Discussing lessons from past sanction cases, and the risks with U.S. sanctions on Russia, with Robert Kahn, Council on Foreign Relations. He thinks this could be "Putin's Lehman moment."» Read More
April 16- Gap Inc expects its sales in China to triple in the next three years to $1 billion, making the country its second largest market, the retailer said on Wednesday. "We can push Old Navy deep into China," said Jeff Kirwan, president of Gap Inc's greater China business, speaking at the retailer's investor day, which was webcast.
Wheat for July delivery fell 15 cents to $6.95 a bushel. Corn edged down 6 cents to $4.98 a bushel. May silver rose 15 cents to $19.63 an ounce, May copper rose 4 cents to $3.03 a pound and June palladium rose $6.40 to $802.30 an ounce.
NEW YORK— Gap Inc. says it plans to more than triple sales in China in three years as it seeks to grab a bigger bite of the overall $1.4 trillion global clothing market. The San Francisco- based clothing chain, which operates stores under the Gap, Old Navy, Banana Republic and Athleta brands, generated $300 million in sales in China in the latest fiscal year ended Feb. 1.
*Prices fall as China growth beats expectations, stocks rise. NEW YORK, April 16- U.S. Better-then-expected growth in China, the world's largest economy, and a rally in Yahoo shares helped stocks rise for a third straight session.
More than a dozen categories of jobs are exempt from the minimum, currently $7.25 an hour. Tom Harkin, D- Iowa, would gradually raise the minimum to $10.10 by 2016. The Congressional Budget Office estimates it would mean higher earnings for 16.5 million workers— but also would cost 500,000 others their jobs.
LANSING, Mich.— The state says Michigan's seasonally adjusted unemployment rate has hit its lowest level in six years, falling two-tenths of a percentage point to 7.5 percent. The department says Michigan's civilian labor force rose 11,000 to 4.730 million in March, while the number of people working rose 19,000 to 4.375 million.
NEW YORK— After a nearly 20- year absence, Italian car maker Alfa Romeo is returning to the U.S. market. Alfa CEO Harald Wester said Wednesday the company plans to ship around 100 4 C sports cars to the U.S. this June. Alfa's parent company, Italian automaker Fiat SpA, will release more details next month.
But for all the anxiety about Ukraine's future— bolstered by Vladimir Putin's contention the country is on the verge of civil war— the top diplomats of Ukraine, Russia, the United States and the European Union may find their positions so far apart that no one can find a compromise.
April 16- Bank of America Corp's mortgage pain is lasting longer than expected, leading some investors to wonder if the massive expenses being incurred have become a recurring cost of doing business instead of being dismissed as one-time items.
John Kasich has sworn in a former state budget director and lawmaker as Ohio's top utility regulator. The Republican governor swore in Thomas Johnson as chairman of the Public Utilities Commission of Ohio on Wednesday. Johnson, of suburban Columbus, replaces Todd Snitchler, who decided not to seek reappointment when his term expired April 10.
OLYMPIA, Wash.— Washington state added an estimated 6,700 jobs in March and the unemployment rate is holding steady at 6.3 percent, according to a report released Wednesday by the state Employment Security Department. "The short-term trend looks good," Paul Turek, a labor economist with the department, said in a written statement.
NEW YORK— A unit of Japanese drugmaker Astellas Pharma will pay the U.S. government $7.3 million to resolve claims it illegally marketed its antifungal drug Mycamine for children before that use was approved. Another $3.1 million will go to state Medicaid programs. Medicaid did not cover Mycamine for children because the FDA had not yet approved that use.
PROVIDENCE, R.I.— A lawsuit brought by public sector unions and retirees over Rhode Island's 2011 pension overhaul can now move forward, a judge ruled Wednesday, days after both sides said a lengthy mediation had failed.
RICHMOND, Va.— A federal appeals court on Wednesday upheld a contempt of court citation against an email service provider used by National Security Agency leaker Edward Snowden.
Intel CEO Brian Krzanich tells CNBC's Jon Fortt that its enterprise business is showing signs of strength.
WASHINGTON— A Federal Reserve survey shows economic growth picking up across most of the United States over the past two months as bitter winter weather subsided. Only Cleveland and St. Louis reported slower growth.
WASHINGTON, April 16- U.S. economic activity picked up in recent weeks as a weather-related drag lifted, the Federal Reserve said on Wednesday. Chicago reported that growth had picked up, while New York and Philadelphia said activity had rebounded from slowdowns related to severe weather earlier in the year.
NEW YORK, April 16- Federal Reserve Chair Janet Yellen said on Wednesday the U.S. economy appeared to be slowly moving toward full employment, but that it would need help from the central bank for some time to come. "I do think we are seeing very meaningful progress, although clearly... the goal has not been achieved at this point," she told the Economic Club of New York.
FORT WORTH, Texas— PSA Airlines, which operates regional flights for US Airways, says that its CEO and president will retire and be replaced by the president of US Airways Express. The company said Wednesday that Keith Houk, 66, will retire on Aug. 31 after more than 25 years at PSA Airlines including nine as CEO.
*Setback for Kiev before four-way talks on Ukraine in Geneva. *Moscow, Kiev trade charges of "civil war" and "terrorism". KRAMATORSK/SLAVIANSK, Ukraine, April 16- S eparatists flew the Russian flag on armoured vehicles taken from the Ukrainian army on Wednesday, humiliating a Kiev government operation to recapture eastern towns controlled by pro- Moscow partisans.