The name of Richard M. Rickenbach, new president and chief executive officer of Government Technology Services Inc., was misspelled in a Business item yesterday. (Published 9/29/90)
Money market fund assets edged up $361 million in the latest week to a record total of $409.12 billion, the Investment Company Institute said.
New construction contracts fell 3 percent in value in August from the previous month, reflecting a steep drop in the office building sector and continued weakness in housing, according to the F.W. Dodge Division of McGraw-Hill.
Apple Computer's board approved the repurchase of up to an additional 10 millions shares of its common stock in open market from time to time.
Du Pont will build a new fibers plant in Singapore to produce Du Pont's spandex fiber called Lycra.
GM and Isuzu may participate in a truck manufacturing project in Czechoslovakia, GM said. GM owns 40.2 percent of Isuzu, Japan's second-largest truck maker.
Laura Ashley, the British clothing and home furnishings retailer, said it would close seven factories and cut 1,500 jobs, or nearly a fifth of its work force. The move will leave the company with two manufacturing plants.
Union Carbide said it will sell some assets and reorganize one of its principal subsidiaries, UCAR Carbon, under a restructuring plan expected to produce $600 million in after-tax proceeds.
Unisys said its board voted to suspend the 25-cent quarterly dividend on its common shares.
The Senate, by a voice vote, passed a bill that would give the SEC additional powers to impose fines on individuals and firms that violate the securities laws. The legislation also contains provisions aimed at curbing penny-stock fraud. A similar bill was approved by the House in July.
Drexel Burnham Lambert was sued by the Resolution Trust Corp. on behalf of Western Empire Federal S&L of California, which the RTC took over, for allegedly holding improperly $16.5 million of mortgage-backed securities pledged by Western as collateral for several transactions.
Nevada cannot roll back auto insurance rates to 15 percent below 1988 levels, the 9th U.S. Circuit Court of Appeals ruled. The court found that the law unconstitutionally deprived insurers of a "fair and reasonable return" on their money.
General Development former executives have agreed to plead guilty to defrauding thousands of Florida home buyers and may be ordered to reimburse those victims as part of their sentence, officials said. General Development filed for Chapter 11 bankruptcy protection in April.
CONTRACTS Unisys won a $180.6 million Navy contract for fire control system improvements.
General Dynamics won a $110.3 million contract for Army M-1 tanks and Navy strike aircraft.
Rockwell International received an $83.3 million Air Force contract for B1-B aircraft repair.
Honeywell won a $104.7 million contract for Army munitions.
Textron and Boeing were awarded a $31.5 million Navy contract for development of the V-22 aircraft.
PEOPLE Charles H. Keating Jr., the central figure in the Lincoln Savings scandal, has appealed to the state Supreme Court to have his $5 million bail reduced. Meanwhile, Lincoln, which has reported losses of $1.3 billion since it was seized by the federal government, had a net loss of $163.9 million in the second quarter, regulators reported.
Marvin Davis, who was once a bidder himself for United Airlines, has told the United Employee Acquisition Corp. that he is interested in joining them to try to make a deal to buy the airline if the employee buyout bid sans Davis fails to find financing or is rejected by UAL's board.
Richard Y. Roberts's nomination to the Securities and Exchange Commission was cleared by the Senate Banking Committee. The nomination now goes to the full Senate.
Richard M. Richenbach was named president and chief executive officer of Government Technology Services, a Chantilly-based company that sells computers to the federal government and had sales of $288 million last year.