Business Digest

GMAC gets $3.8 billion more cash

The government on Wednesday provided a fresh $3.8 billion cash infusion to stabilize GMAC Financial Services as the company struggles with hefty losses in its home mortgage unit. The Treasury Department said the new aid, which comes from a taxpayer-financed bailout fund, is less than the $6 billion the government had thought GMAC might need. The new cash is on top of $12.5 billion that GMAC earlier received from the government.

Ex-senator plans radio station

Former Nebraska State Sen. John DeCamp plans to launch a new radio station in Lincoln next month. KOLD will start on the Internet, he told the Lincoln Journal Star, then move to 1710 AM. DeCamp, 68, said former State Sen. Ernie Chambers will host a weekly talk show. The station will also feature music from the '50s and '60s, other talk shows and classic radio shows such as “The Shadow” and “The Jack Benny Show,” DeCamp said.

U.S. to slap duties on China steel

The U.S. government is imposing new duties on imports of steel pipes from China. The case is the largest steel trade dispute in U.S. history and will affect about $2.8 billion worth of Chinese imports. U.S. steelmakers and the United Steelworkers union sought the duties in April, arguing that the Chinese steel industry was flooding the U.S. market with pipes sold at unfairly low prices, a practice known as “dumping.” The Chinese also benefited from government subsidies, the U.S. industry said.

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