Japonica Partners, a New York investment group, said it reached agreement with creditors to take control of bankrupt Allegheny International by Aug. 15, a plan that requires U.S. bankruptcy court approval.
LBS Bank of New York, a branch of a Yugoslav bank, was fined $50,000 for its part in an international money-laundering operation that turned out to be a federal sting.
Stotler Funds, a company controlled by Karsten Mahlmann before his resignation as chairman of the Chicago Board of Trade, will have its operations overseen by a special master appointed by a federal judge. The Commodity Futures Trading Commission charged that two of Stotler's investment pools defrauded customers by making unauthorized loans to the parent company.
Procter & Gamble plans to more than double the size of its bar soap operation at the suburban Cincinnati plant where it has made Ivory soap since 1886.
Sun Microsystems said it intends to sell 4.6 million newly issued common shares to American Telephone & Telegraph for an expected $192 million. The sale will increase AT&T's holdings acquired directly from Sun to 14.7 percent of Sun's outstanding common stock.
South Korean sweaters are being sold in the United States for less than fair market value, the Commerce Department said. The finding clears the way for the International Trade Commission to consider whether to impose import duties on the cut-rate sweaters.
Times Mirror said it has agreed to purchase 50 percent of La Opinion, one of the nation's largest Spanish-language daily newspapers. Terms were not disclosed.
Japan's current account surplus rose 12.2 percent in June from a year earlier, snapping two consecutive months of decline, the Finance Ministry said. The surplus -- the widest measure of a nation's trade in goods and services -- grew to $4.78 billion from $4.26 billion in June 1989.
William Agee, chairman and chief executive of Morrison Knudsen Corp., was elected to the additional post of president. Agee succeeds Frank Adams, who died May 27 in an airplane crash.