Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Harshman joins Ameren board * Ameren Corp. has added Allegheny Technologies Inc.'s Richard J. Harshman to the company's board of directors. Harshman, 56, is chairman and chief executive of Pittsburgh-based Allegheny, a specialty metals and components supplier. The appointment expands Ameren's board to 11 members. The size of the board was reduced to 10 members in April after the departure of former director Steven F. Brauer.

Tougher money market rules * Investors could lose principal from money market investment funds that perform poorly under regulations proposed Wednesday by the Securities and Exchange Commission. But the change would affect mainly institutional rather than individual investors. The SEC voted 5-0 to advance the plan, which would require shares of some money-market funds to "float," instead of having a fixed value of $1 per share. The proposal failed to gain support last year but has since won the backing of a panel of regulators that include Federal Reserve Chairman Ben Bernanke. The agency also proposed new fees on withdrawals from funds if their assets that can be readily converted into cash fall below a certain level. Both changes are intended to better inform investors and protect the industry from risks that surfaced at the height of the 2008 financial crisis. The public has 90 days to comment on the proposals. At some later point, the agency would finalize the rules or settle on a modified version of them.

Factory orders rise * Orders to U.S. factories rose modestly in April as manufacturers rebounded from a weak March performance. Factory orders rose 1 percent in April compared with March when orders had dropped a sharp 4.7 percent, the Commerce Department said Wednesday. The big swing reflected volatility in commercial aircraft orders, which were down sharply in March but surged 53. …

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