All the space department stores take up could build 350 malls—that may be way too much

“Sears closures (which add to BonTon’s liquidation and closure of stores) have left landlords grappling with a wave of big-box vacancies that are expensive to re-tenant,” Green Street Advisors analyst DJ Busch said. Many U.S. mall owners, except for top-tier landlords Simon and Taubman, are “ill-equipped” to face an inevitable wave of more department store closures, he added. In 2019, it said, it will take an old Sears at Hamilton Place in Chattanooga and add a Dave & Buster’s. It’s also looking


“Sears closures (which add to BonTon’s liquidation and closure of stores) have left landlords grappling with a wave of big-box vacancies that are expensive to re-tenant,” Green Street Advisors analyst DJ Busch said. Many U.S. mall owners, except for top-tier landlords Simon and Taubman, are “ill-equipped” to face an inevitable wave of more department store closures, he added. In 2019, it said, it will take an old Sears at Hamilton Place in Chattanooga and add a Dave & Buster’s. It’s also looking
All the space department stores take up could build 350 malls—that may be way too much Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: lauren thomas, getty images, source, green street advisors
Keywords: news, cnbc, companies, mallsthat, mall, department, add, properties, wave, landlords, build, way, 350, sears, stores, owners, making, cbl, redevelopment, space


All the space department stores take up could build 350 malls—that may be way too much

“Sears closures (which add to BonTon’s liquidation and closure of stores) have left landlords grappling with a wave of big-box vacancies that are expensive to re-tenant,” Green Street Advisors analyst DJ Busch said. “The situation will deteriorate further before it gets better.”

Many U.S. mall owners, except for top-tier landlords Simon and Taubman, are “ill-equipped” to face an inevitable wave of more department store closures, he added. He cited companies like CBL, PREIT, Washington Prime Group and Macerich as examples of those that won’t have enough capital to redevelop anchor boxes at their properties “in a reasonable time period.” He anticipates more and more landlords will be forced to sell assets or look for other ways to raise capital, which could cut into profits.

Busch also warns that landlords with lower-quality malls, like CBL, are becoming increasingly distressed as they take on more debt to finance their lofty redevelopment plans. CBL — which is based in Chattanooga, Tennessee, and operates 141 properties — said Tuesday it was making “significant progress” on a slew of redevelopments, including one where it added a Round1 bowling and entertainment facility to Jefferson Mall in Louisville, Kentucky. In 2019, it said, it will take an old Sears at Hamilton Place in Chattanooga and add a Dave & Buster’s. It’s also looking to add casinos to some properties to replace department stores.

Mall owners are expected to talk more about their redevelopment strategies this week at the ICSC Deal Making conference in New York, which brings together retail landlords and tenants.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: lauren thomas, getty images, source, green street advisors
Keywords: news, cnbc, companies, mallsthat, mall, department, add, properties, wave, landlords, build, way, 350, sears, stores, owners, making, cbl, redevelopment, space


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

How a judge can rule on Justice Department’s deal with CVS, Aetna

A federal judge is considering halting the integration of CVS Health and Aetna — even though the two companies closed their merger last week. The Justice Department in October said it would require CVS and Aetna to resolve overlap between their Medicare Part D plans in order to approve their roughly $70 billion deal. When the Justice Department strikes an agreement with companies, the deal must be cleared by a federal judge. If he finds it does not, the companies can renegotiate with the Justice


A federal judge is considering halting the integration of CVS Health and Aetna — even though the two companies closed their merger last week. The Justice Department in October said it would require CVS and Aetna to resolve overlap between their Medicare Part D plans in order to approve their roughly $70 billion deal. When the Justice Department strikes an agreement with companies, the deal must be cleared by a federal judge. If he finds it does not, the companies can renegotiate with the Justice
How a judge can rule on Justice Department’s deal with CVS, Aetna Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: angelica lavito, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, deal, departments, companies, cvs, judge, department, rule, judges, concerns, health, aetna, justice


How a judge can rule on Justice Department's deal with CVS, Aetna

A federal judge is considering halting the integration of CVS Health and Aetna — even though the two companies closed their merger last week.

Judge Richard Leon of the U.S. District Court for the District of Columbia in a hearing Monday floated the idea that CVS and Aetna keep their companies separate until he can determine whether the agreement the Justice Department struck with the companies clears anti-competitive concerns, according to a transcript of the hearing.

The judge pointed to concerns from groups, such as the American Medical Association, that have urged regulators to block the deal, saying the combination would reduce competition and leave consumers worse off.

The Justice Department in October said it would require CVS and Aetna to resolve overlap between their Medicare Part D plans in order to approve their roughly $70 billion deal. To satisfy these concerns, Aetna sold its business to WellCare Health Plans.

When the Justice Department strikes an agreement with companies, the deal must be cleared by a federal judge. This step has become somewhat procedural, with judges rarely questioning or opposing the terms. Companies typically don’t wait for a judge to rule before closing a deal. So while it’s not unusual for CVS to have already completed its acquisition of Aetna, it is unusual for a judge to consider keeping the companies from integrating while he completes his review.

“Unusual is almost too light of a word,” said Andrea Agathoklis Murino, a partner in and co-chair of Goodwin’s antitrust and competition law practice. “I can’t recall another instance of a judge doing this.”

Enacted in 1974, the Tunney Act slows the merger process and adds a layer of oversight in cases where the Justice Department negotiates with the companies seeking to combine. The law created a 60-day comment period and gave judges the final say on whether the agreements made are in the public’s best interest.

Under the law, judges can conclude that the remedy proposed does not address anti-competitive concerns outlined in the complaint, said Jim Tierney, a partner in Orrick’s antitrust practice. They can’t, however, block the entire merger.

That means in the CVS-Aetna case specifically, Leon can decide whether the agreement the Justice Department struck with CVS and Aetna on their Medicare Part D businesses addresses anti-competitive issues, Tierney said. He can find the agreement sufficiently clears these concerns or not. If he finds it does not, the companies can renegotiate with the Justice Department or appeal the ruling.

Leon on Monday said he will order both parties to submit their arguments as to why he should not halt the integration pending his final ruling. He ordered the companies to submit filings by Dec. 14 and called another hearing for Dec. 18.

CVS and Aetna closed their roughly $70 billion deal on Nov. 28.

“CVS Health and Aetna are one company, and our focus is on transforming the consumer health experience,” CVS said in a statement.

Correction: This story has been updated to clarify the judge’s statement as to what order he will issue.


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: angelica lavito, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, deal, departments, companies, cvs, judge, department, rule, judges, concerns, health, aetna, justice


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Marriott breach: Here’s the risk of a compromised passport number

One of the worst-case scenarios would be someone forging a passport with your number, leading to criminal identity theft. That risk is likely low, said David Kennedy, chief executive of TrustedSec, a white hat hacking and cybercrime investigations company. “There’s not much that can be done with a passport number alone, as long as you have the actual passport in your possession,” said Paul Stephens, director of policy and advocacy for the Privacy Rights Clearinghouse. Renewing your passport woul


One of the worst-case scenarios would be someone forging a passport with your number, leading to criminal identity theft. That risk is likely low, said David Kennedy, chief executive of TrustedSec, a white hat hacking and cybercrime investigations company. “There’s not much that can be done with a passport number alone, as long as you have the actual passport in your possession,” said Paul Stephens, director of policy and advocacy for the Privacy Rights Clearinghouse. Renewing your passport woul
Marriott breach: Here’s the risk of a compromised passport number Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: kelli b grant, asiseeit, getty images, -david kennedy, chief executive of trustedsec
Keywords: news, cnbc, companies, used, passport, risk, number, heres, kennedy, steps, accounts, stephens, breach, state, department, marriott, compromised


Marriott breach: Here's the risk of a compromised passport number

One of the worst-case scenarios would be someone forging a passport with your number, leading to criminal identity theft. That risk is likely low, said David Kennedy, chief executive of TrustedSec, a white hat hacking and cybercrime investigations company.

“To replicate a passport takes a lot of effort,” Kennedy said. “I wouldn’t necessarily consider your passport compromised.”

Nor are breached passport details necessarily as dangerous as having your physical passport go MIA.

“There’s not much that can be done with a passport number alone, as long as you have the actual passport in your possession,” said Paul Stephens, director of policy and advocacy for the Privacy Rights Clearinghouse.

More from Personal Finance:

On the IRS naughty list: You failed to withhold enough pay for taxes in 2018

7 steps to start paying back your student loans

Online lending hasn’t removed discrimination, study finds

Concerned consumers should reach out to the State Department to determine next steps, which might entail reporting that passport as lost or stolen, Velasquez said. Renewing your passport would also result in a new number, Kennedy said.

In an emailed statement to CNBC, the State Department said that it was aware that some individuals’ passport numbers may have been disclosed in the Marriott breach, but that compromised passport numbers could not be used by the thieves for travel or to access any State Department records on that citizen.

