Canada cuts interest rates 2nd time this year
Canada's economy shrank for the fourth straight month in April as oil and mining slumped and a rebound in manufacturing remained elusive, opening the door to a second interest-rate cut from the central bank this year. Output shrank 0.1 percent to an annualized C$1.65 trillion ($1.33 trillion) in the month, Statistics Canada said Tuesday, confounding economists' expectations for a 0.1 percent expansion in a Bloomberg survey. Oil and gas, mining and quarrying fell 2.6 percent in the month, the sixth consecutive decline as crude's slide continued to hammer Canada's resource-rich economy.
Milwaukee bus drivers ready to strike
The Milwaukee County Transit System and its drivers' union met with a federal mediator in a last-ditch effort to avoid a strike. The drivers planned to walk off the job at 3 a.m. Wednesday if the two sides don't make progress, which would leave tens of thousands of riders who rely on the bus system without a low-cost transportation alternative. Members of the Amalgamated Transit Union Local 998 voted to strike and rejected the transit system's latest offer Monday. Union members are opposed to plans to hire part-time drivers.
Consumer confidence is on the rise
Consumer confidence increased more than forecast in June as Americans grew more optimistic about the economy and the labor market. The Conference Board's index advanced to a three-month high of 101.4, exceeding all projections in a Bloomberg survey, from a revised May reading of 94.6, the New York-based private research group's report showed. The Bloomberg survey called for an increase to 97.4. Hiring gains, stable prices at the gas pump and a pickup in wages are making people feel better about their financial situations. More confidence may help extend the recent rebound in spending and propel the world's largest economy as global markets struggle to improve.
Nike co-founder stepping down as chairman
Nike Chairman Phil Knight plans to step down, and says he wants President and CEO Mark Parker to succeed him. Nike Inc. says it expects to name a new chairman in 2016, but no specific date was set for Knight's departure. Knight, 76, says he plans to stay involved with the company. Phil Knight co-founded Nike and has been a director of the footwear, athletic apparel and equipment maker since 1968. Parker has been Nike's president and CEO since 2006.
Donna Karan is leaving her design house
Donna Karan, the founder and chief designer of Donna Karan International, a brand that defined the way that American working women dressed for decades, announced Tuesday that she was leaving the helm of the house that bears her name. Moët Hennessey Louis Vuitton, the French conglomerate that bought the house in 2001, said that there were no plans to replace her, and that the main Donna Karan collection would be suspended indefinitely. Instead, DKI will reorganize its teams and structure to "substantially increase its focus on the DKNY brand," the company's more accessible line. Karan plans to concentrate on her Urban Zen company, which focuses on wellness, and its foundation, and will remain an adviser to DKI.
Disney names its first woman CFO
Adding another female executive to its predominantly male senior ranks, the Walt Disney Co. on Tuesday named Christine McCarthy as its next chief financial officer, succeeding James Rasulo. McCarthy, the first female CFO in Disney's history, has most recently been Disney's treasurer. She will replace Rasulo, who stepped down in early June after a rival executive, Thomas Staggs, was promoted to chief operating officer, making Staggs the favored candidate to become Disney's next chief executive.