1. Appeals court upholds net neutrality rules
A federal appeals court on Tuesday ruled in favor of FCC net neutrality rules — supported by the White House — that treat broadband as a utility rather than a luxury. The D.C. Circuit Court of Appeals, in a 2-1 vote, upheld the rules, which require broadband internet providers to treat all traffic equally and not block or slow down service to some customers. The telecom industry and Republicans say the rules discourage investment in better service, and place an unfair burden on providers. AT&T immediately said it would appeal.
2. Johnson Publishing sells iconic Ebony magazine
Johnson Publishing said Tuesday that it had sold iconic African-American lifestyle magazine Ebony and the now digital-only Jet magazine to a Texas private equity firm, Clear View Group. The company did not reveal the price. The family-owned Johnson Publishing will keep its Fashion Fair Cosmetics business. It also will hold onto the historic Ebony photo archives, which remain up for sale. Ebony first appeared in 1945, and cemented its prominence with its coverage of the civil rights movement in the 1960s.
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3. Shoppers keep buying despite jobs slump
Retail sales rose by a seasonally adjusted 0.5 percent in May, according to a federal government report released Tuesday. The gains, coming off a 1.6 percent increase in April, indicated that consumers remain confident despite disappointing job gains in May. "The strength of the May retail sales report should provide plenty of comfort to those concerned that the recent slump in payrolls would be followed by a downturn in activity," said Steve Murphy, U.S. economist at Capital Economics.
4. Iran expected to unveil terms of historic deal to buy Boeing jets
Iran is preparing to announce details on its multibillion-dollar deal to buy 100 Boeing commercial passenger planes as early as Wednesday. It will be the biggest sale to Tehran by a U.S. company since the U.S. and other nations began easing economic sanctions over Iran's nuclear program in October. The deal is expected to total $17 billion for a decade of deliveries and services. Boeing still will need approval and a license from the Treasury Department.
5. Markets cautious ahead of word from Fed
European shares rose early Wednesday as investors expected soothing words from the Federal Reserve at the conclusion of its two-day meeting later in the day. Fears over growing support for a British exit from the European Union in a June 23 referendum have weighed down stocks this week. The Fed is expected to say it will keep interest rates near zero but continue cautiously raising rates as the economy gains strength.
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