“With respect to U.S. passports, we would like to assure U.S. citizens that the U.S. passport book and passport card are highly secure documents with numerous security features designed to prevent successful counterfeiting,” the State Department said, in a statement.

The bigger risk for consumers is that combined with other data — including many of the other elements compromised in the Marriott/Starwood breach — having that passport number helps criminals build a profile of you that could be used to perpetuate other kinds of fraud, Stephens said.

Those credentials could be used to verify your identity to open new accounts online, or gain access to existing ones. All the more reason to take steps such as enacting two-factor authentication and setting up unusual transaction alerts on existing accounts, and freezing your credit to prevent new accounts from being opened.

“Really monitoring your credit is going to be important,” Kennedy said.


Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: kelli b grant, asiseeit, getty images, -david kennedy, chief executive of trustedsec
Keywords: news, cnbc, companies, used, passport, risk, number, heres, kennedy, steps, accounts, stephens, breach, state, department, marriott, compromised


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Interior chief Zinke calls Rep. Grijalva ‘drunken’ after resignation op-ed

Zinke said during an interview on Fox News on Thursday night that “I’m 10 for 10” in the outcome of investigations into his conduct. In calling for Zinke’s resignation, Grijalva wrote, “I take no pleasure in calling for this step, and I have resisted it even as questions have grown about Mr. Zinke’s ethical and managerial failings.” “While the secretary continues to project confidence, questions have grown since the election about his future plans, and the White House reportedly fears that he wo


Zinke said during an interview on Fox News on Thursday night that “I’m 10 for 10” in the outcome of investigations into his conduct. In calling for Zinke’s resignation, Grijalva wrote, “I take no pleasure in calling for this step, and I have resisted it even as questions have grown about Mr. Zinke’s ethical and managerial failings.” “While the secretary continues to project confidence, questions have grown since the election about his future plans, and the White House reportedly fears that he wo
Interior chief Zinke calls Rep. Grijalva ‘drunken’ after resignation op-ed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: dan mangan, getty images
Keywords: news, cnbc, companies, department, rep, interior, office, oped, committee, resignation, zinkes, working, grijalva, zinke, trust, mr, calls, chief, wrote, drunken


Interior chief Zinke calls Rep. Grijalva 'drunken' after resignation op-ed

Sec. Zinke: No one does it better than American energy 11:55 AM ET Wed, 23 May 2018 | 02:42

Zinke or his department have been the subject of “17 publicly known probes” since he took office in 2017, Grijalva noted in his op-ed. Those probes include one, since referred to the Justice Department, into whether he had a conflict of interest in a real estate deal in his native Montana involving a developer who is the chairman of the energy company Halliburton.

His Cabinet position makes him one of the chief regulators overseeing oil and gas drilling activities.

Zinke said during an interview on Fox News on Thursday night that “I’m 10 for 10” in the outcome of investigations into his conduct.

“I’ve had 10 investigations completed, and you know what they all say? Ryan Zinke followed all the rules, all the regulations, all the procedures. This is politically motivated. In Montana we call it B.S.”

Last December, Grijalva said on a radio show that he signed off on a $48,000 settlement to a former committee staff member who had claimed he was drunk while working. Grijalva, who denied ever being intoxicated on the job, said she had made a complaint of a hostile working environment after he moved to fire her.

“On the advice of House Employment Counsel, I provided a severance package to a former employee who resigned,” he said in a statement last year. He also denied having a drinking problem at the time.

His USA Today op-ed Friday said that “Zinke is embroiled in scandals and nepotism,” and warned that scrutiny of Zinke by the Natural Resources Committee “will only intensify if I’m chairman” of the committee in the upcoming session of Congress.

In calling for Zinke’s resignation, Grijalva wrote, “I take no pleasure in calling for this step, and I have resisted it even as questions have grown about Mr. Zinke’s ethical and managerial failings.”

“Unfortunately, his conduct in office and President Donald Trump’s neglect in setting ethical standards for his own cabinet have made it unavoidable,” the congressman wrote.

“While the secretary continues to project confidence, questions have grown since the election about his future plans, and the White House reportedly fears that he would be unable to withstand scrutiny on Capitol Hill,” Grijalva wrote. “Those fears are justified. Mr. Zinke has never even tried to offer an explanation for the sheer scope of his well-documented scandals.”

The congresman went on to say: “This silence is insulting to the American people, and given the Nov. 6 election results it is unsustainable. Continuing in office as though nothing has changed only shows how little Mr. Zinke has learned over the past year and a half.”

