National Briefing
TOOLBOX   Resize
 Save/Share +
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
|
MERGERS & ACQUISITIONS
FCC Member Opposes Radio Deal
Michael J. Copps, a Democratic commissioner at the Federal Communications Commission, voted against the satellite radio merger between XM and Sirius, bringing the total votes on the merger to two in favor and one against.
Republican Commissioner Deborah Taylor Tate and Democratic Commissioner Jonathan S. Adelstein haven't cast their votes on the proposal to create a monopoly satellite radio provider. Adelstein last week indicated that he would support the merger if the companies agreed to several commitments to cap prices for six years and set aside radio spectrum for minority programming.
The firms haven't commented on Adelstein's proposal and have waited about 16 months for their merger to pass through regulatory scrutiny.
LEGAL
Union Pacific Settles Wildfire Case
Union Pacific Railroad will pay $102 million to settle a federal lawsuit over damage from a massive California wildfire caused by railroad employees in 2000. U.S. Attorney McGregor Scott said the settlement is the U.S. Forest Service's largest-ever damage recovery for a wildfire. Union Pacific spokeswoman Zoe Richmond said the Omaha company agreed to settle after a federal judge ruled against it in February. Sparks from welders repairing tracks caused the fire, which burned more than 52,000 acres in the Plumas and Lassen national forests north of Sacramento.
ENERGY
Oil Report Contradicts Pending Bill
A report from the Commodity Futures Trading Commission said yesterday that supply and demand rather than the activities of financial actors and big investors are "the best explanation" for the recent rise in crude oil prices. The report included a review of private trading data available to the CFTC. It did not include more detailed data that the agency requested from big commodity investors. An analysis of that information will not be ready until September, the agency has said.
The report is in stark contrast with the position of Democrats, who say the tremendous growth of financial actors is impacting the price of oil and other commodities.
Meanwhile, the Senate voted to move ahead with a Democratic plan to curb speculation in oil markets, which some blame for the recent run-up in oil prices. The 94 to 0 vote clears a procedural hurdle for the bill, which would require the CFTC to limit trading in oil markets by investors and speculators. Despite the big tally, however, the rival parties are divided on how to address high gasoline prices and an underlying stalemate remains.
INVESTING
