ECONOMY The Guaranteed Student Loan Insurance Fund's financial statements are unauditable, the General Accounting Office told Congress. The GAO's last audit, for fiscal 1980, resulted in an adverse opinion "because of the serious accounting and reporting problems we encountered," the agency said.
COMPANIES Marriott will lay off 70 people in its architecture and construction division this week. The company said the layoff reflects a slowdown in its plans to build new hotels.
American and Delta had their debt placed under review for possible downgrade by Moody's Investors Service.
United, Trans World and Northwest, citing rising fuel prices, announced plans to raise ticket prices by 4.2 percent starting Oct. 1. Meanwhile, American and United discontinued their super-coach, one-way fares in most markets.
MCI will provide U.S. military personnel in the Persian Gulf free long-distance calls to relatives at home in the event of personal emergencies.
Next Computer, the company founded by Steve Jobs, unveiled four new products, including a color-screen version of the Next computer and an entry-level, under-$5,000 model. Jobs said the company already has received orders for more than 15,000 of the new products.
Corroon & Black, an insurance broker, rejected an unsolicited acquisition proposal from Chicago-based Aon Corp., saying it intends to proceed with a previous plan to merge with Willis Faber PLC of London. Aon vowed to pursue its proposal.
Blackstone Group and Financiere de Suez of Paris are forming a joint venture that will specialize in mergers and acquisitions. Terms weren't revealed.
Stotler Group's securities subsidiary, without admitting or denying wrongdoing, settled SEC administrative charges of violating rules over the sale of government securities. Stotler Group was headed by former Chicago Board of Trade Chairman Karsten "Cash" Mahlmann until federal futures regulators accused another subsidiary of misusing customer funds.
CONTRACTS UNC was awarded a $65 million contract as part of a team of companies providing instructors and mission rehearsal specialists for the Special Operations Forces aircrew training system of the Air Force.
US Sprint won a five-year contract to operate a fiber optic communications link between the Pentagon and an airbase in Britain. The contract is potentially worth $10 million.
COURTS The Manville Trust asked a federal judge to declare that it has a "limited fund" to pay the claims of victims of asbestos-related disease -- setting the stage for the judge to establish a nationwide class-action case with respect to all present and future claims against it.
A federal appeals court ruled that the FCC improperly granted a waiver to its cross-ownership rules when it gave companies affiliated with GTE permission to build and operate a fiber-optic cable television system in Cerritos, Calif. Under FCC rules, telephone companies are barred from owning a cable system within their local phone service areas.
A bankruptcy court approved the sale of Fairchild Aircraft for $66.5 million to Fairchild Acquisition Corp., a group made up mostly of former company executives.
A federal judge in Dallas overruled a jury verdict that awarded $9 million to a woman who claimed she was a victim of fraud, age and sex discrimination by Xerox Corp. The judge said the woman's claims against her former employer weren't supported by the evidence.
REGULATION Foreign investment in the United States would be more closely monitored under a bill approved by a House subcommittee. The bill would merge two government databases and impose stiffer penalties on companies that fail to provide information. The panel also voted to empower the president to seize the U.S. assets of Iraqi citizens living outside the United States if their ownership endangers national security.
The House Judiciary Committee approved a bill banning the rental of computer software, though a crucial clause in the legislation allows for the rental of video games such as those made by Nintendo. Blockbuster Video and Nintendo have been battling for the past year over whether the video rental chain should be able to rent Nintendo's games.
The Senate ratified tax treaties with six countries, a move intended to reduce taxation on income earned by corporations or residents of one country from sources within another country. The countries are West Germany, Tunisia, Spain, Indonesia, India and Finland.
Craig Fields, former director of the Pentagon's advanced research arm, has joined the board of directors of Projectavision, a New York company that is developing high-resolution imaging technology.