Published: Tuesday, August 24, 2010
Business briefs: H-P steps up bid price for computer firm
Hewlett-Packard Co. is bidding $1.5 billion for data storage provider 3Par Inc., offering 33 percent more than what rival Dell Inc. agreed to pay for the company just a week earlier. The tussle for control of 3Par comes as both H-P and Dell have been looking to expand beyond personal computers in search of bigger profits. The company they both want to buy provides products for organizing data on corporate servers. Those tools could help either company go deeper into "cloud computing," the growing practice of offering software on a subscription basis over the Internet.
Billionaire offers LA an art museum
Billionaire Eli Broad has chosen to build a museum for his contemporary art collection in downtown Los Angeles. Broad's announcement Monday came minutes after a panel of local and state officials approved a plan to lease 2.5 acres of county-owned land to Broad. Under the deal, Broad will finance construction of the $80-million to $100-million museum and contribute $200 million toward its operation. He will pay $7.7 million over the course of the 99-year-lease. Broad made his billions as co-founder of developer KB Home and the sale of insurer SunAmerican. His 2,000-piece collection includes works by Jean-Michel Basquiat, Salvador Dali and Joan Miro.
Muslim rejects special Disney hat
A woman who accused the Disney Co. of discrimination for refusing to let her wear a Muslim head scarf at work says she won't wear a specially designed hat instead. Imane Boudlal, who's a restaurant hostess at the Disneyland Resort in Anaheim, says Disney's suggested hat-and-bonnet is embarrassing and makes a joke of her religion. She has gone home without pay seven times rather than remove her hijab or accept jobs away from customers. Disney spokeswoman Suzi Brown says the company believes the head covering accommodates both Boudlal's beliefs and Disney costuming guidelines. Last week, Boudlal filed a complaint with the U.S. Equal Employment Opportunity Commission.
T-bill rates stall in Monday auction
The Treasury Department auctioned three-month bills at a discount rate of 0.155 percent, unchanged from last week. Another $30 billion was auctioned in six-month bills at a discount rate of 0.185 percent, also unchanged. The six-month rate was the lowest since those bills averaged 0.170 percent on June 21. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,996.04 while a six-month bill sold for $9,990.65. That would equal an annualized rate of 0.157 percent for the three-month bills and 0.188 percent for the six-month bills. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable rate mortgages, was unchanged at 0.25 percent last week.
From Herald news services
Billionaire offers LA an art museum
Billionaire Eli Broad has chosen to build a museum for his contemporary art collection in downtown Los Angeles. Broad's announcement Monday came minutes after a panel of local and state officials approved a plan to lease 2.5 acres of county-owned land to Broad. Under the deal, Broad will finance construction of the $80-million to $100-million museum and contribute $200 million toward its operation. He will pay $7.7 million over the course of the 99-year-lease. Broad made his billions as co-founder of developer KB Home and the sale of insurer SunAmerican. His 2,000-piece collection includes works by Jean-Michel Basquiat, Salvador Dali and Joan Miro.
Muslim rejects special Disney hat
A woman who accused the Disney Co. of discrimination for refusing to let her wear a Muslim head scarf at work says she won't wear a specially designed hat instead. Imane Boudlal, who's a restaurant hostess at the Disneyland Resort in Anaheim, says Disney's suggested hat-and-bonnet is embarrassing and makes a joke of her religion. She has gone home without pay seven times rather than remove her hijab or accept jobs away from customers. Disney spokeswoman Suzi Brown says the company believes the head covering accommodates both Boudlal's beliefs and Disney costuming guidelines. Last week, Boudlal filed a complaint with the U.S. Equal Employment Opportunity Commission.
T-bill rates stall in Monday auction
The Treasury Department auctioned three-month bills at a discount rate of 0.155 percent, unchanged from last week. Another $30 billion was auctioned in six-month bills at a discount rate of 0.185 percent, also unchanged. The six-month rate was the lowest since those bills averaged 0.170 percent on June 21. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,996.04 while a six-month bill sold for $9,990.65. That would equal an annualized rate of 0.157 percent for the three-month bills and 0.188 percent for the six-month bills. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable rate mortgages, was unchanged at 0.25 percent last week.
From Herald news services
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