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

		Click to View in Browser 05/29/2014 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. Related Video Nike won't catch us – Adidas CEO ECB's Constancio: Investors, watch out and self-protect! Economic News U.S. economy contracts in first-quarter on inventories, trade U.S. jobless claims drop, continuing claims lowest since 2007 A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend