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WASHINGTON — The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9% this year, significantly worse than the 3% drop it had estimated in its previous report in April. It would be the worst annual contraction since immediately after World War II. For the United States, the IMF predicts that the nation’s gross domestic product — the value of all goods and services produced in the United States — will plummet 8% this year, even more than its April estimate of a 5.9% drop. 683

Walmart is retreating from Europe, merging its UK supermarket business Asda with bigger rival Sainsbury's.In return, Walmart will receive ￡2.97 billion (.1 billion) in cash and a 42% stake in the combined business, the companies said in a statement on Monday.The deal values Asda at ￡7.3 billion ( billion), and creates a mega retailer with 2,800 stores and combined sales of roughly ￡51 billion ( billion).The sale of Asda follows Walmart's exit from Germany, its other major outpost in Europe, in 2006.Walmart could use the cash to fuel its expansion in other international markets. The US retailer is reportedly close to agreeing to invest in India's Flipkart, an online retailer that has also attracted attention from Amazon."This proposed merger represents a unique and bold opportunity, consistent with our strategy of looking for new ways to drive international growth," Judith McKenna, the CEO of Walmart International, said in a statement.The combination with Asda will give Sainsbury's more firepower as it confronts digital competitors including Amazon and aggressive discount chains, such as Germany's Lidl and Aldi.It also creates a new UK market leader: Sainsbury's and Asda together control over 31% of the grocery market, according to Kantar Worldpanel. The current industry front runner, Tesco, has nearly 28%.Regulators will have a close look at the deal, but the geographical distribution of Sainsbury and Asda stores could limit concerns over reduced competition.Upmarket Sainsbury's is strong in southern England, while Asda, which tends to have larger stores and lower prices, is well represented in the north. Together, the supermarket chains employ 330,000 people.The UK Competition and Markets Authority last year approved Tesco's takeover of wholesaler Booker, saying the deal would not reduce competition in the sector, which is known for its razor-thin margins and frequent price wars. 1929

WASHINGTON (AP) — A federal appeals court has ruled that the first federal execution in nearly two decades can proceed as scheduled on Monday. The ruling from the 7th U.S. Circuit Court of Appeals overturns a lower court order that had put the execution of 47-year-old Daniel Lewis Lee on hold. Lee, of Yukon, Oklahoma, had been scheduled to die by lethal injection on Monday at a federal prison in Indiana.He was convicted in Arkansas of the 1996 killings of gun dealer William Mueller, his wife, Nancy, and her 8-year-old daughter, Sarah Powell. 555

WASHINGTON (AP) — A Justice Department investigation finds that Yale University is illegally discriminating against Asian American and white applicants, in violation of federal civil rights law. Yale denies the allegation, calling it “meritless” and “hasty.” The findings were detailed in a letter to the college’s attorneys Thursday. The letter was obtained by the Associated Press. It marks the latest action by the Trump administration aimed at rooting out discrimination in the college application process. The Justice Department says the two-year investigation concluded that Yale “rejects scores of Asian American and white applicants each year based on their race, whom it otherwise would admit.” 711

VISTA (KGTV) – One person is dead and four more injured after three motorcycles crashed in Vista Saturday night.The crash happened at the intersection of Monte Mar Road and East Vista Way around 6:30 p.m. The motorcyclist who died is 55, but authorities did not release his name.Deputies say at least three motorcycles and one car were involved in the crash. All of the motorcyclists are part of the same club.Deputies say three Harley’s crashed with a Toyota Camry. Authorities don’t believe drugs or alcohol were factors in the crash. 544

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