Tax Bill Retaliates
Against JapaneseWASHINGTON - Legislation will be presented today in the House of Representatives aimed at stripping away tax benefits for projects employing Japanese materials or construction firms unless Tokyo improves access for U.S. firms to Japanese public works projects. Story, Page 3A.
US Reserve Assets
Declined in December
WASHINGTON - U.S. reserve assets fell $981 million in December to $45.798 billion, the Treasury Department said Monday.
The U.S. reserve position in the International Monetary Fund fell $20 million in December to $11.369 billion.
U.S. holdings of IMF special drawing rights rose $346 million to $10.283 billion in December, but holdings of foreign currencies fell $1.303 billion to $13.088 billion.
Treasury said the amount of U.S. gold holdings fell $4 million to $11.078 billion.
Korea Hopes to Spur
Trade With E. Europe
SEOUL, South Korea - South Korea will try to have domestic companies and organizations open trade offices in East Europe this year as part of its effort to enter the Communist bloc market, a top government official said Monday.
Testifying before the National Assembly's trade-industry committee, Trade-Industry Minister Rha Woong-bae also said South Korea plans to stockpile a large quantity of aluminum, zinc and other raw materials with imports from the Soviet Union and other Communist nations this year.
"We will actively explore the East European market and for that purpose, the government will encourage business companies and organizations to set up trade offices there," Mr. Rha said.
Strike in Sweden
Cuts Export Volume
HELSINKI, Finland - Swedish exports are running 30 percent to 50 percent below capacity as a result of the continuing strike by 50,000 clerical workers, port sources in Sweden said.
Production at major industrial companies such as Volvo, Saab-Scania, Alfa- Laval and Asea also has been stopped by the strike. Talks between the striking union and the employers' federation remained deadlocked Monday.