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The EgyptAir plane crash continues to dominate the headlines. Now Egyptian military officials have revealed that debris from the plane, which went down just off the coast of Alexandria, may have been found.
The New York Times said that personal belongings and plane debris were reportedly spotted by navy ships scouring the suspected crash area.
In other news, the world's largest soup maker Campbell Soup grew quarterly net profit, reported Fox Business, due to a gain from a legal settlement which helped offset a 2% slide in sales.
Campbell earned a net profit in its fiscal third quarter of US$185mln, up from US$179mln the year previously. But it only just tipped expectations as it saw weak organic sales in the latest quarter, which it blamed on weather-related disruption to carrot crops.
Nonetheless, the soup group boosted its outlook for the year, said the Wall Street Journal.
Chief executive Denise Morrison told the paper that the company expects organic sales to grow in the fourth quarter and next fiscal year, 'behind more robust innovation and marketing.'
Sports Authority will close all of its more than 450 stores across the United States, reported the Baltimore Sun, after the bankrupt company was unable to secure a buyer, according to a new court filing.
The Colorado-based retailer, at one stage the largest sporting goods chain in the US, filed for bankruptcy in March with the intention to restructure, said the paper.
But the retailer was unable to reach an agreement with creditors and lenders and was instead sold at auction.
It's not been a great week for retailers as Gap announced its plans to close 75 stores across its Old Navy and Banana Republic brands, in order to help the company get a stronger footing amid sagging sales, wrote the Washington Post.
Foot Locker sales were lower than expected. Its first quarter sales at existing stores were up almost 3% but well below analyst forecasts, reported the Wall Street Journal.
Richard Johnson, Foot Locker's chairman and chief executive told the press that the company 'navigated well through a variety of challenges, not least of which were rapidly-shifting product-category preferences by our customers.'
General Motors has expanded its Maven car-sharing service, reported the Chicago Tribune. The automaker said it hopes to add on-demand transportation to more local buildings and parking lots.
About 100 people in recent weeks signed up for the service and used the cars, reported the paper. Spokeswoman Annalisa Bluhm told the Tribune: 'We're ready to scale up.'
Scandal-hit Volkswagen has reached a wage agreement with the labor union representing around 120,000 of its workers in Germany, in line with union agreements in the region, reported the Wall Street Journal.
The company will pay a total 4.8% wage increase staggered in two phases, coming close to the union's demand for a pay rise of around 5%. The wage pact is valid for 20 months, Volkswagen told the paper.
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