China satellite purchase OK'd
Waiving legislative restrictions, the State Department announced yesterday that China will be allowed to buy six U.S.-made communications satellites, a decision that could yield worth more than $650 million for U.S. exporters.
It was the latest in a series of election-year announcements designed to increase exports and protect jobs for American workers. Earlier yesterday, President Bush announced the sale of 72 F-16 jet fighters to Saudi Arabia despite Israeli objections. That deal is worth an estimated $9 billion.
Lower FDIC premium increase
The Federal Deposit Insurance Corp. is likely to vote next week for a smaller premium increase for banks and thrifts than the 22 percent it proposed in May. Andrew Hove, acting FDIC chairman, told Dow Jones yesterday that even if the FDIC adopts the same formula it proposed in May, the premium that banks and thrifts pay for deposit insurance would rise 17 percent, rather than 22 percent, because bank earnings have improved significantly in recent months. The lower premium would cost banks and thrifts about $240 million a year less than the original proposal envisioned.
Telemecanique closing plant
Telemecanique Inc., the electrical manufacturer that is Carroll County's 12th-largest employer, is closing its plant in Westminster, forcing 250 local residents to either relocate out of state or lose their jobs. The closing of the Bethel Road plant, rumored for more than a year, will begin immediately and be complete by early 1993, company officials said.
Maryland to represent OPIC
Gov. William Donald Schaefer signed an agreement yesterday for the state to represent the Overseas Private Investment Corp., a federal agency that encourages investment in foreign business ventures.
Established in 1971, OPIC encourages private U.S. investment in developing countries with direct loans, loan guarantees, insurance against political risks and various other business services. Under the agreement, the Maryland International Division and the Maryland Industrial Development Financing Authority will be able to make OPIC services available to potential investors. The two agencies are part of the state's Department of Economic and Employment Development.
Westinghouse gets Navy pacts
Westinghouse's Electronic Systems Group has been awarded two Navy contracts valued at about $155 million for work on anti-submarine warfare systems.