January 20, 1984

The 42-member Islamic Conference decided tonight to readmit Egypt, whose membership was suspended after it signed a peace treaty with Israel in 1979. ''The conference invites Islamic Egypt to resume its membership in the Islamic Conference Organization,'' a brief passage in the final document said. There was no mention of any conditions. The decision, reached at the end of a four-day meeting, followed an announcement from Cairo, after President Hosni Mubarak had met with his advisers, that the Egyptian Government would accept no conditions for its return.

FRIDAY, JANUARY 20, 1984 The Economy The F.C.C. voted to delay until 1985 imposing access charges on telephone users for links to long-distance networks. The commission cited pressure from the public and Congress. As a result, A.T.& T. will probably cancel much or all of the rate cuts of 10 percent to 15 percent that it had planned on long-distance services. The agency's decision was praised by the White House. (Page A1.) It was a partial victory for the host of A.T.& T.'s smaller competitors seeking a share of the long-distance market. (D4.)

An article in Business Day on Saturday about the Intel Corporation incorrectly described a payment by the Zitel Corporation. It was to retire warrants for Zitel stock held by Intel.

The BankAmerica Corporation, the nation's second-largest bank holding company, and the Continental Illinois Corporation, the seventh-largest, yesterday reported sharp declines in their fourth-quarter net income. BankAmerica said its net income declined 32 percent, to $53 million, from $78 million a year earlier. On a per-share basis, net income dropped 54 percent, to 22 cents from 48 cents. Net income was substantially bolstered by a gain of $31 million from a swap of debt for equity.

For all of nuclear power's well-publicized troubles, a surprising number of industry experts contend that, on paper, nuclear power is still a good bet. In many parts of the United States, they say, nuclear retains a modest economic cost advantage - perhaps 10 percent - over coal, America's most obvious alternative in generating electric power. But that is on paper. In the next breath, the experts acknowledge that even a substantial savings per kilowatt-hour is not nearly enough. So great are the uncertainties, and so huge the sums at stake, that only an irresistible cost advantage could entice the utility companies to continue down the path of nuclear power. ''It's really a very easy choice,'' said John C. Brennan, senior vice president of the American Electric Power Service Corporation, a company that owns many Middle West utilities. ''Nuclear entails too much up- front capital, too much risk, and too much delay in selling our 'product.' ''