Markets face mixed week; oil slides

Added to the picture, revised data revealed that the US economy shrank a steep 2.9 per cent in the first three months of 2014, sharply worse than the previous estimate of a 1pc decline. Oil: The oil market fell as weak data stoked fresh demand fears in top consumer the United States, while Iraqi crude supplies appeared unaffected by ongoing violence, analysts said. Consumer spending, which accounts for more than two-thirds of US economic growth, rose a mere 0.2pc in May after flattening in April, official data showed. In addition, initial US...

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HP to settle $11bn litigation

NEW YORK: Hewlett-Packard and attorneys representing shareholders have agreed to settle litigation over its troubled $11.1 billion acquisition of British software company Autonomy Corporation. Under the terms of the settlement, involving three lawsuits, the attorneys for the shareholders have agreed to drop all claims against HP's current and former executives, including chief executive Meg Whitman, board members and advisers to the company. The exception to that will be former officials at Autonomy. As part of the agreement, the shareholders'...

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Ruling Risks New Argentine Default as Monday Deadline Approaches

Bank of New York Mellon Corp. must return a $539 million deposit from Argentina intended for restructured bondholders, a U.S. judge ruled, calling the transfer an “explosive action” that disrupted potential settlement talks with holders of defaulted debt. U.S. District Judge Thomas Griesa in New York has ruled that Argentina can’t pay holders of its restructured debt without also paying more than $1.5 billion to a group of defaulted bondholders, raising the possibility of a new default as the South American nation approaches a June 30 payment...

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American Apparel Adopts Rights Plan to Thwart Ousted CEO

Dov Charney, former chief executive officer of American Apparel Inc. The company investigated Charney’s actions this year and found a history of misconduct, a person familiar with the matter said. Charney is contesting the firing. Photographer: Keith Bedford/Bloomberg American Apparel Inc. (APP:US), the retailer whose shares have dropped 52 percent in the past year, adopted a one-year shareholder rights plan to keep ousted Chief Executive...

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Fourth of July Brings Pending Increases at the Gas Pump

AAA is forecasting a spike at the gas pump for the coming Fourth of July weekend. The company pointed to the rising conflict in Iraq as a direct contributor to the increases seen, let alone the pending holiday weekend. Currently, the national average is around $3.68 for a gallon of regular unleaded gas. Gas Buddy.com reports the west coast is seeing well over $4.00 for a gallon of regular unleaded. Based on the current pricing versus last year, there is already a 23 cents increase at the gas pump. Tom Kloza who is a chief oil analyst for Gas...

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Consumer sentiment survey finds sunnier outlook

Consumers' mood brightened this month, despite other evidence that their spending is still cautious. The Thomson Reuters/University of Michigan survey's consumer sentiment index for June rose to 82.5 from 81.9 in May. That's below the survey's most recent high in April and June 2013 -- 84.1 for both months. Its 12-month high was 85.1 in July. But Richard Curtin, director of the University of Michigan's consumer surveys, said it was significant that the sentiment index reading had stayed largely unchanged for six months despite the economy's...

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AAA forecasts most July 4 travel since 2007

AAA says about 34.8 million people will drive at least 50 miles on the Independence Day holiday weekend, despite pricey gas. NEW YORK — AAA forecasts most July 4 travel since 2007 The highest number of Americans in seven years will travel by car over the Independence Day holiday weekend, and they’ll be paying for the most expensive fuel  About 34.8 million people plan to drive 50 miles or more from home during the five days ending...

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Barnes & Noble tuns the page on Nook tablets

DIVESTED: US book retailer Barnes & Noble said Wednesday it would spin off its Nook division, which produces tablets and digital books, amid ongoing losses at the unit. — ©AFP/Relaxnews 2014 NEW YORK: US book retailer Barnes & Noble said Wednesday it would spin off its Nook division, which produces tablets and digital books, amid ongoing losses at the unit.  The plan authorised by the board would separate the Nook unit by early...

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IKEA gives its US employees a raise

Another major retailer in the United States is giving a boost to its base salary, although the size of the increase will vary from state to state. On Thursday morning, the Swedish furniture retailer IKEA announced that it would be adopting a new wage structure which is expected to increase pay for about 50% of its American employees. The change in company policy will take effect on January 1, 2015. The new policy will base entry-level compensation on the MIT Living Wage Calculator, which estimates the wages required “to meet minimum...

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U.K. Regulator Slaps Payday Lender Wonga

LONDON—The image of payday lending got another knock Wednesday as Wonga Group, Britain's biggest payday loan provider, was slapped by the Financial Conduct Authority for sending threatening letters from made-up law firms to late paying customers. The FCA, which started regulating Wonga and other consumer credit companies in April, said the lender has agreed to pay £2.6 million ($4.4 million) in compensation to 45,000 customers who received letters from fictitious firms "Chainey, D'Amato & Shannon" and "Barker and Lowe Legal Recoveries" between...

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Oracle to acquire Micros Systems for $5.3b

Oracle headquarters in Redwood City, California. Oracle announced plans to acquire Micros Systems for $5.3 billion. Photo / AP Oracle announced plans on Monday to acquire a Columbia, Maryland-based maker of cash register and reservation systems for $5.3 billion in a deal that would allow the technology giant to gain a foothold in the retail and hospitality sectors. Founded in 1977, Micros Systems counts 1,000 employees at its headquarters, and...

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