House Seeks Less Interest Competition in Banking
The House Banking Committee advances a bill to curb deposit rates and ease competition with nonbank lenders. A nonbinding resolution asks regulators to push rates as low as feasible while a one year Fed authority would set varied limits by deposit size and region. Congress sent the measure to the Senate for consideration.
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East Germany Buys Bananas Under New Trade Pact
QUITO Ecuador AP Hicuador ships 123000 boxes of bananas to East Germany under a new trade agreement.
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Abu Dhabi oil elite shifts as reformist ruler rises
Washington reports a new Abu Dhabi era as Sheik Zaid bin Sultan succeeds Shakhbut bin Sultan. Ambitious plans for a deep-water harbor, roads, a hospital, and modern amenities spark a rush of foreign business. Oil revenues exceed 75 million dollars this year while decades of conservative rule threaten change across the Trucial Coast.
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