http://www.mail.com/business/economy/ Economy - Business: Find breaking news, world news and pictures on Economy en en http://sec-s.uicdn.com/mail.com/2.28/img/mailcom_logo_rss.png http://www.mail.com/business/economy/ http://www.mail.com/business/economy/2106700-procter-gamble-brings-ag-lafley-ceo.html NEW YORK (AP) — Procter & Gamble Co. is bringing back its former CEO, as the world's largest consumer-products maker tries to spur global growth. In a surprise move, P&G said Thursday that former CEO A.G. Lafley, a 33-year industry veteran, is returning to the Cincinnati company's helm. Lafley, 65, replaces CEO Bob McDonald, effective immediately. McDonal... Fri, 24 May 2013 01:57:03 GMT http://www.mail.com/business/economy/2106700-procter-gamble-brings-ag-lafley-ceo.html 2013-05-24T01:57:03Z http://www.mail.com/business/economy/2106438-sears-reports-bigger-than-expected-1q-loss.html NEW YORK (AP) — It was another ugly quarter for Sears Holdings Corp. The beleaguered department-store chain reported a steeper-than-expected loss for its first quarter on slumping sales. It also announced that it is considering selling its protection-agreement business in an ongoing effort to raise cash as it struggles to reverse its fortunes. The unit ru... Fri, 24 May 2013 01:08:24 GMT http://www.mail.com/business/economy/2106438-sears-reports-bigger-than-expected-1q-loss.html 2013-05-24T01:08:24Z http://www.mail.com/business/economy/2106414-gap-style-1q-profit-jumps-43-percent.html NEW YORK (AP) — After years of struggle, Gap is back in style. Gap Inc., which owns The Gap, Old Navy and Banana Republic clothing chains, on Thursday reported a 43 percent jump in its fiscal first-quarter net income, as the company continues to reap benefits from the turnaround plan that it began early last year. The results are welco... Thu, 23 May 2013 22:41:29 GMT http://www.mail.com/business/economy/2106414-gap-style-1q-profit-jumps-43-percent.html 2013-05-23T22:41:29Z http://www.mail.com/business/economy/2105090-ralph-laurens-4q-profit-rises-35-pct.html NEW YORK (AP) — Ralph Lauren Corp. reported a 35 percent increase in fourth-quarter profit as the luxury retailer benefited from lower cotton prices and cost controls. But the seller of Polo and other brands saw its stock fall Thursday because its revenue fell below Wall Street expectations amid poor weather, economic challenges in the U.S. and abroad and... Thu, 23 May 2013 22:12:25 GMT http://www.mail.com/business/economy/2105090-ralph-laurens-4q-profit-rises-35-pct.html 2013-05-23T22:12:25Z http://www.mail.com/business/economy/2106412-pandora-posts-in-line-1q-loss-upbeat-sales.html LOS ANGELES (AP) — Internet radio company Pandora Media Inc. reported higher-than-expected revenue in the latest quarter, with losses in line with analysts' forecasts, as the number of subscribers who pay for ad-free listening more than doubled to exceed 2.5 million. Pandora predicted that it may break even in the current quarter after adjusting for one-t... Thu, 23 May 2013 21:45:29 GMT http://www.mail.com/business/economy/2106412-pandora-posts-in-line-1q-loss-upbeat-sales.html 2013-05-23T21:45:29Z http://www.mail.com/business/economy/2105148-ecbs-draghi-imperative-to-set-up-bank-body.html FRANKFURT, Germany (AP) — European Central Bank President Mario Draghi said it was "imperative" that Europe's leaders create a new agency with powers to restructure busted banks in order to help the region leave its economic and financial crisis behind it once and for all. In the text of a speech to be delivered in London Thursday, Draghi said the new age... Thu, 23 May 2013 21:40:08 GMT http://www.mail.com/business/economy/2105148-ecbs-draghi-imperative-to-set-up-bank-body.html 2013-05-23T21:40:08Z http://www.mail.com/business/economy/2106192-house-immigration-group-resolves-dispute.html WASHINGTON (AP) — House members writing a bipartisan immigration bill said Thursday they had patched over a dispute that threatened their efforts, even as they and the rest of Congress prepared to return home for a weeklong recess where many could confront voters' questions on the issue. The eight lawmakers in the House immigration group have struggled fo... Thu, 23 May 2013 21:13:21 GMT http://www.mail.com/business/economy/2106192-house-immigration-group-resolves-dispute.html 