U.S., Netherlands open skiesThe United States and the...

BUSINESS DIGEST

September 05, 1992

U.S., Netherlands open skies

The United States and the Netherlands sealed the world's first "open skies" accord yesterday allowing their nation's airlines unrestricted access to each other's home markets, the Dutch Transport Ministry said.

The agreement means Dutch and U.S. carriers will be free to fly wherever they like in each other's territory, though the ministry could not specify when it will come into effect.

Current two-way accords between U.S. and European states specify a limited number of destinations their airlines can fly to. Aviation analysts say this is an effort to protect the home territories of carriers.

Bank sells waterfront units

Second National Federal Savings Bank, a unit of Salisbury-based Second National Bancorporation, said yesterday it sold 10 waterfront town houses in Ocean View, Del., that it had acquired through foreclosure earlier this year.

The sales, ranging from $113,000 to $141,000 for two-bedroom properties that include marina slips, reduced the value of Second National's foreclosed real estate by $1.2 million. The bank said it sold $33 million worth of properties in the first half of the year.

Canada's jobless rate still 11.6%

Canada's jobless rate was stuck at 11.6 percent in August for the third month, the government reported yesterday.

The government agency Statistics Canada said the number of full-time jobs fell by 8,000 in August, while part-time positions rose by 19,000. It said a total of 190,000 full-time jobs have been lost in the past year, while part-time employment climbed 60,000.

Polluters to pay $21 million

Two companies accused of polluting New Bedford Harbor in Massachusetts in the 1970s agreed to pay $21 million, completing a $109 million settlement in one of the nation's worst cases of PCB contamination, officials said yesterday.

Cornell-Dubilier Electronics Inc. of Wayne, N.J., and Federal Pacific Electric Co. of Cleveland -- two of five companies accused of polluting the harbor with toxic PCBs -- will pay the state, the U.S. Environmental Protection Agency and the National Oceanic and Atmospheric Administration.

Steelworkers approve LTV pact

The United Steelworkers of America approved a contract with LTV Corp. yesterday, a move that eases the way for the company to emerge from six years under federal bankruptcy court protection. A union spokesman said the contract, which affects about 13,000 workers in six states, was approved by a 4-to-1 margin.

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