BUSINESS DIGEST
By Unknown Author
G.M. Presents Offer In Labor Negotiations General Motors made its first comprehensive contract offer to the United Automobile Workers union, as national labor contract negotiations continued at all three Detroit auto makers. G.M. officials did not release details of their offer. But by making a specific proposal now, G.M. is able to stake out its position before the U.A.W. reaches a deal with Ford, which the union has chosen as its negotiating target to set a pattern for the industry. $(Page D2.$) Productivity Rose in 2d Quarter Companies operated more cheaply and efficiently during the second quarter than first reported, largely because wage costs were not rising as rapidly as estimated. A revised report showed that productivity actually rose, instead of falling slightly. $(D2.$) Demand Grows For Chips Demand for computer chips rose slightly last month, but was still down from last year. The Semiconductor Industry Association's book-to-bill ratio, which measures new orders against shipments, rose to 0.90 in August from a revised 0.86 in July. $(D4.$) 2 Energy Companies in Venture The Coastal Corporation and Westcoast Energy said they would combine their natural gas and electricity marketing operations, joining the industry trend toward consolidation. $(D2.$) Reagan Aide Criticizes Tax-Cut Plan Murray L. Weidenbaum, a major architect and defender of Ronald Reagan's 1981 tax cuts, broke ranks with Republicans and warned against the reductions proposed by Bob Dole, their Presidential nominee. $(D2.$) Bonds Fall on Fed Officials' Words The prices of Treasury securities sagged after comments by Federal Reserve officials led to heightened anxiety over the likelihood of the Fed's increasing interest rates. The yield of the 30-year Treasury bond climbed to 7.11 percent from 7.07. $(D16.$) The dollar hit its highest levels in nearly two months against the German mark and the Japanese yen, rising on continued expectations of increased American interest rates. $(D13.$) Stocks were mixed. The Dow industrials fell, 6.66 points, to 5,727.18, but broader indexes were mostly higher. The Nasdaq composite rose 0.72 point, to 1,149.43. $(D6.$) Village Voice Editor Resigns Karen Durbin, the editor of The Village Voice, said she was resigning over differences with the weekly newspaper's publisher. Neither Ms. Durbin nor the publisher, David Schneiderman, would explain their differences. $(B3.$) Out of the Fire, Into the Frying Pan A growing number of people are trading the corporate world for the kitchen, seeking creative fulfillment, satisfaction in their work, greater mobility and, if they start their own businesses, control over their lives. Though these people may make considerable financial sacrifices, jobs are plentiful. In the next 10 years, restaurants and hotels are expected to need 500,000 more chefs, cooks and other kitchen workers. $(C1.$) Slowdown Seen in Business Travel Business travel this fall will drop to its lowest level in at least five years, the Travel Industry Association of America forecasts. Edwin McDowell: Business Travel. $(D5.$) Soros Backs Change in Drug Policy George Soros, the billionaire investor, has made personal donations of nearly $500,000 to two ground-breaking state ballot initiatives, in California and Arizona, that would legalize the medical use of marijuana. $(A12.$)