Money-market mutual fund assets rose by $2.88 billion to $428 billion in the week ended Wednesday, according to the Investment Company Institute.
Yields for 52-week T-bills fell to 6.58 percent in auction yesterday, the lowest since 6.57 percent on April 7, 1988. The government said it sold $11.77 billion worth of the bills, and the average investment rate was 7.02 percent at an average price of $9,334.70.
Bridgestone-Firestone said its tire plant in Decatur, Ill., will be shut down for three weeks over the next three months because of sluggish car sales, a move that will idle around 1,800 workers.
Giant Food chose Price Waterhouse to replace Laventhol Horwath as its accountant. Laventhol discontinued its operations in November.
GTE Mobile Communications agreed to buy $600 million worth of AT&T cellular communications equipment.
Vista Chemical of Houston will merge with the German company RWE-DEA in a $590 million cash deal. RWE-DEA will buy all of Vista's outstanding common shares for $55 per share.
K mart said it reached a definitive agreement to acquire Price Savers Wholesale, an operator of 17 membership warehouse clubs in the West. Terms were not disclosed.
Kansas City Power & Light is dropping its hostile bid to take over Kansas Gas and Electric.
Brazil must pay overdue interest before any progress can be made in renegotiating its foreign debt, said Chase Manhattan Bank, a major creditor. Brazil is about $9 billion behind in interest payments on its $119 billion foreign debt.
Deutsche Bank Government Securities, which deals in German securities, was named a primary dealer by the Federal Reserve Bank of New York. Primary dealers are securities firms that deal directly with the New York Fed bank.
Supercomputers and other high-tech exports may be sold to Brazil, India and China, under an order signed by President Bush, who also ordered new safeguards to ensure the computers are not used for military purposes.
Eastern Air Lines fought disclosure of information used in the criminal investigation into its maintenance practices, saying it wanted to protect employees who may not be implicated in the probe. Prosecutors in Brooklyn said the flying public had a right to know what was in an affidavit used to support a search warrant for Eastern's offices in Miami.
Software manufacturers filed lawsuits in Paris against subsidiaries of France's Rhone-Poulenc SA and Britain's General Electric Co. PLC, seeking to limit software copyright violations.
The Washington Post Co. said it expects 1990 earnings per share will be about $14.25 compared with $15.50 a share in 1989. The company also said that due to soft advertising, its 1990 operating income will decline to about $275 million from $314 million, and that it expects a decrease in earnings per share next year.
Gannett estimated 1990 earnings per share of $2.35, down from $2.47 last year, and said the company will post a decline in revenue for 1990, the first in the company's 22-year history. Company officials blamed the expected decline on advertising weakness related to its Detroit joint operating agreement with Knight-Ridder.
AT&T will sell more than $600 million in cellular telephone equipment to GTE Mobile Communications. To be installed in 36 cities, the deal represents one of the larger sales of cellular equipment in recent times.
Soviet President Mikhail S. Gorbachev said in an interview with Fortune magazine that American investors are now welcome to invest even in Soviet defense industries.
Bryce Harlow, the Treasury's assistant secretary for legislative affairs, said he will accept a position in the private sector early next year. He has served in his present position since 1989.
Delta Pride Catfish, the nation's largest catfish processor, agreed on a tentative contract with workers to end a sometimes violent 13-week strike.
Workers' compensation costs are rising so fast they will cost employers about $60 billion this year, double the figure of five years ago, according to a survey by Tillinghast, a consulting unit of Towers Perrin.
Manufacturing executives believe the economy is in a recession, but 40 percent predict a profitable year in 1991, according to a national survey by Grant Thornton accounting firm.
Fare wars returned with a vengeance to California this week as airlines slashed their lowest prices on the key Los Angeles-San Francisco routes to $20 for a one-way trip.