Bush rejects trade concessionsPresident Bush told the 12...

BUSINESS DIGEST

October 16, 1992

Bush rejects trade concessions

President Bush told the 12 European Community states yesterday that the United States can make no more concessions in trans-Atlantic disputes that block an overall agreement in world trade talks.

"We have stretched as far as possible to meet the EC's concerns," Mr. Bush wrote in a letter to the EC government leaders who will meet in a special summit in Birmingham, England, today. EC and U.S. negotiators "have done all they can" to settle trans-Atlantic trade disputes, he wrote.

United cuts flights at Dulles

United Airlines is cutting flights by more than a third at Washington Dulles International Airport, where it is the dominant carrier. United plans to eliminate mostly north-south routes at Dulles Feb. 10, decreasing its daily departures by 33 from 88. The airline plans to focus on international and major U.S. business routes from Dulles.

Ivory Coast bans cocoa exports

Cocoa prices rose yesterday after Ivory Coast, the world's largest producer of cocoa beans, declared a ban on exports or processing of smaller beans. Analysts said the ban could effectively remove 100,000 metric tons from the world market and reduce Ivory Coast's production to below 700,000 metric tons, below last year's output of 740,000 tons.

Charges allege credit-card scam

Federal prosecutors said yesterday that they have sued three Maryland-based corporations and their president to stop a bogus credit card scheme in which tens of thousands of consumers have already been defrauded. The suit filed in Manhattan federal court alleges that Temporary Options Inc., Global Corp. and Global Card Financial Corp. and their president, Victor Harjess, are selling the bogus cards to people with poor credit ratings and the companies are receiving about $150,000 a week from victims.

Cray Research to cut 650 jobs

Cray Research Inc. will eliminate about 650 regular and contract jobs as part of a restructuring program, the supercomputer maker said yesterday. About half the layoffs will be from Wisconsin operations with the other half from Minnesota and field offices. The company also will freeze wages for 1993, consolidate some operations and cancel 1992 bonuses for executive officers, Chairman John A. Rollwagen said in a letter to employees.

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