July Retail sales decline unexpectedly
Retail sales fell unexpectedly in July, the government reported on Thursday despite the boost from the cash-for-clunkers automobile incentive program. U.S. retail sales fell 0.1 percent the Commerce Department reported, marking the first decline in seasonally adjusted sales in three months. Read the complete article here.
Magna says resolves final Opel issues with GM
Magna and its Russian partner Sberbank have reached agreement in principle with General Motors management over a contract to buy a stake in GM's European unit Opel, Magna's co-CEO Siegfried Wolf told Reuters on Thursday. Read Full Article here.
CIT to submit capital plan to NY Fed
Troubled lender CIT Group Inc on Thursday said it agreed to provide a capital and liquidity management plan to its regulator within 15 days, sending its shares up by as much as 19 percent. Read Full Article here.
Number of foreclosure filings rise in July
The number of foreclosure filings rose again in July with RealtyTrac reporting 360,149 foreclosure filings nationally. That was up 7 percent from June and 32 percent from July 2008. RealtyTrac, a private firm, says its data include more than 90 percent of U.S. households. Read Full Article here
Nestle says no plans for big acquisitions
Nestle, the world's biggest food group, said on Thursday it had no plans for a big acquisition with cash from its Alcon stake sale, despite long-term speculation linking it with L'Oreal. Read full Article here.
Court slaps ban on some Microsoft Word sales
A U.S. federal court has ordered Microsoft Corp to stop selling some versions of its widely used Word software in the United States in two months, ruling in favor of a small Canadian firm that accused the software giant of violating its patents. Read Full Article here.
Asia web connections set to resume by end of Thursday
Up to 90 percent of all voice call and Internet services from parts of East Asia that were disrupted after Typhoon Morakot damaged undersea cables will resume by the end of Thursday, a senior Chunghwa Telecom official said. Read Full Article here.
Cisco says it can improve tech, music industry ties
Network equipment maker Cisco Systems Inc Chief Executive John Chambers said on Wednesday that the company's latest expansion in the online media and entertainment business will help improve relations between the music industry and Silicon Valley. Read Full Article here.