Reno Gazette-Journal from Reno, Nevada • Page 29

7B Friday, July 12, 1985 Reno Gazette-Journal Business Mexico oil cut seen affecting OPEC prices business elsewhere to take advantage of lower prices. In Caracas, Venezuela's deputy energy minister, Hernan Anzola, said his country would wait until after OPEC's next meeting, 11 days away, before deciding whether to lower prices, even though the heavy and extra heavy crudes that predominate its production do not fall within OPEC's guidelines. "We deem it wiser to wait for the meeting," Anzola said. Other independent producers viewed as vulnerable to the increased price-cutting pressures are Canada, Egypt, the Soviet Union and the United States. of oil by an average of $1.24 a barrel, with $1 of that cut retroactive for the month of June.

The former price was $27.75 a barrel. It said the price of heavy Maya crude, which was cut $1.50 a barrel last month, was lowered again, by an average 77 cents a barrel. The previous price was $24 a barrel. Venezuela, a founding member of the Organization of Petroleum Exporting Countries and a competitor of non-OPEC Mexico, was viewed as being under the greatest pressure to match the latest price cuts. Goldstein said some oil companies that have been steady customers of Venezuela already have taken their of nearly 2'2 cents a gallon in the retail price of gasoline and other refined petroleum products.

Mexico's price cuts Wednesday, following earlier cuts by Britain, Norway and the Soviet Union and widespread discounting by most other producers, are "continuing to set the stage of the market's domination of OPEC. The market is pulling prices down and OPEC has been ineffective in stopping the erosion," said Lawrence Goldstein, executive vice president of the Petroleum Industry Research Foundation, a New York study group. The Mexican oil monopoly, Pemex, announced Wednesday night that it had cut the price of its light Isthmus grade NEW YORK (AP) Mexico has become the latest domino to topple in a chain of oil price cuts, and analysts said Thursday that the move would push OPEC another step closer to reducing official prices for the second time this year. An indication of where analysts expect oil prices to be heading was evident on the New York Mercantile Exchange, where the major U.S. blend of crude oil was trading at more than $27 a barrel for August delivery but was about $2 a barrel lower in contracts for delivery next January.

Each $1 reduction in the world price of a barrel of oil, if entirely passed on to consumers, is the equivalent of a cut Old Vegas theme park's corporation is up for sale HOUSTON Johnny Mitchell, chairman of the board of Westworld announced Thursday the signing of an agreement and the opening of escrow for the sale of 100 percent of the outstanding stock of Old West Corp. to a group of investors from Tucson, and Las Vegas for $4 million. Old West owns and operates the theme park known as Old Vegas in Henderson. The sale is subject to a review by the buyers of certain documents and information regarding Old West. The review period is 10 days.

U.S. money supply up $4 billion NEW YORK The nation's basic money supply rose $4 billion in late June, the Federal Reserve Board reported Thursday. The increase was more than twice as large as many analysts had expected, and dimmed hopes that the Fed would relax its monetary policy any time soon. State economic grants awarded More criticism for Hutton probe WASHINGTON The chairman of a House crime subcommittee said Thursday that both E.F. Hutton Co.

and the Justice Department appear to be trying to frustrate his panel's inquiry into the brokerage firm's check-kiting scheme and the way government prosecutors handled the case. William J. Hughes, said he is particularly disturbed that Hutton is taking so long to produce documents demanded by the subcommittee. Early Thursday evening, after reviewing transcripts of the hearing, Hutton Chairman Robert Fomon issued a statement asserting the company has "done everything possible" to cooperate with the committee. The extra money would have paid the salary of a new employee to research special projects.

Now that work will be done by a consultant; the agency employs three. EDAWN's total budget this year is $310,000. Overall, the state parceled out $650,000, up from $455,100 the year before. Requests totaled $1.15 million. The money provided to Washoe and Clark counties is about what they would have received if the money was divided on a population basis.

The money to the two counties must be matched by" local contributions rural counties do not have to meet that requirement. Funding for the rest of Nevada includes: $65,000 for the Central Nevada Development Authority $3,000 for White Pine County; $60,000 for the Tri-County Development Authority; $60,000 for the Northern Nevada Development Authority; $1,500 for the Mason Valley Industrial Committee; and $4,500 for the Churchill County Development The Nevada Economic Development Commission awarded $650,000 in grants this week, including $315,000 for Clark County groups and $120,000 for Washoe County's economic development organization. The Las Vegas-based Nevada Development Authority received $275,000 for the fiscal year that began July 1, up from $186,000 the year before. Other Clark County organizations that shared $40,000, included: Mesquite, Boulder City, the North Las Vegas Chamber of Commerce, the Latin Chamber of Commerce, and the Nevada Black Chamber of Commerce, $22,000. The Reno-based Economic Development Authority of Western Nevada received $120,000, $24,000 more than the year before.

