Na­tion & World Glance

Yuma Sun - - OPINION -

NEW YORK — U.S. stocks slipped Wed­nes­day af­ter the Fed­eral Re­serve raised in­ter­est rates and said it ex­pects to in­crease rates two more times by the end of the year. In­vestors bet that sev­eral huge deals are more likely to hap­pen af­ter a fed­eral court cleared AT&T’s $85 bil­lion pur­chase of Time Warner.

Wall Street was al­ready cer­tain the Fed would raise in­ter­est rates Wed­nes­day. The cen­tral bank’s de­ci­sion makers also said they plan to raise rates two more times later this year for a to­tal of four in­creases. In­vestors had de­bated all year if rates would rise three or four times, and some are con­cerned that if rates rise that quickly, it could sti­fle eco­nomic growth be­cause con­sumers and busi­nesses will have to pay more to bor­row money.

Com­cast chal­lenges Dis­ney with $65B bid for Fox

NEW YORK — Com­cast made a $65 bil­lion bid Wed­nes­day for Fox’s en­ter­tain­ment busi­nesses, set­ting up a bat­tle with Dis­ney to be­come the next mega­me­dia com­pany.

The bid comes just a day af­ter a fed­eral judge cleared AT&T’s takeover of Time Warner and re­jected the govern­ment’s ar­gu­ment that it would hurt com­pe­ti­tion in ca­ble and satel­lite TV and jack up costs to con­sumers for streaming TV and movies. The rul­ing sig­naled that Com­cast could win reg­u­la­tory ap­proval, too; its bid for Fox shares many sim­i­lar­i­ties with the AT&T-Time Warner deal.

Com­cast says its cash bid is 19 per­cent higher than the value of Dis­ney of­fer as of Wed­nes­day. The Wall Street Jour­nal and oth­ers re­ported ear­lier that Com­cast had lined up $60 bil­lion in cash to chal­lenge Dis­ney for me­dia mogul Ru­pert Mur­doch’s com­pany. Dis­ney’s of­fer was for $52.5 bil­lion when it was made in De­cem­ber, though the fi­nal value will de­pend on the stock price at the clos­ing.

“This is a golden of­fer that will put con­sid­er­able pres­sure on (Dis­ney CEO Bob) Iger and Dis­ney to step up their game on another bid,” GBH In­sights an­a­lyst Dan Ives said. “This is even higher than the Street thought, which speaks to Com­cast re­ally want­ing these key as­sets.”

The bat­tle for Twen­tyFirst Cen­tury Fox comes as tra­di­tional en­ter­tain­ment com­pa­nies try to amass more con­tent to com­pete bet­ter with tech­nol­ogy com­pa­nies such as Ama­zon and Netflix for view­ers’ at­ten­tion — and dol­lars.

Strong Penn­syl­va­nia storm dam­ages busi­nesses, over­turns cars

WILKES-BARRE, Pa. — A strong storm has pounded parts of Penn­syl­va­nia, dam­ag­ing build­ings, over­turn­ing cars and down­ing trees and power lines.

The storm struck a shop­ping plaza in Wilkes-Barre (WILKS’-ba-ree) Town­ship Wed­nes­day night. The area was un­der a tor­nado warn­ing at the time.

Town­ship po­lice wrote on their Face­book page that there were re­ports of “mul­ti­ple col­lapsed build­ings.”

Photos posted on so­cial me­dia show shat­tered store­fronts and ma­jor dam­age to nu­mer­ous busi­nesses in­clud­ing a Pan­era Bread restau­rant. It was not im­me­di­ately clear if there were any in­juries.

Stocks slip af­ter Fed says in­ter­est rates will rise faster

BY THE NUM­BERS Dow Jones In­dus­tri­als: – 119.53 to 25,201.20 Stan­dard & Poor’s: – 11.22 to 2,775.63 Nasdaq Com­pos­ite In­dex: – 8.09 to 7,695.70

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