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* Japan’s economy grew less than economists expected in the third quarter after capital spending cooled, signaling the central bank may not be able to raise interest rates this month. The world’s second-largest economy expanded at an annual 0.8% pace in the three months ended Sept. 30, slower than a preliminary estimate of 2%.
* Wal-Mart Stores Inc. has dropped its newly hired ad agency, Interpublic Group of Cos.’ DraftFCB, after the departure of a top marketing executive who helped lead Wal-Mart’s switch to the new agency. Wal-Mart spokeswoman Mona Williams said the decision was “the result of new information that we have obtained over the past few weeks.”
* Sony BMG Music Entertainment reorganized its Sony Urban Music label, folding it into Columbia Records as part of a broader restructuring to stem losses.
* Magazine publisher Primedia Inc. is selling its hunting, fishing and outdoor titles, including Guns & Ammo and Game & Fish, to private equity firm InterMedia Partners for $170 million in cash.
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