Posted on May - 07 - 2010
Briefly: Cheaper gas prices nearing
NEW YORK — Pump prices that typically begin a sprint for their annual highs right about now might be losing steam well ahead of the summer driving season.
The price of oil fell by more than 10 percent over the past week, as stocks prices dropped and the dollar got stronger. Gasoline futures also fell sharply, a decline that will make its way to the pump price in a matter of weeks.
The average price nationally for a gallon of unleaded regular gasoline Friday was $2.92 a gallon, according to AAA, Wright Express and Oil Price Information Service. That’s down almost a penny from Thursday.
Fed boss warns against politics
WILMINGTON, Del. — The head of the Federal Reserve Bank of Philadelphia warned Friday against attempts by Congress to politicize the central bank.
In a speech at a Delaware State Chamber of Commerce luncheon, Charles Plosser took aim at a proposal to make the head of the New York Fed a presidential appointee, saying it would skew power toward Washington and Wall Street. Currently, presidents of the Federal Reserve banks are selected by their boards of directors, subject to approval of the Fed’s board of governors.
“The objective of these audits is not transparency of policy per se, but to influence policy in real time,” he said.
FCC allows anti-copying move
WASHINGTON — Federal regulators are endorsing Hollywood’s efforts to let cable and satellite TV companies turn off output connections on the back of set-top boxes to prevent illegal copying of movies.
The decision by the Federal Communications Commission is intended to encourage studios to make movies available for home viewing on demand soon after they hit theaters or even at the same time.
But critics were not pleased.
“We are unsure when the FCC has ever before given private entities the right to disable consumers’ products in their homes,” the Consumer Electronics Association said in a statement. “The fact that the motion picture studios want to create a new business model does not mean that functioning products should be disabled by them.”
Banks close in Fla., Minn.
CHARLOTTE, N.C. — Regulators have shut down banks in Florida and Minnesota, bringing the number of U.S. bank failures this year to 66.
The Federal Deposit Insurance Corp. took over The Bank of Bonifay, based in Bonifay, Fla., and Access Bank, in Champlin, Minn.
Buffett’s firm releases details
OMAHA, Neb. — Warren Buffett’s Berkshire Hathaway Inc. said Friday it benefited from an improving economy and investment gains related to its acquisition of BNSF railroad in the first quarter as it rebounded from last year’s loss to deliver $3.6 billion in net income.
Berkshire said it earned $2,272 per Class A share during the quarter. That’s after last year’s loss of $1.5 billion, or $990 per share, as it wrote down the value of its ConocoPhillips investment.
Berkshire’s revenue grew to $32 billion in the first quarter from last year’s $22.8 billion.
Washington Post Co. profits
NEW YORK — The Washington Post Co. returned to a profit in the first quarter as declines in print advertising slowed and the company’s cable TV and education businesses continued to grow.
The Post Co. had net income of $45.4 million, or $4.91 per share, in the first three months of the year.
That reversed a loss in the same period last year of $19.2 million, or $2.04 per share, brought on by big one-time expenses.
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