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BRIEFLY: SHORT-TERM T-BILL RATES HIT HIGH NOTE.

Interest rates on short-term Treasury bills rose in Monday's auction with three-month bills hitting their highest level in more than nine years.

The Treasury Department auctioned $9.5 billion in three-month bills at an average discount rate of 6.09 percent. Another $8.5 billion in six-month bills was auctioned at an average discount rate of 6.115 percent.

The three-month rate was up from 6.01 percent last week and was the highest since three-month bills averaged 6.22 percent on Jan. 28, 1991. The six-month rate was up from 6.01 percent last week and was the highest since 6.15 percent on May 30.

The new discount rates understate the actual return to investors - 6.269 percent for three-month bills with a $10,000 bill selling for $9,846.10 and 6.397 percent for a six-month bill selling for $9,690.90.

- Associated Press

Vertel, DOD join for long-term deal

Vertel Corp. said Monday it had sold a number of products to the Department of Defense. The multiyear contract includes Vertel Mediation Framework, along with other high-tech products.

Terms of the deal were not announced.

The military is undertaking a major redesign of its network management infrastructure that will standardize a number of communication systems.

Cyrus Irani, president and chief executive officer of Vertel, said his company was chosen for its proven software as well as its professional services.

``The Department of Defense continues to be a significant customer for us,'' Irani said.

Based in Woodland Hills, Vertel provides mediation software for telecommunications networks worldwide.

- Daily News

Franklin acquires Symbio-Tech firm

Franklin Telecommunications Corp. has entered into an agreement to acquire Symbio-Tech, a company official said Monday.

Symbio-Tech is a Phoenix-based provider of Lucent/Excel-based programmable switching solutions and a Lucent/Excel Select Partner.

Terms of deal were not announced. Excel switches work with a variety of products.

Phil Ericson, president of Westlake Village-based Franklin, said acquiring Symbio-Tech will enable his company to deliver high quality service to Fortune 500 companies.

Lucent acquired Excel Switching Corp. last year in order to gain products which would boost sales to startup phone companies. Industry estimates are that more than 1,000 new phone companies will be offering services by 2003.

Lucent anticipates that the market for Excel switches will increase at the rate of 20 percent each year and reach $5 billion by 2003.

- Daily News

Litton lands Navy project contract

WOODLAND HILLS - The U.S. Navy awarded Litton Industries a $50 million contract for construction of an eighth amphibious assault ship, the company announced Monday.

A Litton Industries subsidiary, Litton Ingalls Shipbuilding, has already made six of the ships for the Navy and has a seventh under construction. The ships are designed to be able to carry as many as 2,000 Marines at a time or be used for civilian evacuation or other missions.

Litton has 40,000 employees nationwide and 4,000 locally.

- Daily News
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Geographic Code:1USA
Date:Aug 1, 2000
Words:490
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