T-note yields fell. Yields on two-year Treasury notes fell to 7.32 percent, down from 7.49 percent at the last auction on Nov. 27 and the lowest level in almost three years. The Fed also said the yield on one-year Treasury bills averaged 6.96 percent last week, down from 7.08 percent the week before.


US Sprint purchased an ownership interest in North Pacific Cable, a transpacific fiber-optic cable project of Pacific Telecom Cable, Cable and Wireless PLC and International Digital Communications. The agreement extends US Sprint's fiber link to the Far East. Terms were not disclosed.

Nissan said it will raise car and truck prices 3.5 percent in the United States on Jan. 1.


H&R Block agreed to sell Path Management Industries, its business-skills training subsidiary, to New York-based American Management Association for $20 million in cash and notes.


Mazda cut the salaries of its chairman and 17 other top executives as much as 10 percent for three months in connection with a recall of nearly 3,500 cars. The actions came after Japan's Transport Ministry warned Mazda to pay stricter attention to safety, which led the company to announce the recall.

Japanese executives wined, dined and golfed their way to a record $36.5 billion in expense account spending between February 1989 and January 1990, a tax agency said.


The FTC's economics staff again urged the commission to abolish rules that keep broadcast television networks from owning program rerun rights. The agency's Economics Bureau first urged abolition of the rules in September.


McDonnell Douglas received a $248.2 million Navy contract for 24 AV-8B aircraft.


Andrew F. Brimmer, president of Brimmer and Co. and a director on the boards of several corporations, will receive an award this week from the National Economic Association, the professional association of black economists, for outstanding accomplishments in economics and business.

Stephen B. Clarkson was named vice president, secretary and general counsel at Tenneco's Newport News Shipbuilding subsidiary in Newport News, Va. Clarkson previously was employed at the Washington office of Gardner, Carton & Douglas, where he represented Newport News Shipbuilding as outside counsel on special projects.