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Technology Stocks : Loral Space & Communications -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Scientist who wrote (5179)	1/22/1999 6:16:00 PM
From: jopawa	Read Replies (1) \| Respond to of 10852

U.S. Sets 90-Day Goal For Clearing Satellite Exports WASHINGTON (Reuters) - The State Department, in new regulations on the question of approving satellite exports, has set itself a goal of 90 working days for completing the process. But applications to export satellites will be judged solely on whether they are consistent with U.S. national security and foreign policy interests, according to a State Department report to Congress made available Friday. The report explains how the department plans to enforce the export controls after Congress decided last year to shift responsibility for the controls back to the State Department from the Department of Commerce. Members of Congress had suspected the Commerce Department was too generous with the approvals, especially toward U.S. companies selling satellite technology to China. A U.S. House of Representatives inquiry concluded last month that high technology deals with China, including in military equipment, damaged U.S. national security. The probe was set up to investigate allegations that Hughes Electronics Corp. and Loral Space & Communications Ltd (NYSE:LOR - news). had transferred technology to China after satellites belonging to Hughes and Loral were destroyed in Chinese rocket explosions. El Segundo, California,-based Hughes is a publicly traded unit of General Motors Corp. (NYSE:GM - news) Under the new regulations, the State Department's Office of Defense Trade Controls will circulate export applications to the Defense Department, the intelligence community and other security agencies to check the legitimacy of the end-user. By tradition and practice, the Defense Department has the right to deny or limit any proposed defense export on national security grounds but the State Department has the plenary authority, the report says. Other departments, such as Commerce, Energy and Transportation, will receive copies of the export applications for their information and in some cases could say what effect they would have, on the trade balance for example, it said. These departments will have representatives on an ad hoc consultative committee but the committee will not take part in the normal review of an export request, it said. The State Department said the new rules should ensure ''the appropriate level of scrutiny and analysis ... while being attentive to the need for expeditiousness and efficiency''. High-technology industries have said they are worried that the changes might pose a bureaucratic obstacle to legitimate and lucrative exports.