Silver futures prices rose sharply on the New York Commodity Exchange, extending a recovery from 15-year lows, in a rally fueled by technical factors and speculation that interest rates may fall soon. Silver futures settled 7.6 cents to 7.9 cents higher with the contract for delivery in December at $4.256 a troy ounce.
Kohlberg Kravis Roberts began seeking $1 billion to $2 billion in new money for its leveraged buyout fund, investors said, its first fund-raising effort in more than three years.
David Paul, the ousted CenTrust chairman whose swank lifestyle has come to symbolize excesses in the savings & loan crisis, won a delay for submitting securities to cover $30.8 million in restitution claims from the Office of Thrift Supervision until a court hearing is held, probably next week.
Pepco asked the Maryland Public Service Commission for a $28.3 million, or 3.7 percent, rate increase to cover operating costs. If granted, the monthly bill of a typical Maryland residential customer would increase by $2.76.
MGM-UA Communications was officially bought out for $1.36 billion by Giancarlo Parretti's Pathe Communications. Beverly Hills, Calif.-based Pathe is a film producer with a variety of movie-related holdings in Europe. It has been trying for months to arrange financing for MGM-UA, the smallest of the major studios.