NATION

NATION
Interest rates start to rise
WASHINGTON -- Federal Reserve policy-makers took the first step in what they signaled should be a slow rise in interest rates. The modest one-quarter percentage point increase ordered Wednesday nudged up a key short-term interest rate controlled by the Fed to 1.25 percent. In response, commercial banks announced that they were boosting their prime lending rate by a corresponding amount -- to 4.25 percent, from 4 percent.
Companies vie for studio
LOS ANGELES -- A bidding war has broken out for Metro-Goldwyn-Mayer, with Time Warner Inc. making a nearly $5 billion offer for the venerable Hollywood studio, according to newspaper reports.
The New York Times and The Wall Street Journal reported today that Time Warner has made a preliminary offer that rivals overtures from Sony Corp.
Associated Press