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Best Buy Chairman Schulze To Leave

MINNEAPOLIS (UPI) — U.S. retailer Best Buy said founder Richard Schulze would resign after failing to tell board members about a former executive’s affair with a staff member. Former Chief Executive Officer Brian Dunn resigned in April when it was brought to the attention of the board he had “an extremely close personal relationship with […]

Yahoo!’s Former CEO Diagnosed With Cancer

SUNNYVALE, Calif. (UPI) — U.S. search engine firm Yahoo! Inc. announced a board shake-up following discovery its chief executive officer’s resume was falsified. The company did not mention its former CEO Scott Thompson’s health. The Wall Street Journal reported Monday sources said Thompson had been diagnosed with thyroid cancer. The diagnosis had just been discovered […]

Retailer Fires CFO For Social Media Leak

HOUSTON (UPI) — U.S. clothing and accessories seller Francesca’s said it had fired Chief Financial Officer Gene Morphis for sharing company information on a social Web sites. The company said it had investigated Morphis’ behavior with help from an outside council and “found that he improperly communicated company information through social media.” The firm said […]

Pentagon To Unveil Funding For Israel

TEL AVIV, Israel (UPI) — The Pentagon is expected to announce an additional $680 million in U.S. aid for Israel to boost the development of anti-missile systems to shield the Jewish state from a feared bombardment by Iran, Syria, Hezbollah and the Palestinians. The announcement will coincide with the visit to Washington of Israeli Defense […]

Senator Calls For Hearing On JPMorgan Loss

WASHINGTON (UPI) — The massive trading losses that shook JPMorgan Chase claimed its first victim Monday with the resignation of Chief Investment Officer Ina Drew. Drew, a 30-year veteran of the banking giant, oversaw the department that lost $2 billion to $3 billion in derivatives trading in just six weeks. “Ina Drew has been a […]

Jobless Claims Drop Marginally In Week

WASHINGTON (UPI) — First-time jobless claims dropped marginally in the week ended Saturday, with 1,000 fewer initial claims filed, the U.S. Labor Department said The four-week rolling average of first-time claims fell to 379,000, down 5,250 from the previous week. During the week ending Saturday, 367,000 first-time claims were filed. The biggest increases in initial […]

Trade Gap Widened In March

WASHINGTON (UPI) — The U.S. trade deficit returned to a trend of widening in March, the deficit growing for four of the past five months, the U.S. Census Bureau said Thursday. The trade gap fell by $6.5 billion in February. In March, however, the trade gap climbed from a revised $45.4 billion in February to […]

Import Prices Dropped In April

WASHINGTON (UPI) — U.S. import prices fell 0.5 percent in April, the first decrease since October, the Department of Labor said Thursday. Prices dropped following a revised gain of 1.5 percent in March and a revised figure for February, when import prices, the department said, were unchanged. With the revision for February, prices were unchanged […]

Mortgage Activity Climbs Slightly

WASHINGTON (UPI) — The Mortgage Bankers Association said U.S. mortgage activity rose marginally in the week ended Friday with interest rates inching lower. Mortgage activity rose 1.7 percent in the week, following a marginal 0.1 percent increase in the previous week. The trade group’s Refinancing Index also rose minimally, up 1.3 percent after a rise […]

23 Percent Of U.S. Families Have No Savings

ANN ARBOR, Mich. (UPI) — The proportion of U.S. families with no savings or other liquid assets rose to 23.4 percent in 2011, up from 18.5 percent in 2009, researchers say. Study authors Frank Stafford, Bing Chen and Robert Schoeni of the University of Michigan Institute for Social Research said about 1-in-5 U.S. households owe […]

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