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Study of MIC storage at W.Va. plant under way
INSTITUTE, W.Va. -- The National Academy of Sciences is studying how to best reduce or eliminate the storage of a toxic chemical at Bayer CropScience's plant in Institute.
The U.S. Chemical Safety Board said Thursday that the $575,000 study will look at the storage of methyl isocyanate, or MIC. Board chairman Rafael Moure-Eraso says he hopes the study will be a model for the chemical industry to assess and reduce toxic hazards.
Bayer has said it plans to cut storage of MIC at the plant by 80 percent and build an underground storage tank to hold the chemical.
An above-ground storage tank was near the site of a blast that killed two employees in 2008. No MIC was released, but the explosion raised concerns about what could happen if a future mishap damaged the tank.
Corn maze only the start of state's promotion
FRANKFORT, Ky. -- A 15-acre corn maze is part of Kentucky's agritourism being promoted this month.
The state agriculture department says there are 350 farms in Kentucky registered in the state's agritourism program, listed at www.kyfarmsarefun.com. Events begin Sept. 9 and many run through Oct. 31.
The 15-acre corn maze, billed as Kentucky's largest, is in Versailles. For more information on the maze, visit www.kycornmaze.com.
Burger King sets sights overseas after $3.26B sale
CHICAGO -- Burger King's new ruler could help its empire expand.
Burger King Holdings Inc. sealed a deal Thursday to sell itself for $3.26 billion to 3G Capital, an investment firm with strong ties to Latin America. The fast-food chain's chairman and CEO, John Chidsey, said the deal will help it expand more rapidly overseas.
Chidsey, who will become co-chairman of the company after the tender offer is complete, said the $24-per-share deal also brings 3G Capital's experience and contacts abroad. "Hopefully they'll be able to even provide more of an accelerant to the fire," he told The Associated Press.
More than a third of Burger King's locations are outside the U.S. That's growing as the company shifts its expansion focus to other countries. In the past year, 90 percent of its new locations were built abroad.
Treasury prices slide on unemployment report
NEW YORK -- Treasury prices dropped for a second straight day after the Labor Department said fewer workers filed for unemployment last week.
The yield on the 10-year note rose to 2.63 percent, up from 2.58 percent late Wednesday. Its price, which moves in the opposite direction from the yield, fell 46.875 cents to $99.968.
The interest rate the government pays on 10-year Treasury debt is used as a benchmark for a wide variety of mortgage and corporate borrowing.
The Labor Department reported 472,000 first-time claims for unemployment last week, less than the previous week and better than many economists expected.
Safer investments like Treasurys tend to sink on better-than-expected economic reports and rise on gloomier news. Treasurys took a hit on Wednesday as traders sold U.S. government debt after the Institute for Supply Management said manufacturing activity increased in August.
In other trading Thursday, the yield on the 30-year bond climbed to 3.72 percent from 3.65 percent the previous day. Its price slipped $1.313 to $102.844.
The 2-year note was the only Treasury security that held its ground in afternoon trading Thursday. Its price stayed flat at $99.75 with a yield of 0.50 percent.
The yield on the three-month T-bill was flat at 0.12 percent. Its discount was 0.13 percent.