Financial/Banking

Consumer spending in May increased 4.2%, according to the latest SpendTrend report from First Data Corporation, with the retail sector enjoying renewed vigor.

First Data’s SpendTrend tracks same-store point-of-sale data by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks from nearly four million merchant locations serviced by First Data. The spending increase of 4.2%, compared to 4.1% in April.

Brussels, Belgium — The European Union (E.U.) is investigating lucrative tax breaks individual member countries such as Ireland, the Netherlands and Luxembourg have been giving major global companies including Starbucks and Apple. Media reports indicate the E.U. is focusing on whether certain tax loopholes these countries have provided some corporations qualify as “state aid,” which is prohibited under E.U. bylaws.

Plano, Texas — Rent-A-Center, Inc. has appointed two new senior executives. The company named Guy J. Constant as executive VP finance, CFO and treasurer, and Jody Diaz as senior VP HR and chief people officer, both effective June 16, 2014.

Cleveland, Texas — Baker Katz has sold the 11,438-sq.-ft. Cleveland Shopping Center in Cleveland, Texas. Baker Katz facilitated the transaction with a local investor. Financial details remain private.

Fort Myers, Fla. — Chico’s FAS Inc. is reportedly considering taking itself private. According to Financial Times, the women’s apparel retailer has been holding talks with several private equity firms in recent weeks.

Activist investor Carl Icahn on Friday reported a 9.4% stake in Family Dollar, making him the company’s largest shareholder and prompting concerns of a hostile takeover.
 
Family Dollar has responded by adopting a one-year shareholder rights plan with a 10% trigger that would prevent any investor from gaining a controlling interest of the company without board approval.
 

Bolingbrook, Ill. — Vanessa Wittman, senior VP and CFO of Motorola Mobility, a subsidiary of Google, has been appointed the Ulta Beauty board of directors and as a member of its audit committee, effective June 5, 2014, following her election at the company’s annual shareholder meeting. Wittman joins the Ulta Beauty board with more than 25 years of experience in finance and technology.

Silicon Valley saw some drama late Monday when PayPal announced that president David Marcus was leaving to lead Facebook’s messaging products.

The split was amicable with eBay president and CEO John Donahoe wishing Marcus well at Facebook.