2013-05-23T21:13:21Z http://www.mail.com/business/economy/2105890-smooth-confirmation-hearing-pritzker.html WASHINGTON (AP) — President Barack Obama's nominee for commerce secretary was questioned briefly about her ties to a subprime mortgage lender that failed in 2001 and her role as a beneficiary of family offshore trusts in the Bahamas, but those were minor bumps in an otherwise smooth Senate confirmation hearing Thursday. Chicago billionaire business execut... Thu, 23 May 2013 20:54:29 GMT http://www.mail.com/business/economy/2105890-smooth-confirmation-hearing-pritzker.html 2013-05-23T20:54:29Z http://www.mail.com/business/economy/2106408-stocks-lower-investors-reassess-fed-worries.html NEW YORK (AP) — Stocks are ending the day slightly lower after recouping a big loss early on. U.S. markets fell immediately after the opening bell following a global slump prompted in part by an unexpectedly weak report on manufacturing in China. Concern that the Federal Reserve might ease back on its economic stimulus program sooner than expected had als... Thu, 23 May 2013 20:25:40 GMT http://www.mail.com/business/economy/2106408-stocks-lower-investors-reassess-fed-worries.html 2013-05-23T20:25:40Z http://www.mail.com/business/economy/2106324-big-stores-nix-credit-card-settlement-file-suit.html NEW YORK (AP) — Some of the country's largest retailers, including Target Corp. and Macy's Inc., on Thursday filed a lawsuit against MasterCard and Visa, rejecting a settlement reached last year over alleged fee-fixing. A larger group of 19 trade associations and retail companies originally filed suit against the card processing companies in 2005, claimin... Thu, 23 May 2013 19:57:57 GMT http://www.mail.com/business/economy/2106324-big-stores-nix-credit-card-settlement-file-suit.html 2013-05-23T19:57:57Z http://www.mail.com/business/economy/2104682-imf-chief-lagarde-court-fraud-probe.html PARIS (AP) — International Monetary Fund chief Christine Lagarde faced hours of questioning at a special Paris court Thursday over her role in the 400 million euro ($520 million) pay-off to a controversial businessman when she was France's finance minister. The court hearing threatens to sully the reputations of both Lagarde and France. The payment was ma... Thu, 23 May 2013 19:50:02 GMT http://www.mail.com/business/economy/2104682-imf-chief-lagarde-court-fraud-probe.html 2013-05-23T19:50:02Z http://www.mail.com/business/economy/2105584-oil-tracks-gains-stocks-erases-early-losses.html NEW YORK (AP) — An afternoon recovery in U.S. stock markets helped oil reverse early losses Thursday. Benchmark oil for July delivery fell 3 cents to close at $94.25 a barrel on the New York Mercantile Exchange. The price sank as low as $92.21 in the morning after weak manufacturing data from China raised questions about the strength of oil demand in the ... Thu, 23 May 2013 19:28:50 GMT http://www.mail.com/business/economy/2105584-oil-tracks-gains-stocks-erases-early-losses.html 2013-05-23T19:28:50Z http://www.mail.com/business/economy/2105818-shareholder-adviser-firm-paying-300000-fine.html WASHINGTON (AP) — A prominent firm in the business of advising big shareholders on how to vote in elections for company directors is paying a $300,000 fine to settle federal civil charges of failing to protect clients' confidential voting information. Institutional Shareholder Services agreed to the penalty in a settlement announced Thursday with the Secu... Thu, 23 May 2013 18:44:49 GMT http://www.mail.com/business/economy/2105818-shareholder-adviser-firm-paying-300000-fine.html 2013-05-23T18:44:49Z http://www.mail.com/business/economy/2105232-us-rate-30-year-mortgages-rises-to-359-pct.html WASHINGTON (AP) — Average rates on fixed mortgages rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery. Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan increased to 3.59 percent this w... Thu, 23 May 2013 17:49:02 GMT http://www.mail.com/business/economy/2105232-us-rate-30-year-mortgages-rises-to-359-pct.html 2013-05-23T17:49:02Z http://www.mail.com/business/economy/2105918-ap-photos-egypts-languishing-islamic-antiquities.html CAIRO (AP) — Cairo, the Arab world's most populated city, is often referred to as an open-air museum of Islamic antiquities and the city of 1,000 minarets. But its rich history and contributions to Islamic art has languished. The city has seen some of its most beautiful antiquities looted or neglected over the last two years following the 2011 uprising th... Thu, 23 May 2013 17:48:56 GMT http://www.mail.com/business/economy/2105918-ap-photos-egypts-languishing-islamic-antiquities.html 2013-05-23T17:48:56Z http://www.mail.com/business/economy/2105904-turkey-debates-alcohol-sales-ad-restrictions.html ANKARA, Turkey (AP) — Turkish lawmakers on Thursday began debating a bill that bans all alcohol advertising and tightens restrictions on sales of such beverages — a proposal the government insists is aimed at protecting the young from the ills of spirits but which secularists say is an example of the Islamic-based ruling party's encroachment on personal freedoms. ... Thu, 23 May 2013 17:35:10 GMT http://www.mail.com/business/economy/2105904-turkey-debates-alcohol-sales-ad-restrictions.html 2013-05-23T17:35:10Z http://www.mail.com/business/economy/2105226-us-sales-up-23-percent-april.html WASHINGTON (AP) — U.S. sales of new homes rose in April and nearly matched the fastest pace in five years, driving the median price to a record high. The gains suggest the housing recovery is strengthening. New-home sales increased 2.3 percent in April from March to a seasonally adjusted annual rate of 454,000, the Commerce Department said Thursday. That'... Thu, 23 May 2013 16:24:39 GMT http://www.mail.com/business/economy/2105226-us-sales-up-23-percent-april.html 2013-05-23T16:24:39Z http://www.mail.com/business/economy/2105532-us-stock-market-recovers-early-loss.html NEW YORK (AP) — Stock prices are slightly lower at midday on Wall Street after manufacturing contracted unexpectedly in China this month. The Dow Jones industrial average was down 10 points at 15,297 as of noon Eastern Daylight Time, a loss of 0.1 percent. It had been down 127 points in the early going following steep losses in European and Japanese markets. Thu, 23 May 2013 15:55:02 GMT http://www.mail.com/business/economy/2105532-us-stock-market-recovers-early-loss.html 2013-05-23T15:55:02Z http://www.mail.com/business/economy/2105428-sales-gains-lift-dollar-trees-1q-profit-15-pct.html RICHMOND, Va. (AP) — Discount retailer Dollar Tree Inc. said Thursday that its net income increased 15 percent in the first quarter as consumers spent more at its stores, which sell goods for $1 or less. The results beat Wall Street expectations, and its shares rose almost 5 percent in morning trading. Dollar stores offer a wide variety of products, from ... Thu, 23 May 2013 15:03:38 GMT http://www.mail.com/business/economy/2105428-sales-gains-lift-dollar-trees-1q-profit-15-pct.html 2013-05-23T15:03:38Z http://www.mail.com/business/economy/2105206-stock-slump-continues-wall-street.html NEW YORK (AP) — A global stock market slump is continuing on Wall Street as traders worry about how committed the Federal Reserve remains to keeping up its bond-buying program. The Dow Jones industrial average fell 112 points to 15,191 in early trading Thursday, or 0.7 percent. The Standard & Poor's 500 fell 16 points to 1,638, or 1 percent. The Nasdaq fe... Thu, 23 May 2013 13:51:25 GMT http://www.mail.com/business/economy/2105206-stock-slump-continues-wall-street.html 2013-05-23T13:51:25Z http://www.mail.com/business/economy/2104684-oil-to-93-chinese-recovery-concerns.html The price of oil fell to near $93 a barrel on Thursday after a survey showed manufacturing activity in China falling to its lowest level in seven months, a sign that the recovery in the world's No. 2 economy is fading. By early afternoon in Europe, benchmark oil for July delivery was down 99 cents to $93.29 a barrel in electronic trading on the New York M... Thu, 23 May 2013 12:13:00 GMT http://www.mail.com/business/economy/2104684-oil-to-93-chinese-recovery-concerns.html 2013-05-23T12:13:00Z http://www.mail.com/business/economy/2104798-crane-accident-cuts-power-to-one-third-vietnam.html HANOI, Vietnam (AP) — One mistake by a clumsy crane operator caused a 10-hour blackout over about a third of Vietnam, exposing the fragility of the nation's power grid. State electricity company EVN said in a statement Thursday that the blackout occurred Wednesday after the crane operator knocked a tree down onto the main north-south high