ITC ruling clears way for duties
In a move that opens the door to duties, the U.S. International Trade Commission ruled yesterday that professional electric cutting tools allegedly dumped in the U.S. market by Japan have hurt the domestic industry. The final ruling came on a 6-0 vote.
However, the ITC also ruled in a 6-0 final vote that professional sanding and grinding tools allegedly dumped by Japan have not hurt local industry, meaning no duties will be imposed.
The Commerce Department, acting on a complaint by Black and Decker Corp., earlier determined that both products were being dumped in the U.S. market at less than fair value.
First Union completes purchase
First Union Corp. completed its purchase of Virginia-based First American Metro Corp. yesterday, making First Union the nation's eighth-largest bank holding company, with assets of about $71 billion. First Union acquired First American's $4.6 billion in assets, $4 billion in deposits and 174 bank branches in Virginia, Maryland and Washington.
McLean, Va.-based First American Metro was owned by First American Bankshares Inc., which was under a court order to sell the banks because of its past illegal ownership by the now-defunct Bank of Credit and Commerce International.
FCC delays home-shopping vote
Federal regulators said yesterday that they have decided to postpone a controversial vote on whether home-shopping networks broadcast in the public interest and should be allowed to demand free carriage on cable television.
The Federal Communications Commission had been expected to rule in favor of the shopping channels at a meeting today.
2 Baltimore office buildings sold
Two Baltimore office buildings were sold yesterday afternoon at an auction, but officials said details were not available about the purchasers or the prices.
Dan DeCaro, president of DeCaro Real Estate Auctions of Seaford, Del., said the Equitable Building at 10 N. Calvert St. and a smaller building at 1001 Cathedral St. both attracted successful bids.
USAir cutting its fares
USAir Group Inc. said yesterday it was cutting fares on seven-day advance purchase excursion fares, similar to a fare program announced earlier this week by Northwest Airlines.
USAir, the largest carrier at Baltimore-Washington International Airport, said the new fares provided discounts of up to 30 percent off previous comparable fares. The company said travel on the seven-day advance purchase fare must be completed by Sept. 30.