France aims to block trade dealFrance threatened yesterday...

BUSINESS DIGEST

July 03, 1993

France aims to block trade deal

France threatened yesterday to block any effort at next week's summit of industrialized nations to approve a deal aimed at restarting world trade talks.

French Foreign Minister Alain Juppe said his country would oppose any move by world leaders at the Tokyo summit to adopt an agreement to lower tariffs on a wide range of manufactured goods and services. He also said the European Community would refuse to make any concessions in trade talks as long as the United States maintained punitive duties on European steel.

NAFTA talks set for next week

High-level negotiations to conclude the North American Free Trade Agreement are to resume in Mexico City next week, despite a U.S. judge's order earlier this week threatening the treaty.

Mexico's Commerce Secretary Jaime Serra Puche announced the fifth round of talks will take place from Thursday to Saturday and said negotiators were seeking to resolve the last obstacles to side agreements on jobs and the environment.

Northwest pilots stand firm

Northwest Airlines' pilots said yesterday that they are not budging beyond their previous offer to cut wages by $300 million over three years.

Negotiations between the Air Line Pilots Association and Northwest continued for the tenth day as the two sides worked to nail down the size of wage cuts and other issues for the pilots.

Chrysler to sell Mitsubishi stake

Chrysler Corp. said it will sell the rest of its stake in Japan's Mitsubishi Motors Corp., ending more than two decades of ownership.

The move is expected to net Chrysler about $150 million, the company said yesterday.

Slow growth for nations predicted

The economies of the world's wealthiest industrialized nations will grow by a paltry 1.2 percent in 1993, and prospects for a better 1994 are dim, an international economics group said.

The forecast by the Organization for Economic Cooperation and Development provides a gloomy backdrop to next week's summit of the world's seven biggest industrial democracies, whose leaders are looking for ways to spur growth.

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