Panel to recommend money-market changes
BOSTON : An industry group said yesterday that it will recommend changes to money-market mutual funds, a $3.4 trillion industry trying to regain its footing after investors rapidly pulled out cash during September's volatile markets. The Washington-based Investment Company Institute has formed a panel to develop recommendations on industry practices, regulatory reforms and possibly legislative proposals to improve functioning of the money market and funds that invest in it. John Brennan, chairman of Vanguard Group Inc., will lead the Money Market Working Group, which will include executives from other major fund companies, including Baltimore-based Legg Mason Inc., Fidelity Investments, BlackRock Inc. and Charles Schwab Corp. The panel expects to present recommendations early next year. "It is important that we learn from our recent experience," said Brennan.
Navy moves ahead on ship contracts
WASHINGTON : The Navy is moving ahead with plans to award combat ship contracts to Lockheed Martin Corp. and General Dynamics Corp. by early next year. The service asked Bethesda-based Lockheed and General Dynamics late Monday to submit bids to build five Littoral combat ships. The Navy envisions a winning contractor building three ships, while its rival builds the other two. The Littoral combat ship is smaller than the Navy's next-generation surface combat ship and capable of operating in shallow, coastal waters that can move at "sprint speed" to get Marines safely out of enemy territory. The ships can travel at 57.5 miles per hour - compared with the average speed of 34.5 mph for other combat ships.
Boscov family will buy department store chain
Boscov's Inc., the Pennsylvania department store chain, said it will be purchased by its founding family after ending a buyout agreement with Versa Capital Management Inc. Boscov's assets will be bought by a family group led by Albert Boscov and Edwin Lakin, the Reading-based company said yesterday in a statement. Financing is being arranged, and the purchase needs court approval, Boscov's said. Versa had agreed to buy Boscov's for $11 million plus an amount needed to cover various costs.