A brief item in yesterday's Business section incorrectly...


September 29, 1993

A brief item in yesterday's Business section incorrectly stated the location of a fire at a Crown Central Petroleum tank farm. The site was near Pasadena, Texas.

The Sun regrets the errors.

Blast at Crown tank farm injures 6

A tanker truck that was being loaded with fuel at a Crown Central Petroleum Corp. tank farm in Anne Arundel County burst into flames yesterday, injuring six people.

The tank farm, which stores refined products, is about a mile from Crown's Pasadena refinery. The 100,000-barrels-a-day refinery was not affected by the fire.


Regulators settle junk-bond case

Federal regulators said yesterday that they had reached a $45 million settlement with the New York law firm of Paul, Weiss, Rifkind, Wharton & Garrison involving its role in junk-bond

investments that helped bankrupt the Centrust Savings Bank of Miami, a failure that cost taxpayers more than $1.5 billion.

The settlement with the Resolution Trust Corp. is one of the largest the agency has reached with a law firm in its attempt to recover from professional advisers to savings and loans some of the costs of taking over failed institutions.

GM plans to sell most of unit to ITT

On the eve of a new national labor agreement, General Motors Corp. yesterday announced plans to sell 80 percent of its $760 million motors and actuators manufacturing operations to ITT, a move intended to conserve capital and restrain GM's rising wage and benefit costs.

If the sale goes through, it would be the second big divestiture announced by GM in 11 days. GM previously said it intended to sell five parts plants and the assets of a sixth.

Plans for environmentally sound car

Leaders of Detroit's Big Three automakers, President Clinton and Vice President Al Gore are set to announce today a long-term initiative for the industry and government to jointly develop a new generation of family car that will be significantly more fuel-efficient and environmentally sound.

N.Y. Times-Boston Globe deal OK'd

The New York Times' $1.08 billion purchase of the Boston Globe won shareholder approval yesterday, sealing the biggest buyout in American newspaper history. Shareholders for The New York Times Co. and Affiliated Publications Inc., the Globe's parent, gave their approval at meetings in New York and Boston.

Chrysler resists UAW demand

Facing a strike deadline of 11:59 p.m. tomorrow, negotiators for Chrysler Corp. are trying to fend off demands by the United Automobile Workers union that the company continue producing the same proportion of parts in-house for its vehicles, thereby preserving and possibly creating jobs.

Both sides said negotiators were likely to agree on a new contract without a strike.


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