MEXICO CITY, July 21- Mexico's Senate completed on Monday approval of the bulk of legislation setting out rules and regulations for President Enrique Pena Nieto's opening of the oil and gas market, the cornerstone of his economic agenda.» Read More
At this hour, as crude oil futures are trading below $50 per barrel for the first time since May 2005, the U.S. House of Representatives is voting on a controversial bill that targets the oil industry with higher taxes, fees and royalties. The bill is expected to pass the House with ease. “Power Lunch” covered all the bases of the proposed legislation...
House and Senate Democrats are certainly trying to shake things up on Capitol Hill. Both chambers are expected to push an energy package through for some $15 billion in fees, taxes and royalties on big oil (we'll have another post on this subject). But--they're doing a lot more says CNBC's John Harwood on "Power Lunch."
The new Democratically controlled U.S. Congress is in the middle of its 100-hour agenda, and one hot item up for legislation today is a proposal to cut student loan interest rates in half – to 3.4%. The proposal is likely to pass easily but some critics say the plan does nothing to make college more affordable to low and middle-income students.
For the third consecutive day--investors are talking about Apple’s iPhone. This time the buzz is about a lawsuit. California based Cisco Systems is suing Steve Jobs and company for trademark infringement, claiming they’ve owned the name iPhone since 2000. Who knew Cisco had an iPhone? CNBC’s Jim Goldman did, he first reported it weeks ago, and on today's “Squawk on the Street” he revealed more about the potential fist fight brewing in the Bay area.
What a stunning turn of events for two of the best known names in technology, squaring off over the same name: iPhone. Weeks ago, I covered the naming controversy surrounding the impending announcement of Apple Inc.'s long-anticipated mobile device. For the past year, just about everyone referred to Apple's cell phone as the "iPhone." Go to Google, and the "i's" are certainly in Apple's favor: type in "Apple" and "iPhone" and you get 8.7 million results. Do the same with "Cisco" and "iPhone" and you only get 1.7 million results. Seems just about everyone is reaching the same connection that iPhone and Apple go together like chips and salsa.
Apple's report that "cleared" CEO Steve Jobs of any irregularities in the stock options backdating issue--is not sitting well with some stockholders. A lawsuit has been filed against Apple and Jobs as a result. Mark Molumphy is a partner in the law firm of Cotchett, Pitre, Simon & McCarthy. They're the lead firm filing the suit. Molumphy appeared on "Squawk Box" to discuss the action.
According to American Insurance Association Senior Vice President Julie Rochman, trucking accidents cause 5,000 deaths a year in the U.S. She was on “Power Lunch” talking to Sue Herera about the need to enforce the rules in place – let alone enact new ones.
The S.E.C. is meeting right now to vote on a key proposals that could have a major impact on the hedge fund industry. CNBC’s Hampton Pearson had all the details on today's "Power Lunch." Hampton said essentially the S.E.C. is looking to raise the bar on hedge fund investment. Currently hedge funds need to have $200,000 income or $1 million in net worth.
The power shift on Capitol Hill, sparked by the mid-term elections, means the government will likely move in new directions when the new U.S. Congress is sworn in this January. How will that affect the nation's energy issues? On “Morning Call,” New Mexico Democratic Senator Jeff Bingaman revealed what’s to come when he takes over as Chairman of the Energy and Natural Resources Committee.
In an earlier post we talked about the issue of hedge fund returns vs. index funds. That's one battle for the massive hedge fund industry--but there's another that's maybe more important: The issue of transparency. Hedge funds might not be publicly traded, but the U.S. Securities and Exchange Commission requires that money managers overseeing more than $100 million disclose their holdings...
The addictive nature of the BlackBerry is being blamed as the cause of a recent highway pile-up in the state of Washington. The 53-year-old driver told troopers he'd been using his BlackBerry at the time of the crash. On "Squawk Box"--CNBC’s Becky Quick took a closer look at the hand held device and whether legislation is needed to prevent people from using them while driving.
It has been one year since the U.S. Senate enacted a massive overhaul of laws to regulate filing for bankruptcy. Filings are at a 10-year low since then – but there’s skepticism about whether these reforms are really helping. Robert Lawless – professor at the University of Illinois College of Law – will appear before a Senate judiciary committee today to give his take on just how effective these laws have been.
America's energy needs--and what should or should not be done for them--are on the minds of many in Washington D.C. The U.S. House of Representatives postponed a vote this week on a Senate-approved bill to allow drilling in the Gulf of Mexico. Also – President George W. Bush is considering suspending a moratorium on oil and natural gas drilling in Bristol Bay in Alaska – which is home to the world’s largest wild salmon run.
As we've reported--New York became the first city in the U.S. to ban trans-fats in restaurant food. But the ban will affect companies with a reach far beyond the Five Boroughs. Wendy’s International, McDonald’s, Kraft and Kellogg will all have to adjust as a result – at least in the near term – at the expense of their P&L sheets.
Here's the latest update on the trans-fat ban: New York is about to become the first large American city to strictly limit trans-fats in all of its restaurants. The city's board of health voted to eliminate the unhealthy oil from nearly 20,000 eateries, from street corner vendors to the most expensive dining establishments. So why does the health world hate trans-fat so much?
In just a few hours-- the trans fat showdown begins in The Big Apple when the New York City Health Department issues its vote on eliminating them from city restaurants. CNBC’s Mary Thompson "cut through the fat" to give the details on “Squawk Box.”
A new stock market regulatory agency is about to ride into town. The New York Stock Exchange and the NASD are announcing plans to combine their regulatory operations--and make the world's largest securities watch dog.
There's more than just a little rumbling over the Sarbanes-Oxley act--since it's become law in the U.S. Many say it's hurting companies with all of its compliance requirements--and hurting the stock market--particularly IPO's.
There’s legislation being debated in the U.S. Senate on whether to allow more oil drilling in the Gulf of Mexico. It's not just the oil--but the oil revenues coming in that's a big part of this. The benefit for nearby states is the chance of collecting federal royalties – as much as $650 million for each state.