Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th


Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th
Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


Toys R Us built a kingdom and the world's biggest toy store. Then, they lost it.

The toy emporium that Charles P. Lazarus envisioned has been reduced to dusty floors and empty shelves.

Much has been said about the demise of the toy empire, which this week announced its plan to liquidate. There have been fingers pointed at corporate raiders, Amazon and big-box stores. All contributed to its undoing.

Ultimately, though, Toys R Us’ collapse is a story of loyalty run dry. The store in its early days fostered devotion from customers and toymakers. In the end, it lost hold on both.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. It didn’t invest in its stores, even as it was adding to the fleet, leaving it vulnerable when new competition moved in.

The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. By 1978, he had created a toy superstore large enough to become a public company.

In its heyday in the 1980s and 1990s, it was the most important toy store in the country, if not the world. Its strength grew as competitors Kiddie City and Child World went out of business.


Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


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Markets have ‘never seen anything remotely similar’ to a no-deal Brexit, strategist warns

His comments come at a time when British Prime Minister Theresa May is fighting for her political survival, after a draft divorce deal with the EU prompted a flurry of government ministers to resign. Moritz Kraemer, former chief sovereign analyst at S&P ratings agency, told CNBC’s “Squawk Box Europe” on Monday that, at current levels, it is clear markets remain underprepared for the prospect a no-deal Brexit. When asked whether sterling and Britain’s FTSE 100 index accurately reflected the risk


His comments come at a time when British Prime Minister Theresa May is fighting for her political survival, after a draft divorce deal with the EU prompted a flurry of government ministers to resign. Moritz Kraemer, former chief sovereign analyst at S&P ratings agency, told CNBC’s “Squawk Box Europe” on Monday that, at current levels, it is clear markets remain underprepared for the prospect a no-deal Brexit. When asked whether sterling and Britain’s FTSE 100 index accurately reflected the risk
Markets have ‘never seen anything remotely similar’ to a no-deal Brexit, strategist warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: sam meredith, jason alden, bloomberg via getty images
Keywords: news, cnbc, companies, sterling, scenario, markets, trading, risk, remotely, eu, uk, kraemer, prompted, warns, told, nodeal, similar, strategist, seen, brexit


Markets have 'never seen anything remotely similar' to a no-deal Brexit, strategist warns

It’s unclear what EU can do to deflect danger of UK’s Brexit turmoil, analyst says 23 Hours Ago | 02:42

Market participants are finding it extremely difficult to fully appreciate the risk of the world’s fifth-largest economy being thrust into the unknown post-Brexit, one strategist told CNBC on Monday.

His comments come at a time when British Prime Minister Theresa May is fighting for her political survival, after a draft divorce deal with the EU prompted a flurry of government ministers to resign.

Moritz Kraemer, former chief sovereign analyst at S&P ratings agency, told CNBC’s “Squawk Box Europe” on Monday that, at current levels, it is clear markets remain underprepared for the prospect a no-deal Brexit.

When asked whether sterling and Britain’s FTSE 100 index accurately reflected the risk of a no-deal scenario, Kraemer replied: “No, I don’t think so.”

“This is not fully incorporated, partly because markets understandably have a very hard time (trying) to assess what this would actually mean … We have never been through anything remotely similar,” Kraemer said.

A no-deal scenario is generally considered to be where the U.K. crashes out of the EU without any formal relationship and has to rely on WTO trading rules.

The U.K. currency has largely been viewed as a barometer of fear during Brexit negotiations, with sterling suffering steep losses against the dollar last week amid heightened political turmoil.

On Monday afternoon, sterling was down around 0.1 percent against the dollar, trading at around $1.2831. The British currency was as high as $1.3176 earlier this month, before a draft deal struck with the EU prompted a wave of government resignations.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: sam meredith, jason alden, bloomberg via getty images
Keywords: news, cnbc, companies, sterling, scenario, markets, trading, risk, remotely, eu, uk, kraemer, prompted, warns, told, nodeal, similar, strategist, seen, brexit


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Prudential already has a large footprint in China — the challenge is to grow that, says its CEO

China is committed to opening up its insurance sector just as it’s indicated, but it will be on its own time, said Mike Wells, Prudential Group CEO on Tuesday. “You’re not going to succeed across Asia if you’re not successful in China,” Wells said. Prudential, Britain’s largest insurer, has been expanding into China for years. “We have licenses in about 70 percent of the economic footprint now with China, so our biggest challenge is growing into that footprint quickly,” Wells said. Since August,


