McDonald’s profit for Q2 falls short
Despite adding new items to its menu to attract more clients, McDonald’s fell short in the second quarter. Profits rose 4 percent, according to USA Today, but missed Wall Street’s expectations. Stock edged down about 2 percent on reports that July revenues are relatively flat. Changing dining habits in the US are blamed for some of the shortfall. For the first three months of the year, the company reported its first quarterly decline in restaurants open at least 13 months. Overall the company earned $1.4 billion in the second quarter, up from $1.35 billion a year ago.
German economy grows strongly in Q2
The German economy showed robust growth in the second quarter, as reported by Reuters. Both industrial production and construction grew strongly, according to the Bundesbank. The economy is expected to slow during the summer.
GlaxoSmith Kline admits violating Chinese laws
GlaxoSmithKline admitted that some of its Chinese executives appear to have violated Chinese laws, according to the Financial Times. GSK is being investigated by Chinese police for bribery and tax irregularities as part of a complex scheme that allegedly provided doctors with cash and gifts in exchange for prescribing medicines. The Chinese market is one of the fastest growing markets for pharmaceutical companies.
US growth outlook stalls
The Wall Street Journal is reporting that the anticipated acceleration in the US economy is not likely to occur in the short term. Recent economic and corporate earnings reports have disappointed economists and consumers are tightening their belts. Retail sales grew only 0.4 percent in June. Overall, economists believe that the economy grew at just 1.5 percent in the second quarter.
CFTC charges energy firm with spoofing
The CFTC (Commodities Futures Trading Commission) is charging Panther Energy Trading of Red Bank, NJ with “spoofing”, a charge created under the Dodd-Frank law. CNBC reports that this is the first time the CFTC has used the anti-spoofing law. “Spoofing” occurs when false bids are submitted and then pulled back. The firm settled the charges with a $2.8 million fine and the owner, Michael Coscia, will be banned from trading for a year.
Apple developer website attacked by hackers
Apple’s main website for developers remains shut after hackers tried to steal sensitive information last week. According to CNBC, last Thursday Apple suffered an attack on its network just as third party developers began testing their apps on Apple’s iOS-7 smartphone and tablet platforms to be launched in the fall. Apple said that no customer information had been compromised.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.