Volkswagen AG took an important step in digging out from its emissions-cheating scandal by reaching a $1 billion agreement to settle lawsuits over tainted 3.0-liter diesel engines. The preliminary accord calls for the German automaker to fix or buy back 83,000 Audi, VW and Porsche vehicles equipped with a so-called defeat device.
Category: US News
Net Neutrality Or Level Playing Field
It was announced on December 15, 2016 that the current Chairman of the Federal Communications Commission , Thomas Wheeler, would be stepping down as of January 20, 2017. It was announced on December 15, 2016 that the current Chairman of the Federal Communications Commission , Thomas Wheeler, would be stepping down as of January 20, 2017.
Hollywood Docket: Lawyer Who Battled Led Zeppelin Says Judges Conspired to Suspend Him
Plus Comcast won’t get a refund on a tax payment and studios can’t dodge a patent suit over Blu-ray extras. The attorney who led the charge in the copyright suit against Led Zeppelin wants the Supreme Court to take his case – but it’s not the one against the iconic band.
El-Erian Says Sustaining Trump Rally Depends on Germany, China
The global stock surge tied to Donald Trump’s victory in the U.S. has a better chance of enduring if the president-elect can coax nations such as Germany, Japan and China to embrace reforms, said Mohamed El-Erian, Allianz SE’s chief economic adviser. “In order for this Trump rally to be sustained, it’s not just about implementing policies at home,” El-Erian said Tuesday in an interview on Bloomberg Television.
Obama Said to Use 1953 Law to Restrict Offshore Oil Drilling
President Barack Obama is preparing to block the sale of new offshore drilling rights in most of the U.S. Arctic and parts of the Atlantic, a move that could indefinitely restrict oil production there, according to people familiar with the decision. Obama will invoke a provision in a 1953 law that gives him wide latitude to withdraw U.S. waters from future oil and gas leasing, said the people who spoke on condition of anonymity because the decision had not been announced.
Impax Searches for a New CEO
Wilkinson steps down amid feds’ generic price fixing investigation. J. Kevin Buchi, who joined the board last month, tapped as interim CEO.
Obama Said to Use 1953 Law to Block Drilling in Arctic, Atlantic
President Barack Obama is preparing to block the sale of new offshore drilling rights in much of the U.S. Arctic and parts of the Atlantic, a move that could indefinitely restrict oil production there, according to two people familiar with the decision. Obama will invoke a provision in a 1953 law that gives him wide latitude to withdraw U.S. waters from future oil and gas leasing, said the people who spoke on condition of anonymity because the decision had not been announced.
Obama Sets Up Water Clash With Mining Rule Trump Opposes
The Obama administration issued new regulations to protect streams and groundwater from coal mining, which congressional Republicans swiftly vowed to reverse. The industry says the U.S. Interior Department’s so-called stream protection rule will strand billions of dollars worth of coal in the ground.
Net Neutrality Rule to Get Scrutiny From FCC Republicans – Soon’
Republicans poised to control the Federal Communications Commission next month said they’d revisit the net neutrality regulation “as soon as possible,” laying out plans to address a rule they’ve opposed and that Democrats support. The statement Monday from Commissioners Ajit Pai and Michael O’Rielly indicates that opponents of the rule such as top broadband providers AT&T Inc. and Comcast Corp. may not need to wait for Congress to grapple with the regulation that requires equal treatment of web traffic.
Fed Hawkishness
As expected, the FOMC raised the policy rate by another 25 basis points this week. This matches my long-time prediction for extreme A1 4bergradualism : hiking rates once per year.
Paulson Advantage Said to Pare Loss With Fannie-Freddie Rally
John Paulson trimmed the double-digit losses in one of his main hedge funds last month thanks to a stake in government-sponsored entities Fannie Mae and Freddie Mac that surged on the back of the U.S. presidential election. Paulson & Co.’
Senator: Exploding e-cigarette recalls need to be considered
In this April 23, 2014 file photo, E-cigarettes appear on display at Vape store in Chicago. U.S. Sen. Charles Schumer is increasing the heat on the federal government to consider recalling e-cigarette batteries and devices that explode and … catch fire, injuring users.
FCC Chair Wheeler To Step Down
The Federal Communications Commission is about to get a big shakeup in terms of personnel and quite likely in policy. On Thursday, FCC Chairman Tom Wheeler [seen here], who pushed through controversial rules protecting net neutrality and guarding consumer privacy, announced he will step down from the commission on Jan. 20, the same day that Donald Trump will be inaugurated as president.
Whitney Tilson Doesn’t Trust – Trump Rally,’ Expects Volatility
Kase Capital Management founder Whitney Tilson says about 60 percent of his assets are sitting in cash amid a rally that has added about $1.6 trillion to U.S. share prices since Election Day. “A lot of volatility” is in store for the market when President-elect Donald Trump takes office in January, he said.
Pentagon Demands China Return Intercepted U.S. Naval Drone
The Pentagon demanded that China return a U.S. Navy underwater drone captured in international waters in the South China Sea, a confrontation likely to exacerbate tensions in a region where China is asserting greater control and expanding military installations. A Chinese naval ship unlawfully seized the small unmanned vehicle Thursday while the USNS Bowditch, a U.S. Navy survey ship, was collecting it in a routine operation 50 nautical miles northwest of Subic Bay in the Philippines, according to a Defense Department statement.
Giuliani Withdraws Consideration for Position in Trump Administration
Former New York Mayor Rudy Giuliani has removed his name from consideration for a position in President-elect Donald Trump’s new administration, the Trump transition team said on Friday. Giuliani, once considered a possible choice as Trump’s secretary of state, had told the Republican of his decision during a meeting on Nov. 29, the team said in a statement.