– SENATE APPROVES FARM BILL: The Senate passed a more than $300 billion farm, nutrition and conservation bill Thursday by a veto-proof majority, setting the stage for a showdown with President Bush. He has vowed to veto the legislation, which has trade implications for the apparel and textile industry, because he wants to limit subsidies for farmers as food prices soar. The administration also argues the bill runs counter to the goals of the Doha Round of global trade talks, which aims to cut subsidies and lower prices for developing nations. The Senate vote of 81-15 came a day after the House passed a companion bill.

– TIFFANY’S BOARD: Peter May, a founding partner and president of investment firm Trian Partners, has been named to Tiffany & Co.’s board. Trian owns about 8 percent, or 10.7 million shares of Tiffany. May and Trian partner Nelson Peltz are known for agitating for change at firms in which they have a stake such as H.J. Heinz Co., Wendy’s International Inc., and Cadbury Schweppes PLC. Lawrence K. Fish, chairman of Royal Bank of Scotland American and chairman of Citizens Financial Group Inc., was also appointed to the board.

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