ECONOMY

T-bill yields rose. The Treasury sold $10 billion of 13-week bills at an average discount of 7.08 percent, up from 7.05 percent last week, and $10.04 billion of 26-week bills at an average discount of 7.05 percent, up from 7.02 percent. The investment rate was 7.31 percent on the three-month bills and 7.41 percent on the six-month bills.

Gasoline prices fell nearly a penny a gallon in the past two weeks, dropping to an average of just under $1.46 a gallon, according to the Lundberg Survey of 13,500 stations. COMPANIES

General Dynamics's union workers at its aircraft plant in Fort Worth approved a three-year contract. The pact is virtually the same as one rejected a week ago.

Chevron USA reached a partial settlement with Gulf Oil pensioners in a class-action suit, agreeing to pay benefits and claims of about $25 million to all employees fired by Gulf between Jan. 1, 1984, and June 30, 1986. Chevron acquired Gulf in 1984.

MCI Communications filed with the SEC for a shelf offering of up to $750 million in senior subordinated notes due from nine months to 30 years from date of issue.

Mervyn's department store chain said it plans to open 12 stores in Florida in 1991, including five that will replace existing Lord & Taylor stores to be bought from May Department Stores.

Hawaiian Airlines's parent company, HAL Inc., which is partly owned by former baseball commissioner Peter V. Ueberroth, defaulted on some aircraft leases and on a loan from Security Pacific National Bank. The defaults came amid continued losses at HAL, which said it lost $13.3 million for the third quarter.

Heritage Loan and Investment in Providence, R.I., was investigated by bank examiners for a possible $13 million embezzlement, while police searched for the bank's missing president. The state put the two-office bank into receivership Sunday after a four-day run drained $13.6 million of its $22.4 million in deposits.

Popeyes Famous Fried Chicken's founder, Al Copeland, was sued by a group representing 200 franchisees of the chain in 20 states. The suit alleges that Copeland and his companies broke federal and state antitrust and trade laws by making franchisees buy supplies from certain companies and by buying the Church's fried chicken chain last year. ACQUISITIONS

Nycal Corp. of Washington has agreed through a stock swap to acquire a 42 percent controlling interest in Aura Industries, a Canadian natural gas producer. EARNINGS

K mart said third-quarter net income rose 1.7 percent over the same period last year.

Resorts International reported third-quarter earnings of $259.7 million compared with a loss of $34.9 million for the quarter last year. PEOPLE

Frank Lorenzo, former chairman of Texas Air (now Continental Holdings), warned of further consolidation in the airline industry and called on the federal government to release oil reserves to reduce financial pressure on airlines and to allow more foreign investment in airlines.