News In Brief

The federal reserve did not raise US interest rates, but changed its policy directive from neutral to a tilt toward higher rates in the future. Some private economists said they expect not just one but two more rate increases in coming months as the central bank tries to slow down the rate of economic growth.

Negotiations are at an "advanced stage" for a $4 billion-plus takeover of a leading US asset-management company by Allianz AG, Europe's largest insurance group, the latter acknowledged. The carrier and Newport Beach, Calif.-based Pimco Advisors Holdings confirmed in July that they were discussing such a move, but Allianz later said it was in exploratory talks with other American target companies as well. Pimco, which specializes in bond funds, has about $250 billion under management.

Orders to US factories for manufactured goods posted a bigger-than-expected increase in August, led by stronger demand for airplanes, other transportation products, and electronic equipment, the Commerce Department reported. Factory orders rose 1.3 percent in August, following a 2.5 percent gain in July.

(c) Copyright 1999. The Christian Science Publishing Society

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK