DIGEST
President Clinton will renew most-favored-nation trade privileges for China despite frictions over human rights and other problems, said Anthony Lake, his national security adviser. The president has until June 3 to announce whether he will renew China's trade privileges. Lake said he did not expect a major fight from the Republican-led Congress on renewal of the privileges, which allow China to export its goods to the United States under the lowest possible tariffs.</br></br>UUNet Technologies' stock shot up $12 in its first day of trading on the Nasdaq stock market to close at $26. The Fairfax company's 4.725 million shares were initially priced at $14 each. UUNet is one of the country's biggest providers of access to the Internet. Stocks of two other newly public technology companies -- computer software company Maxis, and chipmaker Nexgen, also soared on their first day on the market.</br></br>Irwin "Sonny" Bloch, a longtime financial radio talk show host, was accused by federal regulators of selling unregistered securities and misleading his listeners about their value, thus defrauding investors of nearly $21 million. Bloch, 58, whose programs are heard on 170 stations, was named in a 35-count criminal case in Newark and a civil case filed by the SEC in Manhattan federal court. His lawyer, Paul Goldberger, said Bloch moved to the Dominican Republic before charges were brought, and was "not guilty."</br></br>Interest rates on 52-week Treasury bills fell at auction to the lowest level in more than eight months. The average discount rate was 5.54 percent, down from 5.90 percent at the last auction on April 27. The bills will carry an equivalent coupon interest rate of 5.88 percent, with each $10,000 in face value selling for $9,439.80.</br></br>Office Depot of Delray Beach, Fla., the largest office supply retailer in North America, said Mark Begelman resigned as president and chief operating officer, although he will continue as a director. Chairman and CEO David Fuente will assume the additional position of president for the immediate future.