Mortgage rescue OK'd by Bush amid housing bill vote
The White House dropped opposition to a 3.9 billion dollar grant package for devastated neighborhoods in exchange for a lifeline for Fannie Mae and Freddie Mac. The measure moves toward Senate passage and could become law within days, with Rep. Barney Frank calling parts of the bill orders of magnitude important for the housing market and the economy.
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FCC nears approval of Sirius XM merger ruling
The FCC edges toward approving the Sirius XM deal with commissioner Tate poised to back the buyout if settlements over rule violations occur. The 2-2 tie persists as Adelstein and Copps dissent while Martin and McDowell back approval amid rising Sirius stock and a $3.9 billion value.
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Jonathan Adelstein
Adelstein
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Martin
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LongHorn Tip Out Policy Sparks Server Payout Changes
As food and energy costs rise, Darden’s acquisition of LongHorn led to a stricter tip sharing plan. Servers must give 2.25 percent of sales to hosts and bartenders, up from 1 percent, reducing their take per shift. The policy aims to cut labor costs across its 1700-plus restaurants while defending value to customers.
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Bureau of Labor Statistics
American Greetings to Sell Strawberry Shortcake and Care Bears
American Greetings Corp will sell Strawberry Shortcake and the Care Bears to Cookie Jar Entertainment of Toronto for 195 million dollars. The brands will remain licensed to American Greetings for 10 years, while Cookie Jar handles children's content in Canada. The deal closes Sept 30, and American Greetings will keep developing Twisted Whiskers and other properties.
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Strawberry Shortcake
Care Bears
Canada
American Greetings Corp
Cookie Jar Entertainment
Toronto
Cookie Jar
American Greetings
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