China is committed to opening up its insurance sector just as it’s indicated, but it will be on its own time, said Mike Wells, Prudential Group CEO on Tuesday. “You’re not going to succeed across Asia if you’re not successful in China,” Wells said. Prudential, Britain’s largest insurer, has been expanding into China for years. “We have licenses in about 70 percent of the economic footprint now with China, so our biggest challenge is growing into that footprint quickly,” Wells said. Since August,
Prudential already has a large footprint in China — the challenge is to grow that, says its CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: huileng tan, jason alden, bloomberg via getty images
Keywords: news, cnbc, companies, saying, china, insurer, plan, prudentials, grow, large, think, ping, challenge, insurance, footprint, ceo, wells, prudential


Prudential already has a large footprint in China — the challenge is to grow that, says its CEO

China is committed to opening up its insurance sector just as it’s indicated, but it will be on its own time, said Mike Wells, Prudential Group CEO on Tuesday.

“Beijing is saying they have a plan for greater opening, and I think like everything in China the time frame is misaligned with U.S. time frames,” Wells told CNBC at the Singapore FinTech Festival.

“You’re not going to succeed across Asia if you’re not successful in China,” Wells said.

Prudential, Britain’s largest insurer, has been expanding into China for years. Prudential has a 50-50 joint venture with Chinese conglomerate Citic.

“We have licenses in about 70 percent of the economic footprint now with China, so our biggest challenge is growing into that footprint quickly,” Wells said.

China said this year it would accelerate a plan to lift the foreign ownership restriction in life insurance companies to 51 percent and eventually fully scrap the restriction.

“I think China’s not looking for a flood of foreign models, insurers and management teams in the market but they are saying ‘We want the expertise, the products, the capabilities,'” he said.

Since August, there have been media reports that China’s most valuable insurer Ping An Insurance Group is looking to buy Prudential’s Asian business.

Last month, Prudential’s Asia chief executive, Nic Nicandrou, said the insurer had not received any offer for the regional business.

Asked about the Ping An deal, Wells said he was unable to comment on mergers and acquisitions, but that Prudential now has its hands full spinning off its U.K. business.

“It’s not off the table but … our days are pretty full right now,” Wells said.

— Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: huileng tan, jason alden, bloomberg via getty images
Keywords: news, cnbc, companies, saying, china, insurer, plan, prudentials, grow, large, think, ping, challenge, insurance, footprint, ceo, wells, prudential


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Billionaire liberal donor George Soros may continue midterm investment

With just a week until Election Day, billionaire Democrat George Soros is leaving the door open to making another major investment in the midterm campaign. Top Soros advisor Michael Vachon didn’t rule out another round of contributions when discussing whether Soros will continue to spend in the fight for control of Congress. “George made his contributions early in the cycle,” but “you never know,” Vachon said in an email. Soros is one of the top donors in the 2018 election cycle, according to th


With just a week until Election Day, billionaire Democrat George Soros is leaving the door open to making another major investment in the midterm campaign. Top Soros advisor Michael Vachon didn’t rule out another round of contributions when discussing whether Soros will continue to spend in the fight for control of Congress. “George made his contributions early in the cycle,” but “you never know,” Vachon said in an email. Soros is one of the top donors in the 2018 election cycle, according to th
Billionaire liberal donor George Soros may continue midterm investment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-30  Authors: brian schwartz, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, steyer, bomb, york, contributions, week, midterm, billionaire, million, soros, democratic, election, vachon, liberal, investment, george, donor, continue


Billionaire liberal donor George Soros may continue midterm investment

With just a week until Election Day, billionaire Democrat George Soros is leaving the door open to making another major investment in the midterm campaign.

Top Soros advisor Michael Vachon didn’t rule out another round of contributions when discussing whether Soros will continue to spend in the fight for control of Congress.

“George made his contributions early in the cycle,” but “you never know,” Vachon said in an email. He did not provide details about how much Soros may be looking to spend or which candidates may benefit.

Soros is one of the top donors in the 2018 election cycle, according to the nonpartisan Center for Responsive Politics.

He has contributed $15 million to Democratic causes this year, including a $5 million donation to Priorities USA Action, a super PAC that backed Obama and Clinton when they each ran for president.

He is ranked fifth in donor contributions this year and ahead of him include the likes of Steyer, conservative shipping company executive Richard Uihlein and Republican billionaire casino magnate Sheldon Adelson.

Democrats are favored to regain control of the House on Election Day. The party needs to flip at least 23 seats to do so. It faces a tougher road in the Senate, where the GOP is expected to keep or expand its slight majority.

