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Microsoft has announced Visual Basic 5.0, an update to the company's flagship development tool for building client/server and intranet applications. The upgrade includes a long-anticipated code compiler, which drastically improves application performance, according to Microsoft. Also new is the ability to generate ActiveX controls that can run within the company's Internet Explorer Web browser or used in other applications. Visual Basic 5.0 will ship next month. Pricing has not been announced.