BUSINESS NEWS MAY 9TH, 2016
The U.S. stock market, currently riding a two-week losing streak amid signs of fading momentum after a big rally off the market lows back in February, kicked off the new week with mixed results and little signs of breaking out to the upside.Wall Street, which is closely watching oil prices amid supply shortfalls due to the wildfires in Western Canada that has taken an estimated 1 million barrels per day out of production and a personnel change at the top ofSaudi Arabia's oil ministry, appears to be in no rush to load up on stocks.Stocks ended mixed in quiet trading with the Dow Jones industrial average down 34 points, or 0.2%, to 17,706 and the broader Standard & Poor's 500 up 0.1%. The technology-dominated Nasdaq composite gained 0.3%.
GAP STILL GETTING CLOBBERED BY 'FAST FASHION'
The company said Monday that sales were down for April and in the first quarter, warning that its next earnings report, due May 19, probably won't make investors happy.All of the company's brands -- Gap, Banana Republic and Old Navy -- are struggling. And there are no signs of a turnaround.As a result, Gap (GPS) said it will try to reposition the company, evaluating its Banana Republic and Old Navy stores outside of North America, to sharpen its focus on regions with the most potential."We are committed to better positioning the business to recapture market share in North America and to capitalizing on strategic international regions where there is a strong runway for growth," said CEO Art Peck.
AKSHAYA TRITIYA DEMAND A MIXED BAG FOR JEWELLERS
GOLD sales in the the country have witnessed a mixed response on Akshaya Tritiya, an auspicious day to buy gold. While Kerela and parts of the South saw better sales than last year, the north witnessed a lukewarm response.Despite gold prices ruling at nearly 10 per cent more than last year, parts of South India, including Kerala, recorded better demand compared to the rest of the country.However, parts of Tamil Nadu recorded subdued sales due to the restrictions imposed by the Model Code of Conduct for the upcoming state elections.
INDIRECT TAX COLLECTIONS RISE 41% IN APRIL
The Centre's indirect tax mop-up rose 41 per cent in April led by high excise collections, signalling a pick-up in economic activity. A part of the collections was on account of additional revenue measures announced in the current year, Revenue Secretary Hasmukh Adhia tweeted on Monday. Revenue on account of indirect tax - which includes customs, excise duties and service tax - stood at Rs 64,393 crore in April. Adhia said excise duty mop-up in April went up 70 per cent to Rs 28,252 crore against Rs 16,546 crore in the year-ago month.