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U.S. indexes joined stock markets around the world in the rebound after global equity markets had shed $3 trillion in value in the two days following Britain's shock vote, according to S&P Dow Jones Indices. The S&P 500 was within 17 points of its May 2015 record high last Thursday.
U.S. economic growth slowed in the first quarter but not as sharply as previously estimated, and while there are signs of a pickup in the second quarter, analysts worry Britain's vote to leave the European Union could hurt activity later this year. Gross domestic product increased at a 1.1 percent annual rate, rather than the 0.8 percent pace reported last month, the Commerce Department said on Tuesday in its third GDP estimate. "The test comes in the next few months as the turbulence in financial markets may affect consumers' behavior and also weigh on business investment," said Ryan Sweet, senior economist at Moody's Analytics in West Chester, Pennsylvania.
U.S. Attorney General Loretta Lynch said on Tuesday that a Department of Justice investigation into the Volkswagen emissions scandal was continuing, and that it was important to look at the individuals involved. A settlement with VW announced earlier on Tuesday provided important relief to U.S. consumers.
By Alexandria Sage SAN FRANCISCO (Reuters) - An investor group called on Tesla Motors Corp on Tuesday to add two independent directors to its board and separate the roles of chairman and chief executive as it highlighted founder and CEO Elon Musk's dominance of the board in the wake of Tesla's proposed bid for SolarCity. Musk is also the chairman and largest shareholder of SolarCity Corp .
Swedish furniture retailer IKEA Group is recalling almost 36 million chests and dressers in the United States and Canada that have been linked to the deaths of six children, the U.S. Consumer Product Safety Commission said on Tuesday. The recall covers six models of MALM chests or dressers manufactured from 2002 to 2016, as well as about 100 other families of chests or dressers, it said. Two U.S. toddlers died in separate 2014 incidents when MALM chests fell over on them.
Toyota Motor Corp said late on Tuesday it is recalling 1.43 million hybrid Prius and Lexus CT200h cars worldwide because of a possible airbag inflator defect. The recall covers 2010-2012 vehicles with air bag inflators that could have a small crack in a weld, which could lead to the separation of the inflator chambers. The air bag could partially inflate and the inflator could enter the vehicle interior, increasing the risk of injury, Toyota said.
A U.S. congressional watchdog said on Tuesday it has formally added three agencies to its investigation into whether government regulators are too soft on the banks they are meant to police. The review, requested last October, is the first by an outside agency into the perception that financial regulators are "captured" by and too deferential toward the bankers they supervise, so that Wall Street benefits at the public's expense. Lawrance Evans, director of the GAO's financial markets and community investment division, said in an email on Tuesday that the probe would include the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the National Credit Union Administration (NCUA).
Nike Inc's quarterly revenue growth and its forecast for future orders missed analysts' estimates, underscoring the sportswear maker's struggle to fend off competition from Adidas and others, especially in its home turf of North America. Nike's shares, already the third worst performer on the Dow Jones Industrial Average with a 15 percent drop this year through Tuesday, fell another 4.2 percent to $50.85 in extended trading. While Nike still dominates in North America, its biggest market, analysts have said it is losing ground to Germany's Adidas , and smaller domestic rivals such as Under Armour Inc are also making inroads.
NEW YORK/SAN FRANCISCO (Reuters) - LendingClub Corp said on Tuesday that its founder and former chief executive, Renaud Laplanche, borrowed from the online lender to inflate the company's volumes, the latest revelation from an internal probe of the firm's business practices. LendingClub launched the review earlier this year over unrelated loan irregularities that prompted the departure of Laplanche in May, sending shock waves through an industry already strained by faltering investor appetite for loans, increasing defaults and the possibility of heightened regulation. The company said on Tuesday that it had uncovered new information, including that Laplanche and three of his family members took out loans from LendingClub in December 2009, just months before the company announced a major capital raising from outside investors.
(Reuters) - Apartment-sharing startup Airbnb is in talks for a new round of funding that would value the company at $30 billion, a source close to the company said on Tuesday. Airbnb intends to use the financing to support new investments and growth opportunities, the source added.