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Wires

  • TORONTO, May 11- Canada's main stock index fell on Thursday, as a Moody's downgrade of Canadian banks struck financials, and frequent-flyer points operator Aimia Inc plunged on news its program would be dropped by the country's largest airline. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 82.66 points, or 0.5 percent, at...

  • NEW YORK, May 11- U.S. stocks ended lower on Thursday after worse-than-expected sales drops at Macy's and Kohl's sparked a selloff in department store shares and stirred fears that consumers are not spending enough to drive strong economic growth.

  • President Donald Trump is weeks away from naming anyone to the board of the Federal Reserve, a White House official said, meaning it could be the fall before three currently empty seats are filled. The White House wants to get all nominees vetted by the Federal Bureau of Investigation and the Office of Government Ethics before they name them publicly and that...

  • WELLS FARGO WEALTH BUSINESS HEAD DAVID CARROLL TELLS INVESTORS 30 PERCENT PRE-TAX PROFIT MARGINS "ACHIEVABLE".

  • The company spilled more than 2 million gallons of drilling fluid- mostly water and clay- in Ohio wetlands in April during construction of Rover, prompting regulators to halt drilling in certain areas. It is one of a network of pipelines being built to boost production in the Marcellus and Utica shale regions located largely in Pennsylvania and Ohio, the biggest...

  • May 11- Macy's year-old strategy of opening its Backstage off-price chain within its existing department stores drives traffic into the main store, the retailer said on Thursday, but analysts said the move confuses customers and could hurt Macy's longer-term results. Backstage discount stores sell excess and off-season inventory at steep discounts and...

  • The Arctic Council, which includes the United States, Russia, Canada and five other countries, meets every two years to tackle problems in the region, which is warming at a faster pace than any other part of the world. Unlike former President Barack Obama, Trump has expressed doubts about whether human activity has a significant role in climate change, and is...

  • TORONTO, May 11- Union workers at ArcelorMittal's Mont-Wright iron ore mine in northern Quebec have ratified a new four-year contract with the steelmaker, the world's largest, the United Steelworkers union said on Thursday. The 2,000 members voted on a contract that maintains the pension plan for all employees and provides pay parity for workers at the...

  • NEW YORK, May 11- U.S. Treasury yields were little changed for a second day on Thursday after hitting their highest levels since March as losses in Wall Street stocks offset an April jump in producer prices and a poorly received 30- year bond auction. "The weakness in equities is keeping Treasury yields under wraps," said Gennadiy Goldberg, interest rates...

  • But the move, detailed at Wells Fargo's investor day, failed to impress Wall Street, because management also indicated that revenue growth is suffering from the scandal, which involved employees creating as many as 2.1 million unauthorized accounts in customers' names to hit sales targets. The San Francisco- based bank's stock was down 1.7 percent at $53.81 in...

  • NEW YORK, May 11- U.S. Treasury yields were little changed for a second day on Thursday after hitting their highest levels since March as losses in Wall Street stocks offset an April jump in producer prices and a poorly received 30- year bond auction. "The weakness in equities is keeping Treasury yields under wraps," said Gennadiy Goldberg, interest rates...

  • MONTREAL May 11- Bombardier Inc Executive Chairman Pierre Beaudoin is giving up management responsibilities after an outcry over compensation, but will continue to lead the board, the company said on Thursday as it reported better-than-expected quarterly results, sending its shares up about 10 percent. Other Canadian funds like Canada Pension Plan...

  • The $2.1 billion facility comprises a $1 billion five-year credit facility, plus an incremental $250 million optional accordion, and a new $850 million five-year term loan, the company said. The company said last month it would acquire the 81 percent of Epix it does not already own from Viacom Inc and Lionsgate Entertainment Corp for about $1 billion.

  • BUENOS AIRES, May 11- Argentine Treasury Minister Nicolas Dujovne said on Thursday he was confident the economy would grow more than 3 percent this year. "I am very sure that the Argentine economy will grow more than 3 percent this year," Dujovne told an investors' conference in Buenos Aires. "We are in a recuperation phase, which is going to accelerate," he added.

  • PARIS, May 11- French tycoon Vincent Bollore took a first step on Thursday in his attempt to merge media giant Vivendi and advertising company Havas, two groups he controls through his family-run conglomerate. Vivendi said it was making an offer to buy Group Bollore's 60 percent stake in advertising group Havas for 9.25 euros a share, a premium of 8.8 percent over...

  • WASHINGTON, May 11- The U.S. Senate on Thursday approved President Donald Trump's nominee for U.S. Trade Representative, a critical position ahead of renegotiations of the North American Free Trade Agreement with Canada and Mexico. Delays in Senate confirmation of veteran trade lawyer Robert Lighthizer more than 100 days after his nomination have set back...

  • NEW YORK, May 11- The board overhaul announced by Whole Foods Markets Inc on Wednesday has failed to satisfy Jana Partners, according to a person familiar with the matter, signaling that the month-long battle between the organic grocer and activist hedge fund is no nearer to a conclusion. While the hedge fund appreciates the board overhaul and the operating...

  • May 11- U.S. stocks fell on Thursday after worse-than-expected sales drops at Macy's and Kohl's sparked a selloff in shares of department stores and stirred fears that consumers are not spending enough to drive strong economic growth. Kohl's dropped 6.2 percent after it reported a drop in quarterly sales, while shares of Nordstrom and J.C.

  • NEW YORK, May 11- The dollar fell for the first time in five days against the yen on Thursday, as investors consolidated recent gains, with concerns related to the fallout of U.S. President Donald Trump's unexpected dismissal of Federal Bureau of Investigation chief James Comey also undermining the currency. "We do need impetus from new drivers because the...

  • ATHENS, May 11- The conclusion of Greece's second bailout review will help the country outperform a downwardly revised EU forecast for 2.1 percent growth this year, a government spokesman said on Thursday. After six months of wrangling, Greece reached a deal with its foreign lenders last week on reforms and spending cuts it needs to implement in the coming years,...