The Federal Communications Commission late Friday granted Sirius Satellite Radio Inc. (SIRI) approval to complete its $3.3 billion purchase of XM Satellite Radio Holdings Inc. (XMSR), ending a 16-month-long political drama and making it possible for the nascent business to start operating at a profit.

Wachovia Cuts Dividend and Jobs; Caterpillar Builds a Global Business; Home Prices Collapse; UPS Delivers More Revenue, Less Profit; Fed Directors Split; Oil Hits Six-Week Low; UAL Stock Soars; Two For, One Against Satellite Radio Deal

Icahn’s Yahoo Victory; XM Gains Listeners; Gloomy Economic Outlook; Crude Gains on Tropical/Political Storms; Hasbro Beats Expectations; Corn Cut Down; Goldman Banker Summoned by Paulson; Union Asks Citi to Break Up Operations

Brian Hunt brings you the New Highs and Lows of note last week.

Cablevision Buys Newsday for $650 Million; Brazil to Start SWF, Cut Taxes by $12.8 Billion; Oil Surges Over $126; Chinese Inflation Nears a 12-Year High; XM Hit by 1Q Loss Despite Revenue Jump; BlackBerry Bold Revealed; EDS Buy-Out?; Clear Channel Looks to Settle.