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GRE Business Report: February 7th

A look at today's top business headlines.
Experts are warning drivers to break for higher gas prices. The price of gas is expected to rise as refineries start to shut down for winter maintenance, which reduces supply. They also gradually switch to more expensive summer blends of gasoline. AAA predicts the nationwide average will peak between $3.55 and $3.75 a gallon this year, lower than last year's high of $3.79, reached in late February.

Subway says it is removing a controversial chemical from its breads. The chemical called azodicarbonamide is used to strengthen bread dough. However, it's also found in yoga mats and shoe soles to add elasticity. Subway released a statement saying it's in the process of removing the chemical as part of its bread improvement efforts. The ingredient, for the record, is approved by the USDA and the FDA.

Japanese electronics maker Sony is making some changes in hopes of turning around its financial situation. The company plans to sell its PC unit to a private equity group. Sony also announced its plans to cut 5,000 jobs and spin off its TV division. The company hopes operating its television business as a subsidiary will help it turn a profit in fiscal year 2014. These moves come as Sony announced it expects to lose a billion dollars for this fiscal year, which ends March 31st.


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