Texas Instruments blamed Defense Department cuts in announcing a plan to reduce its work force by about 1,000 during the next year. The cuts will come at the company's Defense Systems & Electronics Group, which employs about 22,000 people.
General Dynamics plans to make its largest round of employee cuts so far this year with elimination of up to 800 jobs in coming weeks, company spokesmen said.
Mortgage rates fell this week to the lowest point since rates began to rise in February. Rates on 30-year fixed mortgages averaged 10.10 percent, down from 10.29 percent last week, while one-year adjustable-rate mortgages averaged 8.50 percent, down from 8.55 percent, the Federal Home Loan Mortgage Corp. said.
Korean Airlines is expected to place a major order for Boeing jetliners, one that could be worth as much as $3 billion. The chairmen of Korean Airlines and Boeing are scheduled to make the announcement Monday at a ceremony here because South Korea, which has a sizable trade surplus with the United States, wants to demonstrate that it is buying U.S. products.
Cypress Semiconductor said it plans to make computer chips and other electronic devices for the Soviet Union in a licensing agreement that will give the company Soviet chipmaking technologies.