Canada probably will enter a recession in the third quarter. Finance Minister Michael Wilson said the country's gross domestic product is likely to fall in the quarter, the second consecutive quarter of GDP decline, which technically amounts to a recession.
Nordstrom may be the subject of further legal actions by the state of Washington's Labor and Industries Department because the retailer has refused to negotiate an agreement to settle charges that it violated wage and labor laws, the department said. A Nordstrom spokesman said the state was "posturing on behalf of the union."
Japanese banks will report large write-offs this fiscal year because of their decision to reduce Venezuelan debt under the so-called Brady Plan, a Finance Ministry official said. The write-offs, however, will have little impact on the banks' annual results, the official said.
Oncor of Gaithersburg said it has become the first company to develop and market DNA probes that can identify all 24 types of human chromosomes for use in detecting genetic abnormalities.
A Fed report said Americans' so-called problem of not saving enough money may be solved by a simple aging of the work force. Researchers said younger workers tend to borrow in anticipation of making more money in the future, but as they age they save more.
Lotus Development agreed to an out-of-court damage settlement in a copyright infringement suit it won in June. Under the agreement, Paperback Software International will pay $500,000 to Lotus and remove from the market the three offending versions of its spreadsheet software.