“He holds his job as a public trust, not as a stepping stone to his further personal ambitions. He has abused that trust and damaged the Interior Department in the process. The least he can do is step down and give his successor a chance to begin reversing that damage.”


Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: dan mangan, getty images
Keywords: news, cnbc, companies, department, rep, interior, office, oped, committee, resignation, zinkes, working, grijalva, zinke, trust, mr, calls, chief, wrote, drunken


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

DoJ indicts two Iranians for SamSam ransomware that hit Atlanta

According to the Department of Justice, of the hundreds of U.S. victims of this campaign, many sustained “substantial losses.” In March 2018, the City of Atlanta was held hostage by the ransomware, which shut down government services for several days and ultimately cost the city $17 million. But one of the most alarming attacks of the SamSam campaign came much earlier. The shut-down lasted for more than a week, and the hospital ultimately paid criminals $17,000 to get back online. The two people


According to the Department of Justice, of the hundreds of U.S. victims of this campaign, many sustained “substantial losses.” In March 2018, the City of Atlanta was held hostage by the ransomware, which shut down government services for several days and ultimately cost the city $17 million. But one of the most alarming attacks of the SamSam campaign came much earlier. The shut-down lasted for more than a week, and the hospital ultimately paid criminals $17,000 to get back online. The two people
DoJ indicts two Iranians for SamSam ransomware that hit Atlanta Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: kate fazzini, chip somodevilla, getty images
Keywords: news, cnbc, companies, hit, atlanta, campaign, ransom, department, indicts, ransomware, hospital, doj, services, ultimately, city, iranians, samsam, justice


DoJ indicts two Iranians for SamSam ransomware that hit Atlanta

The Department of Justice on Wednesday indicted two Iranians it says were behind a set of ransomware attacks called “SamSam” that devastated the City of Atlanta in March 2018, as well as the Hollywood Presbyterian Hospital in February 2016 and other victims.

Ransomware is malicious software that locks up computers and any computer-controlled equipment until the victim pays a ransom to the criminal involved. While it’s often seen as a purely criminal activity, deployed to get money from unsuspecting businesses, its deployment can cause chaos and nation-state intrigue, as well as major shut-downs in government or corporate services. According to the Department of Justice, of the hundreds of U.S. victims of this campaign, many sustained “substantial losses.”

In March 2018, the City of Atlanta was held hostage by the ransomware, which shut down government services for several days and ultimately cost the city $17 million.

But one of the most alarming attacks of the SamSam campaign came much earlier. In February 2016, long before most people had heard of ransomware, Hollywood Presbyterian Hospital near Los Angeles was hit with a virulent strain of the malicious software forcing it to shut down systems across its facility.

As a result, cancer doctors in the radiation department could not turn on their devices, and other physicians reported they couldn’t access patient medical records, nor share MRIs, X-rays or blood tests. Patients were turned away. The shut-down lasted for more than a week, and the hospital ultimately paid criminals $17,000 to get back online.

The scenario prompted many hospitals to re-think cybersecurity and imagine how a cyberattack might play shake out at a critical facility that serves the publich. It also introduced many people to the concept of “ransomware” itself, and served as a preview of WannaCry and NotPetya attacks that took out health care, logistics, medical and industrial facilities worldwide.

The hospital’s actions also sparked an ethical debate over whether or not companies should pay ransoms in order to get services back online, provided the criminals in question have a high likelihood of being able to deliver. Many posit that it’s unethical to pay criminals who may ultimately be supported by rogue nation-states or organized crime, or that paying a ransom will only invite more criminals.

But for those who advocate paying the ransom, the difference between Presbyterian’s $17,000 payment to ransomers and Atlanta’s $17 million price tag for not doing it is proof they’re right.

The two people indicted for allegedly taking part in the SamSam campaign, Faramarz Savandi and Mohammad Mansouri, currently live in Iran. It’s unlikely they will be arrested, much like other cybercriminals from Russia, Iran and North Korea indicted in absentia. The Department of Justice has made “naming and shaming” a priority in these cases, in order to put pressure on these countries.

Alongside the DoJ action, the U.S. Department of Treasury has assigned sanctions to two further Iranians who it says helped process the ransoms, which were paid in Bitcoin: Ali Khorashadizadeh and Mohammad Ghorbaniyan.

