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Digest
Gateway gets gobbled up by Taiwan's Acer
By Times Wires
Published August 28, 2007
LOS ANGELES Taiwan-based Acer Inc. will acquire Gateway Inc. for $710-million in a deal designed to give the long-struggling U.S. computermaker the size it needs to compete against larger players, the companies announced Monday. The deal will push the combined company past China's Lenovo Group Ltd. to become the world's third-largest vendor of personal computers, behind Hewlett-Packard Co. and Dell Inc. PITTSBURGH U.S. Steel to buy Canadian company United States Steel Corp. is buying the Canadian steel maker Stelco Inc. for about $1.1-billion in a move expected to bolster its position as a supplier to the North American automotive industry. The Pittsburgh-based company said slabs produced at Stelco's Lake Erie and Hamilton plants will supply finishing facilities for flat-rolled steel - used in the auto and appliance industries - and tubular steel used mostly in the energy sector. After the acquisition, U.S. Steel will become the world's fifth-largest steelmaker. NEW YORK Credit concerns top terrorism Bad credit has supplanted terrorism as the gravest immediate risk threatening the economy, a key national research group reported Monday. Borrowers' withering ability to pay their bills and the subsequent fallout in the credit markets this summer topped the list of short-term risks on peoples' minds, according to a survey of 258 members conducted by the National Association of Business Economics. NABE said 32 percent of its surveyed members cited loan defaults and excessive debt as their biggest near-term concern. Only 20 percent of members cited defense and terrorism as their biggest immediate worry, down from 35 percent when the survey was conducted in March. Washington T-bill rates rise Interest rates on short-term Treasury bills rose in Monday's auction. The Treasury Department auctioned $24-billion in three-month bills at a discount rate of 4.600 percent, up from 2.850 percent at last week's auction. An additional $19-billion in six-month bills was auctioned at a discount rate of 4.590 percent, up from 3.950 percent last week.
[Last modified August 28, 2007, 01:33:25]
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