May 30, 2001

General Motors Corp will present formal proposal for taking over South Korea's Daewoo Motor Co's remaining assets; is expected to offer $1.5 billion to $2 billion for controlling stake (M)

Pres Bush clashes sharply with Gov Gray Davis over wisdom of capping prices of electricity, on his first visit to California since election and state's rolling power blackouts; reiterates opposition to price caps, arguing that they will only make state's energy problems worsen since they do nothing to reduce demand or to increase supply; emphasizes long-term solutions, including conservation, new energy technologies and speeded efforts to approve and build power plants; pledges slightly more federal money to help poor families pay energy bills and to speed federal reviews of plans to build generating plants; Davis says he will file federal lawsuit and pursue other efforts to compel regulators to limit prices charged by energy suppliers; expresses gratitude that Bush has agreed to examine question as to why Texas natural gas suppliers charge three times as much for gas transported to California than to New York, and to review whether to reimpose tariffs, suspended on transmissions two years ago; photo (M)

Scenic Hudson environmental group in attempt to preserve farm land, has bought development rights to farm land in Stuyvesant, NY, permanently limiting use of land to agriculture, without buying it outright; land is appraised at open market value, then for what it would be worth for farming only, difference representing amount paid to farmers, and conservation easement, which restricts or prohibits future development, is granted; makes land more affordable for new buyers who are willing to use it for agricultural purposes; photo (M)

General Electric Co and Honeywell International Inc present their case to European regulators for approval of their planned $40 billion merger (M)

Australia's Qantas Airways Ltd is in talks to acquire major stake in Air New Zealand and then sell Air New Zealand's subsidiary, Ansett, to Singapore Airlines (M)