Business and Finance
VIACOM AND QVC each increased slightly their offers for Paramount, moments before the deadline. QVC raised the cash portion of its offer to $104 a share from $92, but reduced the amount of QVC stock in the bid. Viacom left the cash portion of its offer unchanged at $107 a share, but boosted the value of securities being offered. Many traders said the contest was too close to call, although several said Viacom still retained a slight edge.</br></br>A healthy rise in orders helped the manufacturing sector expand again in January, according to a survey of purchasing managers, but the growth brought along new hints of inflation.</br></br>Bond prices plunged on the strong manufacturing activity report. The Treasury's 30-year issue lost over 1 point and its yield was 6.31%. The Dow Jones industrials fell 14.35 to 3964.01.</br></br>---</br></br>The Federal Reserve Board's David Mullins resigned as vice chairman. The move coincides with the end of Wayne Angell's term, allowing Clinton to fill two of the Fed's seven seats as it is deciding when and how much to raise short-term interest rates.