Icahn withdraws buyback offer for Philip debt

Article Abstract:

Investor Carl Icahn has withdrawn his offer to buy back the debt of scrap metal company Philip Services Corp from its creditors. Icahn has announced on Jan 19, 1999, that he would purchase the company's debts for 50 cents on the dollar, until he had boosted his ownership to 66%. However, Icahn informed the SEC on Jan 22, 1999, that he had called off his offer but retained the right to buy or sell the company's debt at any time in the future.

Asset sales & divestitures, Philip Services Corp.

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U.S. rates hold at 45-year low

Article Abstract:

Alan Greenspan, the long-time chairman of the Federal Reserve Board, led a vote to keep the key interest rate at the present level. The Federal Reserve Board will keep the interest rate at a 45-year low to provide a boost to the country's slow economy.

Executive changes & profiles, Officials and employees, United States. Federal Reserve Board

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U.S. rate cut likely on hold

Article Abstract:

Industry analysts expect interest rates will be kept unchanged by the U.S. Federal Reserve Board. Alan Greenspan, the Fed board chairman, is expected to give the recovery an opportunity to gain a firmer hold on the economy.

Economic aspects

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