Charles Keating Jr., former head of Lincoln Savings and Loan, was indicted by a California grand jury on charges of criminal fraud in the sale by the thrift of more than $200 million of now virtually worthless junk bonds to 22,000 investors, according to a broadcast report. Keating is to be arraigned this morning in Los Angeles, KCBS-TV said.
United, TWA and Northwest said they are matching other airlines' move to raise domestic fares 4.2 percent as of Oct. 1
Sears's long-term debt rating was lowered by Moody's, which also downgraded the retailer's subsidiary, Allstate Insurance Co. Moody's said the action reflected Sears's increased use of debt and an expected falloff in consumer spending.
Tisch family members, led by CBS chief Laurence Tisch and his brother, Loews executive Preston Tisch, said they have raised their stake in Bank of Boston Corp. to 9.9 percent. Last month, the Tisch brothers disclosed they had acquired sizable stakes in three other bank holding companies: Baybanks Inc. of Boston, Equimark Corp. of Pittsburgh and Chicago-based Continental Bank Corp.
President Bush, spurred by events in the Mideast, hopes to complete negotiations on a free trade agreement with oil-rich Mexico by the end of 1991.
General Motors said it will invest over $1 billion in its European automotive parts division during the next five years in an effort to strengthen its position as a supplier to the European car industry.