Arkansas Business: Stocks lower as investors look to Washington

    6:23 AM, Sep 23, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- The budget fight on Capitol Hill jolting investors on Friday, reminding them that the next few weeks could bring a lot of uncertainty which Wall Street hates. Stocks fell in an afternoon sell-off, wiping out most of the week's gains.

    As that fight over the budget, Obamacare and the debt ceiling heat up. The debt ceiling must be raised by Oct. 1 to avoid a government shutdown and a potential default on payments, including debt later in the month.

    The threat of a default in August 2011 helped send global stock markets into a tailspin.

    FCC approves AT&T's $780M purchase of Alltel assets

    The Federal Communications Commission on Friday approving AT&T's $780 million purchase of the Alltel assets operated by Allied Wireless Communications Corp. of Little Rock, a subsidiary Atlantic Tele-Network Inc. of Beverly, Mass.

    The deal was originally announced in January and now AT&T will start work upgrading the old Alltel network and plans to move customers to the AT&T network by midyear next year.

    Allied Wireless was formed from divested Alltel assets after Alltel Corp. sold to Verizon for $28 billion in 2008.

    The deal gets AT&T more nearly 600-thousand customers in rural areas of six states.

    It has been unclear what the purchase means for Allied's Little Rock employees.

    In May, employees received a letter from AT&T that said AT&T wasn't planning any terminations for the remainder of 2013.

    AT&T said after the sale closes, the, quote, "vast majority" of Alltel workers will transition into AT&T.

    ASU Board of Trustees approves $27.7M bond issue

    Arkansas State University's Board of Trustees on Friday approved a $28 million bond issue to finance the completion of a humanities and social sciences building and construction of a multipurpose student activities center on the Jonesboro campus.

    School officials say the 120,000-SF Humanities and Social Sciences Building is expected to be finished by fall 2015.

    The student activities center will be a 78,000-SF multipurpose facility for students, athletics and the community.

    Construction is expected to begin during the first half of 2014.

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