Discovery Airways of Honolulu was ordered to close down by the Transportation Department, which said the three-month-old airline had come under foreign control -- in this case, Japanese -- in violation of federal regulations.
AT&T will announce as many as 3,000 layoffs in its network services division next week, said the Communications Workers of America, one of the two main unions representing AT&T workers. "We cannot deny the CWA statement," an AT&T spokesman said.
Westinghouse Electric, which offered to settle an age discrimination lawsuit two years ago for $35 million, won the case in federal appeals court. Westinghouse was sued by the federal Equal Employment Opportunity Commission for forcing laid-off employees to retire prior to age 70 because severance pay was not available.
Argentina is beginning to make monthly payments of $40 million to creditor banks, said the president of Citibank in Argentina. Two-thirds of the country's foreign debt of $60 billion plus $6.5 billion in overdue interest is owed to commercial banks, including Manufacturers Hanover, Chase Manhattan and Citibank.
Mack Trucks said its largest stockholder, French automaker Renault, has offered to buy all remaining shares at $6 a share in a deal valued at $98.7 million. Renault now owns about 44.5 percent of the financially troubled Pennsylvania-based firm.
Mortgage rates were mixed this week. Rates on 30-year fixed mortgages fell to an average 10.06 percent from 10.15 percent last week, while one-year adjustable-rate mortgages climbed to 8.46 percent from 8.45 percent, the Federal Home Loan Mortgage Corp. said.