Home »
NEW YORK (Reuters) – The survival of J.C. Penney Co Inc hangs on whether the department store chain can reach a complex deal within days to sell itself to an alliance of retail mavens and distressed-debt investors. The 118-year-old retailer blew through a Friday deadline from lenders to sort through bids that would take the company out of bankruptcy proceedings […]
Read more(Reuters) – For Walt Disney Co (DIS.N), the ability to sell “Frozen”-themed water bottles at the Magic Kingdom theme park while selling ads during the NBA playoffs has historically been its greatest strength. But since the coronavirus pandemic forced theme parks and cinemas to shutter and live sporting events to be canceled, that exposure has made Disney one of the […]
Read moreSINGAPORE – The Monetary Authority of Singapore (MAS) on Monday (Aug 3) named Standard Chartered Bank (Singapore) the first Significantly Rooted Foreign Bank (SRFB) here, allowing it to operate up to 50 places of business, double its current cap. MAS also announced it will enhance the SRFB Framework so that in the future, an SRFB that “substantially exceeds the criteria […]
Read moreNEW YORK (Reuters) – A record high percentage of U.S. companies are beating analysts’ forecasts this earnings season, giving investors a glimmer of hope in what is still expected to be the slowest profit period since the financial crisis. More than halfway through second-quarter earnings, 82.1% of companies reporting have surpassed profit expectations, which would be the highest in the […]
Read moreBERLIN (Reuters) – German health group Siemens Healthineers (SHLG.DE) said on Sunday it would acquire Varian Medical Systems Inc (VAR.N) in a deal that values the U.S. maker of devices and software for cancer treatments at $16.4 billion. Under the agreed transaction, Siemens Healthineers will acquire all shares in Varian for $177.50 each in cash, representing a 24% premium to […]
Read moreBRASILIA (Reuters) – LATAM Airlines (LTM.SN) will fire “at least” 2,700 workers in Brazil, including pilots, its Brazilian arm said on Saturday, as the bankrupt carrier struggles to cut costs and cope with an industry collapse due to the COVID-19 pandemic. In a statement, LATAM Brasil said it opened a voluntary redundancy process on Friday which will run through Aug. […]
Read moreNEW YORK (Reuters) – The Nasdaq rose on Friday, lifted by strong earnings from some of the largest U.S. companies, but gains were curbed and the Dow and S&P lost ground as uncertainty about the government’s next round of coronavirus aid exacerbated economic worries. Apple shares surged to reach a high of $413.33 and were last up 7.36% at $413.09 […]
Read moreNEW YORK (Reuters) – Investors are preparing their portfolios for a potentially rocky patch in U.S. stocks, worried that a dramatic rebound in equities may stall amid dimming economic data and rising political uncertainty. Most money managers are wary of cutting equity exposure too drastically in a market that has rallied more than 40% since late March and stands near […]
Read moreWASHINGTON (Reuters) – U.S. consumer spending increased for a second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. […]
Read moreSYDNEY (Reuters) – It was billed by the government as a kickstart to the coronavirus-stricken economy of Australia’s biggest city: a new tech hub in a forest of skyscrapers built over 24 hectares (59 acres) of railyards in downtown Sydney. But with offices largely empty as workers stay home, the project may flood the city with commercial floorspace, putting more […]
Read more