US consumer spending increase strongest in over six years
WASHINGTON U.S. consumer spending recorded its biggest increase in more than six years in April as households stepped up purchases of automobiles, suggesting an acceleration in economic growth that could persuade the Federal Reserve to raise interest rates soon.Though other data on Tuesday showed an ebb in consumer confidence in May, spending is likely to remain supported by strong gains in house prices, as well as a strengthening labor market, which is steadily pushing up wages. "This takes t..>> view originalStarbucks Introduces Nitro Coffee
So what about price? At Starbucks, a grande (large, 16 fl. oz.) nitro will range in price from $3.25 to $3.95, depending on the market. This works out to be just a bit more than Starbucks' cold brew (which launched at $3.25 for a grande last year) and around a dollar more than a regular iced coffee. At Stumptown, which has only 11 locations nationwide and roasts its beans in smaller batches, a 12-ounce cold brew costs no more than $3.50; the same size nitro costs $4.50 (price varies by market..>> view originalChina factory activity expands again in May but at tepid pace - official PMI
BEIJING Activity in China's manufacturing sector unexpectedly expanded for the third straight month in May but growth remained weak as orders softened, suggesting the world's second-largest economy is still struggling to regain traction.The official Purchasing Managers' Index (PMI) was unchanged from April at 50.1 last month, barely above the 50-mark that separates expansion in activity from contraction on a monthly basis. Analysts polled by Reuters had expected it to dip to 50.0. The outpu..>> view originalBarclays Director Accused of Trading Tips for New Bathroom
A former Barclays Plc director was accused by the U.S. of giving tips about future mergers and acquisitions to a plumber friend in exchange for cash and a new bathroom, an arrangement that went down the drain when the plumber snitched to the government.Steven McClatchey, 58, passed the information to the plumber who used the tips to make 11 illegal trades from March 2014 to August 2015, according to a criminal complaint that was unsealed Tuesday in Manhattan federal court. McClatchey, who was a..>> view originalMGM to Buy Boyd's Borgata Stake
Boyd Gaming Corp. agreed to sell its 50% stake in Atlantic City’s Borgata Hotel Casino & Spa to its partner, MGM Resorts International. MGM expects to sell Borgata’s real-estate assets to the real-estate investment trust that was spun off from the Las Vegas-based casino company and went public in April. The transaction is valued at...>> view originalAfter $16 million payment, Mets owners will defer another $45 million owed from Madoff's Ponzi scheme
NEW YORK -- The family that owns the New York Mets plans to make an initial payment of $16 million by Wednesday to return profits from Bernie Madoff's Ponzi scheme. But a recent revision of the original court settlement defers another $45 million owed, which should give the Wilpon family more maneuverability to operate the team and its other businesses without being cash-strapped.Under the original 2012 court settlement, the sides stipulated that the Wilpons lost $176.6 million in certain Madoff..>> view originalElon Musk Confessions: All the Stupid Things Tesla Has Done
Electric car company Tesla held its annual shareholder’s meeting on Tuesday afternoon in Mountain View, Calif., and the event was partly a trip down memory lane, partly a confessional of early missteps, and partly a series of thank you’s to partners and employees that helped build Tesla over its 13-year history. In an event that spanned over three and a half hours, Tesla CEO Elon Musk and CTO JB Straubel—in addition to a series of Tesla executives—candidly discussed many of the issues and probl..>> view originalUS stocks slip, S&P 500 trims third consecutive monthly gain - Standard
(c) 2016, Bloomberg. U.S. stocks slipped, with the S&P 500 paring a third straight monthly gain, as stronger spending data buttressed the case for higher interest rates as early as this summer. Equities are laboring to press higher after an advance last week pushed the benchmark index back into a range where previous rallies during the past year have faded. Consumer and technology shares retreated, even amid the signs of firmer spending. Energy producers erased gains along with oil, while bank..>> view originalTrump Makes Sense on Energy
Political markets are weird: They cry out for something and yet politicians, with their enslavement to conventional wisdom and careerist caution, are unwilling to supply it. Then along comes Donald Trump. Mr. Trump, in his set-piece energy speech on Thursday, did something that might outlast his presidential hopes. In his anti-intellectual way, he made an intellectual contribution. For decades, poorly justified scientific...>> view originalThe Struggles of Today's Sumner Redstone
Step 4: Remove the Viacom directors and replace them with handpicked successors, including Ms. Redstone. Presumably, they would meet immediately and fire Mr. Dauman.As I discussed in a previous Deal Professor, as a result of a mistake in Viacom’s organizational documents, Mr. Redstone, acting through National Amusements, can remove the Viacom directors anytime.Step 5: Sue in Delaware, Viacom’s place of incorporation, to establish the validity of the director removal.This is a whirlwind of activ..>> view original
Tuesday, May 31, 2016
US consumer spending increase strongest in over six years and other top stories.
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