CLEAN TRUCKS: A ban on old and dirty diesel rigs at the Los Angeles and Long Beach ports went into effect, with port officials reporting they did not have to turn away many trucks. The $1.6 billion Clean Trucks Program aims to reduce diesel by 80 percent within five years, starting with a ban on trucks built before 1989. By 2012, all trucks entering the ports will be required to meet 2007 vehicle emission standards. The American Trucking Association continues to pursue a lawsuit against the ports on some provisions of the program, but failed to get an injunction stopping it from going into effect Oct. 1.
CLEARANCE: Aegis BPO said the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for its proposed $250 million merger with PeopleSupport Inc. has expired without a request for further information by the Federal Trade Commission. Mumbai-based Aegis plans to pay shareholders $12.25 a share in cash for Los Angeles-based PeopleSupport, an offshore business process outsourcing company that would become part of its Essar Services subsidiary.
UP AND AWAY: The fourth time was the charm for Space Exploration Technologies Inc., as the Hawthorne company became the first to get a privately built and funded rocket into orbit. Its Falcon 1 rocket, carrying a 364-pound dummy payload, reached orbit after launching from the South Pacific. It was a milestone for the fledgling aerospace corporation, which is bankrolled by former PayPal co-founder Elon Musk and is competing for a multimillion dollar NASA contract to re-supply the International Space Station in 2010.
EXPANSION: Hilton Hotels Corp. announced plans to quadruple its presence in the Caribbean and Latin America by adding 150 hotels to its portfolio over the next five years. The Beverly Hill-based hotel chain currently has 51 hotels throughout the Caribbean and Latin America, another 42 properties in its development pipeline and has identified a number of potential locations. After going private last October in a $26 billion acquisition by the Blackstone Group, Hilton set a goal of adding 1,000 hotels to its international portfolio in 10 years.
PROXY WAR: International Rectifier Corp. officials are urging shareholders to ignore a sweetened $23 a share tender offer launched last week by rival chip maker Vishay Intertechnology Inc. The cash offer values the El Segundo power management chipmaker at about $1.7 billion. Vishay, based in Malvern, Pa., also has nominated a slate of directors for election at the company's annual meeting on Oct. 10. International Rectifier said that Vishay has yet to secure commitments to fund the takeover.
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