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TMCNet:  AP Business NewsBrief at 4:00 a.m. EST

[March 23, 2013]

AP Business NewsBrief at 4:00 a.m. EST

(Associated Press Via Acquire Media NewsEdge) Agriculture disputes threaten new US-EU talksWASHINGTON (AP) _ President Barack Obama used Washington's grandest stage _ the State of the Union speech _ to announce negotiations with Europe aimed at creating the world's largest free trade agreement. Just weeks later, there are signs that old agriculture disputes could be deal-killers. European Union leaders don't want the negotiations to include discussions on their restrictions on genetically modified crops and other regulations that keep U.S. farm products out of Europe. But Obama says it's hard to imagine an agreement that doesn't address those issues. Powerful U.S. agricultural lobbies will do their best to make sure Congress rejects any pact that fails to address the restrictions.


The cash register rings its last saleNEW YORK (AP) _ Ka-ching! The cash register may be on its final sale. Stores across the country are ditching the old-fashioned, clunky machines and having salespeople _ and even shoppers themselves _ ring up sales on smartphones and tablet computers.

Stocks rise on Wall Street aided by earningsStrong company earnings boosted stocks on Wall Street Friday. Investors also saw a chance to add to their holdings after declines earlier in the week. Nike reported a surge in profit, sending its stock price to a record. Tiffany topped earnings predictions, boosted by demand from customers in Asia.

Exodus from bonds Not yetMarket pros call it the Great Rotation. That's the long-awaited scenario when investors take their money out of bonds and sink it into stocks. It was the buzzword this month when the Dow Jones industrial average reached a record high. The idea was that investors were confident enough in the economy to shed their financial crisis fears and leave the safety of bonds.

Crisis in Cyprus threatens EU role and legitimacyBERLIN (AP) _ By rejecting an EU bailout and turning to Russia for help, Cyprus has exposed the growing frustration and dwindling solidarity within the European Union, a bloc meant to bring the continent closer together after World War II. While talks about a Russian rescue appeared stalled Friday, experts noted that the idea of seeking Russian money alone raised doubts about the legitimacy of the European project _ notably over perceived German dominance and threats to national sovereignty. The extraordinary spectacle of an EU member seeking salvation from the old Cold War enemy has raised deep questions about how far Europe can or will go to take care of its own.

Tiffany 4Q net income rises less than 1 pctNEW YORK (AP) _ Tiffany says its fourth-quarter net income edged up less than 1 percent, but still beat Wall Street predictions as strong customer demand in Asia for its pricey baubles offset weakness in the U.S. The upscale jewelry company also offered an annual sales outlook that topped analysts' estimates, and its shares rose nearly 2 percent Friday.

Darden 3Q profit falls but tops Street's viewNEW YORK (AP) _ Darden Restaurants' third-quarter net income dropped 18 percent, as it dealt with soft sales at Red Lobster but the performance still beat Wall Street's expectations. The Orlando, Fla., company said Friday that sales at its Olive Garden, Red Lobster and LongHorn Steakhouse restaurants open at least a year fell a combined 4.6 percent.

Deal requires ferry to stop ash dumping in 2 yearsTRAVERSE CITY, Mich. (AP) _ The nation's last operating coal-fired ferryboat would stop dumping waste ash into Lake Michigan within two years under a deal with federal regulators announced Friday. The agreement between Lake Michigan Carferry, which operates the S.S. Badger, and the U.S. Environmental Protection Agency would require the ship to retain its coal ash during trips across the lake and dispose of it on land. The 410-foot Badger hauls passengers, vehicles and cargo between its home port of Ludington, Mich., and Manitowoc, Wis., from May to October. Currently, ash from its boilers is mixed with water and piped overboard. More than 500 tons of ash is released during a typical season.

Carlos Slim's company wins Olympic TV rightsMEXICO CITY (AP) _ Mexican magnate Carlos Slim, the world's richest man, secured the Latin American broadcast rights to the 2014 and 2016 Olympics on Friday. The IOC said America Movil, the Mexican telecommunications company controlled by Slim, was awarded the rights to next year's Winter Games in Sochi and the 2016 Summer Olympics in Rio de Janeiro on media platforms across Latin America. The deal does not include Brazil.

Morocco Islamists struggle with coalition ruleRABAT, Morocco (AP) _ After just over a year in power, Morocco's Islamist-led government is struggling to fulfill the high hopes brought on by its election in 2011 on promises to fight corruption, provide for the needy and reform the country. Working within a coalition of often reluctant allies, the moderate Islamists of the Justice and Development Party have found many of their initiatives blocked by an establishment with close ties to the royal palace that still wields ultimate power in this North African kingdom of 32 million.

(c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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