December 1, 1993 |
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.
October 18, 1991 |
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.
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.
October 12, 1990 |
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.
May 11, 1990 |
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.
March 8, 1991 |
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.