Stock market drops
From our wire services
The stock market recovered much of a swoon caused by the latest signs of distress in China's economy and rising U.S. bond yields. The Dow Jones industrial average fell 139 points to close at 14,659 Monday. It was down as much as 248 in the first hour of trading.
Ousted Men's Wearhouse founder George Zimmer has quit the company's board. Zimmer was fired as the company's executive chairman last week. On Monday he submitted a letter resigning from the board.
Baghdad and Citi
Citigroup Inc. is set to become the first American bank to open an office of its own in Baghdad, highlighting financial firms' growing interest in Iraq.
Neiman Marcus IPO
Luxury retailer Neiman Marcus plans to raise up to $100 million from an initial public offering of its common stock. That amount is likely to change, though, as bankers gauge investor interest. The plan to go public comes about eight years after private equity firms TPG Capital and Warburg Pincus bought Neiman Marcus for $5.1 billion.
McDonald's drops halal
The only two McDonald's restaurants in the United States that were serving food prepared according to Islamic law have stopped several weeks after a $700,000 settlement over a lawsuit that alleged the items weren't consistently halal. Locations in the Detroit suburb of Dearborn, which has a large Muslim population, are no longer offering a halal McChicken sandwich or Chicken McNuggets.
The conviction of a onetime billionaire on insider trading charges was upheld Monday by a federal appeals court that concluded the government did not cheat to obtain permission to make its most extensive use of wiretaps ever in such a case. Lawyers for 56-year-old Raj Rajaratnam had argued on appeal that the government improperly persuaded a judge in 2008 to permit a wiretap to be placed on Rajaratnam's cellphone.
Samsung is making its tablet computers look more like its hit Galaxy phones in the hope of making them a must-have accessory for its smartphone customers. Samsung Electronics Co., the second-largest maker of tablets after Apple, is putting three new tablets in the Galaxy Tab 3 series on sale in the U.S. on July 7.
Olive Garden dish test
Olive Garden is trying to figure out the way people want to eat by testing two different types of dishes - small plates and family-style dinners. Darden Restaurants Inc., which has been struggling to win back customers, says it's expanding its test of "Taste of Italy Small Plates" that cost between $4 and $5 at Olive Garden this week. Olive Garden also started testing a $30 dinner deal for a party of four on weeknights, which includes two family-style platters.
Delta Air Lines and Virgin Atlantic will market each other's flights, now that Delta has completed a deal for a 49 percent ownership stake in the British airline, the airlines announced Monday. Delta spent $360 million to purchase the stake - previously owned by Singapore Airlines - to gain access to the lucrative London market.