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Succeeding Mr Greenspan
George Bush nominated Ben Bernanke, a leading monetary-policy expert, to replace Alan Greenspan as chairman of the Federal Reserve Board. The nominee is well-known as the current chairman of the White House's Council of Economic Advisers. See article
Market reaction to the Fed nomination was mixed. Stock prices rose on Wall Street, with the Dow Industrials index posting its biggest gain in six months. But bonds fell because some feared that Mr Bernanke may not be tough enough on inflation.
Ericsson, a Swedish telecommunications equipment-maker, said it would pay $2 billion to buy most of the assets of Marconi, including its network-equipment business. The combination is meant to help Ericsson compete in the booming market for broadband internet equipment and services. Marconi will retain its British services business. More than 1,000 employees could lose their jobs when the two companies combine their business operations. See article
Steel deal
Ukraine agreed to sell its biggest steel mill to Lakshmi Mittal, a steel tycoon, for $4.8 billion. The deal for Kryvorizhstal marks Ukraine's biggest ...
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