IN BRIEF

     Billionaire to develop
     new restaurants
     
      ORLANDO, Fla. -- Planet Hollywood International Inc. said Wednesday the billionaire nephew of Saudi Arabia's King Fahd will develop up to 34 restaurants in the Middle East and Europe.
      Planet Hollywood, based in Orlando, is a chain of glitzy memorabilia-packed restaurants. Under the agreement, Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud of Saudi Arabia acquired 1 percent of Planet Hollywood's common shares outstanding. Further terms were not disclosed.
      The prince will develop Official All Star Cafe restaurants, Planet Hollywood Superstores and other establishments in 23 countries.
      Prince Alwaleed has holdings in various industries. Earlier this month, he acquired more than 5 percent of Apple Computer Inc.'s 124.7 million shares, becoming the computer maker's second-largest shareholder.
      While most restaurants are struggling to show growth, Planet Hollywood is enjoying improvement as a result of rapid expansion and strong brand recognition, analysts say. In the latest quarter, the company opened four new Planet Hollywood restaurants, giving it a total of 57, including one in Las Vegas. It has six Official All Star Cafe units, including a Las Vegas restaurant.
     
     Mortgage rates slip
     slightly, U.S. says
     
      WASHINGTON -- Interest rates on 30-year, fixed-rate mortgages slid to 8.08 percent this week but remained above 8 percent for a fourth consecutive week, the Federal Home Loan Mortgage Corp. said Thursday.
      After sinking to 7.56 percent during the week ended Feb. 20, the rate climbed to a seven-month high of 8.18 percent the week ended April 3, just after the Federal Reserve tightened monetary policy. It's remained above 8 percent since and was 8.16 percent last week.
      Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.62 percent this week, down from 7.71 percent a week earlier.
      On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.86 percent this week, down from 5.89 percent.
      The rates do not include add-on fees known as points.
     
     Treasury bill rates
     reach two-year record
     
      WASHINGTON -- Interest rates on 52-week Treasury bills rose in Thursday's auction to the highest level in two years.
      The average discount rate was 5.72 percent, up from 5.66 percent at the last auction on March 26. It was the highest rate since 52-week bills averaged 5.90 percent on April 27, 1995.
      The bills will carry an equivalent coupon interest rate of 6.06 percent with each $10,000 in face value selling for $9,421.60.
      Sales totaled $13.9 billion out of bids of $66.5 billion.
     
     Union to bargain
     for flight attendants
     
      RENO -- Reno Air Inc. confirmed the International Brotherhood of Teamsters has been elected as the bargaining representative for the carrier's flight attendants.
      "We appreciate the professionalism of the entire flight attendant group during the election process, and look forward to a cooperative relationship with the Teamsters," said Robert Reding, Reno Air president and CEO.
      Reno Air commenced scheduled passenger operations on July 1, 1992, and currently serves 24 cities primarily on the West Coast.
     
     Nevada gives VLC
     gaming license
     
      VLC of Nevada Inc., a subsidiary of Video Lottery Technologies Inc., said the Nevada Gaming Commission gave it permanent licensing to make and distribute gaming equipment in the state. The company also received a slot route license and will own and operate games at various locations.
      VLC obtained temporary licensing in Nevada in 1995. The commission approved the company's Winning Touch multi-game touch-screen device a year ago.