Apple Inc. is raising hourly pay for employees at its U.S. retail stores by as much as 25 percent, the Wall Street Journal reported. Apple store workers are typically paid about $9 to $15 an hour at the sales level, and up to about $30 an hour at its "Genius" tech support teams. Employees began learning of the raises in face-to-face meetings with managers last week, the Journal reported, citing anonymous sources who it said are Apple employees. The raises, which are based on performance, will begin appearing in paychecks around the middle of July.P&G lowers forecasts amid China slowdown
Procter & Gamble Co. lowered its fourth-quarter earnings and revenue forecasts, the latest company to sound warning bells about slowing global economic growth. P&G, which makes an array of everyday goods ranging from Tide detergent to Gillette razors, said it is cutting the forecast because of unfavorable foreign exchange rates, slow growth in developed markets and a slowdown of growth in China.Bed Bath & Beyond warns of lower earnings
Shares of Bed Bath & Beyond Inc. fell in after-hours trading after the retailer forecast fiscal second-quarter profit that was less than analysts estimated amid slowing same-store sales. The shares fell 11 percent to $65.63 after closing at $73.67. Profit per share in the quarter ending in August is now expected to be 97 cents to $1.03, the company said. The average of 24 analysts' estimates compiled by Bloomberg was $1.08.Public again, Burger King shares rise 3.5%
Burger King Worldwide advanced in the fast-food chain's return to the New York Stock Exchange after completing a merger with a company co-founded by William Ackman. Burger King, based in Miami, rose 3.5 percent to $15.01 at the closefrom the opening price of $14.50. The chain, which was taken private in 2010 by New York investment firm 3G Capital Inc., is trading under the ticker symbol BKW.Oil prices slide as U.S. inventories rise
Oil dropped to an eight-month low after the Energy Department reported that U.S. crude inventories climbed to the highest level in 22 years. Brent crude in London tumbled to an 18-month low. Futures in New York declined 2.7 percent after the department said supplies rose 2.86 million barrels to 387.3 million last week, the highest level since July 1990. Crude oil for July delivery fell $2.23 to $81.80 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 5.
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