Tuesday, April 20

Month: August 2019

Philip Green prepares to break up his Arcadia Group: Sunday Times

Philip Green prepares to break up his Arcadia Group: Sunday Times

business
Sir Philip Green attends the TopShop Spring/Summer 2018 show at London Fashion Week in London, Britain September 17, 2017. REUTERS/Mary TurnerLONDON (Reuters) - Philip Green is preparing to break up his Topshop-to-Dorothy Perkins fashion empire, the Sunday Times reported citing unidentified sources. The newspaper said Green would separate the brands of his Arcadia Group so they can be sold over time, with the process being overseen by group chief executive Ian Grabiner. The group staved off a collapse into administration in June after creditors approved Green’s sweetened restructuring plan. The terms of the restructuring closed stores, cut rents and made changes to the funding of the group’s pension schemes, but it enabled the group to keep operating under the Green family’s ownership
August was a wild month for Wall Street, here’s what happened

August was a wild month for Wall Street, here’s what happened

investment
Jin Lee | Bloomberg | Getty ImagesWall Street suffered from whiplash throughout August as trade headlines and recession angst sent stocks on a wild ride during the last full month of summer.The S&P 500 posted 11 moves of more than 1% in 22 trading sessions for August. Those moves included three declines of at least 2.6% as well as the index's worst day of the year on Aug. 5. The Cboe Volatility Index (VIX), widely considered to be the best fear gauge on Wall Street, traded as high as 24.81 in August before pulling back to around 18.The choppy trading action this month was driven primarily by two factors: an escalation in U.S.-China trade relations and a recession signal being flashed by the bond market. As trade tensions are expected to persist and bonds keep pointing toward a recessi...
Assam unit of the All India Bank Officers’ Confederation opposes PSUs’s merger

Assam unit of the All India Bank Officers’ Confederation opposes PSUs’s merger

Finance
GUWAHATI: Assam unit of the All India Bank Officers’ Confederation, comprising of around 10,000 members and operating over the seven states of North East India opposed the announcement of the Union Finance Minister to consolidate 10 public sector banks into four. In a statement the body questioned consolidation of banks. “As per the announcement, Indian Bank will be merged with Allahabad Bank; Punjab National Bank, Oriental Bank of Commerce and United Bank of India to be merged; Union Bank of India, Andhra Bank, and Corporation Bank are to be merged and lastly Canara Bank and Syndicate Bank are also to be amalgamated as one.” Dilip Kumar Roychoudhury Secretary AIBOC, Assam State Unit stated the move will deprive the masses from banking services. Terming the decision as unmindful since it
China’s factory activity shrinks for fourth month as trade woes deepen

China’s factory activity shrinks for fourth month as trade woes deepen

business
BEIJING (Reuters) - Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world’s second-largest economy. FILE PHOTO: A worker welds automobile parts at a workshop manufacturing automobile accessories in Huaibei, Anhui province, China June 28, 2019. REUTERS/Stringer Persistent weakness in China’s vast manufacturing sector could fuel expectations that Beijing needs to roll out stimulus more quickly, and more aggressively, to weather the biggest downturn in decades. The Purchasing Managers’ Index (PMI) fell to 49.5 in August, China’s National Bureau of Statistics said on Saturday, versus 49.7 in July, below the 50-point mark that separates growth from
IBA to review performance-linked pay for bank employees

IBA to review performance-linked pay for bank employees

Finance
KOLKATA: Indian Banks' Association (IBA) has refused to raise the wage increase offer from 10% but agreed to review the proposed performance-linked pay (PLP) scheme for about 8.5 lakh public sector bank employees, raising concerns over further delay in bipartite wage negotiations. The bankers’ body has, at a meeting with bank unions on Thursday, proposed to form a sub-committee to deliberate on the contentious variable pay issue, two people familiar with the development said. “Nothing has been settled yet. The United Forum of Bank Unions (UFBU) will meet on September 11 to discuss the issues at hand and decide the future course of action,” said Rajen Nagar, president, All India Bank Employees Association. Wage revision in public sector banks take place every five years. The 11th bipartite
IMF board to meet for informal session about Argentina -spokesperson

