NEW FED CHIEF: President Bush on Monday tapped his top economic adviser, Ben S. Bernanke, to succeed Alan Greenspan as chairman of the Federal Reserve Board. Bernanke must now be confirmed by the Senate. Bernanke, 51, was appointed by Bush as chairman of the President’s Council of Economic Advisers in June, and prior to that was a member of the Board of Governors of the Fed. Bernanke has a bachelor’s degree in economics from Harvard University and a doctorate in economics from the Massachusetts Institute of Technology. He has written prolifically on economic issues and strongly advocates targeting inflation. Greenspan, who took over the helm of the Fed in August 1987 and has served under four presidents, will end his term as chairman on Jan. 31.
FEDERATED CLOSINGS: Federated Department Stores Inc. said it would divest six more stores as a result of its merger with the May Department Stores Co., bringing the total announced to 82. The stores slated to be divested are considered to be duplicative to other Federated-owned stores in the same malls or shopping centers. The 82 stores had total 2004 sales of $2.2 billion. The six added to the list are four Macy’s units in Wesleyan Park Plaza in Owensboro, Ky.; Rockingham Park Mall in Salem, N.H.; Tucson Mall in Tucson, Ariz, and The Oaks in Thousand Oaks, Calif. Also, Marshall Field’s in University Park Mall in Mishawaka, Ind., and a Robinsons-May in North County Fair in Escondido, Calif., will be sold off.