T-bill yields rose. The Treasury sold 13-week bills at an average discount rate of 6.22 percent, up from 6.14 percent last week, and 26-week bills at an average rate of 6.28 percent, up from 6.21 percent. The investment rate was 6.41 percent for three-month bills and 6.58 percent for six-month bills.
Keystone Camera Products, a maker of low-priced cameras that has struggled against foreign competition, filed for bankruptcy protection. The Clifton, N.J.-based company is the only U.S. producer of 35mm and 110 cameras.
Mobil said a federal district court jury in Connecticut has ruled in its favor in a case in which a service station dealer argued that Mobil unfairly charged him more for gasoline than the company was charging a nearby distributor. The jury ruled that Mobil's practices were competitively justified.
Northwest Airlines has slashed 17 percent of its international flights for February, including 16 a week on its lucrative Pacific routes.
United Press International's management will meet with the wire service's union representatives today to propose extending a 35 percent pay cut for an undetermined period.
U.S. Shoe Corp., a specialty retailer, said a restructuring of its women's footwear division will result in the elimination of 550 jobs. The firm has 5,000 employees nationwide.
The Trump Castle casino-hotel laid off 190 workers as a money-saving move.
South Korea pledged $2.1 billion in grants and loans over five years to help finance development of manufacturing technology.
Federal regulators accused five individuals and two commodities futures firms of cheating customers through fraudulent oil futures trades on the New York Mercantile Exchange.
Ten members of Congress, citing national security concerns, urged President Bush to block a Japanese company's request to buy Moore Special Tool Co., a Connecticut maker of machine tools that are used in nuclear weapons production.
A federal appeals court heard oral arguments in a suit challenging the FCC's proposed enactment of a 24-hour ban on "indecent" radio and TV broadcasts. The three-judge panel is expected to rule within a few months.
More oil companies posted big profits in the fourth quarter. Amerada Hess said its earnings soared 232 percent; Atlantic Richfield reported profits climbed 41 percent; Phillips said it earned $237 million, compared with a loss of $255 million in the year-earlier period; and Unocal reported a profit of $38 million, compared with a loss of $26 million in the comparable period.
Boeing said its profits jumped more than fourfold in the fourth quarter of last year and rose 43 percent for all of 1990.
Merrill Lynch reported earnings of $30.3 million in the fourth quarter of last year, compared with a loss of $362 million a year earlier.
Neil Bush, the president's son, accused thrift regulators of having a "Big Brother mentality." In a legal brief, Bush disputed the Office of Thrift Supervision's recent statement that he should demonstrate he understands conflict of interest constraints before being allowed to accept another position with a savings institution.
Occidental Petroleum, a month after its longtime chairman Armand Hammer died, has decided to sell its stake in a product often assumed to be a play on the industrialist's name -- Arm & Hammer. The company said it will sell its 5.4 percent stake in Church & Dwight Co., makers of Arm & Hammer brand products.