Business Today: U.S. economy contracts 2.9 percent in first quarter

		Click to View in Browser 06/25/2014 U.S. economy contracts 2.9 percent in first quarter WASHINGTON (Reuters) - The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly. GM says other defective ignition switch made in China DETROIT (Reuters) - General Motors Co said a defective ignition switch linked to the recall of almost 3.4 million cars was made in China, where another car maker discovered a problem part earlier this year. U.S. durable goods unexpectedly fall in May WASHINGTON (Reuters) - Orders for long-lasting U.S. manufactured goods unexpectedly fell in May, suggesting an anticipated rebound in growth this quarter could fall short of expectations, even as a measure of business capital spending plans rose. Futures point to lower open after weak GDP report NEW YORK (Reuters) - U.S. stock index futures pointed to a lower open on Wednesday as the latest economic data came in below expectations, giving investors further reasons to take profits amid ongoing tension in Iraq. Valeant calls its shareholders to a special meeting (Reuters) - Valeant Pharmaceuticals International on Wednesday said it had called a special meeting for its shareholders to approve the issuance of new shares, another step in its pursuit of Botox maker Allergan Inc. Lockheed wins $1.9 billion deal for U.S. missile-warning satellites WASHINGTON (Reuters) - The U.S. Air Force said on Tuesday it had awarded Lockheed Martin Corp a fixed-price contract valued at $1.9 billion to complete work on two missile-warning satellites as part of the Space-Based Infrared System (SBIRS). U.S. mortgage applications fall in latest week: MBA NEW YORK (Reuters) - Applications for U.S. home mortgages fell last week as both purchase and refinancing applications dipped, an industry group said on Wednesday. Yellen may be poised to rewrite Fed's rule book on wages, inflation WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen wants to see U.S. wages climb at a much brisker clip to boost consumer spending and help workers recoup ground they lost in the last recession, but she'll have to fend off policymakers who fear that could cause inflation to surge. EU regulators to decide on Apple, Beats deal by July 30 BRUSSELS (Reuters) - European Union antitrust regulators will decide by July 30 whether to clear Apple Inc's $3 billion bid for music streaming and audio equipment company Beats, the European Commission said on Wednesday. Deutsche Bank completes $11.6 billion cap hike FRANKFURT (Reuters) - Deutsche Bank successfully completed an 8.5 billion euro ($11.6 billion) capital increase aimed at fortifying its regulatory ratios and paying for restructuring at Germany's biggest lender. Related Video Alstom and GE bosses celebrate deal Miners return but recovery will be slow Economic News U.S. economy contracts 2.9 percent in first quarter U.S. durable goods unexpectedly fall in May 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