Gap 1Q profit flat but outlook bright, shares rise
Clothing seller Gap Inc. says its first-quarter net income was unchanged from a year ago as rising costs and a drop in overseas sales offset sales gains at its Old Navy, Gap and Banana Republic chains.
Spain beset by bank crisis, downgrades, bond pressure
MADRID (Reuters) - Spain's borrowing costs shot up at a bond auction on Thursday and its troubled banks suffered a double blow, with shares in part-nationalized Bankia diving and 16 lenders - including the euro zone's biggest - having their credit ratings cut. Official data confirmed Spain was back in recession and a newspaper reported a big outflow of deposits from Bankia, but the government said it had taken a fundamental step to strengthen Spain's credibility by agreeing big budget cuts with the country's free-spending regions. ...
US rapper tweets from hospital, with cuddly toys
US rap star 50 Cent tweeted Thursday that is recovering in hospital and posted a picture of himself with an array of cuddly toys -- although some questioned whether it was all a publicity stunt.
Moody's downgrades 16 Spanish banks
NEW YORK (Reuters) - Moody's Investor Service carried out a sweeping downgrade of 16 Spanish banks on Thursday, including Banco Santander, the euro zone's largest bank, citing a weak economy and the government's reduced ability to support troubled lenders. All the banks' long-term debt ratings were downgraded by at least one notch, and some suffered three-notch cuts. Spain's banks, awash in bad loans after a real estate boom went bust, are at the heart of the euro zone debt crisis because markets fear a state bailout would put a severe strain on the country's already stretched public finances. ...
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