The DT Arizona NNP Corporations NNP Commission NNP authorized VBD an DT 11.5 CD % NN rate NN increase NN at IN Tucson NNP Electric NNP Power NNP Co. NNP , , substantially RB lower JJR than IN recommended VBN last JJ month NN by IN a DT commission NN hearing NN officer NN and CC barely RB half PDT the DT rise NN sought VBN by IN the DT utility NN . . The DT ruling NN follows VBZ a DT host NN of IN problems NNS at IN Tucson NNP Electric NNP , , including VBG major JJ write-downs NNS , , a DT 60 CD % NN slash NN in IN the DT common JJ stock NN dividend NN and CC the DT departure NN of IN former JJ Chairman NNP Einar NNP Greve NNP during IN a DT company NN investigation NN of IN his PRP$ stock NN sales NNS . . The DT Arizona NNP regulatory JJ ruling NN calls VBZ for IN $ $ 42 CD million CD in IN added JJ revenue NN yearly RB , , compared VBN with IN a DT $ $ 57 CD million CD boost NN proposed VBN by IN the DT commission NN hearing NN officer NN . . The DT company NN had VBD sought VBN increases NNS totaling VBG $ $ 80.3 CD million CD , , or CC 22 CD % NN . . The DT decision NN was VBD announced VBN after IN trading NN ended VBD . . Tucson NNP Electric NNP closed VBD at IN $ $ 20.875 CD a DT share NN , , down RB 25 CD cents NNS , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . A DT Tucson NNP Electric NNP spokesman NN said VBD the DT utility NN was VBD disappointed VBN by IN the DT commission NN 's POS decision NN and CC `` `` concerned JJ about IN the DT financial JJ integrity NN of IN the DT company NN . . '' '' South JJ Korean JJ President NNP Roh NNP Tae NNP Woo NNP , , brushing VBG aside RP suggestions NNS that IN the DT won NN be VB revalued VBN again RB , , said VBD the DT currency NN 's POS current JJ level NN against IN the DT dollar NN is VBZ `` `` appropriate JJ . . '' '' His PRP$ comments NNS , , made VBN in IN response NN to TO reporters NNS ' POS questions NNS at IN the DT National NNP Press NNP Club NNP here RB , , signaled VBD that IN Seoul NNP is VBZ resisting VBG U.S. NNP pressure NN for IN a DT further JJR rise NN in IN the DT currency NN 's POS value NN . . The DT U.S. NNP wants VBZ a DT higher JJR won NN to TO make VB South NNP Korea NNP 's POS exports NNS more RBR expensive JJ and CC help VB trim VB Seoul NNP 's POS trade NN surplus NN . . Many JJ South JJ Korean JJ business NN people NNS want VBP a DT devaluation NN instead RB , , arguing VBG that IN the DT won VBN 's POS recent JJ gains NNS already RB have VBP weakened VBN the DT country NN 's POS export NN performance NN . . Mr. NNP Roh NNP also RB said VBD South NNP Korea NNP is VBZ taking VBG steps NNS that WDT would MD free VB the DT won NN to TO respond VB to TO market NN forces NNS . . Seoul NNP has VBZ pointed VBN to TO its PRP$ lack NN of IN a DT foreign JJ exchange NN market NN as IN one CD reason NN the DT won NN 's POS value NN remains VBZ heavily RB controlled VBN . . Mr. NNP Roh NNP said VBD a DT U.S. NNP demand NN for IN the DT removal NN of IN South JJ Korean JJ import NN quotas NNS on IN beef NN will MD be VB resolved VBN `` `` satisfactorily RB '' '' but CC gave VBD no DT hint NN when WRB that DT will MD happen VB . . Speaking VBG to TO a DT joint JJ meeting NN of IN Congress NNP earlier RBR , , he PRP said VBD South NNP Korea NNP ca MD n't RB move VB quickly RB on IN such JJ agricultural JJ trade NN issues NNS `` `` without IN causing VBG political JJ and CC social JJ trauma NN . . '' '' Great NNP American NNP Bank NNP said VBD its PRP$ board NN approved VBD the DT formation NN of IN a DT holding NN company NN enabling VBG the DT savings NNS bank NN to TO pursue VB nontraditional JJ banking NN activities NNS under IN a DT new JJ federal JJ law NN . . The DT proposed JJ holding NN company NN 's POS primary JJ purpose NN would MD be VB to TO allow VB Great NNP American NNP to TO continue VB engaging JJ in IN real JJ estate NN development NN activities NNS , , it PRP said VBD . . Those DT activities NNS generated VBD $ $ 26.1 CD million CD in IN operating NN profit NN last JJ year NN . . But CC according VBG to TO Great NNP American