USAir and American Airlines matched fare increases announced by other airlines. The 4.2 percent increase for domestic flights will be effective Oct. 1.
Carl Icahn, in an expansion into the real estate business, won an auction in bankruptcy court for American Property Investors, a real estate holding company of Integrated Resources. Icahn bid $44 million, topping a $43.5 million offer by investor Meshulam Riklis and other bidders.
Condor Partners, a New York-based investment group, terminated its commitment to support a proposed $4.4 billion employee buyout of UAL Corp., the parent of United Airlines. Condor and the employee group emphasized the action was a "technical move" to eliminate the need for regular filings with the SEC on the status of the buyout.
Layoffs are not carried out with fairness and sensitivity at U.S. corporations, according to executives surveyed by Business Month magazine. Fifty-six percent said companies did not give enough advance warning, 29 percent reported poor communications and 16 percent cited "administrative screwups."
Three former officials at F.D. Roberts Securities, a defunct New Jersey brokerage specializing in so-called penny stocks, pleaded guilty to helping orchestrate a massive securities fraud. The investigation into the firm has now resulted in 28 indictments or guilty pleas.
Sen. Dennis DeConcini (D-Ariz.) introduced legislation calling for the appointment of 13 additional bankruptcy judges to relieve overloaded judges and backlogged courts.
Mortgage rates declined this week. Fixed-rate mortgages averaged 10.13 percent, down from 10.19 percent last week, while one-year adjustable rate mortgages averaged 8.26 percent, down from 8.29 percent, the Federal Home Loan Mortgage Corp. reported.
Martin Marietta received a $323.4 million Air Force contract for space launch vehicles.
MCI, IBM and Merit Inc. of Ann Arbor, Mich., will announce Monday a nonprofit corporation intended to establish and sell connections to a new high-speed computer network. The three corporations already provide a data network for the National Science Foundation.
Argentina will receive $1 billion in World Bank loans in coming months to aid the country's economic and social restructuring, a bank official said.
Hercules received a $225.8 million contract from the Air Force for development of the Midgetman missile.
System Control Technology received a $112 million Air Force contract for logistics support.