MARKETS

Money market fund assets rose $3.10 billion in the latest week to $385.83 billion, the Investment Company Institute said. The rise in the seven-day period ended Wednesday followed a $2.20 billion drop in fund assets the week earlier.

COMPANIES

The Federated-Allied department store empire, six months after its bankruptcy filing, plans to ask a bankruptcy court judge for a third extension on producing a plan to repay $7.7 billion in debt. The companies still haven't produced a plan to repay debts, reorganize and survive.

Allegheny International could emerge from Chapter 11 protection within weeks, now that a federal bankruptcy judge has approved a $687 million stock plan of reorganization for the troubled appliance maker. The company is expected to change its name to Oster-Sunbeam Cos. and eventually move its headquarters out of Pittsburgh.

Fisher-Price Toys said it would close its Holland, N.Y., manufacturing plant, laying off 425 workers, and eliminate 245 jobs at its East Aurora, N.Y., headquarters. The company said the cuts are necessary because of excess capacity and a decline in sales.

Air France will exercise options on six additional Boeing 747-400s, a super-long-range aircraft. Air France already holds 20 firm orders and 33 options for the plane, which is scheduled for delivery through 1999.

Olin Corp. said it will appeal a Federal Trade Commission order to divest the swimming pool chemical business that the company had bought from SMC Corp. The FTC said the acquisition was likely to lessen competition in the manufacture and sale of such chemicals, and it ordered Olin to sell the SMC assets.

Pathe Communications, facing mounting difficulties in completing its $1.3 billion deal for MGM-UA Communications Inc., filed a $500 million suit against Time Warner Inc. for backing out of an agreement to help finance the purchase. The suit by Pathe comes two weeks after Time Warner filed a $100 million breach-of-contract suit against Pathe over the collapse of its agreement to bankroll half of the MGM-UA deal.

INTERNATIONAL

Japan's global trade surplus shrank in the first half of this year, paced by a narrowing of its surplus with the United States, but the trend reversed in June behind a weaker yen, the Finance Ministry reported. The ministry said the nation's surplus for the first six months of 1990 dipped 22.8 percent from a year ago to $25.788 billion.

Mongolia has applied for membership in the International Monetary Fund. The IMF said its executive board will consider the application.

REGULATION

Crown Cork & Seal's acquisition of Continental Can Canada of CCL Industries in Toronto poses no potential antitrust violations, the U.S. Justice Department said. Crown Cork & Seal of Philadelphia and the CCL unit both make metal containers.

CONTRACTS

Questech, a Falls Church-based computer systems company, received a one-year Navy contract for $7.5 million for systems analysis and engineering support services.

ACQUISITIONS

Group 1 Software of Greenbelt, which makes computer software for direct-mail marketers and other mass mailers, acquired Compass Information Systems of Houston for undisclosed terms. Group 1 said the acquisition expands its product line beyond IBM and compatible computers into DEC, Hewlett Packard, Unisys, Honeywell, Burroughs and other makes. Compass's customers include TV Guide and Digital Equipment Co.

EARNINGS

Raytheon reported an 8.3 percent earnings increase in the second quarter.

Westinghouse Electric said its second-quarter earnings were up 11 percent.

The Anac Holding Corp., parent of Revco D.S. Inc., posted a $232.7 million net loss for the fiscal year ended June 2, compared with a $133.4 million net loss for the previous year.

Burlington Resources reported second-quarter earnings rose 65 percent over last year.

PEOPLE

Andrew Hove's nomination as vice chairman and a director of the FDIC was sent to the full Senate by the Banking Committee.

Donald Trump will auction Trump Plaza in Palm Beach, Fla., within two weeks. Marine Midland Bank in New York will handle the sale. Trump bought the 32-story, twin-tower building in 1986 for $40 million and currently values it at $43 million.

ODD LOTS

The Chamber of Commerce said a new federal seat belt regulation for American workers that will cost employers $220 million a year in training costs could be regulatory overkill. ''It's perhaps a little more nitpicking than one would like to see,'' spokesman Fred Krebs said.

CNN will begin an experiment in interactive TV July 23 on CNN's ''Newsnight,'' an hour-long newscast at midnight. Viewers will see a summary of headlines at the beginning of the show and, as anchors read the day's top news, dial a 900 telephone number to vote on which of the stories they'd like to see. The stories that get the most votes, which cost 95 cents per call, will be shown.

American Express was the biggest U.S. money manager in 1989, according to a ranking by Institutional Investor magazine. Prudential Insurance Co. was second.