Finance Latest News: FCC Gives Official Nod to Deals by SoftBank, Sprint, Clearwire

Wochit 1:14 mins

The Federal Communications Commission on Friday announced its official approval of two related deals by Sprint Nextel Corp, SoftBank Corp and Clearwire Corp. The regulatory approval was the last hurdle for SoftBank's $21.6 billion bid to buy 78 percent of Sprint, the No. 3 U.S. wireless provider. Sprint's bid to buy out the portion of wireless company Clearwire that it doesn't already own faces a vote by minority shareholders on July 8. According to the majority of economists at large Wall Street firms, The Federal Reserve is likely to begin shrinking the size of its debt purchase program, by September of this year. The program, called quantitative easing, was intended to prop up economic growth and support the labor market, U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy and means the Federal Reserve could slow its bond purchases by as early as September.

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