Retailers boost July sales with heavy discounts, promotions
(Reuters) – Retailers reported higher sales for July, but they relied heavily on discounts to lure cost-conscious shoppers who have remained frugal so far during the crucial back-to-school season.
AMR defends $19.9 million severance for chief executive
(Reuters) – American Airlines has defended a $19.9 million severance package for departing Chief Executive Tom Horton, who will step down after American’s bankrupt parent, AMR Corp , merges with US Airways .
Ackman pushes J.C. Penney to speed up CEO search
(Reuters) – J.C. Penney Co has started searching for a new chief executive to replace Myron Ullman, with top investor Bill Ackman pushing to have one named in 30 to 45 days, according to a letter the activist investor sent to the company’s board.
Iksil to face no U.S. charges in ‘Whale’ probe: source
NEW YORK (Reuters) – The trader at the center of JPMorgan Chase’s $6.2 billion trading loss last year will not face U.S. charges related to the incident, a source familiar with the matter said on Thursday.
Wall Street rebounds to end three-day drop as Microsoft gains
NEW YORK (Reuters) – Stocks advanced on Thursday, snapping a three-day losing skid as a rally in Microsoft helped lift the technology sector.
Tim Hortons acts on investor pressures, CEO calls for new strategy
(Reuters) – Tim Hortons Inc , the Canadian coffee and doughnut chain under shareholder pressure to boost returns, said on Thursday it was expanding its buyback plan by C$900 million ($863.4 million) and its new CEO called the challenging environment th…
Soros Fund withdrawing all of its money from Pershing: source
(Reuters) – Soros Fund Management LLC is withdrawing its money from William Ackman’s Pershing Square Capital Management due to performance, according to a person close to the matter said on Thursday.
U.S. slowly opening up commercial drone industry
WASHINGTON (Reuters) – The Federal Aviation Administration’s recent certification of two expensive unmanned aircraft for commercial use further opens up the U.S. market for drones, but cheaper unmanned aerial vehicles (UAVs) will still have to operate …
Borrowers can sue Wells Fargo over mortgage modifications
(Reuters) – Wells Fargo & Co must face lawsuits by homeowners who claim the largest U.S. mortgage lender refused to offer them permanent mortgage modifications for which they had qualified, a federal appeals court ruled on Thursday.
Fannie Mae sending $10.2 billion to taxpayers as profit swells
WASHINGTON (Reuters) – Fannie Mae , the largest U.S. mortgage finance company, said on Thursday its second-quarter profit nearly doubled to $10.1 billion, triggering another big payment to the U.S. Treasury that could complicate the debate over revampi…
