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Business Highlights

Facebook disclosed its letters with the SEC in regulatory filings Friday. The filings are a usual part of the IPO process. The letters are typically confidential until about 30 days following an IPO. Facebook's IPO took place May 17.

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Again a power in OPEC, Iraq could shift landscape

BAGHDAD (AP) â¿¿ Iraq's rapidly expanding oil production is likely to complicate OPEC's efforts to influence world prices as the country re-emerges as a major player after 20 years on the sidelines due to sanctions and strife.

For now, Iraq is backing Iran's push for OPEC to set lower production limits and keep prices high, but Baghdad's own ambitious plans for expansion could cause an overall production increase that may help drive down prices.

Analysts say Iraq's new clout is shifting the power balance in the 12-member Organization of the Petroleum Exporting Countries and could force it to overhaul its intricate production quota system to accommodate Baghdad's greater output.

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New owner plans to close Fashion Bug

SUFFERN, N.Y. (AP) â¿¿ Fashion Bug, a low-priced women's clothing chain, will soon join the retail graveyard.

Ascena Retail Group Inc. has completed its buyout of Charming Shoppes Inc., which owns the chain, and now plans to close the remaining several hundred Fashion Bug stores by early next year.

The company didn't say how many employees will be affected.

Ascena is generally trying to shed parts of Charming Shoppes that it doesn't want and said Friday that it may sell Figi's, which is profitable and growing, because it is not a clear fit with its other clothing brands.

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Burger King plans big expansion in China

NEW YORK (AP) â¿¿ Burger King is setting its sights on China.

The world's second largest hamburger chain says it will open 1,000 restaurants in the country over the next five to seven years. It's the largest multi-unit development deal in Burger King's history. There are currently just 63 Burger King restaurants in China.

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