BUSINESS DIGEST
By Unknown Author
Profit Motive Clouds Effort To Buy Up A-Bomb Material The American Government-owned corporation that is charged with acquiring much of Russia's military stockpile of uranium for resale as civilian nuclear reactor fuel turned down repeated Russian offers this year to sell material sufficient to build 400 bombs comparable to the one that destroyed Hiroshima. The incident raises the question of whether the corporation, the United States Enrichment Corporation, put its profits ahead of national security. The purchase agreement was a centerpiece of the urgent American effort to keep the ingredients of powerful weapons in the former Soviet Union out of the hands of terrorists or rogue nations. $(Page A1.$) A Challenge to Milken Settlement A challenge by TLC Beatrice International Holdings to the 1992 global settlement of claims against Michael R. Milken and others associated with Drexel Burnham Lambert was revived by the United States Court of Appeals in Manhattan. The court sent the case back to Judge Milton Pollack of Federal District Court in New York, who had dismissed it last September. $(D2.$) A Fidelity Fund Manager Resigns Robert A. Beckwitt, once one of the brightest stars among Fidelity Investments' mutual fund managers, has resigned to join Goldman, Sachs & Company. Mr. Beckwitt had managed the Fidelity Asset Manager funds. $(D2.$) Tobacco Effort Grows in Congress An effort is under way on Capitol Hill to pass legislation that would settle the lawsuits between tobacco companies and states. But it is far from clear that the proposal could be passed in this session of Congress. $(B8.$) Stocks Rise on Dividend Prospects Stocks rose on prospects for higher dividends and stronger-than-expected earnings. The Dow Jones industrial average rose 17.38 points, to 5,711.27. The Nasdaq composite index jumped 9.80 points, to 1,149.02. $(D6.$) Prices of Treasury securities gained, despite a disappointing two-year Treasury note auction, sending the bond's yield down to 6.97 percent, from 7 percent on Monday. $(D16.$) Consumer Confidence Up in August Consumer confidence surged in August to a six-year high of 109.4 on the Conference Board's index. The advance raised doubts that the economy is headed for a slowdown and led to fears by some of higher interest rates. $(D5.$) Boeing Plans to Add 5,000 Workers Boeing plans to hire up to 5,000 employees to meet demand. The company also said that production of its 777 jet would increase to seven airplanes a month from five. $(D2.$) Foxmeyer Unit Files for Bankruptcy The Foxmeyer Health Corporation put its wholesale drug distribution unit into Chapter 11 bankruptcy, after efforts to sell the ailing company fell through. $(D6.$) Matsushita Rebounds With Profit Matsushita Electric Industrial rebounded to a profit of 18.5 billion yen, or about $170 million, in its latest quarter, aided by a weaker yen. A year earlier it lost 151.3 billion yen. $(D3.$) British Insurer in Swiss Deal Prudential, the British insurer, said it was selling its reinsurance unit to Swiss Reinsurance for $2.7 billion. $(D3.$) The Regular Guys at the N.F.L. What's under a professional football player's helmet, padding and uniform? An appealing human being, the National Football League feels. In an ambitious $50 million broadcast and print campaign, it is stressing players and their personalities in the hope of converting casual fans into real fanatics. Stuart Elliott: Advertising. $(D4.$)