The SEC,

in a report on the October 1989 stock market drop, called on the nation's two major exchanges to tighten performance standards for professionals who regulate trading flow.

South Korea

was warned by U.S. Trade Representative Carla Hills that the United States "would withdraw concessions" if Seoul doesn't end its campaign to shun Western imports.

Mortgage rates rose.

Rates on 30-year fixed-rate mortgages averaged 9.68 percent this week, up from 9.64 percent last week, according to the Federal Home Loan Mortgage Corp. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.92 percent, up from 7.86 percent last week.

The International Trade Commission

issued a preliminary ruling that British makers of laboratory instruments are selling their products in U.S. markets at less than fair value.

Carl Icahn,

chairman of Trans World Airlines, is expected to demand the ouster of Pan Am Chairman Thomas Plaskett as a condition for his takeover of Pan Am Corp., the Wall Street Journal and New York Times reported.

The Resolution Funding Corp.,

the agency raising funds to bail out the thrift industry, could soon come to the market with issues of about $2 billion of 40-year bonds and about $5 billion of 30-year bonds, Dow Jones News Service reported.


government-owned nuclear power company signed a $535 million contract to build a nuclear power plant for South Korea.

Kinder-Care Learning Centers

defaulted on a revolving credit agreement and is discussing its debt structure with bank creditors, the company said.

Wheeling-Pittsburgh Steel

has been prevented from implementing its bankruptcy reorganization plan after three federal agencies said they are not being treated fairly under the plan.

Don R. Dixon,

ex-owner of the Vernon Savings Association, will remain in jail until his February sentencing on bank fraud charges, a federal magistrate ruled.

Norfolk's newspapers,

the Virginian-Pilot and the Ledger-Star, will become an all-day newspaper in September, published and delivered in both morning and afternoon under the name of the Virginian-Pilot.

Research Management,

a Virginia Beach-based company that supplied workers to the Philadelphia Naval Shipyard, began handing out checks for as much as $12,000 to 1,354 former employees as part of a $3.5 million settlement for violations of federal wage and hour laws.