Newsletter BOX: Business Today: Ackman quits J.C. Penney board three years into turnaround push

08/13/2013

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Ackman quits J.C. Penney board three years into turnaround push

(Reuters) - J.C. Penney Co Inc said activist investor Bill Ackman had resigned from the board, three years after embarking on a public and at times acrimonious campaign to turn around the struggling department store operator and less than a week after demanding the ouster of its chairman and CEO.

Gauge of U.S. consumer spending posts biggest gain in seven months

WASHINGTON (Reuters) - A gauge of U.S. consumer spending rose in July at its fastest pace in seven months, a sign of quicker economic growth that could strengthen the case for the U.S. Federal Reserve winding down a major economic stimulus program.

U.S. small business confidence rises in July

WASHINGTON (Reuters) - U.S. small business optimism rose in July, with owners anticipating an improvement in sales and earnings, which could bolster hopes of an acceleration in economic activity in the second half of the year.

Stock futures rise ahead of retail data, J.C. Penney up early

NEW YORK (Reuters) - Stock index futures rose on Tuesday, indicating a rebound as investors looked ahead to the latest economic data and sought bargains following an extended period of weakness.

U.S. import prices rise less than expected, inflation pressures tame

WASHINGTON (Reuters) - U.S. import prices rose less than expected in July as an increase in the cost of petroleum was offset by the biggest drop in the price of non-petroleum goods in nearly 4-1/2 years, pointing to benign inflation pressures.

U.S. auto repossessions for non-payment of loans drops

DETROIT (Reuters) - Car buyers in the United States are better at keeping current with their loan payments, a report by Experian Automotive shows.

U.S. watchdog to unveil plan to overhaul audit reports

WASHINGTON (Reuters) - A U.S. regulator is expected to unveil a controversial proposal on Tuesday that would require auditors to reveal more details about the publicly traded companies whose books they examine, in a move to arm investors with more information.

Whirlpool buys 51 percent stake in China white goods maker

(Reuters) - Home appliance maker Whirlpool Corp said it will acquire a controlling stake in Hefei Rongshida Sanyo Electric Co Ltd for $552 million to expand in China's fast-growing market for washing machines and fridges.

Flowers Foods beats estimates as acquisitions boost sales

(Reuters) - Flowers Foods Inc , the No. 2 U.S. baking company, reported better-than-expected second-quarter results, driven by its recent acquisitions of Lepage Bakeries and some of Sara Lee's bread brands in California.

Yum feeling the heat in China as July sales tumble

LOS ANGELES/SHANGHAI (Reuters) - The heat seems to be getting to KFC parent Yum Brands Inc in China, after the fast-food chain saw China sales slide in July, with some market watchers saying a lack of focus on cooling drinks and ice cream meant diners looked elsewhere as record hot weather gripping the country.