Weak retail sales dampen sharp Q2 growth rebound hopes
WASHINGTON (Reuters) – U.S. retail sales were flat in April as households cut back on purchases of automobiles and other big-ticket items, the latest sign the economy was struggling to rebound strongly after barely growing in the first quarter.
Piech misses Porsche AGM, as VW seeks to build bridges
STUTTGART/BERLIN, Germany (Reuters) – Ousted Volkswagen patriarch Ferdinand Piech did not attend a shareholder meeting of the carmaker’s controlling clan on Wednesday, fuelling uncertainty about his stake and future involvement in the family business.
Exclusive: Wal-Mart improves lobbying disclosure after shareholder push
CHICAGO (Reuters) – Wal-Mart Stores said it will start disclosing directly to investors what it spends on lobbying on a state-by-state basis, responding to shareholder pressure to improve transparency on how the retailing giant seeks to influence publi…
Markdowns on delayed merchandise to hurt Macy’s profit
(Reuters) – Macy’s Inc forecast a lower second-quarter profit as it marks down merchandise received late due to a strike at West Coast ports and foreign tourists spend less as the dollar stays strong.
Euro zone economy picks up pace but Germany lags
BRUSSELS (Reuters) – A slowdown in Germany weighed on the euro zone in the first quarter, but the bloc’s economy still grew at its fastest in almost two years as cheap food and fuel boosted spending and a central bank stimulus program kicked in.
Business inventories barely rise, suggest first quarter GDP contraction
WASHINGTON, (Reuters) – U.S. business inventories barely rose in March as sales recorded their biggest gain in eight months, the latest indication that the economy actually contracted in the first quarter.
Greece taps IMF reserves to pay IMF debt: sources
ATHENS (Reuters) – Greece emptied an IMF holding account to repay 750 million euros ($840 million) due to the fund, a Greek central bank official said, avoiding default but underscoring the dire state of the country’s finances.
American Apparel ex-CEO Charney sues company, alleging defamation
(Reuters) – Apparel retailer American Apparel Inc said former Chief Executive Dov Charney sued the company and its chairman Colleen Brown, alleging defamation and mental and emotional distress.
Import prices fall for 10th straight month
WASHINGTON, (Reuters) – U.S. import prices fell for a 10th straight month in April, likely reflecting the impact of a strong dollar, a sign of benign inflation pressures that could encourage the Federal Reserve to delay raising interest rates.
Exclusive: China set to delay maiden flight of C919 commercial jet – sources
SINGAPORE (Reuters) – The maiden flight of China’s only homegrown commercial jet, the Comac C919, is behind schedule and delivery could be pushed back as much as two years, sources familiar with the program said, dealing a blow to its push to challenge…
