Lorenzo replaces his lawyers
Lawyers who represented Frank Lorenzo in his bid for government permission to start up an airline have abruptly withdrawn from the case without explanation.
Mr. Lorenzo already has hired new attorneys, his spokesman said yesterday.
Mr. Lorenzo initially wants to operate twice-daily flights to
Orlando, Fla., and Boston out of the Washington-Baltimore area and is considering Baltimore-Washington International Airport as a hub for Friendship Airlines.
Retirement-account insurance cut
The Federal Deposit Insurance Corp. has adopted regulations that will narrow its coverage of some retirement accounts.
Currently, accounts such as IRAs, Keoughs and 401k's are insured up to $100,000 each.
Under the new rules, which were announced yesterday and take effect Dec. 19, the agency will cover only $100,000 per individual at any one bank.
Home affordability is up
The ability of the typical American family to buy a previously owned home rose from January through March to the highest level in nearly two decades, a real estate trade group reported.
The National Association of Realtors' Housing said yesterday that its Affordability Index stood at 131.7 in the first quarter, up from 120.2 at the same time last year and the highest level since the first quarter of 1974.
Air-controller ban may end
The Clinton administration is likely to lift the ban against rehiring the air traffic controllers fired by President Ronald Reagan in 1981 for an illegal strike, officials said yesterday. But the officials, who spoke on condition of anonymity, said details have not been worked out, and the end of the ban could prove largely symbolic.
Japan calls U.S., others unfair
Firing back at foreign criticism, Japan branded several other nations, especially the United States, as unfair traders yesterday.
A report accused the United States of unfair trade policies in nine of 12 areas studied, including measures against imports being priced too low, taxes on imports and restrictions on foreign bidders for government purchases.
Armco promotes Visokey
Armco Inc., a Parsippany, N.J.-based steel company, has appointed Robert M. Visokey to oversee its specialty flat-rolled steel operations, which include the Eastern Stainless Corp. of Baltimore.