Lawsuit seeks to halt pipeline
Environmental groups are taking another shot at trying to stop construction of a natural gas pipeline that will run across northern Ohio and into Michigan and Canada.
The Sierra Club and others are behind a lawsuit filed Monday challenging a federal commission’s decision to allow construction of the Nexus pipeline, which recently began.
The 255-mile-long, $2.6 billion pipeline is one of several being built or in the planning stages to carry gas from shale fields in Appalachia.
Plans for the pipelines have generated intense opposition from residents worried about property rights, safety and damage to the environment. The lawsuit is seeking an immediate stop to construction on the Nexus pipeline while there is a new review of whether the pipeline is needed.
Buffett thins out IBM shares
Warren Buffett’s company sold almost a third of its remaining IBM shares in the third quarter and made several tweaks to its stock investments.
Berkshire Hathaway Inc. filed a quarterly snapshot of its portfolio with the Securities and Exchange Commission Tuesday. Investors watch Berkshire’s filings closely because of Buffett’s successful record.
The company sold off nearly 32 percent of its remaining IBM shares to leave it with 37 million shares at the end of the quarter. Before this spring, Berkshire held more than 80 million IBM shares.
During the quarter, Berkshire also added to its investments in Synchrony Financial and Monsanto.
And it trimmed its stakes in Wells Fargo and Charter Communications.
Besides investments, Berkshire owns more than 90 companies.
Trump seeks to delay findings
President Donald Trump’s administration is seeking a two-year delay of an upcoming deadline to determine whether a family of widely used pesticides is harmful to endangered species.
The request filed with a federal judge comes after Dow Chemical and two other pesticide makers asked the government to set aside research by federal scientists that shows chlorpyrifos, diazinon and malathion are harmful to about 1,800 critically threatened or endangered species.
Midland, Mich.-based Dow Chemical contends the studies are flawed.
Postal Service reports loss
The beleaguered U.S. Postal Service reported a financial loss Tuesday for the 11th straight year, citing declining mail volume and costs of its pension and health care obligations even as it predicted another strong holiday season of package deliveries.
It pleaded for more freedom to raise stamp prices to help keep pace with consumer demand for ever-quicker deliveries from online shopping.
The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. That was better than a $5.6 billion loss in the prior year but was mainly due to fluctuations in interest rates that reduced workers’ compensation expenses.
Revenue came to $69.6 billion, down from $71.5 billion last year.
New bundle dodges sports
The hook of the latest internet TV service is a low price and no sports.
Analysts estimate that internet TV packages such as Sling TV, YouTube TV and DirecTV Now have so far signed up a few million customers. These services are meant to replace cable TV with a cheaper price and a smaller bundle of channels.
Unlike the existing services, though, Philo doesn’t offer many of the networks that are often considered must-have. It lacks sports and the dominant cable news networks and excludes broadcast networks like NBC, ABC, CBS and Fox. Instead, it focuses on music and comedy, scripted series and reality shows, with networks like AMC, Food Network, HGTV, MTV and Comedy Central.
That helps lower its cost to just $16 a month for 37 channels.
Compiled from staff and wire reports.
Business news briefs, Nov. 15: New lawsuit seeks to stop Nexus pipeline