Stricter bank rules proposed
Federal regulators proposed rules yesterday to require all but the smallest banks to have their financial statements professionally audited annually. The proposal was required by Congress to make the nation's banking system safer.
The public has 45 days to comment on the proposal that banks with at least $150 million in assets be required to have their financial statements audited by independent public accountants.
Clifford lawyers change tack?
Federal prosecutors disclosed a letter yesterday from lawyers for Clark M. Clifford advising the Justice Department to disregard his poor health in deciding whether to charge the former adviser to Democratic presidents with criminal bank fraud.
The letter, written in July before Mr. Clifford was indicted, appeared to conflict with more recent statements by his lawyers, who have insisted that Mr. Clifford, who is 85, needs open heart surgery and is too frail to travel to New York to stand trial on charges against him there.
Iraq boasts about oil production
Iraq could reach its pre-war oil production capacity by the end of the year after extensive repairs to facilities devastated by allied bombing, its oil minister says. Osama Abdul-Razzak al-Hiti said this week that Iraq is capable of producing nearly 2.5 million barrels a day and has restored more than 90 percent of its refining capacity.
Independent oil analysts in the Middle East said restoring pre-war production levels this year was not possible.
Bush to end ban on jet sales
President Bush is expected to announce an end to a decade-old ban on the sale of F-16 fighter jets to Taiwan while on a campaign swing through Texas today, Sen. Lloyd Bentsen said. The decision could save 3,000 of the 5,800 jobs General Dynamics Corp. planned to pare from its Fort Worth division by 1995.
Ruble hits record low
The ruble hit a record low of 210.5 to the dollar yesterday, but the Russian Central Bank chairman, Viktor Gerashchenko, said the rate was unrealistically low. The previous record low of 205 was reached at the last trading session Thursday on the Moscow Foreign Currency Exchange.
General Mills-Nabisco deal
Shredded Wheat will join Wheaties and Cheerios as part of the Big G line of breakfast cereals under an agreement yesterday between General Mills and RJR Nabisco.
General Mills said it will buy RJR Nabisco Inc.'s worldwide ready-to-eat cereal business for $450 million cash.