Treasury Bank, the first bank in 50 years to receive a local charter in the District, opened yesterday after receiving federal deposit insurance. Nearly 25 percent of the bank is owned by Babcock & Brown Holdings, which in turn owns 80 percent of the San Francisco investment banking firm of Babcock & Brown. The only other District-chartered bank is Industrial Bank. The rest have national charters.
GM and the UAW are near agreement on health and safety contract provisions, UAW officials said. About 300,000 GM workers are among more than 450,000 active autoworkers covered by UAW contracts with GM, Ford and Chrysler that expire Sept. 14.
Bank of New England's stock tumbled after a Massachusetts congressional candidate said -- and the government later denied -- that federal regulators had recommended liquidating the struggling bank. Its stock closed at $1 a share, down 62 1/2 cents.
Latin American debt escalated further last year despite efforts to curb it. At the end of the year, 27 Latin American nations had a combined foreign debt of $434.6 billion -- 1.5 percent higher than the total of $427.5 billion in 1988, according to a study by Caracas-based Latin American Economic System.
United Parcel Service was awarded a new all-cargo air route to Japan by the Department of Transportation.