• News Desk

BUSINESS NEWS MAY 31TH, 2016


WALL ST. ENDS MAY WITH WHIMPER

The S&P 500 wrapped up its third straight month of gains on a flat note on Tuesday as weaker energy shares countered a rise in safe-haven utilities.The Nasdaq closed higher on Tuesday, and ended up 3.6 percent for the month, the best performance of the three major indexes. The Dow eked out gains for May to notch its fourth straight positive month.Data on Tuesday showed U.S. consumer spending recorded its biggest increase in more than six years in April as households stepped up purchases of automobiles, while another report showed an ebb in consumer confidence in May.Consumer staples .SPLRCS ended down 0.49 percent, while consumer discretionary shares .SPLRCD fell 0.11 percent

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STARBUCKS INTRODUCES NITRO COFFEE

Starbucks plans to start tapping kegs this summer — for ice-cold coffee.The Seattle-based coffee company said Tuesday it will introduce a nitrogen-infused version of its cold brew coffee in stores as it aims to capitalize on the explosive growth in chilled coffee drinks.The company that made a morning hot coffee run a staple of American culture wants a stronger presence in cold beverages. It could not only boost sales during hot summer months, but help store traffic in what might otherwise be sluggish afternoons and evenings.

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BARCLAYS DIRECTOR ACCUSED OF TRADING TIPS

A former Barclays Plc director was accused by the U.S. of giving tips about future mergers and acquisitions to a plumber friend in exchange for cash and a new bathroom, an arrangement that went down the drain when the plumber snitched to the government.Steven McClatchey, 58, passed the information to the plumber who used the tips to make 11 illegal trades from March 2014 to August 2015, according to a criminal complaint that was unsealed Tuesday in Manhattan federal court. McClatchey, who was arrested this morning by FBI agents, faces conspiracy, wire fraud and securities fraud charges. The Securities and Exchange Commission identified the plumber as Gary Pusey, 47, in a related civil suit filed Tuesday against both men.

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RIL SELLS EAST AFRICAN OIL BUSINESS GAPCO

Reliance Industries (RIL) said it had signed agreements with Total SA of France for sale of its entire 76 per cent stake in Gulf Africa Petroleum Corporation (Gapco), for an undisclosed sum. RIL had bought the 76 per cent stake in 2007, with management control. Gapco has significant presence in the downstream petroleum sector in Tanzania, Uganda, Rwanda and Kenya. RIL’s foreign arm, Reliance Exploration and Production DMCC (REPD) had the 76 per cent; Fortune Oil Corporation, Mauritius, had the rest.

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