T-bill yields fell to their lowest level in about two years. The Treasury sold $9.2 billion in three-month bills at an average discount rate of 7.23 percent, down from 7.50 percent last week, and $9.2 billion in six-month bills at an average discount rate of 7.19 percent, down from 7.37 percent last week. The investment rate is 7.47 percent for the 13-week bills and 7.56 percent for the 26-week bills.
Lotus Development, a computer software maker caught in a profit squeeze, said it began laying off 40 employees as part of cost-saving measures that include a hiring freeze through much of the company.
Scottish Heritable Trust PLC, owner of a controlling interest in Fairfax-based Scottish Heritable Inc., filed suit in federal court in Texas against KPMG Peat Marwick in connection with Peat Marwick's audit of the Fairfax company for 1988 and prior years. The suit alleges violations of federal securities laws, fraud and negligence by Peat Marwick, according to an SEC filing.
NCNB Corp., the nation's third-largest banking company, was granted permission by the Fed to offer securities brokerage services through subsidiary NCNB Capital Markets Inc.
Kobe Steel and Texas Instruments said they would start manufacturing computer chips in 1992 at a $367 million plant to be built in Japan.
Imported car sales in Japan rose 17.1 percent in July over the level of a year earlier to 20,304 units, the country's auto importers' association said. West German cars continued to top the import list with sales gaining 11.2 percent to 11,843 units, while sales of U.S. cars climbed 22.3 percent to 3,140 units.
A federal judge extended for 30 days a freeze on payments to asbestos victims by the financially ailing Manville trust, saying the extension would allow completion of a court-appointed reorganization plan for the trust.
R. Keith Green was named president of Trak Corp., the operating subsidiary of the Landover-based auto parts retail firm controlled by the Haft family. He had been president and chief executive officer of Whitlock Corp., a 121-store auto parts chain based in Des Plaines, Ill.
Steven B. Goldberg, head of Columbia, Md.-based Goldberg & Associates Financial Advisers, was charged with securities fraud in an SEC administrative proceeding. The charge could lead to the suspension of Goldberg's federal securities registration. Goldberg declined comment on the charges.
Computer Sciences Corp., a Falls Church-based computer services company, has been awarded a $48 million, four-year General Services Administration contract to provide technology services to federal agencies in eight Western states and two Pacific Ocean islands.
GRC International of Vienna is part of a five-company consortium that won a one-year, $24 million contract for engineering and other services from the Navy's Space and Naval Warfare Systems Command. With four more option years for as much as $24 million apiece, the contract's total value could be $120 million, GRC said.
BDM International of McLean, a Ford Aerospace subsidiary, received an Air Force contract for engineering and other services at its Air Logistics Centers. The contract could be worth as much as $70 million over five years, it said.
US Sprint won contracts worth $15.5 million for data communications networks and equipment from four companies, including Citibank, for which Sprint will provide a network to link 149 sites in 74 countries, and corporate customers in Mexico, South Korea and Taiwan.