China agrees to compensate United States

The United States and China signed an agreement intended to pave the way for a trade pact between the two countries. It covered US financial claims on China dating back to the 1949 Communist takeover and the freeing of Chinese assets frozen in the US. The United States had maintained that these issues had to be settled before a full trade agreement could be reached because of US law relating to compensation for property seized abroad.

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Millionaire who won Lenin Peace Prize dead

S. Eaton, the only American multi-millionaire ever to be awarded the Lenin Peace Prize, died at his farm home in Cleveland. He was 95. He was known as the Communist world's favorite capitalist for his efforts over many decades to promote East-West peace. The Canadian-born industrialist once called himself “perhaps as hardened a capitalist as the world contains.” Yet he won the Lenin Peace Prize in 1960 as well as many other awards from Communist countries.

Iran resumes horse racing

Horse racing resumed in Iran after a six-month break and betting was only slightly less than before the strict revolutionary Islamic government came to power. Only a few timid remnants of Iran's elite showed up to watch the races at the 40 million dollar track, which opened under the Shah last year.

Commandos blast arms factory

Palestinian commandos said they killed or wounded at least 50 Israelis, including military experts, in a bomb attack on an arms factory near Tel Aviv. The explosion destroyed three arms depots, several military vehicles and caused a power failure. The PLO said it was the 'most brave' operation of the PLO to date.