Share this story
Close X
Switch to Desktop Site

News In Brief

Americans' incomes climbed a stronger-than-expected 1.3 percent last month, the Commerce Department said. The rise in personal incomes - the sharpest since a matching 1.3 percent gain in April 1994 - sparked additional speculation about new increases in interest rates early next year.

A $42.2 billion friendly takeover offer for National Westminster Bank Plc. of London fell through when Royal Bank of Scotland decided not to meet its higher asking price. NatWest was insisting on $1.70 per share more than Royal Bank was willing to pay. Industry sources said a hostile bid now was likely to follow within a week. Meanwhile, NatWest also announced its "final" strategy for thwarting a hostile takeover effort by another suitor, the Bank of Scotland: a buyback of $1.6 billion in stock, an increased dividend to shareholders, and $840 million in cost savings through restructuring - including the sale of some assets and the layoffs of 10,000 employees.

About these ads

(c) Copyright 1999. The Christian Science Publishing Society

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.