McDonald's says a key sales figure dropped 2.5 percent in July due to continuing weakness in the US and an expired meat scandal in Asia that rocked the continent's fast food market. A TV report last month showed workers a McDonald's supplier repacking expired meat, and many restaurants iwere left without beef and chicken supplies as a result.
Iraq and Gaza made the world financial markets nervous Friday, though Chinese stocks rose after surprisingly strong growth in exports. Investors fretted about Russia's decision to retaliate against sanctions with a ban on food imports from the West. Meanwhile, President Barack Obama authorized US airstrikes in northern Iraq.
The wealth gap has complicated the US rebound from the Great Recession, economists have long argued. Now, an analysis by the rating agency Standard & Poor's lends its weight to the argument: The widening gap between the richest Americans and everyone else has made the economy more prone to boom-bust cycles and slowed the recovery from the recession.