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Mike Benbow, Business Editor benbow@heraldnet.com

Business briefs

Microsoft hikes offer for Yahoo

Microsoft Corp. finally dangled a higher takeover bid in front of Yahoo Inc. Friday, hoping to reach a friendly deal after weeks of saber rattling. The Redmond-based software maker upped its offer beyond the original value of $44.6 billion, or $31 per share, according to published reports. The specifics of the new offer weren't known.

Air France receives 50th Boeing 777

The Boeing Co. has delivered Air France's 50th 777 jetliner. The plane was a new 777-300ER. More than 50 percent of Air France's twin-aisle fleet is comprised of 777s. Air France is the launch customer for the 777 Freighter, the first of which is scheduled to enter flight tests soon.

Linens 'n Things files for bankruptcy

A Chapter 11 bankruptcy filing by Linens 'n Things is the latest sign that the retail sector is becoming leaner amid a difficult consumer environment. On Friday, the bedding and home-furnishing retailer said it would close 120 underperforming stores, though none in Washington will be affected.

Regulators propose credit card rules

The Federal Reserve and other regulators initiated steps Friday to end "unfair and deceptive" credit card industry practices assailing consumers. The proposed rules would be the biggest clampdown on the industry in decades, aiming at protecting people from credit card companies that arbitrarily raise interest rates or don't give adequate time to pay.

Record prices lift Chevron's profit

Record energy prices gave Chevron Corp., the second-largest oil company in the U.S., a bigger-than-expected profit gain during the first quarter despite weak income from making and selling gasoline. Chevron posted net income of $5.2 billion, up from $4.7 billion in the year-ago quarter. Revenue increased 40 percent to $64.7 billion.

Amazon.com sues New York over tax

Amazon.com is suing New York over a new law that requires out-of-state online companies to collect sales tax from shoppers in New York. Officials estimated the state would gain about $50 million by requiring Internet giants such as Amazon.com to collect state sales tax. The law applies to companies that don't have brick-and-mortar stores in New York.

Correction

Ursula Stocke, who has joined Everett framing company WiseDesignz, and Arleen Edward, new director of catering and conference services at Tulalip Resort Casino, were misidentified in photos on the April 28 Business page. Corrected photos will appear in Monday's Business FYI.

From Herald staff and news services