Trans World Airlines Inc.--which has offered $450...

Trans World Airlines Inc.--which has offered $450 million for Pan Am Corp.--sent layoff notices to 390 workers, its second round of layoffs since the Persian Gulf crisis began . . . Italy’s office equipment and computer giant Olivetti plans to cut its worldwide work force by 7,000 as it tries to cope with plunging sales and profit and increased competition, a Cabinet minister announced . . . The Wall Street Journal said it would close its Philadelphia news bureau to save money, and a union official said six reporters are out in the paper’s first news layoffs in recent memory.