Sales declined to $5.7 billion from $5.9 billion last year. Operating income included $87 million in division consolidation costs and a $23 million reserve for the potential litigation settlement. The gross margin rate declined by 120 basis points primarily because of a higher level of merchandise clearance. The company repurchased no shares of its common stock. Annual guidance for year-over-year change in comparable store sales remains minus 1% to plus 1.5%.

Housing starts in April were at a seasonally adjusted annual rate of 1.032 million, up 8.2% from the revised March estimate of 0.95 million, but is 30.6% below the revised April 2007 rate of 1.5 million. Single-family housing starts in April were at a rate of 692,000, down 1.7% from the March 704,000 units. The April rate for units in buildings with five units or more was 326,000.

WNS Limited, an offshore business services provider reported fourth quarter revenue rose 4.9% to $116.1 milion and net income fell 32% to $6.1 million. Earnings per ADS dropped to 14 cents from 21 cents a year ago. In the quarter the company took a charge of $15.5 million on assets related to a subprime lender servicing contract. The company expects to earn between $44 million and $46 million in the current fiscal year.

April same store sales reported by retailers were better than forecasted by analysts. However, the pattern of consumers shifting the spending to discount chains and warehouse clubs was prominent in the data. BJs, Costco and Wal-Mart led the rise in same store sales after adjusting for calendar days, fuel sales and currency. TJX and Abercrombie & Fitch led the sales gains in apparel chains.

Visa reported after the close, second quarter net income of $1.45 billion and net income of $314 million compared to $246 million. Earnings per share were 39 cents or adjusted earnings per share were 52 cents. Visa priced its initial public offering at $44 on March 18 of this year. The stock had run up in anticipation of earnings and fell 5% in the after hours of trading.

When there is a deficiency of information, speculations are abundant. The Sovereign Wealth Funds, established to preserve the accumulated capital in different nations, are often the subject of criticism and mistrust in Europe and the U.S. Rupert Neil Bumfrey clearly explains the role and nature of these funds, both for their own economies and the West.