BUSINESS NOTES.INTEREST ON SHORT-TERM T-BILLS RISES: Interest rates on short-term Treasury securities rose in Monday's auction. The Treasury Department sold $7.52 billion in three-month bills at an average discount rate of 5.17 percent, up from 5.08 percent last week. Another $7.52 billion was sold in six-month bills at an average rate of 5.35 percent, up from 5.30 percent. The three-month bill rate was the highest since they sold for 5.22 percent April 28. The six-month bill rate was the highest since they averaged 5.37 percent May 5. ?13- Associated Press ITT ITT Initial Teacher Training (UK) ITT I Think That ITT Invitation To Tender ITT Individual Time Trial (professional cycling) ITT Intention-To-Treat ITT In This Thread (forums) SELLS HOTELS TO FIGHT HILTON: ITT Corp. is shedding more assets in its effort to fend off hostile bidder Hilton Hotels Corp. ITT announced Monday that it would raise $200 million with the sale of five Sheraton hotels to FelCor Suites Hotels Inc., a deal that marks the birth of a long-term strategic alliance with FelCor. ITT will continue to manage the hotels for 20 years. Since Hilton Hotels' $6.5 billion takeover bid was launched in January, ITT has been shedding assets not central to its main businesses to drive up its stock price and hold off Hilton. ITT has since announced the sale of its half stake in Madison Square Garden Current arenas in the National Hockey League Western Conference Eastern Conference and its related businesses, the New York Rangers The New York Rangers are a professional ice hockey team based in New York, New York, U.S.A. They are members of the Atlantic Division of the Eastern Conference of the National Hockey League (NHL). , the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Knicks and the MSG MSG: see glutamic acid. cable network. ?13- Associated Press FTC FTC See Federal Trade Commission (FTC). OPENS CASE AGAINST MERGER: Government antitrust officials said Monday that internal company documents demonstrate that a merger of office supply giants Staples Inc. and Office Depot Inc. would allow the new company to raise prices with impunity in dozens of markets across the United States. Lawyers for the Federal Trade Commission opened their case against the merger before Judge Thomas Hogan of the federal district court for the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . In a hearing expected to last a week, the agency is asking for a temporary restraining order temporary restraining order: see injunction. to block the proposed $4 billion transaction, which the five-member commission has twice voted to reject as anti-competitive. ?13- New York Times News Service FEDS LOOK AT MICROSOFT: In a sign of the government's continuing scrutiny of Microsoft, the Justice Department issued a formal request to the big software company last week, seeking internal documents concerning Microsoft's planned $425 million purchase of WebTV Networks Inc. The accelerated government review of the WebTV acquisition, legal experts say, could be time-consuming and costly. ?13- New York Times News Service |
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