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  • *Los Angeles has more dispensaries that any other city. LOS ANGELES, Oct 2- The Los Angeles City Council voted to rescind a newly enacted ban on storefront medical marijuana shops on Tuesday, allowing the city to avoid a referendum next year that some officials said would likely succeed in reversing the prohibition.

  • NY appeals court orders bail for philanthropist Tuesday, 2 Oct 2012 | 9:31 PM ET

    NEW YORK-- An opera-loving philanthropist convicted of a multimillion-dollar fraud will soon be freed from prison on bail after a federal appeals court signaled on Tuesday he might be succeeding in proving his case deserves a second look.

  • SAN FRANCISCO Oct. 2, 2012-- Standard& Poor's Ratings Services' B+' corporate credit rating and' B+' senior unsecured issue rating on MEMC Electronic Materials Inc. is unaffected by the company's recent $200 million term loan debt issuance. MEMC will use the term loan for general corporate purposes in addition to providing additional liquidity for the company.

  • said a major patent verdict in favor of Apple Inc. should be overturned because the jury foreman did not disclose that he once was in litigation with Seagate Technology PLC, a company that counts Samsung as a major investor.

  • Oracle's Ellison: expect Fusion take-up to quicken Tuesday, 2 Oct 2012 | 7:15 PM ET

    SAN FRANCISCO, Oct 2- Oracle Corp CEO Larry Ellison expects strong take-up for its Internet-based "Fusion" software, a product suite crucial to its efforts to catch up with rivals like Salesforce.com Inc in the fast-growing market.

  • *In one case, payment of more than $7 mln held up over $100 invoice. By Ayesha Rascoe and Roberta Rampton. WASHINGTON, Oct 2- A year after the U.S. government raced to meet a deadline to finish loan agreements with dozens of clean energy companies, less than half the total money promised has been handed over.

  • Theravance in partnership on gastroparesis drug Tuesday, 2 Oct 2012 | 6:27 PM ET

    NEW YORK-- Theravance Inc. said Tuesday it formed a partnership with Italian drugmaker Alfa Wassermann SpA to develop its gastrointestinal disorder drug velusetrag. Theravance said the companies will work together on mid-stage clinical testing of the drug.

  • Wet Seal says key sales measure fell in September Tuesday, 2 Oct 2012 | 6:22 PM ET

    FOOTHILL RANCH, Calif.-- The Wet Seal Inc. said Tuesday that revenue from its stores open at least a year fell nearly 13 percent for September. Wet Seal said this measure fell 12.6 percent at its namesake stores, which target teenagers, and fell 13.6 percent at its Arden B stores for young women during the five-week period that ended Sept. 29.

  • Education chief wants textbooks to go digital Tuesday, 2 Oct 2012 | 6:11 PM ET

    It's not just a matter of keeping up with the times, Duncan said in remarks to the National Press Club. South Korea, which consistently outperforms the U.S. when it comes to educational outcomes, is moving far faster than the U.S. in adopting digital learning environments.

  • *Oracle unveils new cloud products at user conference. BOSTON/ SAN FRANCISCO, Oct 2- Oracle Corp CEO Larry Ellison said he intends to drive growth at the world's No. 3 software maker by promoting its current suite of cloud computing products and not through an acquisition.

  • Gambling exec: Time short for US online poker regs Tuesday, 2 Oct 2012 | 6:05 PM ET

    LAS VEGAS-- With billions of dollars at stake, the head of the gambling industry's main lobbying group sounded a pessimistic note Tuesday about the prospect of Congress passing Internet regulatory laws this year.

  • In the past two weeks, customers of top U.S. banks including Bank of America Corp, JPMorgan Chase& Co, Wells Fargo& Co, U.S. Bancorp and PNC Financial Services have reported having trouble accessing their websites, as unusually high traffic volumes appeared to crash or slow down the systems.

  • LA council votes to repeal pot dispensary ban Tuesday, 2 Oct 2012 | 5:16 PM ET

    LOS ANGELES-- The Los Angeles City Council reversed course Tuesday and repealed a ban on pot shops that it passed just two months ago to shutter hundreds of medical marijuana storefronts. Many cities have struggled with medical marijuana ordinances, but none has had a bigger problem than Los Angeles, where pot shops have proliferated.

  • InterMune says Canada approves lung-disease drug Tuesday, 2 Oct 2012 | 5:16 PM ET

    BRISBANE, Calif.-- InterMune Inc. said Tuesday that Canadian regulators approved its lung-disease drug Esbriet. InterMune said Health Canada approved Esbriet as a treatment for mild-to-moderate idiopathic pulmonary fibrosis in adults.

  • Oracle's Ellison: focus on Cloud, not acquisitions Tuesday, 2 Oct 2012 | 5:06 PM ET

    BOSTON/ SAN FRANCISCO, Oct 2- Oracle Corp CEO Larry Ellison said the company will focus on driving organic growth through a new suite of cloud computing software versus pursuing major acquisitions for now, though he would not rule out a big deal "down the road."

  • WASHINGTON, Oct 2- Google subsidiary Motorola Mobility has dropped a complaint of patent infringement against Apple without explanation. Apple did not return telephone calls seeking comment and Google said only: "As we have said many times before, we will continue to vigorously defend our partners".

  • Labor standoffs silence orchestras in Minn., Indy Tuesday, 2 Oct 2012 | 4:24 PM ET

    MINNEAPOLIS-- The Minnesota Orchestra was called the world's greatest not long ago, welcome recognition for musicians outside a top cultural center. In Minneapolis, the Minnesota Orchestra has already cancelled concerts through Nov. 25 as negotiators argue over a proposal to trim the average musicians' salary by $46,000 a year.

  • September Auto Sales: Hyundai Tuesday, 2 Oct 2012 | 4:16 PM ET

    COSTA MESA, Calif.-- Hyundai Motor America said Tuesday that U.S. vehicle sales rose 15.3 percent in September, as rising sales of its Elantra sedan overcame a decline in its other big seller, the Sonata. BY THE NUMBERS: Hyundai sold 660,025 vehicles last month, up from 52,051 a year earlier.

  • *Chicago Fed warned of need for "kill switch" in 2010* SEC can't impose limits on HFT without consensus-official* Some traders are trying to build HFT-free trading zone* Retail investors looking for SEC to lead on HFT reform By Emily Flitter and Sarah N. Lynch. Only now is the SEC getting around to taking a closer look at some of those issues.

  • *In one case, payment of more than $7 mln held up over $100 invoice. *Caution shows government taking appropriate care-CEO By Ayesha Rascoe and Roberta Rampton. WASHINGTON, Oct 2- A year after the U.S. government raced to meet a deadline to finish loan agreements with dozens of clean energy companies, less than half the total money promised has been handed over.