US FINANCIAL MARKET
U.S. Stocks decline at the open on economic data amid Iraq tension
- The price of oil surged after violence in Iraq threatened to disrupt supplies.
Intel loses court challenge against $1.4 billion EU fine
- The European Commission in its 2009 decision said Intel tried to thwart rival Advanced Micro Devices by giving rebates to PC makers Dell, Hewlett-Packard, NEC and Lenovo for buying most of their computer chips from Intel.
Twitter COO Rowghani resigns amid lackluster growth
- Twitter do not intend to hire a replacement for Rowghani.
- Rowghani, will continue to be an employee of the company and act as a strategic adviser to the chief executive.
Amazon offers limited streaming music service with Prime
- The new feature, dubbed “Prime Music,” allows subscribers of the $99-a-year program to stream or download more than a million songs without added fees or interruptions from advertisements.
- But the selection on Amazon’s streaming service is less robust than Spotify and Beats, which both offer more than 20 million songs.
Starbucks to Let Coffee Drinkers Wirelessly Charge Smartphones
- Starbucks, which operates about 4,500 stores in the U.S., is teaming up with Duracell Powermat to let customers recharge mobile devices wirelessly instead of hunting for available wall outlets in stores.
- Customers can place their compatible devices on so-called Powermat Spots on counters and tables to recharge them.
- Duracell Powermat is a venture between Procter & Gamble’s Duracell brand and closely held Powermat Technologies.
US ECONOMY & POLITICS
U.S. retail sales miss expectations
- Retail sales gained 0.3 % last month. While that was below economists’ expectations for a 0.6 % rise, April’s retail sales were revised to show a 0.5 % increase.
- So-called core retail sales, which strip out automobiles, gasoline, building materials and food services, were unchanged last month.
- Economic growth in the second quarter is expected to top a 3.0 % annual pace after contracting at a 1.0 % rate in the January-March period.
Jobless Claims in U.S. Increased Last Week
- Initial claims for state unemployment benefits climbed 4,000 to a seasonally adjusted 317,000 for the week ended June 7.
Import prices edged up last month
- Import prices edged up 0.1 % last month after falling 0.5 % in April. In the 12 months through May, prices increased 0.4 %, advancing for the first time since July
EUROPE & WORLD
Euro zone robust April output boosts second-quarter GDP growth hopes
- Euro zone industrial output rose 0.8 % on the month in April.
- The monthly production rise, strongest in five months, was mainly driven by a 2.5 % rise in energy output, followed by a 2.1 % increase in non-durable consumer goods output.
TODAY in HISTORY
- Emilio Aguinaldo, head of the Philippine nationalists, proclaimed independence from Spain.
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