Apple Shutting Itunes Store in USA?

LONDON (Dow Jones)--Apple Inc. (AAPL) says it may close its online iTunes store in the U.S. if royalty rates are increased, the BBC reports on its Web site.

The U.S. Copyright Royalty Board meets Thursday to rule on a requested 66% increase for sales of digital music, pushing artist royalties up to 15 cents from 9 cents a song.
Apple tells the BBC is it unwilling to increase its 99 cents a song pricing policy or absorb a royalty rise.

"Apple has repeatedly made clear that it is in this business to make money, and would most likely not continue to operate iTS if it were no longer possible to do so profitably," Vice President for iTunes Eddy Cue said.