Markets

S&P 500

futures were trading near fair value this morning.

Hong Kong's

Hang Seng

ended the year down 72.86 to close at 10,048.58.

For more markets action and news, click

here.

Companies

The

Justice Department

gave

AT&T

(

(T) - Get Report

T:NYSE) the green light for its acquisition of cable company

Tele-Communications

(

(TCOMA)

TCOMA:Nasdaq). The

Federal Communications Commission

has yet to sign off on the deal.

Boeing

(

(BA) - Get Report

BA:NYSE) announced that it has delivered a company-record 550 commercial jets this year to meet its 1998 goal.

The

Federal Trade Commission

conditionally approved

British Petroleum's

(

(BP) - Get Report

BP:NYSE ADR) purchase of

Amoco

(

(AN) - Get Report

AN:NYSE). But FTC boss

Robert Pitofsky

said that it would be dangerous for the oil industry to consolidate any further.

CBS

(

(CBS) - Get Report

CBS:NYSE) is selling its 50% stake in the

CBS Eye on People

cable network to partner

Discovery Communications

.

The

Justice Department

joined a second whistleblower suit charging

Columbia/HCA Healthcare

(

(COL)

COL:NYSE) with attempting to defraud government healthcare programs.

Real estate investment trust

Hospitality Properties Trust

(

(HPT)

HPT:NYSE) said that it will buy 17 hotels from

Marriott International

(

(MAR) - Get Report

MAR:NYSE) for $201.7 million.

For more news on companies and stocks, click

here.

International

Ministers from 11

European Union

nations met today in Brussels to decide the rates at which their currencies will be converted into euros.

State spending on public works helped China's economy grow by 7.8% in 1998, down by 1% from 1997's pace.

Payment agent

BankAmerica

(

(BAC) - Get Report

BAC:NYSE) officially declared Russia to be in default for missing a $363 million payment on $26 billion in loans owed to a group of about 600 Western commercial creditors. Meanwhile, government figures measured Russian inflation at 84% for 1998.

Nomura Securities

said it will pare back its loss-taking overseas operations in 1999 by cutting about 20% of its workforce in Europe and the Americas.

For more international news and commentary, click

here.

Tech

New evidence in the antitrust trial against

Microsoft

(

(MSFT) - Get Report

MSFT:Nasdaq) reveals that

Intuit

(

(INTU) - Get Report

INTU:Nasdaq) founder Scott Cook told his board of directors in 1994 to fear Microsoft's response if its takeover bid were rejected.

Quickturn Design Systems

(

(QKTN)

QKTN:Nasdaq) rejected software maker

Mentor Graphics'

(

(MENT)

MENT:Nasdaq) new takeover offer.

Telecom service provider

RCN

(

(RCNC)

RCNC:Nasdaq) will combine its four Internet service provider businesses into a single entity branded

RCN.com

.

For more tech news and commentary, click

here.

Politics

Despite recent conflagrations, the

Pentagon

said that it is reducing the U.S. military presence in the Persian Gulf.

The

United Nations

is evacuating staff from Huambo, Angola, in the wake of a rebel attack that wounded 20 civilians.

Cambodia's

King Norodom Sihanouk

yesterday refused amnesty for two Khmer Rouge leaders after Prime Minister

Hun Sen

said he would not try them for crimes against humanity.

A county grand jury said yesterday that it found no evidence of conspiracy in the Oklahoma City bombing.

Elsewhere

Jean-Claude Forest

, creator of the comic strip character Barbarella, has died at the age of 68.

The union for

National Basketball Association

players is preparing its final offer to the team owners' negotiating committee.