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All 12 of Atlantic City's casinos shut down today because of a state budget dispute between Gov. Jon Corzine and his fellow Democrats, who control the state Legislature. Corzine is attempting to increase the state sales tax to 7 percent from 6 percent to help overcome New Jersey's $4.5 billion budget deficit. Without a budget, the state can't pay its employees – including the inspectors whose presence is required at the casinos. Atlantic City casinos say the closure will cost them more than $16 million a day in gambling revenue, 8 percent of which goes to the state. July and August are historically the busiest months of the year in the nation's second-largest gaming market.
Ideas can be preserved and displayed today in many forms, including paper, DVDs, and the latest invention: flash memory, the tiny solid-state chip increasingly used in hand-held devices. Those choices, while great for consumers, are a problem for a company like Seagate Technology. The 55,000-worker firm has staked its future on one kind of storage—the magnetic disk drives used in most computers. Seagate is the world's largest disk-drive maker, with 40 percent of the market, and is reporting strong profits. Yet its stock sells for only about 10 times earnings, while the price-to-earnings ratio of the average stock on the Standard & Poor's 500 is about 17. Investors clearly are bearish about the company's outlook. Senior Writer Kim Clark spoke with Seagate CEO Bill Watkins, at a steakhouse near the company's Silicon Valley executive offices (its legal headquarters is in the Cayman Islands), about data storage and how he plans to keep disk drives from becoming the floppy disks of 2010.
The IFE Web site now shows results from 96% of precincts and 37.8 million votes, with Calderón still ahead by 396,000 votes: Calderon 36.4, Lopez Obrador 35.4, Madrazo 21.4. It looks like fewer than 40 million votes were cast. Madrazo obviously benefited from late-reporting returns from rural areas, while there appears to have been no late great surge for López Obrador. The vote for Congress: PAN 34, PRD 29, PRI 27. So Calderón ran only slightly ahead of his party, while López Obrador ran more so. It seems unlikely in the extreme that the final 4 percent of the votes can produce the 1 percent margin that López Obrador needs to overtake Calderón.
AP - China and Russia resisted an attempt in the U.N. Security Council to impose sanctions against North Korea for its missile launches Wednesday, saying only diplomacy could halt the isolated regime's nuclear and rocket development programs.
AP - Early inspections revealed no major damage to the space shuttle Discovery, NASA said Wednesday after a day of checking out the spacecraft with on-board cameras. That means when the shuttle meets up with the international space station Thursday morning it likely won't need emergency repairs while hooked up with the orbital outpost — unlike last year's daring spacewalk fixes.
John Prescott's department was directly involved in plans for a mega casino at the Millennium Dome while the deputy prime minister was holding meetings with Philip Anschutz, the US billionnaire entertainment mogul.
Japan called for "swift, strong" U.N. action in response to North Korea's missile tests, while U.S. officials cited "unprecedented" unity on the issue. President Bush said Wednesday that North Korea has isolated itself further with the tests.
Enron founder Kenneth Lay died early today in Aspen, Colorado, a family spokeswoman said. CNN affiliate KPRC in Houston reported that Lay was admitted to the hospital overnight with a massive coronary. Lay, 64, was awaiting sentencing after being found guilty of conspiracy and fraud in the Enron trial in May.