voltage power tr... Thu, 23 May 2013 08:48:04 GMT http://www.mail.com/business/economy/2104798-crane-accident-cuts-power-to-one-third-vietnam.html 2013-05-23T08:48:04Z http://www.mail.com/business/economy/2104724-bangladesh-owners-failings-led-to-collapse.html DHAKA, Bangladesh (AP) — The defects and errors that led to the world's deadliest garment-industry accident extend from the swampy ground the doomed Rana Plaza was built on, to "extremely poor quality" construction materials, to the massive, vibrating equipment operating when the eight-story building collapsed, a committee appointed by Bangladesh's government concluded. ... Thu, 23 May 2013 07:55:48 GMT http://www.mail.com/business/economy/2104724-bangladesh-owners-failings-led-to-collapse.html 2013-05-23T07:55:48Z http://www.mail.com/business/economy/2104420-survey-china-manufacturing-contracting.html BEIJING (AP) — A survey shows China's manufacturing contracted this month, adding to signs a fragile recovery in the world's No. 2 economy is slowing. HSBC Corp. said Thursday the preliminary version of its monthly purchasing managers index fell to a seven-month low of 49.6 from April's 50.4 on a 100-point scale. Numbers below 50 show a contraction. ... Thu, 23 May 2013 04:43:40 GMT http://www.mail.com/business/economy/2104420-survey-china-manufacturing-contracting.html 2013-05-23T04:43:40Z http://www.mail.com/business/economy/2104438-ford-to-auto-production-australia-2016.html SYDNEY (AP) — Ford Motor Co. said Thursday it will close its two Australian auto plants, ending production in the country in 2016, amid soaring manufacturing costs and plummeting sales. The closure of the U.S. automaker's plants in the state of Victoria will mean the loss of 1,200 jobs and will transform the company into an import-only brand in Australia.... Thu, 23 May 2013 03:21:19 GMT http://www.mail.com/business/economy/2104438-ford-to-auto-production-australia-2016.html 2013-05-23T03:21:19Z http://www.mail.com/business/economy/2103708-am-samoa-to-flier-miles-govt-travelers.html PAGO PAGO, American Samoa (AP) — American Samoa plans to take away frequent flier miles from government workers who travel on behalf of the U.S. territory and use the loyalty points to help medical patients and students travel off the islands when necessary. Hawaiian Airlines agreed to the plan that takes effect on June 1, American Samoa Gov. Lolo Matalas... Thu, 23 May 2013 01:40:25 GMT http://www.mail.com/business/economy/2103708-am-samoa-to-flier-miles-govt-travelers.html 2013-05-23T01:40:25Z http://www.mail.com/business/economy/2103804-hps-2q-offers-hope-revenue-slump-deepens.html SAN FRANCISCO (AP) — Hewlett-Packard is still scrambling to meet the growing demand for more versatile and less expensive mobile devices as a slump in its personal computer sales deepens, but the company's cost-cutting measures and focus on more profitable areas of technology appear to be easing the pain. The conflicting signs of further deterioration and... Wed, 22 May 2013 23:09:20 GMT http://www.mail.com/business/economy/2103804-hps-2q-offers-hope-revenue-slump-deepens.html 2013-05-22T23:09:20Z http://www.mail.com/business/economy/2103814-tesla-uses-stock-note-sale-to-repay-government.html DETROIT (AP) — Tesla Motors, which makes a highly acclaimed $70,000 electric car, has paid off a startup loan from the U.S. government nine years early. The Palo Alto, Calif., company said it wired in a $451.8 million payment to the government on Wednesday. The money, coupled with two prior payments, paid off a $465 million loan Tesla got from the Departm... Wed, 22 May 2013 22:38:02 GMT http://www.mail.com/business/economy/2103814-tesla-uses-stock-note-sale-to-repay-government.html 2013-05-22T22:38:02Z http://www.mail.com/business/economy/2103824-jennifer-lopez-to-open-cellphone-stores.html NEW YORK (AP) — "Jenny from the Block" wants the block to buy Verizon phones from her. Singer and actress Jennifer Lopez on Wednesday announced she's opening a chain of 15 cellphone stores and a website under the Viva Movil brand. The aim is to sell Verizon phones and services to Latinos. The first store will open in New York on June 1... Wed, 22 May 2013 21:44:02 GMT http://www.mail.com/business/economy/2103824-jennifer-lopez-to-open-cellphone-stores.html 2013-05-22T21:44:02Z