July 21, 2000

Federal Reserve chairman, Alan Greenspan, says there is not yet enough evidence to conclude that economy has slowed to noninflationary pace, and leaves door open to further interest rate increases as soon as August, testimony before Senate Banking Committee; sees no need for prolonged series of rate increases that might leave economy flirting with recession; says he does not believe Federal Reserve will have to drive unemployment rate up toward 5 percent from 4 percent to achieve price stability; photo (M)

Anna Kisselgoff reviews Bolshoi Ballet in Lincoln Center Festival 2000 program including Balanchine's Symphony in C; photos (M)

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Federal Communications Commission chairman, William E Kennard, says that because Deutsche Telekom is controlled by German government, any offers it makes to buy American telephone company will face heavy regulatory scrutiny; says important national security and competition questions would require close examination; Deutsche Telekom has made offer to acquire US-based VoiceStream Wireless Corp for about $53 billion; photo (M)

Lucent Technologies says its financial results will fall short of expectations for next two quarters, at least in part because company has been caught off guard by slower demand for traditional communications systems and rising importance of newer technologies; chief financial officer, Deborah C Hopkins, says that many of company's internal systems are antiquated and that company could take significant reorganization charges as it tries a makeover; chairman, Richard A McGinn, says significant changes in executive ranks could be announced by end of July; Lucent reports revenue of $8.7 billion for fiscal third quarter, up 18 percent from $7.4 billion in year-earlier period; says it lost $301 million compared with gain of $763 million a year ago; photo (M)