The group allegedly sustained the campaign for 36 months, according to the indictment. Other entities that fell victim included the City of Newark and Kansas Heart Hospital.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: kate fazzini, chip somodevilla, getty images
Keywords: news, cnbc, companies, hit, atlanta, campaign, ransom, department, indicts, ransomware, hospital, doj, services, ultimately, city, iranians, samsam, justice


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Trump may impose tariffs on imported cars from next week

European auto stocks extended losses on Tuesday after a German magazine reported that U.S. President Donald Trump could impose tariffs on imported cars from next week. Neither White House nor the U.S. Commerce Department immediately responded to a request for comment. The Commerce Department has not publicly released any findings from its investigation into whether imported autos and parts pose a national security risk. Reuters reported that the department submitted its recommendations earlier t


European auto stocks extended losses on Tuesday after a German magazine reported that U.S. President Donald Trump could impose tariffs on imported cars from next week. Neither White House nor the U.S. Commerce Department immediately responded to a request for comment. The Commerce Department has not publicly released any findings from its investigation into whether imported autos and parts pose a national security risk. Reuters reported that the department submitted its recommendations earlier t
Trump may impose tariffs on imported cars from next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: patrik stollarz, afp, getty images
Keywords: news, cnbc, companies, european, house, department, trump, report, impose, trade, losses, cars, white, stocks, tariffs, week, imported, commerce


Trump may impose tariffs on imported cars from next week

European auto stocks extended losses on Tuesday after a German magazine reported that U.S. President Donald Trump could impose tariffs on imported cars from next week.

Wirtschaftswoche cited “EU sources” as saying a U.S. Department of Commerce investigation report was on Trump’s desk, adding: “Trump will possibly decide on tariffs as early as next week after the G20 meeting in Buenos Aires.”

It cited the sources as saying the report recommended a 25 percent customs duty on car imports from all countries except Canada and Mexico.

However, the White House has repeatedly pledged not to move forward with imposing tariffs on the European Union or Japan as long as it is making constructive progress in trade talks.

The European Commission, which oversees trade policy for the 28-member European Union, declined to comment on the report in general, but did say that Wirtschaftwoche’s reference to EU Trade Commissioner Cecilia Malmstrom heading to Washington on Wednesday was not correct. Neither White House nor the U.S. Commerce Department immediately responded to a request for comment.

The Commerce Department has not publicly released any findings from its investigation into whether imported autos and parts pose a national security risk. Reuters reported that the department submitted its recommendations earlier this month to the White House, which did not immediately act.

Trump could take weeks or month to decide. Once he makes a decision, the White House has 15 days to impose the new tariffs.

European auto stocks extended losses after the report, falling 2.5 percent. Autos stocks are down 20 percent year-to-date as fears of tariffs and slowing growth in car sales drive investors away from the sector.

Shares in VW widened losses and were trading 4.1 percent lower. BMW shares were down 1.4 percent. Daimler shares were down 2.4 percent.


Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: patrik stollarz, afp, getty images
Keywords: news, cnbc, companies, european, house, department, trump, report, impose, trade, losses, cars, white, stocks, tariffs, week, imported, commerce


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Macy’s CEO says the department store is ‘prepared and ready’ for more tariffs

Macy’s CEO says the department store chain is prepared should additional tariffs on Chinese goods go into effect next year. “The first two tranches of tariffs have had very limited effects so far on the products we’re offering …” Macy’s CEO Jeff Gennette told CNBC from inside the retailer’s flagship Herald Square location on Black Friday. “We will see if the next tranche of tariffs goes through in January, and we are prepared and ready for that.” The next tranche of tariffs under consideration


Macy’s CEO says the department store chain is prepared should additional tariffs on Chinese goods go into effect next year. “The first two tranches of tariffs have had very limited effects so far on the products we’re offering …” Macy’s CEO Jeff Gennette told CNBC from inside the retailer’s flagship Herald Square location on Black Friday. “We will see if the next tranche of tariffs goes through in January, and we are prepared and ready for that.” The next tranche of tariffs under consideration
Macy’s CEO says the department store is ‘prepared and ready’ for more tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: lauren thomas
Keywords: news, cnbc, companies, store, gennette, retailers, macys, tranche, sales, department, tariffs, prepared, products, told, ceo, ready


Macy's CEO says the department store is 'prepared and ready' for more tariffs

Macy’s CEO says the department store chain is prepared should additional tariffs on Chinese goods go into effect next year.

