LTV Corp. said it would appeal a court order to resume financial responsibility for one of its three pension funds covering 25,000 retirees at its J&L steel subsidiary.
Meshulam Riklis resigned as E-II Holdings's chairman and chief executive along with the other members of the board. E-II, which is attempting to restructure a massive debt load, also announced a complex transaction involving its stock in the McCrory's retail chain that includes transfer of some of those holdings to Riklis.
Freddie Mac lifted a rule limiting stockholders to no more than 4 percent ownership. The rule had been in place to prevent concentration of ownership in the hands of any single thrift institution.
Media General of Richmond agreed to buy a group of 13 Florida weekly and biweekly newspapers and shoppers from Sunbelt Publishing, a subsidiary of the Tribune Co. Terms were not disclosed.
Mortgage rates fell this week. Rates on 30-year fixed mortgages fell to an average 9.81 percent from 9.90 percent last week, while adjustable-rate notes declined to 8.04 percent from 8.08 percent, the Federal Home Loan Mortgage Corp. said.
FDIC Chairman L. William Seidman said he expects about 170 banks to fail in 1990, down from the 200-per-year rate of recent years. He also predicted that his bank insurance fund's losses will come to more than $3 billion this year.
Japanese companies were selected for a $37.7 million contract to build a people-mover system at the new Kansai airport near Tokyo. The contract had been the focus of U.S. complaints over access to Japan's construction market.
Sears Roebuck, the nation's largest retailer, and both Toys "R" Us and Child World, the two largest toy-store chains, announced massive discounting programs, reducing prices as much as 75 percent to get the Christmas shopping season out of the doldrums.
Printers II, one of the largest commercial printers in the area with 225 employees, confirmed that it is having financial difficulties and has laid off 30 to 40 people in the last year. At one time, the Tuxedo, Md.-based firm's clients included Washingtonian magazine, Baltimore magazine and Woodward & Lothrup.
Heineken NV, the Dutch beer giant, announced it is buying its American distributor, Van Munching and Co., for an undisclosed amount.
Fleet/Norstar Financial Group said it will lay off 500 workers by Jan. 1 and slash about $75 million in overhead in the coming year in response to the slumping New England economy.