Bizworld: Federal Commission to Boost Oversight of Foreign Oil Trades

WASHINGTON | Federal regulators said Tuesday that they will place stricter limits on foreign exchanges that trade U.S. oil as concerns continue to grow about the role of speculation in rising fuel prices.

The Commodity Futures Trading Commission said it will require the London-based ICE Futures Europe exchange to adopt position limits used in the United States for the trading of the West Texas Intermediary crude-oil contract, which is linked to a similar contract on the New York Mercantile Exchange.

Under the new agreement, foreign officials also will share daily trading data with U.S. authorities and report violations when they are uncovered. Previously the groups shared data on a weekly basis.

Hampton Roads

service disrupted at navy federal

Navy Federal Credit Union said Tuesday that a power failure disrupted phone access to its branches and its online services. The credit union said on its Web site that full service had been restored later Tuesday.

Navy Federal, based in Vienna, Va., has 22 branches and 300,000 members in Hampton Roads. It said the integrity of its members’ accounts had not been compromised by the outage.

The credit union, whose members consist largely of Navy and Marine Corps members and their families, broadened its eligibility in May to members of the Army, Air Force and National Guard and to employees of the Defense Department.

– Tom Shean

Virginia

hearing on local phone rules set

State regulators have scheduled a public hearing at 10 a.m. Sept. 25 in Richmond on new rules regarding service quality for telephone companies.

The State Corporation Commission proposes to revise its standards for the minimum acceptable level of service from local phone service providers and to create a process for addressing inadequate service.

The proposal would require carriers with more than 10,000 customer lines to file quarterly performance reports that show their time to restore or install service, response to customer calls and track records on customer appointments.

Written comments must be submitted by Aug. 21.

For more information, call (800) 552-7945 or visit www.scc.virginia.gov and refer to case number PUC-2008-00047.

– Carolyn Shapiro

North Carolina

landmark unit to publish paraglide

Landmark Military Newspapers of North Carolina Inc. announced Tuesday that it has won the contract to produce the Paraglide newspaper for Fort Bragg in Fayetteville, N.C.

The company is a division of Landmark Military Media Inc., which is owned by The Virginian-Pilot Media Cos. William M. Wright II, president of Landmark Military Media, said he expected to publish the first issue by mid-August. With the addition of Paraglide, he said, Landmark’s newspapers and Web sites will reach 35 percent of active-duty personnel stationed in the United States.

Fort Bragg is known as the “Home of the Airborne and Special Operations Forces,” including the 82nd Airborne Division and the Army Special Operations Command.

– Philip Walzer

nation

request denied for Yahoo trial

SAN FRANCISCO | A Delaware judge has denied a request to hold a trial that could have complicated Yahoo Inc.’s efforts to thwart a shareholder rebellion led by investor Carl Icahn.

The ruling late Monday by Delaware Chancery Court Judge William B. Chandler III is a setback for Yahoo shareholders suing the Internet pioneer for its rejection of a $47.5 billion takeover offer from Microsoft Corp. Lawyers for the Yahoo shareholders were hoping to secure a July trial date to contest the legality an employee severance plan that would have driven up the potential cost of a takeover.

Linkedin draws big investment

MOUNTAIN VIEW, Calif. | LinkedIn Corp. has made a big connection with investors, who are valuing the professional networking company at more than $1 billion.

Officials at LinkedIn said Tuesday that it had received $53 million in venture capital funding from Bain Capital Ventures and three existing investors in exchange for a 5 percent stake in the Silicon Valley company.

LinkedIn has landed one of the richest valuations for a Silicon Valley startup since Microsoft Corp. handed Facebook Inc. a $15 billion valuation late last year.

J&J, Red Cross resolve logo suit

NEW YORK | Johnson & Johnson and the American Red Cross have resolved a lawsuit over the use of their shared red-and-white symbol.

The deal was announced Tuesday. It comes after a federal judge tossed out most of health-products maker Johnson & Johnson’s lawsuit, upholding the Red Cross’ right to use the emblem.

earnings

Goldman Sachs tops expectations

NEW YORK | Goldman Sachs Group Inc., the world’s largest investment bank, on Tuesday said second-quarter earnings fell but easily beat lowered Wall Street expectations. Profit of $2.05 billion, or $4.58 per share, compared with $2.29 billion, or $4.93 per share, a year earlier. Revenue fell to $9.42 billion from $10.18 billion.

Best Buy profits down 7 percent

MINNEAPOLIS | Best Buy said first-quarter profits dropped but still beat Wall Street expectations.

The electronics retailer’s net income dipped to $179 million, or 43 cents per share, from $192 million, or 39 cents per share, a year ago. Earnings per share rose because of share buybacks. Revenue jumped to $8.99 billion from $7.93 billion.

– From staff and wire reports

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