W hat's 1/e s: Business and Finance World Wide
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What's News
Business and Fi,wnce
D ERSONAL INCOME increased a
moderate 0.6% last month to $1,829
trillion annually after rising 0.3% in
January. Mare robust growth had
been expected in February because of
sizable employment gains. The small
mcrease could contribute to continued
lackluster gains in retail sales, which
would retard economic growth.
(Stnry no Pngn 31
* * *
A federal debt limit increase
wasn't considered in the Senate, mak
lug it likely the Treasury will have to
pnctpnne tomorrow's auction of 2Y R
billion of two year notes. The Senate
is expected to consider a bill tomor
row raising the limit.
(Story on Pa n 31
* * *
AT&T reported a 9% rise in profit
for the three months ended Feb. 28 to
$1.3 billion, or $1.89 a share, on an 11%
increase in revenue to $10.7 billion.
(Story P it 21
* * *
Savers with small accounts would
be able to earn higher interest under a
proposal by the U S League of Say
ings Associations It suggested lower
lug to $100 from $1,000 the minimum
deposits for longer term savings cer
tificates, those with maturities of one
year or more.
(Story on Pn e 6
* * *
The wage and price council nearly
completed its work on issuing ant i in
flation guidelines, expanding their
coverage to financial institutions and
others. It began to concentrate on the
more difficult tack of pnhrrng them
(Story on PO n (
* * *
Carbon Fuel was granted its re
quest for high court review of an ap
peals court ruling that the UMW and
its District 17 couldn't be forced to pay
damages for 48 unauthorized strikes
by local union members from 1969 to
1973 1StOrY on PO n 41
* * *
An ICC o er that railroads must
share with freight car owners the fees
they collect from shippers who detain
cars was left standing by the Supreme
Court
(5(0 y on Pose 41
* * *
Southern Railway and the Norfolk
& Western presented the ICC with a
lengthy list of properties they would
like to buy to protect themselves from
possibly being hurt by the planned
merger of the Chessie with Seaboard..
(Story on Po e St
* * *
Mack Trucks, a Signal Cos. unit,
agreed to sell a 20% equity interest to
Renault Vehicules Industriels for $115
million. The move is part of a plan for
Mack to sell the Renault unit's medi
um 'duty diesel trucks in North Amer
ica.
(Story on Pogn 71
* * *
Charter Co. said that it acquired
20% of financially troubled Carey En
ergy Corp. for $4 million anà that it
tentatively agreed to purchase the
rest of Carey for cash or stock.
I$bry o Pogn (it
* * *
Weiltech said units of Bechtel and
Hanna Mining bought or contracted to
buy about 27 4% of its shares from
certain holders Also, the subsidiaries
plan a $39 a share tender offer for the
rest of the stock
(Story on Pagn 151
* * *
Futures tradIng experts said that
although the Chicago Board of Trade
won two court battles with the Corn
modity Futures Trading Commission,
the long run outlook Is for more stnn
gent regulation of the Industry.
(Story on P g 151
* * *
Wiscope SA., a Swiss subsidiary of
Lendon's Gulness Peat, was barred by
the CommodIty Futures Trading Corn
mission from trading on U.S. corn
modlty exchanges until It agrees to
provide data on whose behalf It is
holding coffee contracts.
(Story on (St
* * *
Investments in Irun aren't beIng
written off by American companies,
although the turmoil there is con
tinuing. GM, for one, said its 45%
owned vehicle plant resumed produc-
lion last week at hail its prerevolulion
rate. (Story on Po * lit
* * *
Markets
Stocks: Volume 34,620,000 shares. Dow
Jones Industrials 857,59, up 4.77; transporta
LIon 218 01, up 0.73; utilitIes 103.89, up 0.64,
Bond!; Dow Jones 20 bonds 84.46, up 0.11
Commodities: Dow Jones futures index
385.02, off 0,10, spot Index 380.96, up 2 01
World Wzde
TIlE U.S AGREED t a $5 bIllIon aid
plan to cement an E Uan Israeli taeatv.
Under a plan worked out in Washington
by Defense Secretary Brown and Israeli De
fense Minister Ezer Welzman, U S. military
aid to Israel will rise $3 billion over the next
three years The grants and loans will help
Israel relocate two air bases and other facil
Ities when it turns over the Sinai to Egypt.
Military assistance to Egypt will increase as
much as $2 billion, with specifics to be
worked out later. Weizinan also met with
Egyptian Defense Minister Kamal Hasan Ali
on details of the Sinai withdrawal, They
were unabie to agree on a final schedule,
but both expressed confidence that the
treaty will be signed next week,
The aid boost will help Israel deal
with what it sees as a growing threat
from Iraq, which has been recesvmg
modern Soviet weaponry, and Syria.
