U.S. auto sales were stronger than expected in May, boosted by Memorial Day promotions and strong demand for new SUVs. Sales rose 2 percent over last May to more than 1.64 million cars and trucks, their fastest pace since July 2005, according to Autodata.
Apple is recalling some Beats Pill XL portable wireless speakers because of a fire hazard caused by overheating batteries. The iPhone maker will recall about 222,000 speakers in the U.S. and about 11,000 in Canada, the Consumer Product Safety Commission said.
One of Google’s driverless cars was involved in another rear-end accident, co-founder Sergey Brin said. Google’s self-driving vehicles have been involved in 12 accidents in the six years they have been in testing, although none was the fault of the car, the company said. Subway, the “Eat Fresh” megadeli struggling with sinking sales, said it plans to drop all artificial colors, flavors and preservatives from its American menus by 2017.
Two co-founders of Districtbased Carlyle Group — Chairman Daniel A. D’Aniello and co-chief executive William E. Conway Jr. — sold 2 percent of their respective shares in the publicly traded assetmanagement firm, pocketing about $31 million each.
Broad Soft, the Gaithersburg, Md.based telecommunications company, said it has acquired McLean, Va.-based mPortal, a maker of customized mobile sites, for an undisclosed sum.
Dish Network is in talks to acquire T-Mobile. Both companies’ stocks rose sharply on news of the merger talks, first reported by the Wall Street Journal.
The U.S. economy added 280,000 jobs in May, but the unemployment rate went up a notch to 5.5 percent. That increase was due to a rise in the number of people entering the workforce for the first time and looking for jobs.
Global growth during the first quarter was the weakest at any point since the financial crisis, the Organization for Economic Cooperation and Development said. The group predicted that the global economy will expand at an annual rate of 3.1 percent versus the 4 percent rate it forecast a few months ago.
Greece pulled the emergency cord in its fraught bailout talks, opting to bundle together its four payments due to the International Monetary Fund this month into one on June 30.
The International Monetary Fund urged the Federal Reserve to wait until the first half of 2016 to start raising short-term interest rates because the U.S. economy remains subpar.
Sen. Elizabeth Warren (D-Mass.) sent SEC chair Mary Jo White a harshly worded, 13-page letter, saying her leadership of the U.S. Securities and Exchange Commission “has been extremely disappointing.”
A Takata executive told a congressional hearing that the airbag maker is still using a chemical that some experts have blamed for a deadly defect.
The SEC sued Nedko Nedev of Sofia, Bulgaria, and several corporate defendants in Manhattan federal court, after a firm calling itself PTG Capital Partners offered on May 14 to buy Avon for $18.75 per share, a 181 percent premium. That caused the cosmetics company’s shares to soar 20 percent.
JP Morgan Chase has ended voice-mail services for about half of its 136,000 consumer bank employees, in an effort to save money and in recognition that voicemail is being replaced by text messages and e-mails.
American Apparel said it was granted a restraining order against ousted chief executive and founder Dov Charney. The chairman and chief executive of Toys R Us is retiring and will be succeeded by an executive with experience in taking companies public. The privately held toy retailer said David Brandon will take over from Antonio Urcelay on July 1. Gossip and news site Gawker
Media employees said they have voted to join the Writers Guild of America, East, making it the first digital media outlet to organize.
Wal-Mart elected a new chairman, Greg Penner, who will succeed Rob Walton and become the third-ever chairman of the retail business built by the Walton family.