Newsletter BOX: Business Today: Penney sales stumble but back-to-school starting well

08/20/2013

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Penney sales stumble but back-to-school starting well

(Reuters) - J.C. Penney Co Inc on Tuesday reported sales continued to fall sharply last quarter as shoppers balked at the fancier items in its relaunched home-goods section, but the troubled retailer said the back-to-school season has so far been "encouraging."

Home Depot reaps benefits from U.S. housing rebound

(Reuters) - A recovery in the U.S. housing market helped Home Depot Inc beat analysts' quarterly profit and sales estimates on Tuesday, prompting the world's largest home improvement chain to raise its outlook for the fiscal year.

Futures tick up with retail shares in focus

NEW YORK (Reuters) - Stock index futures edged higher on Tuesday following the longest losing streak for equities so far this year, with trader focus on retail shares as top names report earnings.

Glencore seeks fresh start with $7.7 billion hit to Xstrata mines

LONDON (Reuters) - Glencore Xstrata took a $7.7 billion hit on Xstrata's mining assets on Tuesday, drastically reducing the value of early-stage projects after falling prices dragged down first-half profit.

Barnes & Noble loss widens, Riggio halts store purchase plan

(Reuters) - Barnes & Noble Inc on Tuesday reported a deeper quarterly loss as sales of its Nook device and e-books continued to plunge and as business at its bookstores declined, and its founder pulled the plug on his plan to buy its stores.

BAE says U.S. chief Hudson to retire

LONDON (Reuters) - British defense contractor BAE Systems said Linda Hudson has decided to retire as president and chief executive of its U.S. arm and would also step down as a member of the company's executive board.

Indian rupee hits record low as policy rescue operations fall short

MUMBAI (Reuters) - The Indian rupee fell past 64 to the dollar for the first time on Tuesday and bond yields spiked to a five-year high before the central bank stepped in to sell dollars, as Asia's third-largest economy bore the brunt of the global emerging markets selloff.

China oil imports to overtake U.S. by 2017: WoodMac

LONDON (Reuters) - China will overtake the United States as the world's biggest crude oil importer by 2017 as Chinese motorists drive domestic oil demand higher, consultancy Wood Mackenzie said on Tuesday.

Detroit bankruptcy challenged on constitutional grounds

DETROIT (Reuters) - Public labor unions took aim at Detroit's historic bankruptcy filing on Monday, asking a U.S. court to toss the city's bid for protection from its creditors because it is constitutionally flawed on both the state and federal levels.

Kia Cadenza beats Toyota Avalon in Consumer Reports list of large sedans

DETROIT (Reuters) - Kia Motors Corp's Cadenza debuted on Tuesday in second place on Consumer Reports magazine's list of top large sedans, edging out the former standard-bearer in the segment, the gasoline-powered version of Toyota Motor Corp's Avalon.