NNP , , such JJ profits NNS do VBP n't RB count VB toward IN meeting VBG the DT San NNP Diego NNP savings NNS bank NN 's POS new JJ capitalization NN requirements NNS under IN 1989 CD federal JJ law NN . . The DT new JJ real JJ estate NN unit NN would MD have VB a DT separate JJ capital NN structure NN to TO comply VB with IN the DT law NN . . The DT proposed JJ holding NN company NN would MD also RB consolidate VB Great NNP American NNP Bank NNP in IN San NNP Diego NNP and CC its PRP$ Tucson NNP , , Ariz. NNP , , savings NNS bank NN into IN a DT single JJ , , federally RB chartered JJ institution NN in IN San NNP Diego NNP . . The DT consolidation NN is VBZ expected VBN to TO save VB $ $ 1 CD million CD a DT year NN in IN administrative JJ costs NNS , , a DT Great NNP American NNP spokesman NN said VBD . . Dale NNP Lang NNP , , who WP this DT week NN completed VBD the DT acquisition NN of IN the DT publisher NN of IN Ms. NNP and CC Sassy NNP , , is VBZ candid JJ about IN the DT challenge NN he PRP is VBZ taking VBG on RP . . Mr. NNP Lang NNP admits VBZ that DT Ms. NNP is VBZ `` `` in IN dire JJ straits NNS '' '' and CC that IN Sassy NNP needs VBZ big JJ promotional JJ dollars NNS to TO keep VB it PRP alive JJ . . But CC the DT 57-year-old JJ publisher NN has VBZ moved VBN quickly RB and CC boldly RB to TO deal VB with IN the DT magazines NNS ' POS problems NNS . . Last JJ Friday NNP , , he PRP told VBD the DT staff NN of IN Ms. NNP that IN the DT magazine NN in IN January NNP would MD begin VB publishing VBG without IN advertising NN . . Mr. NNP Lang NNP will MD do VB away RB with IN expensive JJ circulation NN drives VBZ , , not RB to TO mention VB sales NNS staff NN , , and CC attempt VB to TO publish VB the DT 17-year-old JJ magazine NN supported VBN by IN circulation NN revenue NN alone RB . . `` `` Any DT fool NN can MD publish VB a DT money-losing JJ magazine NN . . I PRP want VBP to TO publish VB one NN that WDT succeeds VBZ , , '' '' said VBD Mr. NNP Lang NNP . . `` `` For IN Ms. NNP , , it PRP 's VBZ time NN to TO publish VB for IN the DT reader NN , , not RB the DT advertiser NN . . '' '' As IN for IN Sassy NNP , , which WDT competes VBZ directly RB with IN News NNP Corp. NNP 's POS Seventeen NNP magazine NN , , Mr. NNP Lang NNP says VBZ that IN in IN the DT next JJ two CD years NNS he PRP will MD spend VB $ $ 6 CD million CD promoting VBG and CC improving VBG the DT magazine NN . . Though NNP Sassy NNP has VBZ grown VBN quickly RB since IN its PRP$ debut NN in IN March NNP 1988 CD , , it PRP has VBZ been VBN the DT target NN of IN conservative JJ lobbyists NNS and CC skittish JJ advertisers NNS who WP bristled VBD at IN its PRP$ frank JJ editorial JJ matter NN on IN teen-age JJ problems NNS . . Mr. NNP Lang NNP said VBD the DT former JJ Australian JJ owners NNS of IN Sassy NNP were VBD `` `` blind-sided JJ by IN the DT Moral NNP Majority NNP ... : . . Their PRP$ reaction NN was VBD to TO do VB nothing NN and CC ride VB it PRP out RP . . '' '' He PRP said VBD Sassy NNP will MD keep VB its PRP$ irreverent JJ tone NN , , but CC added VBD , , `` `` We PRP will MD keep VB a DT close JJ watch NN on IN the DT editorial JJ content NN of IN the DT magazine NN . . '' '' Sassy NNP already RB has VBZ recovered VBN ; : circulation NN has VBZ quickly RB passed VBN the DT 500,000 CD mark NN and CC advertising NN pages NNS have VBP stabilized VBN this DT year NN at IN more JJR than IN 300 CD . . What WP 's VBZ more JJR , , Mr. NNP Lang NNP says VBZ he PRP has VBZ what WP all DT publishers NNS wish VBP for IN : : a DT bona JJ fide JJ niche NN . . `` `` Seventeen NNP is VBZ written VBN more RBR for IN mothers NNS , , not RB their PRP$ daughters NNS , , '' '' said VBD Mr. NNP Lang NNP . . `` `` But CC Sassy NNP has VBZ a DT different JJ spirit NN . . It PRP gets VBZ more JJR mail NN in IN a DT month NN than IN McCall NNP 's POS got VBD in IN a DT year NN , , and CC it PRP 's VBZ not RB from IN mothers NNS . . I PRP feel VBP about IN Sassy NNP like IN I PRP did VBD about IN Working NNP Woman NNP 10 CD years NNS ago RB . . '' ''