NEWS SUMMARY

NEWS SUMMARY

AIR CARGO

Forwarders face a challenge from the air cargo industry. 5BLow air freight rates out of Australia criticized. 5B

AVIATION

Pan Am Corp. says it will operate should the Teamsters union strike the airline. 5B

Sinotrans, the China National Foreign Trade Transportation Corp. unit that handles cargo in China, shakes up its air freight department. 5B

A system of aircraft landing and take-off fees is the best way to ease congestion at the nation's airports, White House economists said. 5B

COAL

Another new coal mine is to open in Australia. 8B

An international consortium will open a new coal mine in Australia, despite the current world steam coal glut. 8B

The Tennessee Valley Authority purchased 15,000 tons of coal from Shemco Inc. 8B

EXPORTS

U.S. companies will continue to invest heavily overseas even though it's now easier to export directly, predicts a Scottish official. 5A

South Korea will cut tariffs on 436 items March 1. 5A

FINANCIAL

President Reagan's economic advisers gave an optimistic report on growth prospects and expressed new confidence about Federal Reserve policies. 3A

The foreign exchange market probably will remain locked in a narrow trading range for at least the next two weeks, currency traders say. 7A

The Federal Reserve's new policy of reporting M2 and M3 on a weekly basis may mean the Fed is planning to drop M1 as a targeted monetary aggregate. 7A

The Federal Reserve Board liberalized its overseas investment regulations for banks participating in debt-for-equity swaps. 7A

GENERAL NEWS

President Reagan's Council of Economic Advisers forecast a slow but steady improvement inthe U.S. trade and payments balances. 3A

The net interest payment for federal budget deficits now is nearly $150 billion a year and will keep getting worse. 3A

Corporate controllers predict no recession this year, but expect a recession next year. 3A

IMPORTS

Chinese workers are available and willing to work on U.S. farms. 4A

Foreign companies investing in the United States should hire Americans to run their U.S. operations. 4A

U.S. pressure for trade concessions is changing Taiwan, irritating businessmen. 4A

The International Trade Commission will decide in March on anti-dumping duties on Japanese pipe fitting imports. 4A

Manufacturing and assembly for import into the United States has become the dominant activity of foreign trade zone users, a study found. 4A

INSURANCE

Insurers are asking the government to set up an agency that would pay for cleaning up hazardous waste sites. 9A

The prospects for meaningful auto insurance reforms in New Jersey look better than they have been for a while. 9A

INTERMODAL

The commander of the Military Traffic Management Command will address the annual National Defense Transportation Association luncheon. 5B

MARITIME

Military Sealift Command announced its second-cycle rate revisions for military cargoes, with a low bid arriving from newcomer Apex Marine Inc. 1A

U.S. oil companies have put some of their tankers under British registry in order to gain protection from the British navy in the Persian Gulf. 1B

The port of Seattle, expecting rapid growth in container volume, moves to expand its largest container terminal. 1B

Rep. Mario Biaggi, D-N.Y., convicted in one trial and facing another, faces a recommendation that he be expelled from the House. 1B

K Line, a Japanese steamship company, has expressed its intent to move its Pacific Northwest terminal from Seattle to Tacoma. 3B

Shippers and carriers squared off on service contracts at a conference sponsored by the FMC. 3B

March 1 is the date set for the sale of five Lancer vessels to be auctioned in bankruptcy proceedings. 10B

Maritime Administration officials are smiling about President Reagan's fiscal 1989 budget. 10B

Analysis: Management holds the cards in the New York tug workers strike. 10B

OIL AND GAS

Norway reported a rise in oil and gas output in 1987 on the continental shelf. 6B

The slide in European spot crude oil prices accelerated last week. 7B

Dresser Industries reports turnaround for quarter. 7B

The U.S. Department of Energy has published a report that maps out the prospects for the commercial development of alternate automobile fuels. 7B

Apache Corp. reported a net loss for the 1987 fourth quarter of $80.5 million. 7B

OPINION

If a person is going to generalize in print, an effort should be made to be general rather than selective. 8A

Books by erudite authors who display a deft touch of humor often slow the reader down into a bit of intellectual wonderment. 8A

PLASTICS/CHEMICALS

Air Products & Chemicals is increasing its stake in the $4.3 billion Pacific Rim industrial gas market. 9B

Catalyst Resources increased prices for several product lines effective March 1. 9B

Pennwalt Corp.'s Lucidol unit is to raise prices for its complete line of peroxydicarbonates by 8 percent effective March 1. 9B

RAILROADS

The Interstate Commerce Commission ordered stronger labor-protection provisions for Guilford Industries Inc. railroads. 1A

Rio Grande Industries is expected to file with the ICC its plan to control the Southern Pacific Transportation Co. 4B

TRUCKING

The Turner Proposal for new vehicles could mean a big productivity gain for the trucking industry. 1A

Northwest Transport Services Inc. posted impressive trucking revenue and tonnage gains in the fourth quarter, according to its ICC report. 2B

WORLD TRADE

One of the most successful young entrepreneurs in the Chinese trade field has joined forces with a former political prisoner. 1A

Asian copyright battle proves slow. 1A

West Germans see their trade surplus with the U.S. falling by about 25 percent this year. 1A

West German Chancellor Helmut Kohl said removing barriers to a European common market could expand Europe- North American trade. 2A

Organizers of a conference aimed at promoting New Orleans' effort to lure back Central American trade say recent visit is a success. 3A

An EC official predicts the EC and the United States face difficult trade talks. 5A