Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.law,americast.usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Tue, Nov 10 1992 Date: Tue, 10 Nov 92 05:07:26 EST Message-ID: 11-10 0000 DECISIONLINE: Business Law USA TODAY Update Nov. 10, 1992 Source: USA TODAY:Gannett National Information Network EC WANTS TALKS TO RESUME: The 12 European Community foreign ministers agreed Monday that talks with the USA on farm subsidies should resume immediately to head off the risk of a transatlantic trade war. But the ministers also agreed the EC should retaliate if the USA carries out its threat to slap 200% tariffs on white wine and other EC imports Dec. 5, German Economics Minister Juergen Moellemann told reporters. EC MAY DRAFT TARIFF LIST: The foreign ministers of the European Community suggested Monday that its executive commission draft a list of U.S. goods to be targeted for trade sanctions. The Bush administration vowed to raise tariffs after the USA and the EC couldn't break an impasse over EC farm subsidies. The USA says the subsidies violate a 30-year-old agreement giving U.S. farmers access to European markets. MCI WANTS TO BUILD NEW NETWORK: MCI Monday requested permission from the Federal Communications Commission to build and operate a national personal communications network. The move comes less than a week after AT&T announced plans for a $4 billion link up with McCaw Cellular Communications to build a nationwide cellular phone network. MCI says it is working with unnamed partners to develop personal communications services. SERVICES WOULD EXPAND SYSTEM: MCI says it is working with partners to develop personal communications services that would allow people to phone individuals, instead of places, without the limits of current cellular systems. MCI says its proposed network, aimed at consumers not businesses, would offer digital wireless communications through low power, lightweight telephones and hand-held computers. GE TO REVISE LIGHT BULB ADS: General Electric Monday agreed to revise advertising for its Energy Choice light bulb in a settlement announced by the Federal Trade Commission. The FTC and the attorneys general of 32 states accused the company of misleading consumers with marketing that indicated the incandescent bulbs were a way to conserve natural resources. GE also will pay $165,000 to 11 of the states. SEC SUSPENDS TRADING: The Securities and Exchange Commission Monday temporarily suspended trading of Members Service Corp. shares. Trading was suspended because of questions over the adequacy and accuracy of publicly disseminated securities and how the company sold or distributed the securities. The company's chairman said the company had not done anything wrong.. AIR CANADA PLAN APPROVED: For the second time in a decade, Continental Airlines looks like it will be coming out of bankruptcy reorganization. Continental's board of director Monday announced it has approved of a plan by Air Canada - the largest airline in Canada - and two Fort Worth investors to invest $450 million. The deal could push the USA's fifth-largest airline out of bankruptcy early next year. `A MILESTONE' FOR CARRIER: Continental Airlines' board Monday approved an investment plan by Air Canada and a group called Air Partners. "This is a major milestone for Continental," says CEO Robert Ferguson. Canada and Air Partners will each own 27.5% of Continental. A committee of unsecured creditors has approved the deal. Creditors will own 35.6%. A bankruptcy court judge must approve of the deal. AIRLINE CONTRACT REACHED: Alaska Airlines and 880 members of the International Association of Machinists Monday reached a tentative agreement on a five-year contract. Terms of the contract were not disclosed pending a ratification vote. Spokesman Lou Cancelmi said the union thinks the vote will take place by the end of the week and will affect 55% of the airline's 1,600 mechanics and related personnel. FOUR DEALERS ARE DISCIPLINED: The National Association of Securities Dealers Inc. Monday took disciplinary steps against four firms: Wakefield Financial Corp., Kelly Trading Corp., Bagley Securities Inc. and Royce Park Investments Inc. Wakefield and Kelly for scheming to alter trading in Weaver Arms Corp.; Bagley for trading in Quantus Capital Inc.; and Royce for trading dominance in an offering of LBO Capital Corp. FEDERAL ADVICE CENTERS TO OPEN: Centers to advise business owners on ways to get federal contracts will open in the next two weeks in Dover, Georgetown and Wilmington, Del., state officials say. The joint program with the Department of Defense will cost $400,000. CITADEL DEFENDING SUIT: The Citadel has hired former U.S. Attorney General Griffin Bell of Atlanta as adviser and hired a public relation firm to help fight a lawsuit that attempts to force the all-male military school to admit women, officials say. Three woman veterans sued the school in June so they can attend the day-time classes with The Citadel's 1,900-member cadets. STOLEN STOCKS DECREASE: The Securities and Exchange Commission said Monday the amount of stocks reported to its lost and stolen securities program decreased by 10% in 1991, according to Bloomberg Business News. The aggregate dollar value of certificates reported as lost, stolen, missing or counterfeit totaled $2.331 million in 1991, down from 1990's $2.6 million. Business Law Editor: Beth Mann. (919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM