US Business
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Continental became the latest airline to announce job and capacity cuts in light of surging oil prices, saying it plans to eliminate 3,000 jobs and reduce fourth-quarter domestic departures by 16%.
Read Continental Cuts Jobs, Fleet (Links)
Take-Two Interactive swung to a profit as revenue soared with the release of the latest Grand Theft Auto videogame. The company also boosted its forecast.
Read GTA Drives Take-Two Results (Links)
Read Feud Shaped Microsoft's Handover (Links)
U.S. households' net worth dropped 2.9% to $55.97 trillion in the first quarter and they took on debt at a lower rate, while business lending slowed. However, consumer credit increased.
Read Households' Net Worth Declines (Links)
Many retailers were reporting stronger-than-expected monthly sales despite a surge in gasoline prices and tumbling consumer confidence. Wal-Mart Stores reported a 3.9% jump, excluding fuel, in U.S. same-store sales, much better than its forecast. But Gap and J.C. Penney were weak.
Read Discounters Shine Amid Slowdown (Links)
Corporate Express invited Staples to talk about a deal, a reversal after the Netherlands-based office products supplier rebuffed two previous buyout offers from Staples.
Read Corporate Express Agrees to Talks With Staples (Links)
Coca-Cola said it is merging its Eurasia and Africa groups and create a new chief administrative officer position. The merged group will be led by Ahmet Bozer, current president of the Eurasia group.
Read Coke Merges Eurasia, Africa Groups (Links)
Smithfield Foods' profit tumbled amid lower hog prices and higher grain costs, and the meat processor repeated its criticism of government "corn to ethanol" policies.
Read Smithfield Reels Amid High Costs (Links)
Talbots said it will cut its staff by 9% across multiple locations and levels. The move comes as the company is trying to cut costs amid a tough retail environment.
Read Talbots to Reduce Staff by 9% (Links)
The supply of homes available for sale in major metropolitan areas declined slightly in May, but an ample supply remains, new data show.
Read Housing Supply Declined in May (Links)
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