Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Fed Leaves Interest Rates Alone This Time

Federal Reserve policy-makers, after reviewing data suggesting the economy is moderating and inflation is not a threat, decided Wednesday not to raise short-term interest rates.

The Fed offered no explanation for its decision. It merely said its meeting had ended, adding there would be no further announcement - a signal that rates were left unchanged. Most analysts had predicted the monetary policy-setting Federal Open Market Committee would leave rates unchanged since the economy appeared to be slowing and prices remained restrained. Associated Press Monsanto Buys Majority Stake In Biotech Firm Calgene Inc. of Davis, Calif., said Wednesday that its shareholders have voted to let Monsanto Co. buy a majority share in the biotechnology company for $50 million. Monsanto, which had owned 49.9 percent of Calgene, offered in August to buy an additional 6.25 million shares of Calgene stock at $8 a share. The shareholders' vote late Tuesday gives Monsanto 54.6 percent of Calgene. Calgene's shares closed at $4.87 1/2, up 37 1/2 cents. Monsanto closed at $41.87 1/2, up 12 1/2 cents. Post-Dispatch Firm Drops Suit Over Sale Of Mallinckrodt Division Mallinckrodt Inc. said Wednesday that Hoechst Roussel Vet has dropped a lawsuit against the Clayton-based company's animal-health products division. Hoechst, a New Jersey company, filed suit last month alleging that Mallinckrodt's decision to sell the animal-health unit could jeopardize some of Hoechst's trade secrets. Hoechst has a research deal with Syntro Corp., which Mallinckrodt bought last year. Mallinckrodt general counsel Roger A. Keller said that the suit was the result of a "misunderstanding" and that Hoechst's rights to certain vaccines and other products would be protected. Post-Dispatch Intrav Buys Cruise Line From Its Own Chairman St. …

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