Global Glance: Best Buy adds to retailer woes, European banks to struggle

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Here are today’s top business headlines from across the nation and world:

Best Buy adds to chorus of woes in retail

NEW YORK (AP) — A strong start to the year from Best Buy was overshadowed by a lengthening string of declining quarterly sales and a pessimistic outlook that added to a chorus of woes from the retail sector. Target, Macy’s Inc., J.C. Penney Co., Nordstrom Inc. and Kohl’s Corp. all have posted first-quarter sales declines as pressure increases from off-priced stores like T.J. Maxx and also online competition, namely Read more

Report: European banks to struggle, may need to cut costs

FRANKFURT, Germany (AP) — European banks are likely to struggle to make profits in months ahead and may need to cut costs, merge or change their business strategies to return to solid health, a report said Tuesday. Read more

Appeals court reverses fraud finding against Bank of America

NEW YORK (AP) — Bank of America Corp. was not liable for fraud and subject to a penalty of over $1.2 billion for its actions before the economy collapsed in 2008 despite a jury’s finding to the contrary, a federal appeals court ruled Monday. Read more

2015 was a corporate buyout bonanza; here comes the sequel

After 2015’s blistering global buyout pace, this year is shaping up to be quite the sequel with Bayer’s $62 billion attempt to buy Monsanto and create a global seed giant. There has been more than $494 billion in cross-border deals already in 2016, the third highest of all time, according to financial markets platform Dealogic. Read more

Israeli cowboys live frontier life on Syria’s doorstep

With his wide-brimmed hat, Wrangler jeans and ornate belt buckle, Yehiel Alon could easily pass for one of the Montana ranchers he once worked with. But the 53-year-old is an Israeli cowboy on the Golan Heights bordering worn-torn Syria, where frontier life takes on a whole new meaning. Read more

Volkswagen to provide update on emissions settlement talks

SAN FRANCISCO (AP) — A federal judge is set to get an update on ongoing settlement talks in the Volkswagen emissions cheating scandal after announcing a tentative deal last month for nearly half a million polluting Volkswagens in the U.S. Read more

Detroit muscle cars aren’t so strong in crash tests

DETROIT (AP) — Muscle cars may look cool, but they don’t offer the best protection in a crash. The Ford Mustang, Chevrolet Camaro and Dodge Challenger didn’t get the highest ratings in new tests by the Insurance Institute for Highway Safety. The institute, which is funded by insurers, tested 2016 models. Read more

Facebook drops news outlet input in ‘trending topics’ review

LOS ANGELES (AP) — Facebook says it is dropping its reliance on news outlets to help determine what gets posted as a “trending topic” on the giant social network, a move adopted after a backlash over a report saying it suppressed conservative views. Read more

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