The federal budget deficit for fiscal 1991, not counting the cost of the S&L cleanup, will be $165.2 billion, the Congressional Budget Office estimated. The figure is slightly higher that the CBO predicted in July and $101.2 billion above the target mandated by the Gramm-Rudman budget law.
Baltimore Gas & Electric's mortgage bonds were downgraded by Fitch Investors Service to single-A-plus from double-A. The downgrade largely reflected financial pressure stemming from extended outages at the Calvert Cliffs nuclear facility, Fitch said.
Foster Grant Corp. sought Chapter 11 bankruptcy protection. Industry analysts said the company foundered in the last decade after failing to capitalize on its catchy and successful print and television ads of the 1960s and '70s.
The Justice Department asked a federal judge to order former Lincoln Savings and Loan owner Charles H. Keating Jr. to give regulators a full accounting of his assets. The Office of Thrift Supervision is trying to seize Keating's assets to recover $40 million that regulators say Lincoln lost because of improprieties by Keating and his associates.
George Hyman Construction of Bethesda won the biggest contract connected with the construction of a new Baltimore Orioles stadium at Camden Yards. The Maryland Stadium Authority awarded a nearly $46 million package to finish the facility's interior.
Volvo GM Heavy Truck will lay off 350 of the 1,500 workers at its Dublin, Va., plant.
GE Aerospace, citing defense spending cuts, said it will close a Philadelphia plant, eliminating 100 jobs. The defense contractor said its Re-Entry Systems division will move into other GE properties in Valley Forge, Pa.
FundAmerica, a California-based buying club with 100,000 members, filed for bankruptcy protection and asked the court to appoint an independent examiner to investigate various allegations against it. At least five states are investigating allegations that the firm operated an illegal pyramid scheme.
Mortgage rates fell this week. Rates on 30-year fixed mortgages decreased to 10.05 percent from 10.08 percent and adjustable-rate notes declined to 8.31 percent from 8.39 percent, the Federal Home Loan Mortgage Corp. said.
Pennzoil was asked by the FTC for more information about the company's planned purchase of additional Chevron stock.
Taiwanese firms are selling synthetic-fiber sweaters in the United States at less than fair market value, the Commerce Department ruled. If the International Trade Commission now finds American firms are being damaged, the government could impose duties on the imports.