U.S.-Japan auto talks may resume
Negotiators from the United States and Japan appeared to make progress yesterday toward resolving a deadlock over the sale of American automobiles and auto parts in Japan, one of the most contentious issues in the strained trade relations between the nations.
After a meeting in London between Jeffrey Garten, undersecretary of commerce for international trade, and Sozaburo Okamatsu, his Japanese counterpart, the officials issued a statement saying they had hopes that negotiations on automotive trade could resume next month.
Talks broke down in September, prompting President Clinton to initiate a process that could lead to U.S. sanctions on Japan in 12 to 18 months. Automobiles and parts account for two-thirds of the United States' $60 billion annual trade deficit with the Japanese.
Ronald Haft files contempt motion
Dart Group Corp. President Ronald Haft's lawyers yesterday filed a motion for contempt against Dart and three Dart directors, including his father.
Ronald Haft contends the Landover-based company and the directors violated a court standstill order prohibiting the board from issuing securities in Dart or its subsidiaries, Crown Books and Trak Auto.
The board issued options to certain employees Dec. 20 for shares of Dart Class A, Crown and Trak despite the order, according to the filing in Delaware Chancery Court.
The underlying lawsuit is Ronald Haft's attempt to force Dart to issue him stock options that would give him control of the company. Those options were promised by his father, Herbert Haft, at a time when he was trying to enlist Ronald as an ally against other family members. That alliance has since collapsed.
Citicorp buys Las Vegas complex
Mid-Atlantic Properties Inc., a Hunt Valley-based commercial real estate services firm, announced it brokered the sale of a 360-unit apartment complex in Las Vegas to Citicorp.
The New York lender acquired the 23-building complex, completed in 1993 and 1994, for $20.8 million, as an investment for one of its pension and retirement plans. Mid-Atlantic's Judy Heller and Brooks Development Co. negotiated on behalf of Citicorp, while Prudential Southwest Realty represented the seller.
Federal Realty buys Mass. plaza
Federal Realty Investment Trust has acquired Queen Anne Plaza in Norwell, Mass., for $11.4 million in cash, the Bethesda real estate investment trust said yesterday. The property, about 21 miles southeast of Boston, is 100 percent leased.
Federal Realty owns 52 shopping centers mostly on the East Coast between New York and Richmond, Va.