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