NEWS SUMMARY

NEWS SUMMARY

* Gordon Platt - Credit Outlook 3A

* EC 1992 Regulatory Roundup 5A* A.E. Cullison - Asia View 14A

* Tony Seideman - EDI Exchange 2B

* Richard Malkin - Air Cargo Focus 5B

AIR CARGO

IBM has renewed its small package contract with Airborne Express. 1A

Federal Express Corp. failed to meet delivery commitment when handling its own materials.

AVIATION

British Airways, KLM and Sabena are reviewing their strategy for combatting opposition to their joining forces in a joint venture airline. 5B

BANKING

A key African development bank official rules out a unilateral debt moratorium by African countries. 2A

CHEMICALS/

PLASTICS

Analysts believe that earnings will be flat this year for West Germany's chemical giants, which posted record profits in 1989. 13A

COMMODITIES

Two congressmen said they will introduce legislation to merge the SEC and the CFTC. 6A

The GAO says mandatory aflatoxin testing is not yet justified. 6A

The futures contract debuting in Chicago this week on the London interbank offered rate may be a potentially useful hedge for swap traders. 13A

The new two-year extension of the 1986 International Cocoa Agreement will have very little, if any, impact on the current state of the market. 13A

EXPORTS

Brazil's opening door to auto and motorcycle imports won't benefit either foreign manufacturers or Brazilian consumers in the near term. 5A

Brazil's auto industry is seeking new ways to attract consumers; dealers are again offering financing. 5A

In a joint venture, Japanese and U.S. meat dealers will begin selling beef imported from the U.S. in freezer-equipped vending machines. 5A

The movement of the dollar is helping U.S. computer companies import components from Japan and export finished systems to Europe. 16A

FINANCIAL

The dollar's sharp rise against the yen this year is making American companies take a sharp look at exports, market share and price. 1A

Japan bids for a larger role in the Inter-American Development Bank, but it may not get it, at least for a few years. 3A

The U.S. dollar was steady in quiet trading Tuesday, with most activity deferred because of Saturday's meeting of the Group of 7 industrial nations. 3A

GENERAL NEWS

Success of U.S. negotiators in trade talks with Japan has pleased some important lawmakers. 1A

IMPORTS

Togo and Cameroon are each seeking private developers and operators for model free-trade zones that would be the first in sub-Saharan Africa. 4A

Hong Kong will remain a robust manufacturer and investment center despite its forthcoming return to Chinese rule. 4A

INSURANCE

Sedgwick Group PLC said its errors and omissions insurance will meet the costs of a $43 million London High Court negligence judgment. 15A

Legislation to exempt small businesses from mandated health insurance requirements will be introduced in Illinois this week. 15A

Japanese insurers' plans to trim holdings may herald a major change in Japanese corporate practice. 15A

Europe's insurance industry will soon have its first cross-border merger, when Belgian and Dutch companies link up. 15A

U.K. insurers await a police decision that will determine whether they are liable for the costs of damage from riots in London last weekend. 15A

MARITIME

Economists are forecasting liner trade growth despite currency shifts and domestic market weakness. 1A

Ship agents are working to defeat a move to revamp foreign food aid transportation procedures. 1A

Hyundai Merchant Marine (America) Inc. has formed a new intermodal subsidiary to handle inland cargo moves. 1A

A new congressional effort to revive the Great Lakes cargo preference set- aside is expected to begin this week. 16A

Analysts expect Sea-Land Service Inc. to post higher operating earnings for the rest of 1990 compared with 1989, after a first-quarter loss. 1B

British Columbia longshoremen have reached a new agreement with maritime employers. 3B

Singapore's shipbuilding boom is spreading to the smaller yards, with nine product tankers under contract to one company. 3B

Patricia Zedalis, New York City port official, is chosen as acting commissioner of ports and trade for New York City. 8B

OIL AND GAS

The Senate clean air bill would mandate an ethanol additive in gasoline, Atlantic Richfield executives warned. 6B

The world's first natural gas futures contract began trading on the New York Mercantile Exchange. 7B

OPINION

Based on the historical evidence, the economy is a hair's breadth away

from recession. 14A

Japan's only nuclear-powered merchant ship could be making its last voyage. 14A

The proposal to increase the harbor maintenance fee is a short-sighted approach to deficit reduction. 14A

TRUCKING

Trans-border wars are taking a toll on Canadian truckers forced to compete with U.S. motor carriers. 2B

WORLD TRADE

A revival of the Central American common market is in prospect, officials say. 3A

Pressure mounts on Latin America to tackle the tough task of persuading its own people to bring back money sent abroad for safekeeping. 3A

China says steel output jumped 11 percent in the first quarter of this year over last, but demand is up and more borrowing is expected to boost production. 4A