In Israel, the cabinet approved the treaty
and sent it to parliament, which is expected
to ratify it tomorrow, Prime Minister Begin
avoIded a clash with liardllne ministers by
agreeing to set up a committee to determine
Israeli policy in negotiations on Palestinian
self rule
* * *
IRAN STRUGGLED to quell a Kurdish
rebellion in the west
The new revolutionary regime negotiated
a cease fire with Kurdish tribesmen, who
want to set up an autonomous region, after
a day of battles that left at least 170 people
dead, The tribesmen reportedly overran the
military outpost at Sanandaj, 250 mIles west
of Tehran, then seized the police headquar
tees and radio and television stations, It
wasn't clear what sparked the fighting
Some reports said local Shitte Moslem lead'
era handed out arms and anununstion to the
populace, but denied weapons to the Kurds,
most of whom belong to the rival Sunm sect.
The fighting prompted Ayatollah Khomeini
to appeal for peace in “dear Kurdistan”
Prime Minister Bazargan has prom '
wed to give Kurdistan ‘a problems top
priority, but iran 's economic problems
have kept him busy.
Separately, Iran rejected claims by At
ghanistan's pro-Soviet regime that 4,000 Ira-
nian soldiers had entered Afghanistan to
create unrest. Afghanistan had charged that
the soldiers were among 7,000 Afghanl rein'
gees expelled from Iran last month,
* * *
China sent a peace proposal to Vietnam
that calls for negotiations on restoring nor-
mal relatIons to begIn March 28 The mes
sage suggested that he sessions be held “a
a rotating basis in Peking and Hanoi. Viet-
nam has said talks can't begin until all
Chinese troops are out a! the country,
though Peking Insists Its pullout has been
completed
* * *
The House ethics committee is Investigat-
ing allegations that U.S. politicians were
bribed by South African officials, Chairman
Charles Bennett ID,, Fla.) said, Johannes'
burg papers have reported that former In'
formation Ministry official Eschel Rhoodle
claims to have evidence of the secret contri-
butions. Bennett said the pr-abe has been un
der way for several days.
* * *
Attorney General Bell is expected to de-
cide today whether to appoint a special pros
ecutor to Investigate loans to a peanut ware-
house operated by President Carter's fam-
ily, UP1 reported Atianta newspapers
quoted sources as saying Bell may name a
“special counsel” rather than art outside
prosecutor to quiet Republican calls for a
deeper probe.
A contempt order against Bell For refus'
lug to Identify FBI Informants was vacated
by an appeals court in New York City, The
order arose from a $40 million damage suit
filed by the Socialist Workers Party Involv
Ing allegations of illegal surweillance,
* * *
Michele Sindona was Indicted by a fed-
eral grand jury In New York City after an
Investigation that lasted more than four
years. The 99 'count IndIctment accuses the
financier of illegally taking $67 millIon from
banks he controlled In Italy to buy interests
in Franklin National Bank and Talcott Na
tional Corp
* * *
The EPA annoanced that Wheeling P1tts
burgh Steel Corp agreed to pay a $4 million
penalty and spend $84 million on antipollu
lion gear to avoid a lawsuIt, The pact, which
must be approved by a federal court, will
bring the company into compliance with
state and federal laws by 1982.
* * *
Several utilities are seeking permission
to burn cheaper but potentially dirtier oil in
the wake of the energy crunch caused by the
Iranian cutoff Delmarca Power & Light and
Florida Power & Light are among the com
panies who want environmental rules re
taxed. So far, regulators are resisting the
move
* — —
FinnIsh voters swung to the right In a
two-day parliamentary election, allowing
the Conservative Party to pick up 10 seats
for a total of 45 In the 200 'member parila'
meat. But the gains weren't enough to upset
the ruling center left coalition. Moscow
warned last week that the Conservatives
“couldn't be part of a friendly Finnish go
ernment.”
* * *
Plans to send Ns b Y en $400 million
in milItary aid will proceed denpite a cease
fire In Its booder war with Marvist South
Yemen, the State Department said, The d*-
pariment said North Yemen still needs the
13.6, anna to protect Itself. Arab agae me-
diators have repocted that both sIdes are
withdrawing their troops from the boeder U
part of the truce.
* * *
DIed: Ja Edward May, 5 , chairman
and founder of May Petroleum Inc., In an
airplane accident near Aspen, Coin.
Rep oduced vallh perri acion of the copynght ov re Further eproduchon pro lblted v thoul pe SSO 1
