Business briefs

Google going alone in airwaves bid

Google Inc. confirmed its plans to bid for a prized piece of theairwaves in an upcoming government auction, further underscoring theInternet search leader's determination to shake up the wirelessmarket and plumb more profits from mobile phones.

Friday's announcement wasn't a bombshell because the MountainView, Calif.-based company previously signaled it might participatein the Federal Communications Commission auction to begin Jan. 24.Google will enter the competition without a partner more experiencedin the wireless industry.

Going it alone will be expensive and potentially risky, even fora company as rich and technologically adept as Google, which endedSeptember with about $13billion in cash. The bidding for the swathof 700 megahertz spectrum that Google wants will start at $4.6billion, with analysts predicting that the final price will besubstantially higher. Building out the network for national coveragemight cost an additional $5 billion to $7.5 billion.Sale of 35 ClearChannel stations OK'd

The Federal Communications Commission has approved the$1.3billion sale of 35 television stations owned by Clear ChannelCommunication Inc. to Newport Television LLC, a private equitygroup, subject to certain conditions.

Newport is an investment group controlled by Providence EquityPartners. The sale will result in a violation of FCC ownership rulesin nine markets and will require the divestiture of severalstations. The agency announced the decision Thursday night.

The sale was conducted within the context of a much larger planto take Clear Channel private. The San Antonio, Texas-based companyis the nation's largest operator of radio stations. Last month,shareholders approved the $19.5 billion sale of the company to aprivate equity group.Fed official hints at interest-rate cut

Federal Reserve policymakers should consider the impact ofturbulent financial markets on the economy's health when weighinginterest rate decisions, a Fed official said Friday.

"It makes no sense to let the economy suffer from continuingdeclines in stock prices for the purpose of 'teaching stock marketspeculators a lesson,'" William Poole, president of the FederalReserve Bank of St. Louis, said in a speech to the Cato Institute.

Poole is a voting member of the Federal Open Market Committee,the group that includes Fed Chairman Ben Bernanke. It's the groupthat sets interest rate policy in the U.S.

His comments follow signals from the Fed's top two officials -Bernanke and vice chairman Donald Kohn - that a third rate cut maybe needed to help the economy survive problems in the housing andcredit markets.

- From Wire Services