T-bill rates were mixed. The Treasury sold three-month bills at an average discount rate of 7.80 percent, up from 7.74 percent last week, and six-month bills at an average rate of 7.74 percent, down from 7.79 percent last week. The actual return to investors will be 8.07 percent on the three-month bills and 8.17 percent on six-month bills.
Federal Data Systems Corp., a Bethesda-based systems integrator, received a $6.2 million contract to modernize and upgrade data processing equipment at the Army Information Center and establish computing capability at a back-up center in Richmond.
Pepco sold 1 million shares of a new series of $50 par value preferred stock to underwriters. The shares are being offered to the public in units of 2,000 shares at $100,000 per unit.
Tektronix will lay off 1,300 employees as part of a restructuring designed to ease financial problems at the Oregon electronics firm.
Shearson Lehman Hutton, continuing a major overhaul, named Jonathan Linen, an executive from parent American Express, to run the troubled firm's retail brokerage and asset-management units. Linen is now president and chief executive of American Express's direct marketing and travelers checks group.
Comsat will provide communications links, pay TV and computer services to a major international hotel and business complex to be built in Moscow.
The GAO rejected a protest by Federal Data Corp., a Bethesda-based systems integrator, that the Air Force failed to follow federal procurement rules in awarding a 10-year, $164 million Strategic War Planning Systems contract.
Cadbury Schweppes of Britain agreed to buy most of the non-cola soft drinks business of Source Perrier of France for $211 million.
Lufthansa and Japan Airlines will each acquire 5 percent of the shares of DHL Worldwide Express, a Brussels-based courier company. The Japanese trading company Nissho Iwai will secure 2.5 percent.
Top management, not labor, is the major stumbling block to improving the quality of U.S. products and services, according to a new employee survey. Sixty-one percent of the respondents said the quality of their work was not an important measure of job performance, and one-third said their companies provide little motivation to improve quality.
David Mulford, Treasury undersecretary, said forgiveness of debt owed by East European governments is "hard to contemplate." He said such actions would pose "very, very delicate legal and precedential problems," but the U.S. government is still "looking at it at this time."