ECONOMY U.S. coal production will rise for the fourth consecutive year in 1990 to total more than 1 billion tons but output appears likely to decrease slightly in 1991, the National Coal Association predicted. Money-market fund yields were lower in the latest reporting week. Average seven-day yields were 7.22 percent, down from 7.27 percent, while 30-day yields were 7.28 percent, down from 7.31 percent last week, according to the Donoghue Organization.
COMPANIES Huntmar Associates, a Northern Virginia developer, filed for bankruptcy protection for one of its real estate partnerships, staving off a scheduled foreclosure by Chase Manhattan Bank. The partnership, with a loan guaranteed by Dominic F. Antonelli Jr., was developing property at Beaumeade Corporate Park in Loudoun County. Antonelli remains in negotiations with creditors in an effort to avoid a personal bankruptcy filing. Riggs National, parent of Riggs National Bank, will determine quarterly dividends at the end of each quarter, rather than during the last month of the quarter as has been the board's practice. NCR's board is scheduled to convene today, its first meeting since AT&T launched a hostile tender offer for the computer company.MGM-Pathe Communications will delay interest payment to its bondholders for four weeks because of the costs associated with the $1.36 billion MGM/UA buyout. Hughes Network Systems of Germantown began installing a $40 million satellite communications network for Chevron.
COURTS A Delaware judge awarded $110 million to about 1,000 former Shell Oil stockholders who relinquished 1 million shares in a merger deal five years ago. The shareholders were awarded $71.20 per share for their stock plus 10 percent interest, for a total of $110 a share. Indictments growing out the S&L crisis were handed up against three former officers of the failed Fort Lauderdale, Fla.-based Commonwealth Savings and Loan. The indictments alleged the officers funded illegal campaign contributions and diverted $38 million in deposits to cover losses and speculative investments.
INTERNATIONAL The IMF will cut its lending rate in a move that could save debtor countries about $100 million a year, sources said. Hitachi and Nissan will form a joint venture to make automotive electronics products. Sweden's parliament gave a green light for the nation to apply to join the European Community next year, under a timetable that could make it a member by 1995. Westinghouse and Czechoslovakia's Skoda will team to build that nation's next two nuclear units and all fossil-fueled power plants. Texas Instruments and Toshiba reached a 10-year cross-licensing agreement covering a broad class of TI's microchip technology. Terms were not disclosed.
PEOPLE Marvin Davis disclosed he is a major stockholder of First Interstate Bancorp and urged the company to cut overhead or consider being bought out.
ACQUISITIONS Saatchi & Saatchi will sell its New York-based McCaffrey & McCall advertising agency to management for $17 million. ODD LOTS Marycrest College in Davenport, Iowa, is being taken over by Tokyo-based Teikyo University. The price was not disclosed.