From staff and wire reports
Americans increased their borrowing in May at the fastest pace in a year. Borrowing in the category that includes credit cards reached its highest point since fall 2010. Americans stepped up their borrowing by $19.6 billion in May compared with April, the Federal Reserve said.
The latest cheaphotels.org survey of most-expensive summer destinations found Cape May ($204 per night average) second to only Provincetown, Mass., ($217) and ahead of Martha's Vineyard, while Ocean City ($152) and Wildwood Crest ($146) were 19th and 20th in the nation. The website used July and August prices from Kayak for average-rated hotels for U.S. destinations with at least 20 hotels.
Hostess Brands LLC said the spongy yellow cakes will have a shelf life of 45 days when they start hitting stores again July 15. That's nearly three weeks longer than the 26 days the previous owner had stated for Twinkies. Hostess declined to say what changes were made to extend the shelf life, saying it is proprietary information.
Thomson Reuters will suspend its practice of distributing results from consumer surveys a couple of seconds early to clients who pay the news and business information provider for advance access. A company spokeswoman said Thomson Reuters will simultaneously distribute survey data at 9:55 a.m. starting Friday from the University of Michigan Surveys of Consumers after the New York State attorney general requested the suspension.
Cordish in Mass.
Cordish Cos., the Baltimore-based company that has been trying to find a Massachusetts community willing to host a slots parlor, has set its sights on Leominster. Officials said Cordish plans to share its plan with the council soon.
The IMF said the eurozone nations risk being mired in low growth and high unemployment if they don't get their banks lending again and urgently reform labor markets, in an assessment of the 17-nation economy it released. The report warned "centrifugal forces across the euro area ... are pulling down growth everywhere" and that without serious reforms, the region could suffer long-term damage to growth.
Greece secured a much-needed $8.7 billion in rescue loans after squeaking by an inspection from international creditors, who are demanding it slash thousands of civil-servant jobs and government spending. Experts from the European Central Bank, the European Union and the International Monetary Fund said Greece's finances are improving but warned it is making reforms too slowly and the outlook for its economy, which has been in recession since 2007.
, remains uncertain.
Oil price steady
The price of oil finished with a small loss as traders waited for potentially market-moving news. Later this week, the Energy Department releases its weekly report on supplies of crude oil and petroleum products, the U.S. Federal Reserve releases minutes of its recent policy meeting and OPEC issues its monthly update on the oil market.
Italian automaker Fiat has exercised a third option to buy a small amount of Chrysler stock, but the sale won't go through until a U.S. court settles a dispute over the price. Fiat owns 58.5 percent of Chrysler and wants to buy the rest and fully merge Chrysler and Fiat.
S&P fights suit
A California judge heard arguments on whether a $5 billion civil fraud lawsuit against the credit ratings agency Standard & Poor's should be dismissed. S&P, a unit of New York-based McGraw-Hill Cos., wants the suit filed by federal prosecutors earlier this year tossed, arguing other agencies issued identical ratings before one of the nation's worst financial crisis.