“The first two tranches of tariffs have had very limited effects so far on the products we’re offering …” Macy’s CEO Jeff Gennette told CNBC from inside the retailer’s flagship Herald Square location on Black Friday. “We will see if the next tranche of tariffs goes through in January, and we are prepared and ready for that.” The next tranche of tariffs under consideration, he said, includes a lot of cotton-based products such as apparel.

“At the end of the day, we want to make sure that whatever changes are coming, the consumer is not affected by this,” Gennette said. He added the retailer has been working “aggressively” with suppliers overseas, especially those that help build its in-house brands, in preparation for more tariffs.

One concern among analysts this holiday season was that companies such as Macy’s would have piled inventory too high earlier in the year, in an attempt to buy more goods before tariffs went into effect. But Macy’s has for the most part managed to keep its inventory at healthy levels.

“I think most great retailers right now are very controlled on their inventories,” Gennette told CNBC. “They are buying closer to customer demand, and we’ve enjoyed over the past four quarters inventories below the rate we’re selling at,” he said, giving the department store chain more flexibility.

Macy’s shares have rallied near 60 percent from a year ago. The stock was recently hit after Macy’s reported earnings, however, with some investors skeptical the company will be able to top its same-store sales growth from last holiday quarter. Macy’s is also planning to hit $1 billion in mobile sales by the end of the year.


Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: lauren thomas
Keywords: news, cnbc, companies, store, gennette, retailers, macys, tranche, sales, department, tariffs, prepared, products, told, ceo, ready


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Want the best Black Friday deals? Head to a department store

More retailers will be using deep discounts to lure shoppers into stores this holiday season. Though steep sales can lure shoppers into stores, selling too much at low prices won’t help companies’ earnings but instead can hurt them. And it’s the department stores like J.C. Penney that also rely the most on Black Friday and Cyber Monday to match or beat quarterly earnings estimates, Refinitiv found. Some lucky shoppers could snag deals for $100 off a $100 purchase or $500 off a $500 purchase. Hol


More retailers will be using deep discounts to lure shoppers into stores this holiday season. Though steep sales can lure shoppers into stores, selling too much at low prices won’t help companies’ earnings but instead can hurt them. And it’s the department stores like J.C. Penney that also rely the most on Black Friday and Cyber Monday to match or beat quarterly earnings estimates, Refinitiv found. Some lucky shoppers could snag deals for $100 off a $100 purchase or $500 off a $500 purchase. Hol
Want the best Black Friday deals? Head to a department store Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: lauren thomas, scott olson, getty images
Keywords: news, cnbc, companies, store, refinitiv, retailers, head, black, study, holiday, according, sales, purchase, deals, promotions, shoppers, best, stores, department


Want the best Black Friday deals? Head to a department store

More retailers will be using deep discounts to lure shoppers into stores this holiday season.

It’s good news for consumers, but could mean bad news for businesses.

Roughly 63 percent of merchandise at department stores such as Macy’s and Lord & Taylor will be discounted this year, up from 60 percent last year, according to a study by Refinitiv in collaboration with StyleSage Co.

The study found retailers are also more aggressively sending out emails with promotions heading into Black Friday — 6.85 messages were being distributed per retailer per week, compared with 7.09 during the same period a year ago. The average promotion being highlighted is 40.8 percent off sticker price, Refinitiv found, up from 38.9 percent a year ago.

“Everyone is concerned about what is on sale, but what’s interesting is what’s not on sale,” Refinitiv analyst Jharonne Martis said. She said some of the “hottest” holiday items, such as sweaters and swimwear, have some of the lowest discounts.

“This suggests that retailers are luring shoppers in with other promotions, and hoping they will pay full price for those hot holiday gift items. If they are successful, this can help improve margins.”

The concern among analysts — and something they’re all watching closely — is that too much promotional activity will weigh on profits. Though steep sales can lure shoppers into stores, selling too much at low prices won’t help companies’ earnings but instead can hurt them.

Retailers such as Walmart and Target are already heading into this holiday season facing margin pressure due to heightened investments in their supply chains to keep pace with Amazon in getting online orders to customers. Their stocks recently took a hit because of this.

The discount sector that includes Walmart and Target, however, will have fewer promotions in stores this year, implying these companies are working toward improving margins, according to the Refinitiv study. It’s the department stores that are expected to have more deals. And it’s the department stores like J.C. Penney that also rely the most on Black Friday and Cyber Monday to match or beat quarterly earnings estimates, Refinitiv found.

For the fourth quarter, Macy’s, Nordstrom and Kohl’s are expected to report same-store sales growth, according to a survey of analysts by Refinitiv. Dillard’s and Penney, meanwhile, are predicted to have negative same-store sales for the holiday period.

