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Business Briefing: August 18, 2014 Live

Here's what's happening in the world of business on Aug. 18, 2014.

-- THE BIG STORY --

Dollar General has started a bidding war for Family Dollar, offering nearly $9 billion for the chain of discount stores. The offer comes a month after competitor Dollar Tree offered $8.5 billion for Family Dollar.

-- ON A HIGH NOTE --

New York's famed Metropolitan opera struck tentative labor deals with two of the venue's largest unions, the Local 802 musicians' union and the American Guild of Musical Artists. The Midtown institution must still negotiate with 10 additional unions to avoid a strike.

-- THAT'S ALL? --

Start saving. According to the U.S. Agriculture Department, it costs more than $245,000 to raise a child. As for New Yorkers (and others in urban Northeast areas) that cost jumps to $282,000. Compare that wth 1960, when it cost about $25,000 a year to raise a child, or $198,560 in 2013 dollars.

-- BOTTOMS UP --

Take that, Scotch. Kentucky bourbon makers say production is at a nearly 50 year high at 1.2 million barrels in 2013. Much of the spike comes from international demand from places such as China, though production is still contained in Kentucky, which makes 95 percent of the world's bourbon.

-- THE MARKETS --

Global markets rebounded Monday after tension in Ukraine caused trading to slide on Friday. Oil is trading at its lowest level since April.

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