WASHINGTON - The U.S. economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls, a resurgent dollar and disruptions at West Coast ports, but activity already has rebounded modestly.
Recent Business News
- U.S. fund managers recommended increasing equity exposure in a model portfolio in May, a Reuters poll showed, raising allocations in mainly North American and British shares at the expense of those in the euro zone.
NEW YORK - Six years, seven months and 13 days after Lehman Brothers Holdings Inc filed for bankruptcy, its former chief executive, Richard Fuld Jr., is still insisting it did not go broke.
HONG KONG/BANGKOK - Thai billionaire Charoen Sirivadhanabhakdi is considering buying cognac maker Louis Royer, people familiar with the matter said, potentially locking horns with a Philippine tycoon for the French firm amid a forecast rebound in Asian demand for luxury spirits.
FRANKFURT - Deutsche Bank co-Chief Executive Anshu Jain won welcome support from the group's top labor representative on Friday, who said a Frankfurt-based workers council acted alone when it called for Jain's resignation this week.