News In Brief

In a move to bring additional stability to its battered currency, Brazil's Central Bank hiked interest rates by 12 percent. The rise came on the heels of a decision to allow the real to float on international markets and was timed for the resumption of trading on Wall Street after a three-day US holiday weekend. But it is considered likely to alarm Brazilians already coping with the effects of negative economic growth.

A $12.7 billion merger between British Aerospace and General Electric Co.'s (GEC) defense business was being called a possible forerunner to a still-larger deal with Germany's DaimlerChrysler Aerospace. The acquisition of GEC, if approved by regulators, would make the combined company the third-largest aerospace contractor behind Boeing and Lockheed Martin of the US. GEC is not related to the US electronics giant of the same name.

High-speed Internet provider At Home Corp. said it's buying Excite Inc., one of the leading destinations on the World Wide Web, for about $6.7 billion in stock. The deal could eventually give telecommunications giant AT&T control of a highly sought-after entry point to the Internet. At Home is owned by Tele-Communications Inc. (TCI), Cox Communications, and several other investors. TCI is in the process of merging with AT&T in a $39 billion deal expected to be completed by spring.

You've read  of  free articles. Subscribe to continue.
QR Code to News In Brief
Read this article in
QR Code to Subscription page
Start your subscription today