Comey to confirm Trump pressured him on Flynn investigation: CNN

Former FBI Director James Comey plans to confirm reports that President Donald Trump pressured him to drop an investigation into former national security adviser Michael Flynn’s ties to Russia in congressional testimony, CNN said on Wednesday, citing an unidentified source close to the issue. The Senate Intelligence Committee said on May 19 that Comey, who was fired by Trump 10 days earlier, would testify before the panel publicly at some point after Monday’s Memorial Day holiday. Continue reading “Comey to confirm Trump pressured him on Flynn investigation: CNN”

Eurozone inflation falls to lowest level this year

Official figures show that inflation across the 19-country eurozone has fallen to its lowest level this year, in a development that may temper speculation that the European Central Bank will soon consider easing up on its monetary stimulus. Eurostat, the EU’s statistics agency, said Wednesday that inflation fell to 1.4 percent in the year through May from 1.9 percent the month before. The decline was slightly sharper than anticipated, the consensus was for a fall to 1.5 percent. Continue reading “Eurozone inflation falls to lowest level this year”

Express stock drops 17% after first-quarter profit, revenue misses; disappointing 2017 guidance

Express Inc. shares dropped 17.5% in premarket trade Thursday after the company reported first-quarter profit and revenue misses. The company said it had a loss of $4.5 million, or a loss of 6 cents per share, after earnings of $12.9 million, or 16 cents per share in the year-earlier period. The FactSet adjusted earnings per share consensus was a loss of 2 cents. Revenue declined to $467.0 million from $502.9 million, compared with the FactSet consensus of 467.7 million. Continue reading “Express stock drops 17% after first-quarter profit, revenue misses; disappointing 2017 guidance”

FBI now focusing on mysterious 30-minute meeting Kushner had with Putin banker ally: report

According to a report by the New York Times, President Donald Trump’s adviser and son-in-law Jared Kushner is now under investigation by the Federal Bureau of Investigation for a meeting he had with a representative from a sanctioned Russian bank in December. Kushner’s meeting with Russian banker and Vladimir Putin ally Sergey Gorkov in December 2016 is, according to the Times, “now being scrutinized by the F.B.I. as part of its investigation into alleged Russian attempts to disrupt last year’s presidential campaign, and whether any of Mr. Trump’s advisers assisted in such efforts. Continue reading “FBI now focusing on mysterious 30-minute meeting Kushner had with Putin banker ally: report”

Flight diverted when lithium battery catches fire onboard

A lithium battery in a passenger’s backpack caught fire aboard a cross-country JetBlue flight Tuesday, causing the plane to divert to Grand Rapids, Michigan, the Federal Aviation Administration said. No one was injured on the flight, which was traveling from New York’s John F. Kennedy International Airport to San Francisco, and the plane was not damaged. JetBlue said the plane was carrying 158 people and 37,300 pounds of fuel when it landed. Continue reading “Flight diverted when lithium battery catches fire onboard”

Hillary Clinton rips Democratic Party for its data operation during the campaign

Hillary Clinton slammed the Democratic Party on Wednesday as she rehashed the 2016 election, saying she inherited a “nonexistent” data operation. She made the comments during the annual Code Conference in California while discussing how technology affected her run for president and eventual loss. “I set up my campaign and we have our own data operation. I get the nomination. So I’m now the nominee of the Democratic Party. Continue reading “Hillary Clinton rips Democratic Party for its data operation during the campaign”

Bank of America CEO talks down second-quarter expectations

Bank of America Corp (BAC.N) second-quarter earnings will be hurt by a drop in trading revenue, lower-than-expected interest rates and the sale or shuttering of certain assets, according to comments from Chief Executive Brian Moynihan on Wednesday. Speaking at an industry conference, Moynihan said trading revenues are on track to be some 10 percent to 12 percent lower than the second quarter of 2016 because last year’s quarter was especially strong. Continue reading “Bank of America CEO talks down second-quarter expectations”

JPMorgan second quarter market revenue down 15 percent vs. year earlier: CFO

Markets revenue at JPMorgan Chase & Co has been down about 15 percent so far in the second quarter from a year earlier, Chief Financial Officer Marianne Lake said on Wednesday. Speaking at an investor conference, Lake said the decline stemmed from lower volatility compared with a year ago when the United Kingdom was preparing to vote on Brexit. Continue reading “JPMorgan second quarter market revenue down 15 percent vs. year earlier: CFO”

Michael Kors plans to shutter 100 to 125 stores; shares tumble 9%

Another retailer has decided to trim its brick-and-mortar fleet. Michael Kors said Wednesday it will close 100 to 125 full-price stores over the next two years. The company had 827 retail locations as of April 1. The closures are intended to improve profitability, Michael Kors said. The retailer anticipates ongoing annual savings of $60 million as a result of this plan but will record a $125 million charge. Continue reading “Michael Kors plans to shutter 100 to 125 stores; shares tumble 9%”

Nestle investing in factories, creating 2,900 jobs in Latin America

Swiss-based food company Nestle SA is creating thousands of jobs and investing in new factories in Latin America as it looks to tackle social issues and shore up its position in one of its strongest markets, the regional head said on Tuesday. The maker of Kit Kat chocolate bars and Nespresso coffee is working with government officials in the four countries that are members of the Pacific Alliance trade group — Chile, Mexico, Peru and Colombia — to create 2,900 jobs for young people over three years and teach job-hunting skills. Continue reading “Nestle investing in factories, creating 2,900 jobs in Latin America”