international insurance companies, the US Supreme Court on Friday refused to set new guidelines to protect against excessive jury awards of punitive damages.

For the third time in four years, the nation's high court rejected appeals from US companies seeking to limit the skyrocketing damage awards designed to punish and deter corporate wrongdoing.

The latest case before the Supreme Court began as a dispute over rights to drill for oil and natural gas on a 1,000-acre tract in West Virginia.

USX-Marathon Group's TXO Production Corporation brought a lawsuit claiming a problem with the title to the property, but in reality was seeking to reduce royalty payments on the oil and gas lease, according to court documents, The landlords charged TXO with "slander of title.'' A jury awarded them $19,000 in actual losses, but $10 million in punitive damages -- an amount upheld on appeal by the state courts.

By a 6-3 vote, the Supreme Court affirmed the award against TXO, but then the justices divided, producing a number of separate opinions on the reasoning to be used in reviewing punitive damages.

Justice Sandra Day O'Connor called it a "monstrous award'' and said the frequency and size of punitive damage awards have been skyrocketing and that procedural protections need to be adopted to insure predictability and fairness.

* * * TV There are more indications that the Princess hotel chain will remain the property of international conglomerate Lonrho.

It had been reported that the company wanted to sell the chain, which includes the Princess Hotel and the Southampton Princess in addition to properties in the US, the Bahamas and Mexico.

But that seems less likely now that German businessman Dieter Bock has taken joint control of the business with "Tiny'' Rowland.

In a Reuter story on the company's six month earnings, it was reported that Bock, the single-largest shareholder, beleives Lonrho should focus on three core businesses -- hotels, mining and agriculture.

Lonrho also has interests in insurance, motor vehicle trading and publishing.

That news comes as Lonrho reproted improved six-month results last week.

Higher gold prices and the sale of loss making assets helped its profits jump to 87 million pounds ($128 million) for the six months to March 31, up by 37 million pounds ($54.4 million) from the 50 million pounds ($73.5 million) in the same period to of 1992.

*** Bermuda Broadcasting Company general manager Malcolm Fletcher's reaction to complaints about his station's blackout of HBO's night-time coverage of the Wimbledon tennis championships has angered as many people as the blackout itself.

Mr. Fletcher was so stung by criticism of his company's decision to exercise their rights to the grand slam event that he warned last week that "if people carry on complaining'' he would ensure that HBO's live day-time coverage would also be blacked out.

But his attitude has been condemned as "small-minded'' by some people on the Island.

One man told the Business Diary : "Doesn't he realise the people who watch HBO are the same people who watch ZFB? "In effect, he is threatening his own television viewers. No business in their right mind treats their own customers like this if they want to keep them.'' Mr. Fletcher has defended the blackout by insisting that Bermuda Broadcasting has the exclusive local rights to Wimbledon.

But some viewers wondered why the company bought the rights when its coverage has so far been limited to a half-hour highlights programme beginning at midnight.

Some viewers complained there was no commentary during matches shown on ZFB and that interviews with players were done in Spanish. The last five minutes of one programme consisted of a Spanish bullfight, according to one person.