ECONOMY

Money-market mutual fund rates fell. Average seven-day simple yields were 7.34 percent, down from 7.38 percent the previous week, and 30-day simple yields were 7.40 percent, down from 7.42 percent.

COMPANIES

PharmaKinetics Laboratories of Baltimore said it intends to file for protection under Chapter 11 of the Bankruptcy Code. President V. Brewster Jones said the company will keep operating while it reorganizes.

TWA is laying off 393 ramp service employees as part of a cut in its flight schedule. TWA is cutting capacity by 4 percent to 5 percent as of Dec. 1.

Trump representatives planned to resume talks with bondholders aimed at a financial rescue of his troubled Taj Mahal casino, but Trump was almost certain to miss making a Taj bond interest payment due today, and participants in the negotiations said the casino was likely to enter bankruptcy proceedings by mid-December at the latest.

ACQUISITIONS

Amax said a Houston-based subsidiary agreed to acquire Ladd Petroleum from General Electric for $515 million plus net working capital.

INTERNATIONAL

The EC will consider a proposal to forgive nearly $4 billion in debt owed by 68 developing countries. The plan, which must be approved by the EC Council of Ministers, would apply only to money owed the 12-nation trade bloc and not to that owed individual countries or firms.

CONTRACTS

Bechtel Group won a contract to design a $5 billion airport in Seoul that will be among the world's 10 largest.

EARNINGS

Southland, which filed for bankruptcy last month, said it lost $122.5 million in the third quarter, nearly twice as much as the $63.4 million it lost in the same period last year.

British Airways reported that second-quarter profits jumped 9.4 percent.

Farm Credit System reported a 41 percent drop in third-quarter earnings.

Rhone-Poulenc Rorer, the newly created pharmaceutical giant, reported third-quarter income of $24 million.

PEOPLE

Carl Icahn, who controls 13.3 percent of USX common stock, said he would seek to replace USX's directors at the 1991 annual meeting "unless the USX board adopts a meaningful restructuring plan and corporate governance changes."

Michael Milken will be sentenced next week, the judge in the case said, but she set no specific date.

Clayton Yeutter, the agriculture secretary, said it was "dangerous" for the EC to assume that the United States will back down on its insistence at current global trade talks that farm subsidies be cut.

Alfred Lerner, the chairman and chief executive of troubled MNC Financial, has asked federal regulators to let him boost his ownership in the company from 8.8. percent to 25 percent.

Phyllis C. Marstiller was named president of Blue Cross and Blue Shield of Virginia. The promotion makes her the highest-ranking woman in the national Blue Cross and Blue Shield health insurance system.