Business Today: Sturdy U.S. manufacturing data bolster growth outlook

	Click to View in Browser 06/16/2014 Sturdy U.S. manufacturing data bolster growth outlook WASHINGTON (Reuters) - U.S. manufacturing output rose in May and factory activity in New York state accelerated sharply this month, buoying hopes of a strong rebound in economic growth this quarter. Wall Street inches up on M&A deals; Iraq worries cap gains NEW YORK (Reuters) - U.S. stocks edged higher on Monday afternoon, reversing a midday dip, supported by a flurry of merger news, but the advance was limited as investors kept a close watch on rising oil prices caused by turmoil in Iraq. U.S. top court rejects Argentina appeal in bond fight WASHINGTON/BUENOS AIRES (Reuters) - The U.S. Supreme Court declined on Monday to hear Argentina's appeal over its battle with hedge funds that refused to take part in its debt restructurings, an unexpected move that risks toppling Latin America's No 3 economy into a new default. BofA's Merrill fined for mutual fund overcharges (Reuters) - Bank of America Corp's Merrill Lynch unit was fined $8 million and will reimburse $24.4 million to customers to settle allegations that it overcharged more than 47,000 retirement accounts and charities that invested in mutual funds. GM recalls three million cars over ignition switches issue; to fix keys SAN FRANCISCO (Reuters) - General Motors Co on Monday recalled 3.36 million North American cars with ignition switches that can be jarred out of the "run" position, potentially affecting power steering, power brakes and air bags. J.C. Penney interfered with Macy's deal with Martha Stewart: judge NEW YORK (Reuters) - J.C. Penney's pact with Martha Stewart Living Omnimedia to sell a line of home goods interfered with an exclusive deal between the celebrity's company and Macy's, a New York judge ruled on Monday. Alibaba discloses powerful partners, reveals slowing growth BEIJING (Reuters) - Alibaba Group Holding revealed the members of its powerful 27-person partnership and board on Monday, while disclosing that the Chinese e-commerce giant's growth has slowed from the red-hot pace of recent quarters. Siemens and Mitsubishi challenge GE with Alstom offer MUNICH/PARIS (Reuters) - Germany's Siemens and Japan's Mitsubishi Heavy Industries presented a joint offer to France's Alstom on Monday that included 7 billion euros ($9.5 billion) in cash, challenging a bid by General Electric. BofA to use NY state database to flag illegal payday loans NEW YORK (Reuters) - Bank of America Corp has become the first big bank to agree to use a New York regulator's database to ensure it does not process illegal payments from payday lenders to state residents, Governor Andrew Cuomo said on Monday. Bombardier lays off staff as new Learjet flight testing delayed TORONTO (Reuters) - Canada's Bombardier Inc said on Monday that it has laid off more than 100 staff and let go 110 contract workers in the United States and Mexico due to delays in the flight test program for its all-new Learjet 85 business jet. Related Video Demand for US-made products drives re-shoring - Walmart exec Others enter race for France's Alstom Economic News IMF cuts U.S. growth outlook, says full employment years off Factbox: Yellen, future tightening in spotlight as U.S. Fed meets 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