GFM Network News

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Wal-Mart forecast disappoints as grocery business struggles

Reuters — The struggles of the low-income U.S. consumer are playing out in Wal-Mart Stores’ grocery aisles. The world’s largest retailer, which gets more than half its sales from groceries, on Thursday gave a disappointing full-year forecast. It blamed sharp cuts in food stamp benefits and higher payroll taxes that are will hit disposable income

U. S. jury finds Parmalat milked Citigroup

“Citi was the largest victim of the Parmalat fraud and not part of it.” – Citigroup Statement A U. S. jury on Monday found Italian dairy company Parmalat had defrauded Citigroup in a case stemming from Parmalat’s 2003 collapse, and awarded the bank US$364.2 million in damages. The 6-1 verdict was handed down by a