MISSILE SPENDING is picking up speed. Air Force will soon start letting $721 million worth of contracts for super radar system designed to spot incoming ICBMs, has earmarked $329 million to be spent from supplemental funds in current fiscal year. Prime contractor: Radio Corp. of America, with major help from General Electric Co. and Western Electric Co.

TAX LOSS RULES will be tightened by Internal Revenue Service. New ruling knocks out corporate shell companies, which are no longer in business but are peddled to profitable concerns for their heavy tax-loss carryovers. From now on, companies must be actively engaged in business at time of sale to qualify for tax losses.

LOCKHEED ELECTRA turboprop transport, on order by nine airlines, looks better and better. Prototype, which flew 56 days ahead of schedule, has hit nearly 460 m.p.h. in level flight, 25 m.p.h. faster than expected, normally lands in 1,900 ft., well under guaranteed airport performance.

GUARANTEED ANNUAL wage will get broadest extension yet from management of Ohio's Champion Paper & Fibre Co. Plan for 10,000 workers will assure 48 weeks of 40-hour employment (or equivalent pay) this year, far surpassing original 26-week guarantee at 65% of take-home pay won in 1955 by United Auto Workers.

VOLKSWAGEN EARNINGS, a tightly guarded secret for years, are being made public for first time in connection with proposal to sell stock in government-owned automaker. In 1956 Volkswagen earned profits of $60 million on production of about 400,000 cars, almost five times as much as it made in 1951 and four times its basic capitalization of $15 million. Total value of company: at least $238 million.

JEEPS FOR AUSTRALIA will be made down under for first time by Kaiser Industries' Willys Motors, which will open manufacturing and assembly plant in Brisbane (initial production: 150 a month).

BILLION-DOLLAR CLUB will get its 44th member from U.S. industry: International Business Machines, whose 1957 sales jumped 36% to top the magic mark for first time. Earnings: $89.2 million.

ELECTRONIC BRAIN to automate newspaper press runs has been developed by Radio Corp. of America. System records exact number of copies printed and automatically shuts down presses when desired run is complete, thus, says RCA, "virtually eliminates costly overruns or premature press shutdowns." First installation will be for Detroit News.

CAPITAL AIRLINES will get special deal from General Dynamics Corp. to buy Convair jet airliners. Deal is for 15 Convair 880 jets worth $60 million, which G.D. will help finance in addition to helping Capital refinance some $48.5 million still owed on its current fleet of British-built Vickers Viscount turboprops.

20TH CENTURY-FOX, Hollywood's second biggest moviemaker, will soon go into record business, put its stable of stars (Pat Boone, Elvis Presley, et al.) on its own records to bolster sagging film sales.

This file is automatically generated by a robot program, so reader's discretion is required.