IMF board to meet for informal session about Argentina -spokesperson

business
BUENOS AIRES (Reuters) - The executive board of the International Monetary Fund will meet for an “informal information session” on Friday to discuss recent events in Argentina, an IMF spokesman said. Argentina recently announced it would “re-profile” debt owed as part of its $57 billion standby agreement with the IMF. Reporting by Cassandra Garrison; Editing by Alistair BellOur Standards:The Thomson Reuters Trust Principles.
Verizon, Zynga, Chipotle & more

Verizon, Zynga, Chipotle & more

investment
A customer stands at a counter inside a Verizon Wireless retail store in Washington, D.C.Andrew Harrer | Bloomberg | Getty ImagesHere are the biggest calls on Wall Street on Tuesday:Wedbush added Zynga to the 'best ideas' listWedbush is bullish on Zynga's upcoming slate of new releases. "We think that key titles Empires & Puzzles and Merge Dragons!, along with three new releases later this year (and additional new games thereafter), have the potential to drive significant upside to the Street's expectations through 2021. As such, we expect the shares to trade closer to our price target over the remainder of the year. "Wells Fargo resumed coverage of Comcast as 'outperform'Wells Fargo said Comcast is more "multi-dimensional" than its peers in the sector. "While CMCSA is primarily a vi...
Trump prods General Motors over its auto plants in China

Trump prods General Motors over its auto plants in China

business
FILE PHOTO: The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. REUTERS/Rebecca CookWASHINGTON (Reuters) - U.S. President Donald Trump, who is engaged in a trade war with Beijing, said on Friday that American automaker General Motors had opened major plants in China before he took office and should begin moving its operations back to the United States. “General Motors, which was once the Giant of Detroit, is now one of the smallest auto manufacturers there. They moved major plants to China, BEFORE I CAME INTO OFFICE. This was done despite the saving help given them by the USA. Now they should start moving back to America again?” Trump said in a post on Twitter. Reporting by David AlexanderOur Standards:The Thomson Reuters Tr
Nirmala Sitharaman: Finance Minister Nirmala Sitharaman announces mega merger, 10 PSBs amalgamated into 4 entities

Nirmala Sitharaman: Finance Minister Nirmala Sitharaman announces mega merger, 10 PSBs amalgamated into 4 entities

Finance
In a major reform measure, the Central government on Friday announced the merger of 10 public sector banks (PSBs) into four entities, which includes the amalgamation of Oriental Bank of Commerce and United Bank of India with Punjab National Bank. According to Finance Minister Nirmala Sitharaman, Canara Bank and Syndicate Bank will be merged into one entity, while Union Bank of India, Andhra Bank and Corporation Bank will be amalgamated into a single entity. Similarly, Indian Bank and Allahabad Bank will become one entity. The Finance Minister further said that the Bank of India and Central Bank of India would remain independent. After the amalgamation, only 12 PSBs will be left in India from the 27 earlier. Consequent to the merger, Punjab National Bank will become the second largest PSB ...
Cash is still a bad idea for investors despite uncertainty, UBS says

Cash is still a bad idea for investors despite uncertainty, UBS says

investment
Aaron M. Sprecher | Bloomberg | Getty ImagesCash is still not the answer, despite looming economic uncertainty, according to UBS. "We believe that investors can keep their investment strategies on track for the long term even in the current uncertain times without retreating to cash," UBS global chief investment officer Mark Haefele said in a note to clients Wednesday.Economic uncertainty reigns as the trade war between the U.S. and China has placed increasing strain on the global economy, prompting policymakers to respond with interest rate cuts and stimulus measures to bolster growth. Investors are searching for safe havens amid the uncertain landscape; however, Haefele said a retreat into cash is not the solution. "A high allocation to cash over the longer term increases the risk that ...