Presidents who enjoy successful second terms usually pull fresh thinking into their inner circles and maintain close working relations with Congress. Barack Obama has shown little inclination to do either.
The U.S. telephone network the Bell System built and ran for almost a century is dying, replaced by technology that propels Internet messages. Rules underpinning that old order should expire with it, AT&T Inc. says.
U.S. stocks rallied, sending benchmark indexes to six-month highs, as investors awaited the Federal Reserve’s plans to boost the economy and election results that may divide Congress. The dollar weakened and Treasuries rose.
U.S. stocks sank as a surge in Italian bond yields intensified the credit crisis and concern grew that European leaders may be unable to keep the euro zone intact. The euro slid to a one-month low and Treasuries rallied.
South African regulators said they won’t intervene in ArcelorMittal South Africa Ltd.’s planned sale of a 9.1 billion rand ($1.3 billion) stake to a group of black investors that includes one of President Jacob Zuma’s sons, amid growing opposition from minority investors and political parties.