Breakfast Briefing // Nation World

CBS selling radio unit stake NEW YORK - CBS Corp. is selling part ofits radio business to the public in an attempt to raise its stockprice. CBS will create a separate radio and outdoor advertisingcompany under the resurrected Infinity Broadcasting name, hoping itsstrongest business will be better received on Wall Street when viewedapart from its ailing television network. Chancellor Media buying Capstar DALLAS - Chancellor Media Corp. isbuying Capstar Broadcasting Corp. for about $2.3 billion in stock ina deal that will create the nation's biggest radio station group.The combined company will have 463 radio stations in 105 markets, aswell as interests in television, billboards and ad sales. The twoTexas-based companies would have had about $1.6 billion in radiorevenue last year had they been combined at the time. That wouldhave surpassed the $1.5 billion for industry leader CBS Corp. Mortgage rates hold steady WASHINGTON - The average interest rate on30-year fixed-rate mortgages was 6.92 percent this week, unchangedfrom the week before, mortgage company Freddie Mac said Thursday.International financial turmoil has prompted global investors to seekthe security of U.S. Treasury securities. As a result, Treasuryrates have declined, bringing U.S. mortgage rates with them. Theaverage has remained below 7 percent for 11 consecutive weeks. Itshigh point for the year so far, 7.22 percent, came four months ago.Fifteen-year mortgages, a popular option for refinancing, averaged6.61 percent, the same as the previous week. Ford to recall cars, trucks DETROIT - Ford Motor Co. said Thursdaythat it will recall more than a half-million cars and pickup trucksto replace defective suspension parts that could pose safetyproblems. About 310,000 1993 Ford Taurus and Mercury Sable sedansand station wagons are being recalled to replace front coil springs.Ford says the springs could break from cracks and corrosion, whichcould damage tires. Ford also said some 1997 and '98 F-150four-wheel-drive pickups were being recalled because of a problemwith the rear leaf springs. If the truck is overloaded, the springsmay break and strike the fuel tank. About 247,000 F-150 pickups, thetop-selling vehicle in the United States. Ameritech-SBC hearing sought COLUMBUS, Ohio - Opponents of themerger of Ameritech and SBC Communications want state regulators tocall the two telephone giants to a public hearing to disclosefinancial details of the deal. The companies and groups that opposethe merger said Wednesday that they hope the Public UtilitiesCommission of Ohio blocks the deal once all the facts are in aboutthe proposal to create a huge multistate local telephone company.The merger would unite Chicago-based Ameritech with San Antonio-basedSBC to create a 13-state system with a projected $43 billion inrevenue from 55 million access lines. 3M to cut 500 more jobs MAPLEWOOD, Minn. - 3M Co. will eliminate4,500 jobs by the end of next year, 500 more than the company hadannounced in late July. The cuts, which will reduce the 3M workforce to about 71,000, are aimed at improving productivity. 3Mexpects to take a pretax charge of as much as $500 million forrestructuring. Help-wanted index rises NEW YORK - The ConferenceBoard, a private research group, said its help-wanted index roseslightly in July from June. It said industrial hiring has virtuallystopped, reflecting the impact of Asia, but hiring is still strong inservices, especially computer services.