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Business

Business briefs

LONG ISLAND

Development meeting today

The Long Island Economic Development Council will hold its fourth public meeting Tuesday from 2 to 4 p.m. in Farmingdale. The session will be inside Molloy College's Suffolk Center at 7180 Republic Airport. Members of the public can observe, but testimony will be taken at a later session. The council, appointed by the governor, has until Nov. 14 to submit a five-year strategy for boosting the local economy, to compete statewide for a portion of $200 million in state aid. A further $800 million will be distributed in 2011- 12. More details are nyworks.ny.gov

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Misonix sells division

The Farmingdale-based ultrasonic surgical device maker Misonix Inc. has sold off its laboratory and forensic safety products business for $1.5 million in cash, the company said. The buyer, Mystaire Inc., agreed to pay Misonix up to $500,000 more for the division's assets. Misonix chief executive Michael A. McManus Jr. said in a statement Thursday the lab and forensic safety lines were "noncore business" and he expected the income from the sale to be invested in "focusing and growing our medical device business." Misonix's proprietary devices are used for cosmetic surgery, neurosurgery, laparoscopic surgery and other applications. Its stock closed up 15 cents, or 8.93 percent, to $1.83.

NATION

Tank to replace Elmo at Mattel

Mattel Inc., the world's biggest toy-maker, is acquiring Thomas the Tank Engine to make up for losing Elmo earlier this year. The acquisition of Hit Entertainment Ltd. for $680 million from a group led by private-equity firm Apax Partner Funds is the El Segundo, Calif.- based Mattel's biggest acquisition in a decade. Acquiring Thomas will increase the company's preschool offerings after a license to make toys based on "Sesame Street" characters such as Big Bird and Elmo moved from Mattel to rival Hasbro Inc. this year, Margaret Whitfield, an analyst for Sterne Agee & Leach Inc. in Manhattan, said Monday. "They couldn't afford to lose Thomas after losing Sesame Street," she said, adding that Hit Entertainment's ability to create multimedia content such as television shows may also help Mattel improve current brands such as Monster High. Shares of Mattel, owner of brands including Barbie and Hot Wheels, rose 57 cents, or 2.06 percent, to close at $28.26.-- Bloomberg NewsAirlines hike fares again

The nation's biggest airlines are raising prices again. Delta, United and Continental boosted fares Monday by up to $5 each way on many domestic U.S. flights. It's the second increase in a week. That's bad news for travelers trying to book holiday-season trips. Even before the latest fare increases, fares were already up to $70 higher than a year ago, a Citigroup analyst said. But J.P. Morgan analyst Jamie Baker said he'd be surprised to see low-fare carriers such as Southwest Airlines Co. match the increases. So it's possible this week's hikes could be rolled back.-- AP46 tour-bus companies shut

A federal safety official says authorities have conducted 30,000 bus inspections aimed at improving passenger safety after several high-profile tour-bus crashes and have shut down dozens of bus companies this year. Ann Ferro, administrator of the Department of Transportation's Federal Motor Carrier Safety Administration, spoke Monday at the annual meeting of the Bus Association of New York in Albany. She said her agency has closed 46 motor coach companies deemed unsatisfactory. A string of deadly accidents has prompted calls for tougher regulation of the tour bus industry. A bus returning to New York City from, an Uncasville, Conn., casino in March flipped and struck a pole, killing 15 people. Bus Association president Godfrey LeBron said he welcomes inspections because they keep operators "on their toes."-- AP

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