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 '/' 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 '/' 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/RP 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 ./. ''/'' 
Mr./NNP Lang/NNP took/VBD on/RP Ms./NNP and/CC Sassy/NNP with/IN the/DT acquisition/NN of/IN Matilda/NNP Publications/NNP Inc./NNP by/IN his/PRP$ newly/RB formed/VBN Lang/NNP Communications/NNP ./. 
Lang/NNP owns/VBZ 70/CD %/NN of/IN Matilda/NNP ,/, while/IN Citicorp/NNP owns/VBZ the/DT rest/NN through/IN its/PRP$ Citicorp/NNP Venture/NNP Capital/NNP Partners/NNP ./. 
Two/CD weeks/NNS ago/RB ,/, Citicorp/NNP and/CC Mr./NNP Lang/NNP pumped/VBD $/$ 800,000/CD into/IN Matilda/NNP just/RB to/TO keep/VB the/DT doors/NNS open/JJ ./. 
Industry/NN observers/NNS have/VBP congratulated/VBN Mr./NNP Lang/NNP on/IN what/WP some/DT call/VB his/PRP$ ``/`` courageous/JJ ''/'' handling/NN of/IN Ms./NNP ,/, but/CC his/PRP$ track/NN record/NN in/IN magazine/NN publishing/NN in/IN general/JJ has/VBZ gotten/VBN mixed/JJ reviews/NNS ./. 
Besides/IN Ms./NNP and/CC Sassy/NNP ,/, closely/RB held/VBN Lang/NNP Communications/NNP includes/VBZ Success/NNP ,/, a/DT magazine/NN for/IN entrepreneurs/NNS and/CC small/JJ businesses/NNS ,/, and/CC Working/NNP Woman/NNP and/CC Working/NNP Mother/NNP ,/, two/CD monthly/JJ magazines/NNS ./. 
Working/NNP Woman/NNP ,/, with/IN circulation/NN near/IN one/CD million/CD ,/, and/CC Working/NNP Mother/NNP ,/, with/IN 625,000/CD circulation/NN ,/, are/VBP legitimate/JJ magazine/NN success/NN stories/NNS ./. 
The/DT magazine/NN Success/NNP ,/, however/RB ,/, was/VBD for/IN years/NNS lackluster/JJ and/CC unfocused/JJ ./. 
Only/RB recently/RB has/VBZ it/PRP been/VBN attractively/RB redesigned/VBN and/CC its/PRP$ editorial/JJ product/NN improved/VBN ./. 
Success/NNP is/VBZ expected/VBN to/TO gain/VB at/IN least/JJS because/IN of/IN the/DT recent/JJ folding/NN of/IN rival/JJ Venture/NNP ,/, another/DT magazine/NN for/IN growing/VBG companies/NNS ./.