U.S. ship subsidy effort dropped
The Clinton administration has decided to abandon legislation that would have extended subsidies to U.S. commercial ship companies, dealing a setback to Transportation Secretary Federico F. Pena and the merchant marine industry, the Washington Post reported.
The subsidies, which are designed to help offset higher labor and other costs incurred by U.S.-flag carriers, are due to expire in 1997, but Mr. Pena has been pushing for legislation that would have extended and increased the subsidies, which amounted to $217.6 million in 1991. The two major U.S.-flag carriers -- Sea-Land and American President Lines -- have warned that they would reflag their ships under a foreign country if the subsidies were not extended.
U.S. seeks adjuncts to trade pact
President Clinton said yesterday that U.S. negotiators will push for supplemental agreements to a proposed trade pact with Mexico and Canada that would provide for enforcement sanctions if a country failed to live up to its commitments.
Mr. Clinton said U.S. negotiators were working toward language that would allow a country to impose trade sanctions "for repeated and persistent violations" of environmental and worker rights under the North American Free Trade Agreement.
Farm Credit earnings up 58%
The Farm Credit Bank of Baltimore and its affiliated associations posted a 58 percent rise in first-quarter earnings, it said yesterday. Income was $13.8 million in the three months ended March 31, compared to $8.7 million a year ago.
Energy partnerships draw offers
A Texas oil company offered to buy 35 energy partnerships of Prudential Securities after the financial services firm received two earlier offers.
The tender offer yesterday by Parker & Parsley Petroleum Co. of Midland, Texas, is the latest twist in the drawn-out saga over oil and gas partnerships.
Oil prices fall a fourth day
The price of oil fell for the fourth straight day yesterday, nearing its lowest level since mid-February. Oil traders said there wasn't any significant news to drive prices lower, but as the selling increased on heavy volume, more were tempted to sell before prices went even lower.
Light sweet crude oil for delivery in June dropped another 30 cents yesterday, to settle at $19.48, on the New York Mercantile Exchange.