Economy of the United States

household credit-Q1 tally

Yonhap News AgencyMay 22, 2013 23:16

SEOUL, May 23 (Yonhap) -- South Korea's household credit declined by the largest amount in four years in the first quarter as card spending remained sluggish amid the economic slowdown, the central bank said Thursday. Household credit totaled 961.6 trillion won (US$856.5 billion) as of the end of March, down 2.2 trillion won from three months earlier, according to the Bank of Korea (BOK).

Investment firms sue exchanges in dispute on improper fee charges

Thomson ReutersMay 22, 2013 23:00

By Nate Raymond (Reuters) - A group of investment firms including Citadel Securities LLC sued the Chicago Board Options Exchange Inc and four other exchanges on Wednesday for improper charges on millions of options trades over a seven-year period. The lawsuit, filed in a state court in Illinois, said the exchanges had discovered last year that a prominent firm had been mismarking orders as originating from public customers when they were not.

JC Penney secures $2.25B loan, $500M more anticipated, as it seeks to stem sales decline

The Canadian PressMay 22, 2013 17:32

NEW YORK, N.Y. - J.C. Penney Co. said Wednesday it has secured a $2.25 billion loan, $500 million more than it had expected, as it tries to stop a collapse in its sales. The expanded financing deal with Goldman Sachs comes as the Plano, Texas-based retailer has been burning through cash and struggling to win back customers. An overhaul plan spearheaded by its former CEO Ron Johnson had backfired and caused sales to plummet.

Wal-Mart Stores taps Hill & Knowlton veteran as new executive vice-president of global affairs

The Canadian PressMay 22, 2013 16:01

NEW YORK, N.Y. - Wal-Mart Stores Inc. named Dan Bartlett, most recently president and CEO of the U.S. arm of global business advisory firm Hill Bartlett has also served as a senior counsellor to President George W. Bush. The 41-year-old succeeds Leslie Dach, who played an influential role in reinventing the image of the world's largest retailer in the face of mounting attacks by labour groups and other critics during his seven-year tenure. The company said in March that Dach, a former Democratic strategist, was leaving in June.

AP Newsbreak: Gay-rights group files complaint accusing Exxon Mobil of anti-gay bias in hiring

The Canadian PressMay 22, 2013 13:45

NEW YORK, N.Y. - One after another, major U.S. corporations have updated anti-discrimination policies to protect gay, lesbian and transgender workers, drawing plaudits from gay-rights groups. There's one prominent exception: Exxon Mobil Corp. In the latest rankings of such corporate policies by the Human Rights Campaign, a national gay-rights group, many of Exxon's Fortune 500 counterparts got scores of 80 or higher on a scale of 100. Exxon, the nation's largest oil and gas company, became the first firm to get a score below zero.

Target's says Canadian sales higher than expected even as overall profits fall

The Canadian PressMay 22, 2013 13:45

TORONTO - Sales at Target Corp.'s new Canadian stores were better than expected during the first quarter, even as the department store chain reported its overall profits dropped 26 per cent. "Whenever we open a new store in the U.S., there is a rush of traffic and sales as curious guests shop it for the first time," chief financial officer John Mulligan told investors during a conference call Wednesday. "But the rush in Canada exceeded our expectations."

Analysis: As economy strengthens, a bonds sell-off may beckon

Thomson ReutersMay 22, 2013 12:00

By Ellen Freilich NEW YORK (Reuters) - The U.S. government bond market has weakened in recent weeks but some investment strategists fear that this may only be the beginning of an extended sell-off. They point to the relative strength of the U.S. economy with the labor market stronger than anticipated, retail sales rising and consumer sentiment climbing to its highest level in almost six years. Even the U.S. budget deficit is narrowing at a surprisingly fast pace.

Target's says Canadian sales higher than expected even as overall profits fall

The Canadian PressMay 22, 2013 08:46

Lowe's results miss estimates, underperforming Home Depot

Thomson ReutersMay 22, 2013 08:03

By Dhanya Skariachan (Reuters) - Lowe's Cos Inc <LOW.N> reported a weaker-than-expected quarterly profit on Wednesday, hurt by colder-than-usual weather at the start of the spring selling season and strong competition from larger rival Home Depot Inc <HD.N>. The results contrasted sharply with those of Home Depot and signaled that Lowe's, the world's No. 2 home improvement chain, was still struggling to narrow the performance gap with the industry leader.

Lowe's 1st-quarter profit climbs but performance misses analysts' expectations

The Canadian PressMay 22, 2013 06:47

NEW YORK, N.Y. - Lowe's said Wednesday that its first-quarter net income rose nearly 3 per cent, but results fell short of expectations as rainy weather hurt spring gardening sales. The No. 2 home improvement retailer's results stood in contrast to those reported a day earlier by Home Depot. Lowe's larger rival reported an 18 per cent rise in net income, bolstered by the improving housing market. Lowe's was hurt more by the rainy and cool spring.