Boeing received a $4.8 billion order from Korean Air Lines for 23 747-400s, including spares and training. It was one of the largest single orders ever placed with Boeing, the company said.
Bennett Bidwell, chairman of Chrysler's car- and truck-making operation, said he plans to retire at the end of the year, becoming the automaker's fourth high-ranking official to announce his departure recently.
Chase Manhattan's credit rating was downgraded by Moody's Investors Service because of concern about the company's exposure in the real estate market. Moody's lowered the rating on senior debt of Chase Manhattan Corp., the holding company, to Baa2 from Baa1, and the rating on long-term deposits of Chase Manhattan Bank, the main banking subsidiary, to A3 from A2.
A New York Stock Exchange committee studying market volatility is expected to recommend today that a single federal agency be empowered to regulate both stocks and stock index futures and be permitted to supervise margin levels for stock index purchases. Those powers are now split between the SEC and the Commodity Futures Trading Commission.
The Manville trust created to compensate victims of asbestos-related diseases said it is exploring ways to ease a cash shortage that could delay some payments until the 21st century. It did not specify alternatives being examined.