Business news for Mon, 31 Dec 2007 & with words site+web. 3 news.

SAN FRANCISCO (MarketWatch) -- The U.S. Federal Reserve added $17.5 billion in temporary reserves to the banking system Monday through overnight repurchase agreements, or repos, through the New York Fed's Open Market Desk. "The large operations this morning are intended to offset the drain to reserves arising from an elevated balance in the Treasury's account at the Fed," the New York Fed said in a statement on its Web site. The Fed injected $13.5 billion through a 4-day repo, and $4 billion through a 2-day repo. "Clearly the Desk is looking to provide a lot of liquidity into the system for the turn of the year," wrote analysts at Action Economics.

MC Hammer hasn't topped the music charts since the early 1990s, but the former rap star says he has another hit in him ? only this time around he'll produce it as a Silicon Valley entrepreneur. Hammer, whose real name is Stanley Burrell, is choreographing a new career as co-founder and chief strategy officer of Menlo Park, Calif.-based DanceJam.com.

As a 126-year tradition ends with the last issues of the Cincinnati Post and Kentucky Post, its owner is looking to new media to fill part of the gap. (SSP) (GCI)