REGION

REGION
Federal Reserve holds45-year-low interest rate
WASHINGTON -- The Federal Reserve held a key short-term interest rate at a 45-year low Tuesday amid scattered signs that the economy, after months of stubborn listlessness, is perking up.
Fed Chairman Alan Greenspan and his Federal Open Market Committee colleagues -- the group that sets interest rate policy in the United States -- kept the federal funds rate at 1 percent. The funds rate is the interest banks charge each other on overnight loans and is the Fed's primary tool for influencing economic activity.
Holding the funds rate steady means that commercial banks' prime lending rate for many short-term consumer and business loans, will remain at 4 percent, the lowest level since 1959. The funds rate and the prime rate move in lock step and were last lowered on June 25.
Gillette files infringement lawsuit against Schick
BOSTON -- Schick is turning up the heat on worldwide razor leader Gillette Co., and Gillette is fighting back in the courts.
Schick introduced the first four-blade razor Tuesday, and Gillette countered hours later with a patent infringement lawsuit against its rival.
Schick-Wilkinson Sword, a division of St. Louis-based Energizer Holdings, said its $8.99 Quattro shaving system has an ergonomic design and synchronized blades.
Gillette said it had filed suit in federal court in Boston alleging the new razor infringes on patents Gillette developed to allow the three blades on its Mach3 system to extend progressively closer to the beard. Gillette has claimed it spent $750 million to develop Mach3.
Associated Press