From our wire services
Eurostat, the European Union's statistics office, said the 17 EU countries that use the euro saw their collective economic output increase by 0.3 percent in the April to June period from the previous quarter. That's the first quarterly growth since the eurozone slipped into recession in the last three months of 2011. The ensuing recession of six quarters was the longest since the euro currency was launched in 1999.
Conn. slot decline
Slot-machine revenue plunged again last month
at Connecticut's two tribal-owned casinos. Foxwoods Resort Casino kept $48.7 million in July, down 4.6 percent from last year. Mohegan Sun reported won $54.6 million, down 8.8 percent. It was the 19th straight month of year-over declines in slot revenue.
Macy's Inc. reported a disappointing profit for its second quarter and cut its outlook for the year. The department store chain blamed shoppers' reluctance to spend for a rare slip in sales. The second-quarter weakness raises worries about consumer spending, an important part of the economy, and how other merchants fared during the spring and early summer.
The stock market fell as a poor earnings report from Macy's cast doubt on the outlook for consumer spending, a vital component of the U.S. economy. The stock market's early summer rally has fizzled out after a strong July, and August is shaping up to be a lackluster month as many traders and investors take their summer breaks.
Prosecutors alleged that two former JPMorgan Chase & Co. traders falsified bank records to try to cover up trading losses that were
spiraling out of control. The $6 billion loss was attributed to Bruno Iksil, a trader who became known as the "London Whale" for his
location and the supersized bets he made.
Consumers waiting for Microsoft's revamped version of its latest Windows operating system will be able to get the software beginning Oct. 17. The release date for Windows 8.1 is nearly a year after the debut of Windows 8, a dramatic overhaul of the operating system that has been powering most personal computers for decades.
Steinway has been sold for about $499 million and will again become a private company. The company struck a deal with Paulson & Co., the investment firm founded by John Paulson, for $40 per share. That topped an earlier $35 per-share offer from Kohlberg & Co.
The Labor Department reported that wholesale prices showed no change last month compared with June, when they rose 0.8 percent. Energy costs fell 0.2 percent, after June's 2.9 percent surge.
Gasoline prices dropped 0.8 percent, and natural gas costs slid 3.9 percent.
Exit from online
Tuesday Morning Corp., the Dallas-based closeout retailer, quiety shut its online shopping site last month in order to better focus on business for its more than 800 physical stores. The company said the nature of its business, which involves a constantly rotating array of housewares, clothing, luggage and more, is better suited for in-person shopping.
Airlines to fight
The CEOs of American Airline's parent, AMR Corp., and US Airways Group Inc. have vowed to fight the Justice Department suit opposing their merger in court. If the airlines win, the lawsuit will just be a speed bump in the merger plan. Or they could negotiate a settlement with the Justice Department - maybe by giving up coveted takeoff and landing slots at crowded Reagan National Airport outside Washington, D.C.
Island View Casino Resort in Gulfport, Miss., is expanding with a planned $50 million investment to transform a hotel tower vacant since Hurricane Katrina into a 400-room hotel and convention center. Island View will become part of 40-acre Island View Resort, which will include restaurants, meeting and convention space and a swimming pool and bar overlooking the beach and the Gulf of Mexico.