Carla Hills, U.S. trade representative, said there is a 30 percent chance or less of concluding a four-year effort to overhaul the world trading system. The talks were suspended Dec. 7 because of a deadlock with the European Community over the question of reducing farm subsidies.
The Federal Trade Commission sued Silver Spring-based Jet Set Travel, seeking an injunction to keep the telemarketing firm from selling travel packages and restitution for customers who have already bought packages. The firm closed last week, saying it did not have the funds to continue operating.
Mortgage rates were mixed this week. Fixed-rate mortgages averaged 9.63 percent, up from 9.56 percent last week, while one-year adjustable rate mortgages averaged an initial rate of 7.76 percent, down from 7.78 percent last week, the Federal Home Loan Mortgage Corp. said.
Moody's Investors Service lowered the ratings for Perpetual Savings Bank's long-term uninsured deposits and subordinated debt due to "the significant deterioration" in Perpetual's asset quality.
AT&T received a three-year, $111 million contract to serve pay phones and room phones in 1,360 Holiday Inn hotels worldwide.
Ford Chairman Harold A. Poling said the automaker will cut its salaried work force by an undisclosed amount because of the sluggish economy and severe competitive pressures.
Trammell Crow, the nation's largest developer of commercial real estate, will sharply curtail new development, consolidate management and switch from an individual partnership system to a corporate structure as part of a major reorganization.
Federal regulators sold 66 branch offices of City Federal Savings Bank, New Jersey's biggest savings and loan, as part of a bailout expected to cost taxpayers $1.5 billion. Most of the transfer went to First Fidelity Bank of Newark, the state's largest commercial bank.
The 1986 Chevrolet Camaro was the U.S.'s most-stolen car in the U.S. for the fourth year, CCC Information Services said.
Life magazine executives plan to test whether readers would be interested in a weekly version of their magazine, which stopped publishing weekly nearly two decades ago.
The Office of Thrift Supervision proposed a regulation to allow mutual savings and loans to form mutual holding companies. The new structure would blend elements of traditional mutual S&Ls, which are owned by depositors, and in some cases borrowers, with elements of stock S&Ls, which are owned by shareholders.