Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Thu, May 28 1992 Date: Thu, 28 May 92 05:21:26 EDT Message-ID: 05-28 0000 DECISIONLINE: Business Law USA TODAY Update May 28, 1992 Source: USA TODAY:Gannett National Information Network GOV'T TO LOOK AT SALES: The USA will closely examine a report due out in mid-June on market share for foreign semiconductor sales, focusing on Japan's record, U.S. Trade Representative Carla Hills says. A 1991 agreement between Japan and the USA called for semiconductor sales by foreign companies to exceed 20% in Japan by the end of 1992. But sales were only 14.4% in the fourth quarter of last year. HOUSE PASSES ENERGY BILL: The House Wednesday approved an energy strategy bill after rejecting a proposal to make oil refiners and importers pay for increasing the U.S. emergency petroleum stockpile. The bill is designed encourage efficiency and conservation as a means of reducing dependence on foreign oil. It also would encourage nuclear power and open electricity generation to competition. AMENDMENT EXTENDS TAX: The House Wednesday voted to accept an amendment to its energy bill that would extend to 2010 the tax on coal production that provides money for reclaiming abandoned mine lands. Democratic Rep. Nick J. Rahall wants to earmark $50 million of that new revenue for two United Mine Workers health-care funds that are running a $100 million deficit. SPRINT, CENTEL TO MERGE: Sprint and Centel said Wednesday they have agreed to a merger deal in a $2.9 billion stock swap. The price is far below the $5 billion or more that analysts expected Centel, which put itself up for sale in January, to go for. The deal, which calls for each share of Centel to be converted to 1.37 shares of Sprint, needs approval from shareholders and regulators. COMPLAINTS INCREASE: Congress heard testimony Wednesday on the increase in complaints by consumers about lenders that charged unexpected fees or reneged on contracts during this year's boom in mortgage refinancing. Peggy Miller of the Consumer Federation of America said their phone lines were jammed in January when rates hit an 18-year low. A bill in the House would protect borrowers from such illegal lending activity. N.Y. PROPOSES CONTRACTOR FUND: The Consumer Protection Board of New York Wednesday proposed a bill that would require all home-improvement contractors to register with the state. The contractors would pay fees into a fund to reimburse defrauded consumers. The fund would hold $1 million with awards limited to $10,000. INTELCO SETTLES LAWSUIT: The Software Publishers Association and U.S. Intelco Networks have settled a copyright lawsuit brought on behalf of Aldus Corp., Lotus Development Corp., Microsoft Corp., Software Publishing Corp., and WordPerfect Corp., it was announced Wednesday. Intelco has agreed to pay $50,000. Since 1988, the Software Publishers Association has filed over 150 lawsuits on behalf of its members. INSURER TO PAY ANGUS $150M: Industrial Risk Insurers has agreed to pay ANGUS Chemical Company, a subsidiary of Alberta Natural Gas Company Ltd., $150 million to settle ANGUS' claim for damage and loss from an explosion at the ANGUS specialty chemicals plant in Sterlington, La., it was announced Wednesday. The portion of the plant which produces nitroparaffins was heavily damaged in the blast last year. SHAREHOLDERS MAKE CHARGES: Shareholders of Storage Technology leveled charges of insider trading against company executives Wednesday. Chairman Ryal Poppa rejected a recommendation that directors and officers who sold their shares before delays in shipping a new product were announced - after which the stock fell from the $70s to the $30s - put their money in an escrow account until it reached the $70s again. LOUISIANA IS WORST POLLUTER: A report Wednesday from the Environmental Protection Agency said Louisiana has replaced Texas as the USA's worst industrial polluter. An EPA inventory of polluters found that the American Cyanamid plant at Westwego was the biggest polluter, with releases of 162 million pounds. Louisiana wasn't pleased with its ranking and accused EPA of manipulating results. TRADE AGREEMENT NEARS: Florida Agriculture Commissioner Bob Crawford and 14 representatives from the state's major agriculture groups Wednesday said the Bush administration could unveil the North American Free Trade Agreement this week. But he said the agreement as it stands could cost Florida $2 billion a year in farm revenue and a significant number of jobs. He is pushing for an exemption. OPTI AWARDED SUMMARY JUDGMENT: OPTi Inc. announced Wednesday that the U.S. District Court for the Northern District of California has awarded OPTi summary judgment of non-infringement in a patent case brought by Chips and Technologies. Also, the decision will be binding on the International Trade Commission as to the patent in question in a similar motion against OPTi filed by Chips with the ITC. MEMBERS TO VOTE ON CONTRACT: A proposed settlement for a new contract from the Ravenswood Aluminum Corp. will be sent to members of the United Steelworkers of America for a vote, the union said Wednesday. The proposal, which came during a bargaining session that started Tuesday and ended Wednesday morning, could end a 19-month lockout of 1,700 members of USW Local 5668. Business Law Editor: Jason P. Smith. (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