Pa. casino opens
From our wire services
The Lady Luck Casino opened in Farmington, Pa., about 70 miles southeast of Pittsburgh, as part of the Nemacolin Woodlands Resort. Managed by Isle of Capri, the resort features 600 slot machines and 28 table games.
Oil up, gas down
The price of oil gained 1.5 percent and finished just below $98 a barrel on rising concerns about Middle East tensions and their possible impact on oil supplies. The nationwide average for a gallon of gasoline fell below $3.50 a gallon for the first time since early February and is about 12 cents cheaper than a year ago.
Construction spending rose 0.5 percent in May compared with April when spending was up 0.1 percent, the Commerce Department said. Private residential construction rose 1.2 percent to the highest level since October 2008.
Citi pays $968M
Citigroup has agreed to pay $968 million to Fannie Mae to resolve potential future repurchase claims on residential mortgage loans originated between 2000 and 2012. Mortgage giants Fannie Mae and Freddie Mac bought mortgage loans from banks like Citigroup in the run-up to the financial crisis and said since then that the banks misled them by not telling them the true condition of the mortgages they were buying.
The U.S. government said it has received $66.3 billion in dividend payments from Fannie Mae and Freddie Mac after both reported stronger earnings at the start of the year. So far, Fannie has repaid $95 billion of the roughly $116 billion bailout it received, while Freddie has repaid roughly $37 billion of its $71.3 billion bailout.
The Mashantucket Pequot Tribal Nation, which owns Foxwoods Resort Casino, has announced it has closed on the restructuring of $2.3 billion in debt. It reduces the tribal nation's debt by $550 million and gives Foxwoods $25 million of new financing.
A federal judge is backing an effort by Kraft Foods to keep Cracker Barrel Old Country Store from expanding into grocery stores. The preliminary injunction blocks Cracker Barrel from selling its branded meats in grocery stores. Kraft claims that would infringe on its own Cracker Barrel-trademarked cheese and confuse consumers.
Unemployment across the 17 European Union countries that use the euro hit another all-time high in May, rising 0.1 percentage point to 12.1 percent. Even though the monthly rises outside of Italy were relatively modest, analysts still expect unemployment in the eurozone to continue to rise as the region remains stuck in recession that started in late 2011.
Intuit Inc., maker of TurboTax, QuickBooks and other personal finance software, is selling a division that provides software to financial institutions in a deal worth about $1.03 billion. The said it also wants to sell a division that serves the health care industry.
China's Commerce Ministry has launched a formal investigation into claims that European Union countries are selling wine at unfairly low prices, as a prolonged dispute over Chinese solar power products continues to affect trade relations. The complaint by the Chinese wine industry was filed on May 15 after the EU raised duties to about 12 percent on Chinese-made solar panels.
Drugmaker Merck & Co. said Monday that federal regulators have ruled they won't approve high doses of its experimental insomnia medication due to concerns about patient safety. However, the Food and Drug Administration indicated it would approve lower doses of the drug, suvorexant, after Merck does some new studies.