- 1. G7 ministers discuss boosting growth at Japan summit
- 2. Sports Authority to close all 450 stores
- 3. Stocks head for positive open after string of losses
- 4. Dean Foods ex-chairman charged with providing insider tips to gambler
- 5. American Airlines spends $4 million to help TSA handle security lines
1. G7 ministers discuss boosting growth at Japan summit
Group of finance ministers met for a summit in Sendai, Japan, on Friday to discuss how to encourage global economic growth. The G7 nations entered the meetings split on fiscal policy, with Germany claiming its financial frugality had been "rather successful" and Japan arguing for more stimulus. The finance chiefs also are expected to discuss the effect that a possible exit of Britain from the European Union would have on international markets.
2. Sports Authority to close all 450 stores
Sports Authority will close all of its stores after the bankrupt sporting retail chain failed to find a buyer, according to a new court filing. When Sports Authority filed for bankruptcy protection in March, it said it planned to close just 150 of its 450 stores and restructure. Unable to strike a deal with creditors and lenders, it was sold to liquidation companies at auction. The chain, once the nation's largest sporting goods retailer, had 14,500 employees, most of them part-timers, as of March.
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3. Stocks head for positive open after string of losses
U.S. stock futures rose early Friday, signaling a positive start to the day's trading after the Dow Jones Industrial Average declined for three straight days. Concerns that the Federal Reserve will raise interest rates in June weighed on stocks on Thursday. The Dow fell by 91 points or 0.5 percent, capping its longest losing streak since February. Investor sentiment appeared to be brightening on Friday, though, following the lead of markets in Asia and Europe, which posted modest gains.
MarketWatch The Wall Street Journal
4. Dean Foods ex-chairman charged with providing insider tips to gambler
Prosecutors on Thursday charged former Dean Foods chairman Thomas Davis with giving insider tips to professional Las Vegas gambler William "Billy" Walters, who allegedly passed them on to professional golfer Phil Mickelson. Walters was charged with trading on the tips. Mickelson was not charged with a crime, but agreed to pay back $1.03 million in profit and interest. "Simply put, Mickelson made money that wasn't his to make," said Andrew Ceresney, director of enforcement for the Securities and Exchange Commission.
5. American Airlines spends $4 million to help TSA handle security lines
American Airlines is spending $4 million to provide contract staff to help Transportation Safety Administration workers control crowds and speed up airport security lines. Bottlenecks have created long lines recently at some airports. Pressure to address the problem mounted this week when 450 American passengers had to spend the night at Chicago's O'Hare airport after spending hours in TSA lines. American Airlines' chief operating officer, Robert Isom, said airline workers "take the brunt" of travelers' frustration over the lines.
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