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After tens of thousands of Lebanese from across the sectarian spectrum had taken to the streets of Beirut in protest against Syria’s continuing control of their country, their pro-Syrian government resigned and Syria’s president, Bashir Assad, said he would withdraw all Syrian troops āmaybe within a few monthsā.
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Federated Department Stores, which owns Macy’s and Bloomingdale’s, laid out a $17 billion plan to acquire May Department Stores. The deal doubles the size of Federated, and will create a mammoth retailer with annual sales of $30 billion. Federated hopes the merger will help it compete with speciality shops, such as Gap, and large general retailers.