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Conference Board issues pessimistic report
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Conference Board issues pessimistic report
A private business group said its measure of the economy's health fell more than expected in July, pushed lower by declines in the stock market, drops in new building permits and rising unemployment. Although new jobless claims fell for the second straight week, they remain near the highest levels since 2002. The New York-based Conference Board said Thursday its monthly forecast of future economic activity fell 0.7 percent in July, far more than the consensus estimate of a 0.2 percent decline by Wall Street economists surveyed by Thomson/IFR.
Kohl's CEO resigns but will remain chairmanKohl's Corp. announced Thursday that Chairman Larry Montgomery has resigned as chief executive and will be replaced by the retailer's president, Kevin Mansell. Montgomery, 59, will remain chairman of the Menomonee Falls, Wis.-based department store chain and keep a number of management responsibilities. As president and CEO, Mansell, 56, will be responsible for development and execution of strategic initiatives, day-to-day operations and a long-term growth plan. He'll also manage finance and store operations.
Chrysler to keep mandatory vacation periodChrysler has decided to keep its requirement that all workers take the same two-week summer vacation. The company told employees by e-mail Wednesday that the 2009 summer break will be the weeks of July 13 and 20. North American auto factories have traditionally shut down for a week or two in the summer as equipment is updated for new vehicle models, but this year was the first time that all employees were affected.
Kellogg brings back Hydrox - for a timeKellogg Co. announced Thursday that it has reintroduced the Hydrox brand for a limited time to mark the 100th anniversary of the cream-filled chocolate sandwich cookie. The Battle Creek, Mich.-based company says Hydrox cookies started returning to store shelves this week.
Mars candy increasing wholesale pricesMars, the privately held maker of Snickers bars and M&Ms candies, said it is raising wholesale prices on various items to offset higher costs of raw materials, packaging and energy.
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