IN BRIEF
ELKO
Barrick Gold's plan to expand mines in northeast Nevada OK'd
The U.S. Bureau of Land Management has approved a Barrick Gold Corp. plan to combine and expand its Bald Mountain and Mooney Basin mines in northeast Nevada, a move that could create more than 100 jobs.
BLM spokesman Chris Hanefeld said from Ely on Thursday the company now has permission to nearly double the size of Bald Mountain Mine's operational boundary -- adding 3,920 acres for a new expanded site of about 8,085 acres. That amounts to more than 12.6 square miles in White Pine County about 70 miles south of Elko.
Without the approval granted on Tuesday, the mine would have run out of permitted disturbance space by this summer.
"I'm glad we could finally bring this to a close. I know it was important to them and to a lot of folks that work there," said Jeffrey Weeks, the Ely BLM's Egan Field Office manager who signed the record of decision.
Barrick Gold of North America President Greg Lang said Wednesday that the company plans to spend about $200 million on the expansion over the next five years. Another Barrick official said it could add 130 more jobs at the site, which now employs about 185 people.
Service1st Bank suitor told shares don't qualify for listing
Western Liberty Bancorp, the New York-based holding company that agreed to acquire Service1st Bank, on Thursday disclosed that an appeals panel ruled that its shares no longer qualified for listing on the NYSE Amex exchange because of amendments to the corporate charter.
The holding company didn't describe the amendments in a report filed with the Securities and Exchange Commission but said the amendments were approved at an October meeting of stockholders.
The exchange is expected to suspend trading of Western Liberty shares "as soon as practical." In the meantime, Western Liberty said it intends to list on an alternative exchange. Western Liberty said it intends to file a further appeal with an exchange committee.
By the time it closes on the Service1st acquisition, Western Liberty said, it expects to be listed on the NYSE Amex or another national exchange.
WASHINGTON
Federal Reserve boosts rate banks pay for emergency loans
The Federal Reserve is boosting the rate banks pay for emergency loans. The move won't affect borrowing costs for millions of Americans, but it brings the Fed's crisis lending program closer to normal.
The Fed has agreed to bump up that rate by one-quarter point to 0.75 percent. The increase takes effect today .
The central bank said the move shouldn't be viewed as a signal that it will soon boost interest rates for consumers and businesses. Record-low borrowing costs, it said, are still needed to foster the recovery.
SAN FRANCISCO
Microsoft-Yahoo research partnership gets green light
U.S. and European regulators have cleared the long-discussed Internet search partnership between Microsoft Corp. and Yahoo Inc., enabling the rivals to form a tag team as they try to better challenge Google Inc.
The government approvals that were announced Thursday anointed an alliance that Microsoft and Yahoo proposed nearly seven months ago after years of flirtation and often contentious negotiations.
Microsoft first approached Yahoo about working together in late 2006 and again in 2007. In 2008, Microsoft launched a hostile bid to buy Yahoo in its entirety, only to withdraw the $47.5 billion offer in exasperation.
Yahoo now plans to rely on Microsoft's search technology in an attempt to boost its sagging profits. Yahoo's stock has been slumping since Microsoft took away its last offer of $33 per share in May 2008. Yahoo shares rose 10 cents, or 0.65 percent, Thursday to close at $15.54 on the Nasdaq National Market.
