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Pick an industry. Odds are it is being transformed by the Internet: retail, media, travel, manufacturing, even politics. "New economy" titans like Yahoo!'s Terry Semel like to say this represents the long-overdue demise of the omnipotent middleman: Consumers can find vastly more choices online than in a big-box store or a newspaper, while the big companies and institutions that used to dictate tastes and buying habits are losing their power.
Tax revenues are up sharply this year, causing the White House to lower its estimated budget deficit for 2006 from $423 billion to $296 billion. The deficit reached an all-time high of $412 billion in 2004. The Congressional Budget Office said the government received almost 13 percent more tax revenue in the first nine months of this fiscal year than in the same period last year. The most dramatic growth came from individual taxes on capital gains profits and executive bonuses. Corporate income tax receipts have nearly tripled since 2003, and individual income tax receipts were up 14 percent.
AP - The Hezbollah militant group captured two Israeli soldiers during clashes along the Lebanese border on Wednesday, triggering an Israeli assault with warplanes, tanks and gunboats as Israeli troops crossed the frontier to hunt for the captives.
AP - Indian investigators on Wednesday combed through the twisted and torn wreckage of train cars for clues as to who set off well-coordinated bombings that killed 183 people and wounded more than 700 during the city's evening rush hour.
AP - Gunmen attacked a bus station Wednesday in a volatile town northeast of Baghdad, kidnapping two dozen people and killing all but four, authorities said, while a suicide bomber blew himself up in a restaurant in the capital.
Israel launched airstrikes and sent troops into southern Lebanon today after Hezbollah said its guerrillas had abducted two Israeli soldiers. Israeli Prime Minister Ehud Olmert described the Hezbollah attacks as an "act of war" and promised a "very painful and far-reaching" response, The Associated Press reported.
Police investigating the highly coordinated bombings on Mumbai's rail network that killed 183 people say the attacks bear the hallmarks of a Kashmiri militant group. As commuters in the Indian financial capital boarded trains a day after the blasts, police said officials had known for months that the city was a target.