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Thursday, May 29, 2014

Business Today: U.S. economy contracts in first-quarter on inventories, trade

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05/29/2014
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U.S. economy contracts in first-quarter on inventories, trade
WASHINGTON (Reuters) - The U.S. economy contracted in the first quarter for the first time in three years as it buckled under the weight of a severe winter, but there are signs activity has since rebounded.
U.S. jobless claims drop, continuing claims lowest since 2007
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to a strengthening labor market.
Deutsche Telekom accepts Softbank's offer to buy T-Mobile: Kyodo
(Reuters) - Deutsche Telekom AG has agreed to a plan by Japanese mobile company Softbank Corp to buy T-Mobile US Inc, the fourth-largest U.S. mobile carrier, Kyodo news agency reported, citing industry sources.
U.S. futures tick up ahead of jobs, growth data
NEW YORK (Reuters) - U.S. stock index futures ticked up in low volume on Thursday ahead of data on the labor market and economic growth, with the S&P 500 poised to challenge its record high after falling a couple of points the previous session.
China fines Johnson & Johnson and others for price fixing
BEIJING (Reuters) - Johnson & Johnson, Bausch & Lomb Inc and other major producers have been fined more than 19 million yuan ($3.04 million) for fixing prices in China's eye glass and contact lens market, China's top economic regulator said on Thursday.
Former Morgan Stanley chief John Mack quits Rosneft board
MOSCOW (Reuters) - John Mack, a former chief executive and chairman of Morgan Stanley, has left the board of Russia's top oil producer, Rosneft, for personal reasons, the Kremlin-controlled company said on Thursday.
Argentina clinches landmark debt repayment deal with Paris Club
PARIS (Reuters) - Argentina reached an agreement on Thursday with creditor nations
Apple to get Beats, music mogul Iovine for $3 billion
SAN FRANCISCO (Reuters) - Apple Inc will buy Beats for about $3 billion and bring recording mogul Jimmy Iovine into its ranks, hoping to win points with the music industry and help it catch up in fast-growing music streaming.
Malaysia Muslim groups call for boycott of Cadbury, Mondelez foods after pork traces
KUALA LUMPUR (Reuters) - Muslim retail and consumer groups in Malaysia on Thursday called for a boycott of products made by Britain-based confectioner Cadbury and its parent Mondelez International Inc, after two chocolate varieties were found to have infringed Islamic rules by containing pork DNA.
GM engineer said he forgot change to switch in recalled cars: NYT
(Reuters) - A suspended General Motors Co engineer who worked on the defective ignition switch at the heart of a massive recall told congressional investigators that he had forgotten ordering a change to the switch, when he testified in a deposition last year, the New York Times reported.
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U.S. economy contracts in first-quarter on inventories, trade
U.S. jobless claims drop, continuing claims lowest since 2007
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