Originally created 05/08/02

Business briefs



Fed leaves interest rates unchanged

WASHINGTON - The Federal Reserve left a key interest rate unchanged Tuesday, allowing Americans to continue to take advantage of some of the lowest borrowing costs in four decades.

That would give consumers an incentive to keep on spending, and businesses might be motivated to step up investment in new equipment and plants. Both are crucial ingredients to help along the budding economic recovery.

Federal Reserve Chairman Alan Greenspan and his colleagues held the federal funds rate - the interest that banks charge each other on overnight loans - at 1.75 percent, the lowest level in 40 years. It marked the third consecutive Fed meeting this year that policy-makers decided to hold rates steady.

Magazine compiles list of oldest companies

Family Business magazine recently compiled a list of the "World's Oldest Family Companies." The top 10 were:

  • Kongo Gumi, Japan, construction, founded in 578
  • Hoshi, Japan, innkeeping, 718
  • Chateau de Goulaine, France, wine and museum, 1000
  • Barone Ricasoli, Italy, wine and olive oil, 1141
  • Barovier & Toso, Italy, glassmaking, 1295
  • Hotel Pilgrim Haus, Germany, innkeeping, 1304
  • Richard de Bas, France, paper, 1326
  • Torrini Firenze, Italy, goldsmithing, 1369
  • Antinori, Italy, wine, 1385
  • Camuffo, Italy, shipbuilding, 1438
  • The oldest family-owned company operating in America is Zildjian Cymbal Co. of Norwell, Mass., which was founded in Turkey in 1623.

    NOTE TO READERS

    Where are the best places to work in the Augusta-Aiken area? The Augusta Chronicle wants to know. Drop us a line and let us know what makes your employer special, be it flex-time, company cars or fringe benefits. Write to Damon Cline, Business Editor, P.O. Box 1928, Augusta, Ga., 30903; or by e-mail at dcline@augustachronicle.com; or by fax at (706) 722-7403.