International creditors rejected the Greek government’s plan to end its financial crisis, but they have submitted counterproposals. News of the rejection, announced by Greek Prime Minister Alexis Tsipras, dashed hopes of an imminent deal between the embattled Mediterranean country and its creditors. Greece needs additional financial aid to prevent it from defaulting on its 1.6 billion euro debt at the end of the month, but its lenders have refused to release funds without the implementation of more reforms. The U.S. economy contracted slightly in the first quarter as it struggled with bad weather, a strong dollar, spending cuts in the energy sector and disruptions at West Coast ports. The Commerce Department said on Wednesday gross domestic product fell at a 0.2 percent annual rate in the January-March quarter instead of the 0.7 percent pace of contraction it reported last month. Ikea’s U.S. division is raising the minimum wage for the second year in a row as the Swedish ready-to-assemble furniture chain looks to improve its relations with workers and reduce worker turnover. Starting Jan. 1, Ikea’s average minimum hourly wage will increase to $11.87, which is $4.62 above the current federal wage and marks a $1.11 increase, or 10 percent, from this year’s average minimum pay.
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