Fueled by explosive growth of the Inland...
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Fueled by explosive growth of the Inland Empire and the San Gabriel Valley, the Los Angeles Basin will maintain its position as the nation’s largest industrial real estate market in 1988 by adding more than 18 million square feet of new building space to its base of 700 million square feet, according to an annual forecast report issued by Grubb & Ellis Commercial Brokerage Services . . . The Federal Reserve Board said M1, its most basic measure of the nation’s money supply, swelled by $4 billion in late December and early January to a seasonally adjusted $756 billion from a revised $752 billion . . . Allegis Corp. said it has been sued by the International Assn. of Machinists & Aerospace Workers to block a special cash distribution to Allegis stockholders and a restructuring program . . . Eastern Airlines, a unit of Texas Air Corp., said it is immediately cutting about 600 jobs systemwide to reduce expenses and is encouraging leaves of absences to decrease furloughs . . . Sunworld Airlines has suspended service to five Western cities and furloughed about 250 employees, with 110 remaining on active status, the airline said . . . Farmers have planted 48.3 million acres of winter wheat for harvest this year, the smallest acreage in a decade, the Agriculture Department said. Winter wheat accounts for about three-fourths of total U.S. wheat production . . . The average annual return on the Treasury’s $9.25 billion of 52-week bills at Thursday’s auction was 6.67% . . . Money market fund assets rose $7.62 billion in the week ended Wednesday to $271.54 billion, the Investment Company Institute says . . . Moody’s Investors Service Inc. downgraded its ratings on $54 billion of debt by GM and the auto maker’s financing unit. Moody’s cut the rating on senior notes, debentures and Eurodebt of GM and GMAC to AA-3 from AA-1.
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