Some of the Black Friday doorbusters shoppers can look out for this year: Penney is handing out envelopes starting as early as 2 p.m. Thanksgiving Day with coupons inside for at least $10 off a purchase worth $10 or more. Some lucky shoppers could snag deals for $100 off a $100 purchase or $500 off a $500 purchase. In stores, Macy’s will be offering a dozen different mail-in rebates to get items like glassware sets and Ralph Lauren-embellished pillows for free. Sears, which recently filed for Chapter 11 bankruptcy protection, is giving shoppers back $50 in loyalty points for purchases over $50.

Holiday sales are expected to top $717 billion this year, climbing as much as 4.8 percent from a year ago, according to the National Retail Federation. That would be better than a five-year average of growth of 3.9 percent.


Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: lauren thomas, scott olson, getty images
Keywords: news, cnbc, companies, store, refinitiv, retailers, head, black, study, holiday, according, sales, purchase, deals, promotions, shoppers, best, stores, department


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

At UN climate talks, Trump team plans sideshow on coal

The Trump administration plans to set up a side-event promoting fossil fuels at the annual U.N. climate talks next month, repeating a strategy that infuriated global-warming activists during last year’s talks, according to three people with knowledge of the matter. The White House and the State Department did not respond to requests for comment. The administration’s resistance has come against a backdrop of increasingly urgent warnings from scientists about the threats posed by greenhouse gas em


The Trump administration plans to set up a side-event promoting fossil fuels at the annual U.N. climate talks next month, repeating a strategy that infuriated global-warming activists during last year’s talks, according to three people with knowledge of the matter. The White House and the State Department did not respond to requests for comment. The administration’s resistance has come against a backdrop of increasingly urgent warnings from scientists about the threats posed by greenhouse gas em
At UN climate talks, Trump team plans sideshow on coal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: dominick reuter, afp, getty images
Keywords: news, cnbc, companies, team, trump, climate, fossil, energy, talks, plans, coal, department, sources, state, fuels, sideshow, administration, paris


At UN climate talks, Trump team plans sideshow on coal

The Trump administration plans to set up a side-event promoting fossil fuels at the annual U.N. climate talks next month, repeating a strategy that infuriated global-warming activists during last year’s talks, according to three people with knowledge of the matter.

As with the 2017 gathering in Bonn, Germany, the administration plans to highlight the benefits of technologies that more efficiently burn fuels including coal, the sources said.

This year’s talks in Katowice, Poland – located in a mining region that is among the most polluted in Europe – are intended to hammer out a rule book to the 2015 Paris agreement on climate change, which set a sweeping goal of ending the fossil-fuel era this century by spurring a trillion-dollar transition to cleaner energy sources such as solar and wind power.

Even as the Trump administration aims to promote energy strategies that could detract from those international goals, it also plans to let State Department officials continue negotiating the climate accord – a recognition that the next U.S. president may drop the nation’s opposition to the pact.

“The White House seems to have taken the view that it’s important to let technocrats complete the work of the rule book. It’s in the U.S. national interest to be at the table and see an outcome that emphasizes transparency, holds countries accountable,” said one of the sources, who is familiar with State Department plans.

The White House and the State Department did not respond to requests for comment.

The United States, the world’s top oil and gas producer, is the only country to have announced its intention to formally withdraw from the Paris accord.

The administration’s resistance has come against a backdrop of increasingly urgent warnings from scientists about the threats posed by greenhouse gas emissions from fossil fuels. The panel will come less than two months after the U.N.’s Intergovernmental Panel on Climate Change warned in a report that the world’s use of coal for generating power will need to be nearly eliminated by mid-century – to between 1 and 7 percent of the global mix, from around 40 percent now – to help prevent deadly droughts, storms and floods brought on by climate change.

“Quite frankly, the U.S. is the only party to the convention that appears to be willing to push a rational discussion on the role of cleaner, more efficient fossil (fuels) and the role of civilian nuclear energy,” said one of the sources, who is involved in the planning of the event for Katowice, likely to be held on Dec. 10.

The source, who did not want to be named due to the sensitive nature of the issue, said the event will be dominated by proponents of coal and natural gas and likely advanced nuclear power, too. The panel will also likely feature a U.S. Energy Department representative. At this point plans do not include a renewable power industry representative, the source said.

