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LONDON HSBC said its strategy and planning boss John Flint is to take over as head of retail banking and wealth management (RBWM) next year to replace veteran banker Paul Thurston, who is retiring. Europe’s biggest bank said Flint will become chief executive on January 1 of RBWM, one of the bank’s four global businesses. Previously known as personal financial services, RBWM has more than 50 million customers and made an operating profit of $ 4.3 billion last year, a fifth of the group. Flint, 44, joined HSBC in 1989 and has worked in Hong Kong, Singapore, Indonesia, Thailand, India, […]

NEW YORK Retail stocks fell on Monday after data showed Black Friday sales dipped despite an increase in store traffic. Mall traffic tracker ShopperTrak said on Saturday retail sales decreased 1.8% on Friday, the biggest traffic and sales day of the holiday season, despite a 3.5% increase in retail foot traffic. Teen retailer Aeropostale Inc. fell 5.5% after Janney cut its rating on the stock to neutral from buy, adding improvement at its rival Abercrombie & Fitch Co. and strong product acceptance at American Eagle Outfitters Inc. could shift spending away from the company. Amazon.com Inc. and Best Buy Co. […]

NEW YORK Retail stocks rose on Friday as the frenzy began for the holiday season’s biggest traffic and sales day. Best Buy Co. {s: bby] was up 2.9%. J.C. Penney rose 2.4%. Macy’s Inc. was up 1%. Wal-Mart Stores Inc. rose 0.6%. Target Corp. inched up 0.4%. The S&P Retail Index rose 0.3% to 665.48.

Retail sales fell in October for the first time in three months as superstorm Sandy slammed the brakes on automobile purchases, suggesting spending lost momentum early in the fourth quarter. Other data on Wednesday showed wholesale prices falling last month for the first time since May, giving the Federal Reserve latitude to maintain its ultra easy monetary policy stance. Retail sales dipped 0.3 percent after a 1.3 percent increase in September, the Commerce Department said. Economists had expected sales to fall 0.2 percent. “Sandy was a drag, but I expect we will see a gain in sales in November,” said […]

U.S. retail sales fell in October for the first time in three months as superstorm Sandy slammed the brakes on automobile purchases, suggesting a loss of momentum in spending early in the fourth quarter. Other data on Wednesday showed little inflation, with wholesale prices falling in October for the first time since May, giving the Federal Reserve latitude to maintain its ultra easy monetary policy stance to nurse the economy back to health. Retail sales dipped 0.3 percent last month after a 1.3 percent increase in September, the Commerce Department said. Economists had expected sales to fall 0.2 percent. The […]

U.S. retail sales fell in October by the sharpest amount since June, hurt partly by the effects of hurricane Sandy. Retail sales dropped a seasonally adjusted 0.3% last month, the Commerce Department said Wednesday. Sales fell in most retail segments and auto dealers were particularly hard hit. Sales at auto dealers sank 1.5%. Excluding the auto sector, which can have an outsized effect, retail sales in the U.S. were unchanged. Declines were reported by Internet sellers, home-improvement stores, bars and restaurants, and retailers that sell electronics, appliances and home furnishings. Sales rose 1.4% at gas stations and 0.8% at grocery […]

A U.S. judge on Friday granted preliminary approval to a proposed $ 7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit card fees, despite objections from hundreds of retailers, including Wal-Mart Stores Inc.. If the deal receives final approval from U.S. District Court Judge John Gleeson, it would be the largest federal antitrust settlement in U.S. history, offering nearly 8 million merchants $ 7.2 billion in cash and temporary reductions in the interchange, or swipe fees, they pay to process credit and debit transactions. Nearly 1,200 merchants and major trade groups opposed the settlement, arguing that […]

A U.S. judge on Friday granted preliminary approval to a proposed $ 7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit card fees, despite objections from hundreds of retailers, including Wal-Mart Stores Inc. If the deal receives final approval from U.S. District Court Judge John Gleeson of Brooklyn, New York, it would be the largest federal antitrust settlement in U.S. history, offering nearly 8 million merchants $ 7.2 billion in cash and temporary reductions in the interchange, or swipe fees, they pay to process credit and debit transactions. Visa and Mastercard agreed to amend their no-surcharge […]

NEW YORK Nasdaq OMX Group , which runs the No. 2 U.S. equities exchange, plans to offer discounts on retail orders in early 2013, the company said in a notice to traders on Tuesday. Nasdaq said its retail price improvement program would be similar to one launched by Big Board operator NYSE Euronext on August 1, which offers discounts of fractions of a penny on stock orders. Exchanges see the sub-penny programs as a way to win back market share from off-exchange venues. Nasdaq said in the notice it plans make changes to its proprietary data feeds to reflect the […]

SAN FRANCISCO Apple Inc CEO Tim Cook on Monday replaced the heads of its software and retail units in the company’s biggest executive shake-up in a decade following embarrassing problems with its new mapping program and unpopular store-related decisions. Software chief Scott Forstall, who oversaw the launch of the flawed mapping software and much criticized Siri voice-enabled assistant, will leave Apple next year. Forstall, seen as a polarizing figure inside Apple, had been billed as one of the future candidates to take the top job at Apple. He was the executive behind the panned Apple Maps app that the company […]

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