BRIEFCASE TRACINDA HAS DEAL TO SELL MGM STOCK.

Byline: - Staff and Wire Services

BEVERLY HILLS - Kirk Kerkorian's Tracinda Corp. announced Monday it has entered into a firm commitment underwriting agreement for the sale of 25 million shares of MGM common stock at a price of $10.25 per share.

Tracinda also granted an option to the underwriter, Bear, Stearns & Co. Inc., to purchase 3.75 million shares at a price to the public of $10.25 per share to cover over-allotments.

The transaction is scheduled to close on Jan. 30.

Clear Channel has lease in Pinnacle

BURBANK - Clear Channel Communications signed a 12-year, nine-month lease for 95,000 square feet in The Pinnacle, a 4.4-acre office campus in the heart of the Burbank Media District, it was announced Monday.

The lease consolidates eight of Clear Channel's radio stations into a single location at 3400 Olive Ave., with additional build-out capability for future expansion.

The transaction represents one of Los Angeles' largest leases in 2003, according to M. David Paul Development, LLC.

Six-month T-bill at record low rate

WASHINGTON - Interest rates on short-term Treasury securities fell in Monday's auction, with rates on six-month bills dropping to their lowest level on record.

The Treasury Department sold $18 billion in three-month bills at a discount rate of 1.14 percent, down from 1.16 percent last week. An additional $16 billion was sold in six-month bills at a rate of 1.16 percent, down from 1.19 percent.

The three-month rate was the lowest since July 28, 1958, when the bills sold for 0.984 percent. The six-month rate was the lowest since the government began selling six-month bills on a regular basis in 1958.

Mortgage rates likely to stay low

WASHINGTON - Americans who have been treated to the lowest interest rates in 40 years on home mortgages and many other types of loans should be able to take advantage of those low rates at least until summer, private economists said Monday.

They pointed to turbulence on Wall Street over rising worries about a war with Iraq as a primary reason the Federal Reserve will leave interest rates at a 41-year low.

The Fed's top policy-making group, the Federal Open Market Committee, will hold a two-day meeting today and Wednesday to decide what it should do about interest rates.

2nd wave weaker for Internet worm

NEW YORK - A virus-like Internet worm that had crippled tens of thousands of computers over the weekend caused limited network disruptions Monday as employees returned to work.

Although the worm had been largely contained by Saturday evening, security experts saw a slight increase in attacks Monday as the work days began in Asia and Europe.

Internet Security Systems Inc. of Atlanta saw another wave begin shortly after 9 a.m., corresponding to U.S. business hours.