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Iran Might Close Strait Of Hormuz If US Continues ‘Threatening’ Tehran

Iran has warned that it may close the Strait of Hormuz, through which nearly a third of all oil traded by sea passes, if the United States keeps ‘threatening’ Tehran. On Wednesday, the deputy commander of Iran’s Islamic Revolution Guards Corps said that Tehran may close the Strait of Hormuz to the United States and its allies, if the US continued “threatening” passages through the strategic choke point. The remarks by the acting commander of the Guard also follow those of Supreme Leader Ayatollah Ali Khamenei who criticized U.S.

US Trade Deficit Tumbles As Overall Imports Plunge, Even As Oil Imports Continue To Rise

US Trade Deficit Tumbles As Overall Imports Plunge, Even As Oil Imports Continue To Rise

In a surprising development, the U.S. monthly international trade deficit decreased substantially in March 2016 from $47.0 billion in February (revised) to $40.4 billion in March, below the $41.2 billion expected, as exports declined by a modest $1.5 billion, a 0.9% drop to $176.62BN from $178.16BN in Feb. At the same time imports outright plunged by $8.1 billion, down 3.6% in March to $217.06BN from $225.13BN in Feb. Curiously this happened just as Canada announced a trade deficit of C$3.4 billion, the widest on record.

US Worker Productivity Slumps At Worst Rate In 23 Years

US Worker Productivity Slumps At Worst Rate In 23 Years

Despite a very modest beat of expectations US worker productivity fell for the 2nd quarter in a row (down 1.0% vs 1.3% QoQ), the two-quarter-average output per hour isdown 1.4% - the worst slump since 1993. Unit labor costs rose by a better than expected 4.1% (helped by a downwardly revised 2.7% rise in Q4), the highest since Q4 2014.

America’s productivity slump is the biggest in nearly a quarter century...

 

Aeropostale Files Chapter 11: Latest Retail Bankruptcy After American Apparel, Cache, Wet Seal And Quiksilver

Teen retailer Aeropostale, a company once seen as a competitor to Abercrombie & Fitch, filed for Chapter 11 bankruptcy, listing assets of $354 million and liabilities of $390 million. The company experienced an atrocious fiscal 2015, reporting a net loss of $136.9 million in a year in which sales declined 18%.

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