The federal budget deficit jumped another $26 billion in July, boosting the shortfall so far this year 53 percent above the comparable period of 1989, the Treasury said. The eighth monthly deficit in the first 10 months of fiscal 1990 pushed the year's imbalance so far to $189 billion, compared with $124 billion at the end of July 1989.
Jet Express plans to start commuter service to National Airport from Patrick Henry International Airport in Newport News, Va., starting Sept. 4. Jet Express, based in Atlantic City, will have four nonstop flights daily to Washington. The flights will operate under Trans World Express.
Merry-Go-Round Enterprises said its board authorized the repurchase of up to 2 million common shares to fund employee incentive plans.
Bear Stearns bought back 2.36 million shares of its stock in a single block from an institutional investor at $10 a share, a 52-week low for the stock. The company said it retired the stock, which represents about 2.4 percent of its common shares outstanding.
King Broadcasting's majority shareholders, Priscilla Bullitt Collins and her sister Harriet Stimson Bullitt, plan to sell the company, which owns six television stations, six radio stations and 13 cable TV systems in Hawaii, Oregon, Washington State, Idaho, California and Minnesota.
IBM, hoping to make mid-range computers more attractive to small companies, introduced two new models priced as low as $18,250, or 27 percent less than IBM's previous lowest-cost model.
TWA and British Airways said they will raise fares because of the higher cost of jet fuel. Trans World said it would impose a 5.3 percent fuel surcharge on all fares beginning Aug. 30, while British Airways announced a 6 percent increase in all of its domestic fares, effective Sept. 15. British Airways had announced previously that its transatlantic fares would be going up 6 percent.
Venezuela's $26 billion in public-sector foreign debt will be cut by about 21 percent under an agreement reached with creditor banks. The most popular debt-cutting options chosen by the banks were the exchanging of debt for low-interest, 30-year, U.S.-guaranteed bonds and the lending of fresh funds to Venezuela.
The Resolution Trust Corp. gave final approval to regulations covering the sale of about 10,000 homes repossessed by failed S&Ls to needy individuals. The RTC, created to handle the S&L rescue, also approved guidelines the agency will follow in giving away low-valued property.
The SEC accused Stotler and Co., a securities subsidiary of the company once headed by former Chicago Board of Trade chairman Karsten "Cash" Mahlmann, of selling or trying to sell government securities without being a member of a registered securities association.
AMR Corp.'s regional subsidiary, AMR Eagle, was expected to announce today that it will order 100 commuter airplanes worth $800 million. Industry sources said the order will go to ATR, a joint venture between France's Aerospatiale and Italy's Aeritalia.
All Nippon Airways of Japan ordered 17 more Boeing 747-400s in a deal valued at $3.5 billion including parts and related equipment. ANA now has 43 of the 747-400s on order.
Carl L. Lazzell of San Antonio, a former portfolio manager of the Prospector Fund, was charged by the Securities and Exchange Commission with systematically looting the fund, resulting in losses of about $15 million.
Robert A. Estrada, 43, a lawyer and chairman of Estrada Securities in Dallas, was appointed by President Bush to be a director of the Student Loan Marketing Association.
Two scientists were indicted by a federal grand jury in Newark on charges that they conspired to sell allegedly stolen pharmaceutical trade secrets for commercial production of Schering-Plough Corp.'s cancer and antiviral drug Interferon and Merck & Co.'s Ivermectic, used to treat humans with river blindness. Charged were Bernard Mayles, 52, a former employee of both Schering-Plough and Merck, and Mario Miscio, 63, director of Biopharm Research Inc., a pharmacological research and consulting concern.
A federal judge supervising an overhaul of the Manville trust fund for the first time limited fees to plaintiffs lawyers for settling claims involving asbestos-related diseases to 20 percent of settlements in emergency cases.
Jobs were cut by about 20 percent of U.S. businesses in the first six months of 1990, according to a poll by the U.S. Chamber of Commerce. Twenty-four percent of businesses surveyed said they added jobs. "Growth for Main Street U.S. businesses is growing to a halt," said Richard W. Rahn, chamber chief economist.