The event is expected to be led by Wells Griffith, Trump’s international energy and climate adviser, the sources added. Griffith’s main energy policy experience involves a year at a political job at the Department of Energy and helping to set up a deal last year to supply Ukraine with U.S. coal after the country lost control of mines to Russian-backed separatists.

Two-tiered approach

Trump last year announced his intent to leave the Paris agreement, calling it harmful to the U.S. economy and casting doubt on the climate science underpinning the accord.

As per U.N. rules, Trump’s administration will not be able to leave the pact until a day after the 2020 presidential election, and U.S. officials recognize that finishing the rule book and making sure developing countries such as China are held to verifiable emissions cuts are in the national interest.

Last year, the fossil fuels event set up by the White House drew widespread protest and condemnation from climate activists. Former New York Mayor Michael Bloomberg wrote on Twitter that “Promoting coal at a climate summit is like promoting tobacco at a cancer summit.”

At the same time, 40 career officials from the State Department and other agencies continued their work on the Paris pact’s rule book. U.S. envoys to the Bonn talks were viewed by their counterparts as constructive and helpful, feeding hopes that the United States could eventually be drawn back into the accord, a possibility that Trump has held open.

But much has changed since last year.

Several Trump administration officials who supported keeping the United States in the Paris pact, although under different terms, have left the administration. They include top economic adviser Gary Cohn, national security adviser H.R. McMaster, and climate and energy adviser George David Banks. Now, economic adviser Larry Kudlow and national security adviser John Bolton are opponents of the Paris agreement, and Banks has been replaced by Griffith.

Ex-CIA director Mike Pompeo, a vocal critic of efforts to combat global warming by past U.S. administrations, has become Secretary of State, replacing former Exxon Mobil CEO Rex Tillerson, who supported U.S. participation in the Paris agreement.

That places Trump’s team more squarely behind his “energy dominance” agenda of boosting U.S. fossil fuel output and exports, in part by promoting low-emission technology for fossil fuels to other nations.

The Energy Department has touted technologies including small scale “modular” coal plants that could burn the fuel more efficiently and step in when clouds and calm weather limit solar and wind power.

Environmentalists should not get excited that any State Department cooperation in Poland signals the Trump administration is eyeing a return to the Paris agreement, one of the sources said.

“It’s making sure U.S. interests are paramount, nothing more, nothing less.”


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: dominick reuter, afp, getty images
Keywords: news, cnbc, companies, team, trump, climate, fossil, energy, talks, plans, coal, department, sources, state, fuels, sideshow, administration, paris


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Snap subpoenaed by Justice Department over its IPO disclosures

The U.S. Justice Department and Securities and Exchange Commission have subpoenaed Snap for information about its March 2017 initial public offering, the social media app maker told Reuters on Tuesday. Snap said in a statement it has responded to the government subpoenas and other requests for information. The previously unreported federal inquiries follow an ongoing shareholder lawsuit in which investors allege that Snap misled the public about how competition from Facebook’s Instagram service


The U.S. Justice Department and Securities and Exchange Commission have subpoenaed Snap for information about its March 2017 initial public offering, the social media app maker told Reuters on Tuesday. Snap said in a statement it has responded to the government subpoenas and other requests for information. The previously unreported federal inquiries follow an ongoing shareholder lawsuit in which investors allege that Snap misled the public about how competition from Facebook’s Instagram service
Snap subpoenaed by Justice Department over its IPO disclosures Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: courtesy of snap
Keywords: news, cnbc, companies, justice, federal, snap, previously, competition, disclosures, unreported, subpoenaed, instagram, department, public, understanding, visibility, ipo


Snap subpoenaed by Justice Department over its IPO disclosures

The U.S. Justice Department and Securities and Exchange Commission have subpoenaed Snap for information about its March 2017 initial public offering, the social media app maker told Reuters on Tuesday.

Snap said in a statement it has responded to the government subpoenas and other requests for information.

The previously unreported federal inquiries follow an ongoing shareholder lawsuit in which investors allege that Snap misled the public about how competition from Facebook’s Instagram service had affected the company’s growth.

Snap said it believes that the federal regulators “are investigating issues related to the previously disclosed allegations asserted in the class action about our IPO disclosures.”

“While we do not have complete visibility into these investigations, our understanding is that the DOJ is likely focused on IPO disclosures relating to competition from Instagram,” the company said.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: courtesy of snap
Keywords: news, cnbc, companies, justice, federal, snap, previously, competition, disclosures, unreported, subpoenaed, instagram, department, public, understanding, visibility, ipo


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post