Business Today: U.S. economy stumbles in first-quarter, but prospects brighter

	Click to View in Browser 05/29/2014 U.S. economy stumbles in first-quarter, but prospects brighter WASHINGTON (Reuters) - The U.S. economy contracted for the first time in three years in the first quarter as it buckled under a severe winter, but there are signs it has rebounded and economists say it could grow as much as 4 percent in the current quarter. U.S. probing 15 banks, payment processors for fraud WASHINGTON (Reuters) - U.S. prosecutors have opened criminal and civil probes into at least 15 banks and payment processors as part of a wide-ranging consumer fraud investigation, according to documents released on Thursday by a congressional committee. S&P ends at third record high in four sessions NEW YORK (Reuters) - The S&P 500 index scored its third record closing high in four sessions on Thursday as traders shrugged off data that showed the economy contracted in the first quarter and bet on improvement in the second quarter. U.S. Justice Department seeks more than $10 billion penalty from BNP Paribas: WSJ (Reuters) - The U.S. Justice Department is pushing BNP Paribas SA to pay more than $10 billion to resolve a criminal probe into allegations that the French bank evaded U.S. sanctions against Iran and other countries for years, the Wall Street Journal reported, citing people familiar with the matter. Ford recalls nearly 1.4 million vehicles in North America DETROIT (Reuters) - Ford Motor Co said on Thursday it is recalling 1.39 million SUVs and sedans in North America, most for the possible loss of power steering. U.S. probes possible overcharging by banks on foreclosure fees NEW YORK/WASHINGTON (Reuters) - The U.S. Attorney's office in Manhattan is investigating at least five banks over whether they overcharged the government for expenses incurred during foreclosures on federally backed home loans, filings and interviews show. Deutsche Telekom willing to keep stake in T-Mobile-Sprint tie-up BANGALORE/FRANKFURT, May 29, (Reuters) - Germany's Deutsche Telekom AG is willing to keep a minority stake in a deal to sell T-Mobile US Inc to Japan's Softbank Corp, but other details such as price and financing remain to be worked out, according to sources familiar with the situation. Tyson offers $6.3 billion for Hillshire, eclipsing Pilgrim's bid (Reuters) - Tyson Foods Inc has offered to buy Hillshire Brands Co for $6.3 billion, upstaging Pilgrim's Pride Corp 's offer for the sausage company earlier in the week, in a deal that would broaden Tyson's supermarket food offerings. Cancer meeting a showcase for AstraZeneca drugs prized by Pfizer LOS ANGELES (Reuters) - After thwarting a $118 billion takeover approach from Pfizer Inc, Britain's AstraZeneca Plc will again take the spotlight this weekend when the biggest annual medical meeting for cancer doctors convenes in Chicago. Shareholder anger simmers worldwide over bankers' pay LONDON (Reuters) - Investors owning almost 6 billion shares rejected the pay plans of 10 of the world's biggest banks in recent weeks as anger over excessive bonuses reached record levels in Britain and jumped sharply from a year ago in the United States. Related Video Micro-needle patches a painless shot-in-the-arm for future vaccinations Breakingviews: Perella Weinberg's new blood Economic News U.S. economy stumbles in first-quarter, but prospects brighter U.S. pending home sales show signs of stabilizing A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend