Federal Reserve Chairman Alan Greenspan told the Senate Banking Committee that serious economic problems from tightened lending standards may yet emerge but borrowers have not suffered so far from a broad-based credit crunch.
Money market fund assets rose $1.29 billion in the latest week to $385.40 billion. The seven-day average yield on money market mutual funds rose in the week ended Tuesday to 7.67 percent from 7.65 percent the previous week. COMPANIES
Pathe Communications, beset by reports that a prospective $1.2 billion acquisition of MGM-UA Communications was on the verge of collapse, sweetened its offer for the studio to about $1.3 billion. It also moved back the deadline for the deal to be completed by four months to Oct. 23.
USAir Group will float as much as $500 million in debt securities periodically on terms to be set at the time of sale. The Arlington-based airline told the SEC it will use proceeds for general corporate purposes, including working capital.
USAir Express will begin three daily, nonstop flights between Peoria, Ill., and Indianapolis, a USAir connecting hub, starting Aug. 1.
Cable & Wireless Communications of Vienna said it will lower domestic and international rates for its dedicated access long-distance phone service, Excel, and will introduce discounts, term plans and customized savings options for subscribers.
Grumman and Boeing said they have settled 3-year-old claims against each other related to their performances on a project to build a sophisticated radar aircraft for the Army and the Air Force.
Shell Oil shut down a natural gas processing plant in Patterson, La., for three to four weeks because of an explosion.
Eastern Air Lines will add flights from its Atlanta hub to Dallas; Roanoke; and Islip, N.Y., on Sept. 6.
Drexel's government-securities subsidiary has sought bankruptcy protection, listing assets of $262.2 million and liabilities of $155.2 million. It joined its parent company and 15 other Drexel subsidiaries that have already filed under Chapter 11 of the bankruptcy code.
Boeing said the government of Thailand has given Thai Airways permission to buy five additional 747-400s, bringing the national carrier's total orders for the planes to eight. ACQUISITIONS
Trusthouse Forte and Nikko Securities International,an international hotel company and a Japanese securities firm, respectively, are expected to conclude their joint purchase of the Watergate Hotel from the British Coal Board pension fund early next week. The legal work needed to complete the sale has begun. INTERNATIONAL
Royal Dutch Shell Group violated disclosure rules in its $5.7 billion buyout of minority shareholders in the former Shell Oil Co. five years ago, a Delaware court has ruled. The ruling did not determine how much the former owners of 15 million shares of Shell stock should be awarded.
Campeau Corp. plans to ask shareholders at its annual meeting July 30 to authorize the sale of all or part of the company's Canadian real estate assets, the Toronto firm told Canadian regulators.
Canada's supreme court upheld a lower court ruling that Apple Computer's software is eligible for copyright protection. The court dismissed an appeal by Mackintosh Computers and Microcom, makers of Apple clones that had argued that they hadn't infringed on Apple's copywrite protection.
CPRM, Portugal's international long-distance company, has opened a Washington office. The company is seeking collaborative investment with U.S. companies in the United States and abroad. REGULATION
The Senate Finance Committee completed action on a bill limiting imports of apparel and footwear but made no recommendation on whether it should be passed. The bill is supported by a majority of the House and Senate but there is some question whether the margins are large enough to override an expected presidential veto.
The EPA filed a $69 million lawsuit against Vineland Chemical and its owners, Arthur and Miriam Schwerdtle, accusing them of refusing to take part in the cleanup of an arsenic-contaminated site in Burlington County, N.J. CONTRACTS
General Dynamics received a $19.8 million Army contract for support for the Egyptian M-1 tank co-production program. PEOPLE
Andrew C. Barrett, a member of the FCC since last September, was sworn in by Vice President Quayle for a full five-year term.
W. Richard Clark has been named chairman and chief executive officer of Bausch & Lomb Pharmaceuticals, headquartered in Tampa.