BUSINESS NEWS MAY 14TH, 2016
U.S. retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum after growth almost stalled in the first quarter. The jump in sales reported by the Commerce Department on Friday is a boost for the sector that has been hit by sluggish demand. It comes days after major retailers, including Macy's and Nordstrom, reported sales tumbled in the first quarter and lowered their full-year profit forecasts."Reports of the consumers' demise appear to be premature," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
DEAL REACHED TO REDEVELOP OLD MAIN POST OFFICE
Chicago's Old Main Post Office will see new life after an investment group struck a deal with the city on a $500 million redevelopment plan. The massive landmark building in the West Loop, which has been vacant for over 20 years, will come back to life and Mayor Rahm Emanuel insists the project is not another episode of what his critics call "a tale of two cities." "This morning we closed on the post office, which has been empty since 1995," Mayor Emanuel announced Friday morning. The mayor told small business owners at Harold Washington College that Chicago is on a downtown development roll. The dafter the announcement of a 62-acre residential and commercial project at Roosevelt Road and Clark Street, the city OK'd the deal to repurpose the massive Old Post Office building over the Eisenhower Expressway for restaurants, shops and outdoor spaces.
WARREN BUFFETT-BACKED GROUP IN BID FOR YAHOO
An investing group backed by Warren Buffett is among the bidders for Yahoo's core Internet business, according to a person familiar with the sales process.The group is led by Dan Gilbert, the founder of Quicken Loans and owner of the Cleveland Cavaliers.Yahoo began accepting bids last month and many major tech and media companies have looked at it, in addition to private equity firms.Verizon has been widely considered to be the most likely to pursue the purchase. Verizon has been expanding into digital content and advertising and last year bought AOL for more than $4 billion.
INDIA'S TRADE DEFICIT HITS 5 YEAR LOW OF $4.8 BILLION
India's trade deficit narrowed to a five-year low of $4.8 billion in the first month of the current financial year, led by a sharp fall in gold imports due to a nationwide strike by jewellers protesting against the proposed 1% excise duty and a decrease in inbound oil shipments. Exports declined for the 17th straight month, with shipments dropping 6.74% to $20.56 billion in April, while imports fell 23.1% to $25.4 billion, dragged down by lower oil imports, according to data released by the Ministry of Commerce and Industry on Friday. The trade deficit shrank for the fourth consecutive month.