Consumer credit increased in July at an annual growth rate of 7.4 percent on a surge in credit card use, the Federal Reserve said.

American rice provided by Agriculture Secretary Clayton Yeutter has been tested in a laboratory and found to be inferior to Japanese rice, Japan's agriculture minister was quoted as saying. Yeutter gave the rice to Japanese Cabinet members last month when he called for Japan's rice market to be opened.

Pizza Hut has arrived in China and the Soviet Union. It opened its first China restaurant yesterday, serving 200 pizzas to an invitation-only crowd of Chinese and foreigners in Beijing before running out of dough. The company will open two restaurants in Moscow today. It expects to serve 50,000 customers a week at the larger one, which is seven times the turnover of any Pizza Hut in the United States.

Foxboro, a Massachusetts-based automation-equipment maker recently bought by Britain's Siebe PLC, said it would lay off 1,600 employees worldwide as part of a restructuring.

Toyota will open a second U.S. vehicle assembly plant. Executives have said the company wants to boost its U.S. sales to 1.5 million cars and trucks by the mid-1990s from its current annual rate of 1.1 million. A site will be announced in two months.

Michael Milken will be accused in a prosecutors' sentencing report of wrongdoings far beyond the crimes he has already admitted, according to lawyers involved in the case. The attorneys said the government this week will allege a host of other crimes to try to induce a judge to give Milken a stiff prison term at sentencing Oct. 1.