Business start-ups in Virginia are slowing. The State Corporation Commission said incorporations for the first nine months of the year were down 4.2 percent while Dun & Bradstreet, which measures the field somewhat differently, found a 1.4 percent decline. Many New England retailers, pessimistic about the Christmas season, expect to cut their work forces. A Deloitte & Touche survey showed 53 percent of the region's retailers anticipated a decrease in the number of employees this fall and winter.
Intel Corp. plans to announce today that it will deliver the world's fastest supercomputer to the California Institute of Technology. A group of 14 universities and federal labs and agencies will join forces to tackle complex scientific problems on the machine. Jonbil Inc. plans to close its Danville, Va., blue jeans factory in January because of a lack of orders. The plant has 105 employees. Microsoft and Z-Nix Co. resolved a dispute over license negotiations for Microsoft Windows. Under the settlement, Microsoft will license Windows to Z-Nix through the end of next year. Society National Bank of Cleveland's parent firm plans to cut up to 500 jobs from its work force of 9,100 by mid-1991, mostly through attrition. Chrysler may deepen its relationship with Japan's Mitsubishi now that talks between Chrysler and Fiat have collapsed, an industry newspaper said. Chrysler and Mitsubishi are likely to increase joint product development and production in the United States and possibly Asia, Automotive News said.
The Soviet Union opened a stock exchange in Moscow, its first since the 1917 revolution, and foreign companies and banks were invited to participate.
AT&T and NEC have won a multimillion-dollar contract to install 700,000 digital telephone lines on Java, Bali, Sulawesi and Sumatra. The exact value of the contract is still to be negotiated. Lucas Western's flight structures division of Reston was awarded a contract from the Royal Netherlands Air Force for a newly developed multiple practice bomb adapter to be carried on F-16 aircraft. The value of the contract was not disclosed. Boeing received an EgyptAir order for five Boeing 737-500s worth about $150 million.
Northwest Airlines reported a 47 percent drop in its third-quarter earnings due to higher fuel costs.
Albert Shanker, president of the American Federation of Teachers, resigned from the board of advisers to Whittle Communications's commercially sponsored Channel One classroom news program. Shanker cited Whittle's use of his name in promotional material despite the fact that he has not endorsed Channel One. The National's president and publisher, Peter Price, was relieved of his day-to-day duties at the daily sports newspaper. Jaime Davila, an executive associated with Mexican media baron Emilio Azacarraga, the National's biggest shareholder, assumed Price's operating responsibilities.
Employee theft may increase as the result of pay cuts, but supervisors can reduce the problem by better explaining the pay reductions, according to a study in the Journal of Applied Psychology.