New York politicians and real estate developers pushed for the renewal of the Terrorism Risk Insurance Act at a hearing on Monday. It was enacted the year after the Sept. 11, 2001, attack to share the burden of losses with business insurers caused by any future acts of foreign terrorism. The law is set to expire at the end of the year. Critics complain the law unnecessarily subsidizes developer and insurance fat cats. The Associated Press reports.
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Movie Theaters On-Demand: Universal Pictures, Warner Bros. Entertainment and a company called Digital Cinema Implementation Partners are creating a system by which movie theaters could receive their movies via satellite, broadband download. The process, still in the early stages of development, would allow theaters to quickly respond to either increased demand for a surprise hit or to kill an unexpected dud. The Associated Press reports.
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RIM CEO Steps Down Amid Earnings Restatement: Research In Motion announced today that co-CEO Jim Balsillie will step down as chairman after the company revealed that they would be restating their past earnings reports due to poor accounting of backdated stock options. Dennis Kavelman, the current CFO will move in to fill the Chair as the company looks to cut $250 million from past reports. The Associated Press reports.
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AMD Warns They'll Miss the Mark: Advanced Micro Devices Inc. warned Monday that it was unlikely to meet its Q1 revenue guidance of $1.6 billion to $1.7 billion. This marks another disappointment for investors as the struggling chipmaker battles a merciless price war with rival Intel and faces sharp criticism for its lackluster line of chips. The Associated Press reports.
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