The World Trade Organization authorized the European Union and seven other leading U.S. trading partners Tuesday to impose more than $150 million worth of sanctions against the United States for failing to repeal anti-dumping rules deemed illegal by the WTO. The ruling allows the complainants to fine the United States up to 72 percent of the money collected from foreign exporters under the so-called Byrd Amendment. The WTO ruled the amendment illegal in 2002, backing claims that it punishes exporters to the United States twice because they are fined first, then those fines are passed on to their competitors. The eight complainants estimated that money totaled about $240 million last year.
VW extending some warranties
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Volkswagen of America Inc. has extended its warranty coverage of certain Passat and Audi models for problems caused by oil sludge, which can cause engine damage. In the past few days, the company has sent letters to about 400,000 Volkswagen Passat and Audi owners informing them of the extended warranty. The problem generally is caused by failure to change the oil on time or by the use of low-quality oil. It affects 1998 to 2004 Passats and 1997 to 2004 Audi A4s that have a 1.8-liter turbocharged, four-cylinder engine.
The largest U.S. jewelry retailer, Zale Corp., Tuesday said income in the latest quarter more than doubled from 2003. The Dallas-based company, which has 2,235 stores under the names Zales Jewelers, Gordon’s Jewelers, Bailey Banks &Biddle Fine Jewelers, and Piercing Pagoda, also said it expects revenue to improve in the new fiscal year. In the fourth quarter ended July 31, Zale earned $6.89 million, or 13 cents a share, on revenue of $455.6 million. In the same period of 2003, it earned $2.93 million, or 5 cents a share, on revenue of $442.4 million. Joke or not, feds shut down bank
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Federal regulators shut down a phony Internet bank claiming to be located in the tiny Colorado town of Bedrock – population 10 – near the Utah state line. Through its Web site, the First National Bank of Bedrock offered deposit accounts, investments, and debit cards and credit cards, according to the federal Office of the Comptroller of the Currency. Regulators said it was unclear if the Web site was a joke, perhaps in reference to the fictional town on the old “Flintstones” TV show. But the Web site could have been an attempt to collect personal information, said a spokesman for the currency comptroller’s office. Herald news services
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