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US contracts in Q1; dollar hits corporate profits

The U.S. economy contracted in the first quarter as it buckled under the weight of heavy snowfalls and a resurgent dollar, but activity has rebounded.
Source: Reuters
WRAPUP 2-U.S. economy contracts in Q1; dollar hits corporate profits

*First-quarter GDP revised down to show contraction. *GDP shrinks at a 0.7 percent annual rate. WASHINGTON, May 29- The U.S. economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls and a resurgent dollar, but activity has rebounded modestly.
Source: Reuters | By: Lucia Mutikani
Visa's tough stance on FIFA augurs more sponsor demands -experts

NEW YORK, May 28- Visa Inc's public warning to FIFA that it may end its sponsorship if world soccer's governing body does not quickly clean up its act will likely prompt other sponsors to take a tough stance as a major corruption scandal involving FIFA unfolds, brand experts said. After U.S. prosecutors indicted nine FIFA officials and five sports media and...
Source: Reuters | By: Anjali Athavaley
UPDATE 2-Boston Scientific ordered to pay $100 mln in transvaginal mesh trial

May 28- A Delaware jury on Thursday ordered Boston Scientific to pay $100 million to a woman who said she was injured by transvaginal mesh, a device that is the subject of more than 25,000 lawsuits against the company. The 51- year old Newark, Delaware- resident was implanted with Boston Scientific's Pinnacle and Advantage Fit mesh products in 2009, to treat...
Source: Reuters | By: Jessica Dye
J&J accepts offer from Cardinal Health for Cordis

Health care giant Johnson & Johnson has formally accepted a $1.94 billion offer to sell its Cordis heart devices unit to Cardinal Health.
Source: The Associated Press
J&J accepts offer from Cardinal Health for Cordis unit

NEW YORK- Health care giant Johnson& Johnson has formally accepted a $1.94 billion offer to sell its Cordis heart devices unit to Cardinal Health. Cordis has operations in more than 50 countries, including China, Japan, Germany, Italy, France, the U.K. and Brazil. Cardinal Health had previously said that it expects the deal to add more than 20 cents per share to its...
Source: The Associated Press
FBI probing J&J on uterine surgery device: Report

The FBI is looking into what Johnson & Johnson knew about the risks posed by a surgical tool, according to a report by the WSJ.
Source: Reuters
UPDATE 1-FBI probing what J&J knew about uterine surgery device - WSJ

May 27- The Federal Bureau of Investigation is probing a surgical tool found to spread uterine cancer and what Johnson& Johnson knew about its risks before withdrawing its version of the device last year, the Wall Street Journal reported. A J&J spokesman said the company has not been contacted by the FBI regarding its Ethicon morcellation devices.
Source: Reuters
FBI probing what J&J knew about uterine surgery device - WSJ

May 27- The Federal Bureau of Investigation is looking into what Johnson& Johnson knew about the risks posed by a surgical tool in spreading uterine cancer before withdrawing its version of the device last year, the Wall Street Journal reported. J&J said in July that it would ask doctors to return the device, called laparoscopic power morcellator, which is used to...
Source: Reuters
US not thinking about extending nuclear talks  

The U.S. is not thinking about extending nuclear talks; the FAA says it has created a working group to study the mental health of pilots; and the annual national spelling bee has begun, reports CNBC's Sue Herera.
Source: CNBC.com