Shelby Dill, EDAWN's executive director, said the county received its fair share of state funds, even though it had asked for $150,000. "The state only has so many apples in the barrel," he said. Japan may face trade reprisals from U.S. WASHINGTON (AP) Clayton Yeutter, the new U.S. Trade representative, announced Thursday he is investigating a plea from the U.S.

semiconductor industry that could lead to trade reprisals against Japan the first such probe under a new trade law. And it was the first action announced by Yeutter, who was confirmed in his job two weeks ago by the Senate. He succeeded William E. Brock, who has become secretary of Labor. There is heavy pressure in Congress to find ways to cut the deficit in U.S.

sales to Japan, compared with Japanese sales in this country. The trade deficit was $38.6 billion last year and some predictions are that it will reach $50 billion this year. On Wednesday Sen. Max Baucus, a member of the Finance Committee, said Congress is getting closer and closer to passing retaliatory laws. The object would be to cut imports from Japan, preserving more jobs and business for U.S.

industry. Trade reprisals ordered by President Reagan would have a similar effect. Representatives of the American semiconductor industry asked on June 14 that Reagan put pressure on Japan to open its $7 billion market for semiconductors more widely to U.S. products. Semiconductors are tiny components essential to computers and other electronic devices.

"The industry's petition raises serious questions about possible Japanese market barriers in microelectronics that deserve a thorough investigation," Yeutter said in a statment announcing the investigation. He said his staff will start discussions with Japanese officials soon. The law passed in 1984 allows U.S. businesses to seek official retaliation against a country if the president finds that it has refused them fair access to its markets. Previously they could only ask retaliation if the country refused benefits to the United States under a trade agreement Levi Strauss heirs seek to buy back stock Media groups tell merger plans CINCINNATI The E.W.

Scripps Co. and the John P. Scripps Newspaper Group said Thursday they've signed a letter of intent to merge. The merger would involve an exchange of stock, with the John P. Scripps group becoming an independent operating division within Scripps Howard, the announcement said.

The two media companies were founded by separate branches of the Scripps family. The E.W. Scripps founded in 1878 by Edward W. Scripps, is a diversified media group including newspaper publishing, broadcasting, cable television, publications and other media-related businesses. The John P.

Scripps Newspaper Group was founded in 1928 by John P. Scripps. Its chairman, John Scripps, is a grandson of Edward Scripps. to borrow money to finance the purchase. The descendants of Strauss already own 40 percent of the company's 37.1 million shares.

The offer apparently would be for the remainder of the shares. The company also said that Strauss' descendants, who hold some of the company's top executive positions and four seats on its 17-member board, would support the buyout offer. "The proposal would have the effect of returning ownership of the company to the families which are descendants of Levi Strauss, the company's founder," the company said in a brief announcement. The company said its president and chief executive, Robert Haas, a great-great-grandnephew of its founder, was considering offering $50 per share in a leveraged buyout in which the company's assets would be used as collateral Levi Strauss which began making rugged jeans out of tent canvas 132 years ago and grew into the world's largest apparel maker, said Thursday that descendants of the founder are considering making a $1.1 billion buyout offer. The San Francisco-based company has been plagued for more than a year with relatively stagnant sales, forcing it to close 23 facilities and cut its workforce from 44,000 to 37,000.

Wire service reports Turner, CBS to square off tion of fact raised with respect to the transfer of a broadcast property, that the commission is required to have an evidentiary hearing We will have a hearing in the event there are such questions raised." Keep your vacation from going flat. Tiempo radial tires Why on earth would you take an SAT class this summer? Because after the beach, the barbeques and the movies, you still have a lot of free time. Stanley H. Kaplan's test-taking techniques and professional educational programs have helped many students increase their scores 150, 200, as much as 250 points. We offer classes at flexible times to suit your schedule.

And before the SAT this fall, take our refresher program free. Call us. We'll have you tanning and test-prepping too. WASHINGTON (AP) Turner Broadcasting System and CBS Inc. will each be given 20 minutes to state their cases at an informal hearing Aug.

1 on whether Ted Turner should be allowed to try to buy CBS, the Federal Communications Commission said Thursday. Each side will also face 40 minutes of questions from the five-member body, which is exploring the cable television magnate's application to take control of CBS. After the two competing parties have made their presentations, the commission will hear from affiliates of the CBS network who support current CBS management, then from Turner supporters. At a second day of hearings on Aug. 2, a second group of CBS supporters will be heard before Turner and CBS are questioned further and then given a chance to make concluding statements.

Earlier Thursday, Commissioner Dennis R. Patrick told senators at his reconfirmation hearing that the special informal FCC hearing may only be a preliminary session. "That en banc hearing is in no way intended to substitute for an evidentiary hearing," he said. Without commenting on Turner-CBS, Patrick said the law is quite specific on whether there should be full and potentially time-consuming formal hearings on takeover proposals. "The act, as it exists today, requires that in the event there is a material and substantial ques P15580R13 whitewall and old tire.

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