U.S. GDP shrinks at a smaller 0.7 percent rate in Q2
The U.S. economy contracted at slower pace than previously thought in the second quarter as improved consumer and business spending cushioned the impact of a record decline in inventories, according to a government report on Wednesday. Read Full Article here.
Credit limits, self-discipline threaten holiday sales
It's not just lower credit limits and the difficulty of getting a credit card that's striking fear into the hearts of retailers desperate for holiday sales -- it's consumers' new desire to save. Read Full Article here.
Strong Wynn Macau IPO puts pressure on debut, rivals
Las Vegas casino company Wynn Resorts raised $1.63 billion after pricing its Asian IPO at the top of its indicated range, a sign that demand is still strong for certain offerings despite a glut of Asian stock deals. Read Full Article here.
BofA to sell asset management unit for $1 bln
Bank of America Corp has struck a deal to sell a long-term asset management business, part of its Columbia Management division, to Ameriprise Financial Inc for about $1 billion. Read Full Article here.
UK sets Kraft November 9 deadline for Cadbury bid
U.S. food giant Kraft has until November 9 to say whether it will make an offer for British confectioner Cadbury or it must walk away for six months, Britain's Takeover Panel said on Wednesday. Read Full Article here.
IMF says to revise up 2010 global growth forecast
The International Monetary Fund will increase its forecast for global growth next year in the next few days to account for a faster recovery in major economies, its deputy director said on Monday. Read Full Article here.
Mortgage demand falls despite lower rates
U.S. mortgage applications fell last week despite the lowest loan rates in four months, the Mortgage Bankers Association said on Wednesday, in another sign that housing will likely recover slowly from its three-year plunge. Read Full Article here.
Toyota plans huge U.S. recall for dangerous floormats
Toyota Motor Corp said it will recall some 3.8 million vehicles in the United States because of the risk that a loose floormat could force down the accelerator, a problem suspected of causing crashes that have killed five people. Read Full Article here.
Sony to unveil new PS3 game title in theaters
Video gaming will hit the big screen next month when Sony Corp unveils a new game title for its Playstation3 game console at movie theaters. Read Full Article here.
Google working on smart plug-in hybrid charging
Google Inc is in the early stages of looking at ways to write software that would fully integrate plug-in hybrid vehicles to the power grid, minimize strain on the grid and help utilities manage vehicle charging load. Read Full Article here.