Tokyo trade talks falterThe leading industrial nations...

BUSINESS DIGEST

June 25, 1993

Tokyo trade talks falter

The leading industrial nations failed yesterday to agree on how to liberalize trade, dealing a setback to hopes of completing negotiations for a comprehensive global accord late in the year.

Trade ministers from the United States, Canada, Japan and the European Community had hoped in a two-day session in Tokyo to forge an ambitious agreement that would reduce tariffs and other barriers on hundreds of products, with the intention of announcing the accord at the economic summit meeting in Tokyo next month of the Group of Seven industrial nations.

Smith Barney chief named

Primerica Corp. named longtime Morgan Stanley investment banker Robert Greenhill to head its newly merged Smith Barney Shearson unit, the nation's second-largest securities brokerage.

Primerica, a financial services powerhouse that also operates insurance and consumer finance operations, said Mr. Greenhill, who stepped down as president of Morgan Stanley Group Inc. earlier this month, will be chairman and chief executive of the Primerica securities unit.

FDIC expects fewer failures

Federal regulators slashed their projection of bank failures this year to a level that, if realized, would be the lowest since 1987.

The Federal Deposit Insurance Corp. said Thursday that banks with total assets of $10 billion probably would slip into insolvency this year. Only three months ago, the agency was expecting assets in failed banks to total $25 billion. Six months ago, the prediction was 100 to 125 banks with $76 billion in assets.

Easton Bank to open July 1

The Easton Bank & Trust Co. is set to open its doors for business July 1, marking the first new Maryland bank in three years and the first new Talbot County bank in more than 100 years, the company said yesterday.

With an initial capitalization of $5.6 million, raised from 650 investors over the past 10 months, the bank will employ 14 people and occupy 7,000 square feet of space in a building on Idlewild Avenue in Easton.

Md. new-car sales slipped in May

Maryland new-car dealers sold slightly fewer vehicles last month than in the same period last year, according to title registration figures released by the state Motor Vehicle Administration.

New vehicle sales totalled 24,747 last month, compared with 24,771 in May 1992. The MVA reported that sales of previously owned vehicles rose to 42,490 last month, up slightly from 42,353 in the same year-ago period.

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