Feds raid 3 hedge funds in insider-trading probe
WASHINGTON - The FBI raided offices of three hedge funds linked to a broader insider-trading probe, authorities said Monday.
Agents searched the New York offices of Level Global Investors LP, and the Stamford, Conn., headquarters of Diamondback Capital Management LLC. The FBI confirmed it executed search warrants at both locations and a third at 30 Federal St. in Boston. Hedge fund Loch Capital Management LLC has its headquarters at that address.
The FBI and other law enforcement agencies are investigating insider trading by hedge funds, mutual funds and investment bankers. The companies allegedly earned tens of millions in illegal profits using secret information about mergers, the Wall Street Journal reported.
Rates on Treasury bills rise
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WASHINGTON - Interest rates on short-term Treasury bills rose in Monday's auction with rates on six-month bills reaching the highest level since July.
The Treasury Department auctioned $29 billion in three-month bills at a discount rate of 0.140 percent, up from 0.135 percent last week. Another $28 billion in six-month bills was auctioned at a discount rate of 0.195 percent, up from 0.180 percent last week.
The discount rates reflect that the bills sell for less than face value.
HP's profits increase, led by corporate sales
SAN FRANCISCO - Hewlett-Packard Co., the world's biggest technology company, on Monday reported higher profits, helped by corporate spending even as demand from consumers and governments has wobbled across the industry.
The company also raised its profit forecast for the new fiscal year. Its shares rose in after-hours trading.
The numbers, reported Monday after the market closed, offer more evidence that the technology industry's recovery is lopsided.
Tyson Foods sees return to profitability in 4th qtr.
Higher prices and increasing sales of pork and prepared foods helped Tyson Foods Inc. return to a profit in its fourth quarter.
The improvement is a sign that the meat producer, based in Springdale, Ark., is getting past an industrywide downturn brought on by a combination of higher production costs and slumping demand as shoppers cut spending.
China boosts reserves anew in effort to slow inflation
SHANGHAI - Beijing has the capacity to control surging prices while keeping economic growth on track, China's main planning agency said Monday, in the latest effort to quell public anxiety about simmering inflation.
Conditions are right for cooling prices, despite worries over rising food costs, the National Development and Reform Commission said Monday on its website.
The effort to defuse public unease came after Beijing announced its second bank-reserve increase in two weeks on Friday in an effort to curb lending and cool inflation that rose to a 25-month high in October.
Many in China expect an interest-rate increase to follow.
The Associated Press