IN BRIEF

MGM Mirage forms hospitality subsidiary

MGM Mirage said Tuesday it has formed a hospitality subsidiary focused on bringing the company's hotel brands into new markets and developing new luxury hotel concepts for the United States and abroad.

MGM Mirage Hospitality will work on the company's recently announced joint ventures in the United Arab Emirates, China and the United Kingdom. The company also has a joint-venture relationship with the Mashantucket Pequot Tribal Nation, which operates the Foxwoods casino in Connecticut.

Gamal Aziz, president of the MGM Grand, will also lead MGM Mirage Hospitality.

DENVER

Swift & Co. acquired in $225 million deal

In a union of two large meat-processing companies, a Brazilian firm announced Tuesday it will acquire Swift & Co. in a $225 million cash deal that will give the combined company greater access to expanding markets and operations on three continents.

J&F Participacoes S.A., which controls Brazil's leading beef exporter Friboi, won out over other bidders for Swift, which was highly sought after because not many meat-packaging plants are put up for sale in wake of U.S. industry consolidation, analysts said.

Swift, headquartered in Greeley about 50 miles north of Denver, is the third-largest U.S. processor of beef and pork and has plants in six states and an operation in Australia.

WASHINGTON

Interest rates mixed in Treasury auction

Interest rates on short-term Treasury bills were mixed in Tuesday's auction. Rates on three-month bills rose while six-month bills declined.

The Treasury Department auctioned $15 billion in three-month bills at a discount rate of 4.78 percent, up from 4.775 percent last week. Another $14 billion in six-month bills was auctioned at a discount rate of 4.805 percent, down from 4.81 percent last week.

The three-month rate was the highest since three-month bills averaged 4.785 percent a month ago. The six-month rate was the lowest since 4.735 percent two weeks ago.

Gasoline prices fall slightly nationwide

The average U.S. pump price for regular gasoline fell 0.9 cents from a record to $3.209 a gallon in the week ended Monday, the government said.

Prices were 34.2 cents a gallon higher than a year ago, the weekly report from the U.S. Energy Department in Washington shows. The U.S. average reached a high of $3.218 in last week's report. Diesel-fuel prices rose 1.4 cent to $2.817 a gallon, according to the report, based on a survey of about 800 filling stations.

The average price of a gallon of regular self-serve unleaded gasoline in Las Vegas was $3.271 on Tuesday, unchanged from a day earlier, AAA said in its Daily Fuel Gauge report. A month ago, Las Vegas gasoline prices averaged $3.153, AAA said; a year ago, Las Vegas gasoline prices averaged $3.164.

Gasoline prices fell as inventories increased for the third consecutive week and refinery use rose above 90 percent. U.S. supplies narrowed to 7 percent below the five-year average in the week ended May 18 from 7.5 percent the previous week, an Energy Department report last week showed.

Pump prices fell in most regions of the country. They dropped the most in California, where gasoline fell 2.9 cents to $3.407 a gallon.

NEW YORK

Bond prices decline in wake of auction

U.S. treasury bond prices lost a modest amount of ground Tuesday, showing a resilient performance in the wake of a key Treasury security auction.

At 5 p.m. EDT, the 10-year Treasury note was down $2.19 per $1,000 in face value, or 0.22 points, from its level at 2 p.m. Friday. Its yield, which moves in the opposite direction, rose to 4.89 percent from 4.86 percent. The bond market was closed Monday for Memorial Day.

The 30-year bond fell 0.22 points. Its yield rose to 5.02 percent from 5 percent.