Gasoline futures for July delivery rose more than 2.6 cents a gallon on the New York Mercantile Exchange, erasing steep losses registered during the three previous trading sessions. Analysts said the rally reflected a bevy of minor influences, including jitters about the crippled oil supertanker Mega Borg off the Texas coast.
Microsoft and Everex have filed lawsuits alleging that 16 individuals and companies have made or sold a counterfeit version of Microsoft's popular MS-DOS computer operating system.
AT&T said it signed up its 1 millionth customer for the newly introduced AT&T Universal Card, which allows people to charge both long-distance calls and general purchases.
American Express will issue 27 million new shares of common stock, worth about $825 million at current market value, to help pay for acquiring the rest of Shearson Lehman Hutton. The money will be used to pay off $500 million in short-term loans American Express took on to buy $750 million worth of Shearson preferred stock.
Macmillan has purchased a 51 percent stake in Keter Publishing House Ltd., a large Israeli publisher and book retailer, from Clal (Israel) Ltd. Terms were not disclosed.
The European Community proposed phasing out an agreement that regulates commerce in order to bring trade in textiles into conformity with GATT's free trade principles.
Japan's trade surplus declined slightly in May, the 12th month in the last 13 during which the surplus narrowed from a year earlier. In trade with the United States, Japan's surplus shrank to $2.44 billion in May from $2.76 billion a year earlier.
Japan said it is willing to resume loans to Peru if the South American nation's new government shows willingness to deal with its serious economic and social problems.
Brazil's austerity plan prompted a strike by more than 100,000 Sao Paulo workers and professionals seeking pay increases.
Royal Dutch Shell Group has suspended shipments of crude and fuel oil on company vessels to all but one American port because of what it said were enormous liability risks in the United States.
The Nuclear Regulatory Commission proposed a $160,000 fine against 3M based on an inspection citing the company for failing to fully report radiation leaks from air ionizers. 3M has ceased making the devices, squelching a business that had accounted for $15 million in yearly revenue.
Sterling Drug agreed to pay $375,000 in fines to settle a complaint that the company had made unsubstantiated advertising claims about Midol brand products.
General Dynamics won a $91.5 million Air Force contract for improvements to the F-16 fighter.
Ford Aerospace received a $55.2 million Air Force contract for operating the Satellite Control Network.
Rockwell International won a $49.3 million Air Force contract for MX missile rocket motors.
Hughes Aircraft won a $29.6 million Navy contract for electronics equipment.
Raytheon won a $24.7 million Navy contract for electronics equipment.
ICF of Fairfax won a $9.4 million contract to plan, implement and evaluate the EPA's chemical emergency preparedness and prevention program, which requires facilities with hazardous chemicals to plan a response to the release of those chemicals.
L. William Seidman, FDIC chairman, said permitting banks to underwrite insurance, as a new law in Delaware allows, would expose the bank insurance fund to possible new losses. Seidman, who noted that restrictions may be proposed, said, "This opens up a whole host of issues about safety and soundness."
Robert Herzstein was elected chairman of Survival Technology, a Bethesda company that makes medical devices and provides medical monitoring services. Herzstein, a 59-year-old Washington lawyer, succeeds company founder Stanley J. Sarnoff, who died May 23. He is the personal representative of Sarnoff's estate, which holds more than two-thirds of Survival Technology's stock.
Depression affects 16.6 percent of female and 8.6 percent of male managers, according to a Westinghouse study. Mid-level managers find themselves trapped between the gripes of their subordinates and demands of their own bosses. The figures exceed the latest depression rate for all Americans, 4.4 percent in 1986.