THE RE­CAP

The Washington Post Sunday - - TAKING STOCK - FROM NEWS SER­VICES AND STAFF RE­PORTS

Busi­ness

Gap said it will close a quar­ter of its North Amer­i­can stores, part of an ef­fort to boost prof­itabil­ity as the re­tailer strug­gles to con­nect with shop­pers.

Gun man­u­fac­turer Colt, fac­ing de­clin­ing sales and more com­pe­ti­tion for de­fense con­tracts, said it filed for bank­ruptcy pro­tec­tion to stay afloat.

Dis­cover Fi­nan­cial Ser­vices said it will close its home lend­ing busi­ness and will elim­i­nate 460 jobs, or about 3 per­cent of its work­force. A bird flu out­break in the Mid­west that has boosted prices for eggs and roast­ing tur­keys has re­sulted in cheaper chicken in the United States, as many coun­tries re­strict im­ports of poul­try prod­ucts, the Agri­cul­ture Depart­ment said.

United Air­lines will stop fly­ing to John F. Kennedy In­ter­na­tional Air­port in Oc­to­ber and shift pre­mium cross-coun­try flights there to its nearby hub in Ne­wark.

Fit­bit priced its ini­tial public of­fer­ing at $20 per share, valu­ing the maker of wearable fit­ness-track­ing de­vices at about $4.1 bil­lion. The IPO raised $731.5 mil­lion.

An Uber driver was an em­ployee, not a con­trac­tor, Cal­i­for­nia’s La­bor Com­mis­sion ruled in a po­ten­tially costly prece­dent for the ride-hail­ing com­pany.

Lyft agreed to a $300,000 set­tle­ment with New York’s at­tor­ney gen­eral and top in­sur­ance reg­u­la­tor for al­legedly vi­o­lat­ing laws that re­quire driv­ers to carry state-au­tho­rized in­sur­ance.

Europe’s Air­bus glided past Boe­ing to take top hon­ors in their an­nual com­pe­ti­tion to sell com­mer­cial jets at the Paris Air Show. Air­bus racked up $57 bil­lion in busi­ness for 421 air­craft, while Chicago-based Boe­ing tal­lied or­ders and com­mit­ments for 331 planes worth $50.2 bil­lion.

Cap­i­tal Busi­ness

Sev­eral area in­vestors, in­clud­ing Graham Hold­ings Pres­i­dent Ti­mothy O’Shaugh­nessy, New En­ter­prise As­so­ci­ates and the Steve Case-backed Revo­lu­tion Ven­tures, are putting money into Frame­bridge, a low-cost pic­ture-fram­ing com­pany.

Deals

CVS Health agreed to buy Tar­get’s phar­macy busi­ness for $1.9 bil­lion. The deal calls for CVS Health to re­brand and op­er­ate the 1,660 phar­ma­cies housed in Tar­get’s big­box stores. CVS would take over Tar­get’s 80 in-store health clin­ics.

Earn­ings

FedEx’s latest quar­terly re­sults missed Wall Street ex­pec­ta­tions as lower fuel sur­charges and the strong dol­lar cut into rev­enue. The pack­age de­liv­ery gi­ant also an­nounced an in­crease in the manda­tory re­tire­ment age for di­rec­tors, from 72 to 75. That would let Fred Smith, chair­man and chief ex­ec­u­tive, stay on the board longer — he will turn 71 in Au­gust.

Econ­omy

The euro zone’s 19 lead­ers will at­tend an emer­gency sum­mit Mon­day af­ter talks about Greece’s bailout ended in ac­ri­mony, in­ten­si­fy­ing fears that the coun­try was head­ing for bank­ruptcy and an exit from the euro. Athens must pay about $1.8 bil­lion to the In­ter­na­tional Mon­e­tary Fund on June 30.

Washington

The Fed­eral Re­serve ex­ceeded its pow­ers in tem­po­rar­ily na­tion­al­iz­ing in­sur­ance gi­ant Amer­i­can In­ter­na­tional Group dur­ing the 2008 fi­nan­cial cri­sis, a fed­eral court ruled — but it awarded no dam­ages. The Fed­eral Com­mu­ni­ca­tions

Com­mis­sion slapped AT&T with a $100 mil­lion fine, ac­cus­ing the cel­lu­lar car­rier of dras­ti­cally slow­ing down In­ter­net speeds for cus­tomers who signed up for “un­lim­ited” data plans.

The Trea­sury Depart­ment an­nounced that a woman will be fea­tured on the $10 bill in 2020.

Fed­eral Re­serve of­fi­cials sig­naled that an in­crease in the bench­mark fed­eral funds rate is likely be­fore the end of the year. The Of­fice of the Comptroller of the Cur­rency hit JPMor­gan Chase and Wells Fargo with new re­stric­tions on their mort­gage busi­nesses for fail­ing to clean up their fore­clo­sure prac­tices.

Trea­sury Sec­re­tary Jack Lew ap­pointed com­pen­sa­tion ex­pert Ken­neth Fein­berg to re­view ap­pli­ca­tions from trou­bled mul­tiem­ployer pen­sion plans seek­ing to slash re­tirees’ ben­e­fits to avoid in­sol­vency.

Tran­si­tions

Kirk Kerko­rian, a multi­bil­lion­aire Las Ve­gas casino ty­coon who was the largest share­holder in MGM Re­sorts In­ter­na­tional and also owned Hol­ly­wood stu­dios and air­lines, died at age 98.

Jimmy Lee, one of JPMor­gan Chase’s most se­nior in­vest­ment bankers, died at age 62. Lee, a vice chair­man in his group, ad­vised some of the world’s big­gest com­pa­nies on deals, in­clud­ing the merger of United Air­lines and Con­ti­nen­tal Air­lines, the takeover of Wall Street Jour­nal pub­lisher Dow Jones by News Corp. and the ini­tial public of­fer­ing of the Chi­nese e-com­merce com­pany Alibaba Group Hold­ing.

Ro­hit Cho­pra, the stu­dent-loan watchdog at the Con­sumer Fi­nan­cial Pro­tec­tion Bureau and a key player in the agency’s ef­fort to ex­pose abuses in the stu­dent-loan mar­ket, is step­ping down. Mi­crosoft chief ex­ec­u­tive Satya Nadella is shuf­fling his top man­age­ment team, an­nounc­ing the de­par­ture of for­mer Nokia boss Stephen Elop and three other top ex­ec­u­tives.

News Corp., owner of the Wall Street Jour­nal, is car­ry­ing out a ma­jor re­or­ga­ni­za­tion at its Dow Jones news pub­lish­ing unit that will in­volve job cuts and shift­ing re­sources to dig­i­tal media.

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