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Byline: - Staff and Wire Services

Treasury bills up at four-year high

WASHINGTON - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in more than four years.

The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 3.495 percent, up from 3.460 percent last week. An additional $15 billion in six-month bills was auctioned at a discount rate of 3.705 percent, up from 3.690 percent last week.

The three-month rate was the highest since those bills averaged 3.550 percent July 16, 2001. The six-month rate was the highest since averaging 3.860 percent pril 30, 2001.

Intelsat to acquire PanAmSat in deal

NEW YORK - Satellite pioneer Intelsat Ltd. said Monday that it is acquiring PanAmSat Holding Corp. for $3.2 billion in a deal that would add a top cable TV broadcaster to Intelsat's dominant position as the biggest provider of space-based data and voice communications for governments and businesses.

Intelsat, created in 1964 through a partnership of 147 nations and then privatized in 2001, would also assume $3.2 billion of debt from PanAmSat in the deal, the companies said Monday.

The proposed merger would nearly double Intelsat's satellite fleet to 53 spacecraft, creating a company with $1.9 billion in annual revenues.

Analysts expect car sales to slow

DETROIT - Auto industry analysts predict a slowdown in vehicle sales in August, a trend due less to high gas prices than to a summer of heavily publicized discounts that thinned dealer lots and satiated consumers.

Analysts are predicting a seasonally adjusted sales rate of around 16.9 million vehicles in August, down from a near-record 20.8 million vehicles in July.

The rate indicates what sales would be for the full year if they remained at the same pace for all 12 months.

General Motors Corp. is likely to report the sharpest decline when automakers release sales figures Thursday.

Machinists want more from Boeing

SEATTLE - The Boeing Co. has submitted a revised contract offer that would boost cash bonuses by at least $1,500, but machinists union leaders representing 18,400 production workers say it missed the point - pensions.

Boeing spokesman Charles N. Bickers characterized the changes, which carry an immediate price tag of at least $27.2 million, as ``an important improvement, a substantial improvement,'' and told The Associated Press early Monday that the company was awaiting a response from union negotiators.
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Geographic Code:5BERM
Date:Aug 30, 2005
Words:406
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