News Summary

The two-day strategic and economic dialogue between the US and China came to an end today. On the second day of talks with his Chinese counterpart, US Treasury Secretary Timothy Geithner was convinced that China has realized that letting the yuan appreciate was in its own best interest. The talks between the two nations served their main purpose of stabilizing the US-China relationship, though they lacked on specifics.

Redbook reported its chain-store sales today. It agreed with ICSC-Goldman that retail sales were soft in the May 22 week. The year-on-year same-store sales growth of Redbook dropped to over 2%, leading the four-week average sales to stand at more than 2.5%, an average that is unchanged now for the last four weeks. However, ICSC-Goldman's four-week average is more than 3.2%.

In an approximately $1.3 billion cash deal, UIL Holdings (NYSE: UIL) is going to buy Southern Connecticut Gas, Connecticut Natural Gas and Berkshire Gas from Spain's Iberdrola SA’s US unit. “This transaction immediately transforms UIL while adding organic growth opportunities. It’s an excellent strategic fit for UIL and the gas LDCs,” said James P Torgerson, CEO of UIL. He added, “This acquisition will assure continued high quality service to customers while enhancing shareowner value.” It is expected that the deal will close in Q1 2011.

Dell (NASDAQ: DELL) today released details of Streak, a 5-inch Android™-based Tablet. Dell will begin its assault on the tablet market with its 'mini-iPad’ by making it available across the UK early this June and in the US later this summer. Pricing and data plans for the UK will be announced by O2 ahead of availability. Streak is designed to provide people the best “on-the-go” entertainment, social connection, and navigation experience. Ron Garriques, president, Dell Communication Solutions Group said, “The Dell Streak hits the sweet spot between traditional smartphones and larger-screen tablets. Its unique size provides people new ways to enjoy, connect, and navigate their lives.”

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