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Today's Top Stories: Business

Oklahoman Modified: January 14, 2013 at 11:09 pm •  Published: January 15, 2013
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Busines briefs

Nation

Talk sends stocks up

— Dell's stock soared 13 percent Monday on a report that the struggling personal computer maker is in talks to take the company private. Citing unidentified people familiar with the situation, Bloomberg News said Dell has discussed a potential sale with at least two firms that specialize in buying companies that have fallen out of favor with investors.

Treasury rates are mixed

— Interest rates on short-term Treasury bills were mixed in Monday's auction with rates on three-month bills rising to the highest level in three weeks while rates on six-month bills were unchanged. The Treasury Department auctioned $28 billion in three-month bills at a discount rate of 0.075 percent, up from 0.065 percent last week. Another $32 billion in six-month bills was auctioned at a discount rate of 0.105 percent, the same as last week. The three-month rate was the highest since those bills averaged 0.085 percent on Dec. 26. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,994.69, while a six-month bill sold for $9,998.10.

UPS scraps acquisition

UPS scrapped plans to grow in Europe through the acquisition of Dutch delivery company TNT Express because European regulators were getting ready to reject the $6.9 billion deal. It would have been the largest acquisition in UPS history. UPS offered in March to buy TNT, Europe's second-largest delivery company, to better compete with Europe's largest, Deutsche Post's DHL. Regulators objected, saying the deal would reduce competition in the market for express delivery of small packages.

Bonds show growth

— Investors pulled money from stock mutual funds in 2012 for the sixth year in a row, despite the stock market's strong performance. Bond funds attracted the most cash since 2009, another illustration of how conservative investors have become with their money since the financial crisis. A net $90 billion was withdrawn from U.S. stock mutual funds last year, industry consultant Strategic Insight said on Monday.

Bank to make changes

— JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion. Federal regulators also on Monday cited the bank for lapses in oversight that allowed the bank to be used for money laundering. JPMorgan, the nation's largest bank by assets, will not pay a fine under the agreements with the Federal Reserve and the U.S. Comptroller of the Currency, a Treasury Department agency. The bank promised to strengthen its policies and procedures to control risk and to screen customers to prevent money laundering.

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