesday that he would retire at the end of this year, ending a 37-year career with one of the world's most prestigious financial institutions. The New York-based banking company said that Lindsay, 60, who also was president of Morgan Guaranty Trust Co., had planned the retirement for some time. Named to replace Lindsay is Dennis Weatherstone, chairman of the executive committee.
BUSINESS
October 12, 1990 | From Associated Press
Top business leaders predicted today that the U.S. economy will stagnate during the second half of this year. A minority said a recession is here or on the way. The Business Council's fall forecast projected a nearly imperceptible 0.3% economic growth rate in the second half of 1990, and said oil-driven inflation will climb to 6.1% before falling back below current levels.
BUSINESS
May 11, 1990 | Associated Press
The nation's top business leaders, who just six months ago warned that a recession was a distinct threat, said today that the economy will continue to grow moderately at least through 1991. The Business Council--100 chief executives of the country's largest corporations--forecast that the economy will grow at a 2% pace in 1990 and 2.6% in 1991. Last October, it had projected growth of only 1.8% for this year, the slowest pace since the recession year of 1981.
BUSINESS
March 8, 1991 | From Times Staff and Wire Reports
President Bush has chosen Lewis T. Preston, retired chairman of J. P. Morgan & Co. in New York, to succeed Barber B. Conable Jr. as president of the World Bank, the White House said. Preston, a 40-year Morgan veteran, will return a commercial banker's viewpoint to the World Bank's top management. Conable was a career politician and friend of the President who served with Bush when the two were in the House in the 1970s.
BUSINESS
October 13, 1989
The nation's top business leaders today forecast a significant U.S. economic slowdown for 1990 and warned that an outright recession is possible unless the Federal Reserve cuts interest rates. The Business Council, composed of 100 chief executives of the country's largest corporations, predicted that the economy will grow next year at the most sluggish rate since the end of the 1981-82 recession.
NEWS
October 16, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
The annual meeting of the International Monetary Fund and World Bank opened here Tuesday with strong calls by the heads of both organizations for nations--particularly in the developing world--to reduce their military spending. The statements suggest that the two international lending institutions, whose support often is critical to Third World development efforts, may no longer tolerate efforts by poor countries to build large military machines.
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