Money market fund assets fell $770 million to $406.55 billion in the week ended Wednesday, the Investment Company Institute said.
Union Carbide and Arco will each pay the federal government $1 million under a consent order the Federal Trade Commission issued to allow the sale of some Carbide manufacturing sites to Arco. Arco plans to buy two Carbide manufacturing plants in West Virginia for $220 million. The FTC had raised questions about whether the companies properly notified it about the proposed merger.
Genex, a Gaithersburg biotechnology firm, faces a challenge to a wide-ranging patent it recently received that protects its single-chain protein technology. Creative BioMolecules, based in Hopkinton, Mass., asked the U.S. Patent and Trademark Office to declare that the two companies' patent positions conflict.
Planning Research Corp. and Advanced Technology Inc. will take on the new name of PRC Inc. on Jan. 1 when the parent company, Black & Decker Corp., plans to integrate the two companies into one.
Qantas and Australian Airlines will be partially sold to the public, the Australian government's cabinet said. Qantas, Australia's international carrier, and Australian, one of two major domestic airlines, are government assets.
Data General told 125 Durham employees it is closing its Durham, N.C., facility by the end of the year. The closing and layoffs are part of a worldwide consolidation.
The Rockefeller family is joining Banco Hispano Americano of Spain and Britain's Dillon Read Ltd. to form a $60 million company to invest in Spanish stocks, spokesmen for Dillon Read and the bank said.
AT&T signed a $45 million contract to provide long-distance services to more than 62,800 rooms and public pay telephones for the nationwide Motel 6 chain. AT&T said the three-year contact is valued at $45 million.
McDonnell Douglas received about $200 million in aircraft orders from Gatx Air of Britain.
Computer Sciences Corp., a Falls Church-based computer services company, won a four-year Army contract with a potential value of $70 million for high technology research and development support.
Getty Petroleum reported a $1.9 million loss for the second quarter ended July 31.
Campbell Soup reported sharply lower earnings for the 1990 fiscal year and a loss in the fourth quarter because of a one-time restructuring charge of $301.6 million.
The Office of Thrift Supervision has expanded its charges against Thomas Spiegel, accusing Spiegel of causing a $29.2 million loss to Columbia Savings & Loan from the construction of a new headquarters building "without any attempt to limit costs." The OTS also said it will open to the public hearings on the charges against Spiegel and Charles H. Keating Jr.
The Fed voided Delaware's law that allows banks to sell and underwrite insurance nationwide. The board ordered Citicorp to close its insurance operation in Dover that opened in May.
Charles H. Howard III, former director and first vice president of now-defunct Thomson McKinnon Securities Inc., was indicted by a federal grand jury in Boston on conspiracy, obstruction and perjury charges relating to an SEC investigation of alleged insider trading.
Christian Norgen, a former director of ABB Asea Brown Boveri Ltd., was accused in a civil complaint by the SEC of netting $2.5 million in illegal insider trading profits when he bought Combustion Engineering securities through his company, Finacor Anstalt, with allegedly confidential information about ABB's upcoming acquisition of Combustion Engineering.
A freeze of the assets of the Washington-based Manville Personal Injury Trust was extended by U.S. District Judge Jack B. Weinstein until Oct. 6.
The SEC filed a civil suit against Power Securities Corp., accusing the Las Vegas penny-stock firm of fraud and of raking in $20.7 million in illegal profits.