Soros is apparently undeterred after a mail bomb was discovered last week in his mailbox at his home outside New York City. The bomb was intercepted before it could inflict any damage.

He was one of at least 14 prominent Democrats and critics of President Donald Trump who had mail bombs mailed to them, including Hillary Clinton, former President Barack Obama, Democratic Rep. Maxine Waters and leading Democratic donor Tom Steyer.

Federal authorities charged Florida man Cesar Sayoc in the alleged bomb plot. The suspect reportedly had well over 100 potential targets.

The news that Soros could be on the verge of spending even more backing Democrats also comes as fellow billionaires Steyer and former New York City Mayor Mike Bloomberg relentlessly pour money into the race.

Steyer is looking to invest $16 million into the final stretch of the midterms while Bloomberg put down just over $42 million in October.


Company: cnbc, Activity: cnbc, Date: 2018-10-30  Authors: brian schwartz, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, steyer, bomb, york, contributions, week, midterm, billionaire, million, soros, democratic, election, vachon, liberal, investment, george, donor, continue


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Domino’s says rapid store expansion means more money for its delivery drivers

The labor market may be tight, but that’s not stopping delivery drivers from joining up with Domino’s. Domino’s has become the dominant player in the pizza industry thanks to its technological prowess, a popular loyalty program and improvements to its pizzas. When we take a look at what the driver can make at Domino’s Pizza relative to delivering or driving for some other businesses, it’s very, very attractive.” The idea is to add more Domino’s stores so that drivers have less territory they nee


The labor market may be tight, but that’s not stopping delivery drivers from joining up with Domino’s. Domino’s has become the dominant player in the pizza industry thanks to its technological prowess, a popular loyalty program and improvements to its pizzas. When we take a look at what the driver can make at Domino’s Pizza relative to delivering or driving for some other businesses, it’s very, very attractive.” The idea is to add more Domino’s stores so that drivers have less territory they nee
Domino’s says rapid store expansion means more money for its delivery drivers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: sarah whitten, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, money, labor, means, rapid, pizza, dominos, industry, expansion, drivers, share, tight, delivery, tips, store, sales, allison


Domino's says rapid store expansion means more money for its delivery drivers

The labor market may be tight, but that’s not stopping delivery drivers from joining up with Domino’s.

Domino’s has become the dominant player in the pizza industry thanks to its technological prowess, a popular loyalty program and improvements to its pizzas. Its strong sales growth has allowed it to quickly expand. More stores mean more money for those that courier its pies, CEO Ritch Allison said during an earnings conference call Tuesday.

“You know I think labor is tight in any business in the U.S. today, and we’re certainly no exception to that,” Allison said. “The fact that our drivers are so busy, it helps us. When we take a look at what the driver can make at Domino’s Pizza relative to delivering or driving for some other businesses, it’s very, very attractive.”

In the third quarter, Domino’s opened 232 net new stores.

The idea is to add more Domino’s stores so that drivers have less territory they need to cover. Their runs become shorter, allowing them to make more deliveries in an hour and earn more tips. Better and more consistent tips can be a deciding factor for drivers to stay with a company like Domino’s rather than leaving for a rival, he said.

The restaurant industry has one of the worst employee retention rates. A whopping 72.5 percent of people left their food service or hospitality gigs in 2017, according to the Bureau of Labor Statistics.

Partially it’s just the nature of the industry, with many jobs filled by teens and college students just getting into the labor force. They tend to be part-time or seasonal hires, and only intend to stay with the company for a short time before moving on to another career.

And since restaurants are always hiring, jumping from one brand to another for better pay or benefits isn’t uncommon. The trouble is each time an employee leaves restaurants have to hire and train someone new to take their place, costing time and money.

Allison also touted recent programs, which drove more traffic than traditional limited-time offers. One program, called HotSpots, allows customers to get delivery at places such as parks, beaches and stadium parking lots. Another, Paving for Pizza, is a partnership with towns and cities in the U.S. to fix potholes.

Domino’s shares fell nearly 5 percent on Tuesday after sales fell short of expectations. Same-store sales rose 6.3 percent in the quarter.

Allison was quick to quell any notions that Domino’s was automatically picking up market share from the beleaguered Papa John’s, which has struggled to regain sales after its founder made a racially charged comment.

“We are in a very fragmented category, and if we have a competitor donating share it doesn’t simply fall in our pocket; we’ve got to earn it,” Allison said.

Papa John’s had a relatively small share within the category and therefore its impact to the space isn’t quite as great as people have assumed, he said.

For Domino’s, the focus will always be on its own strategy and not on the “short-term ups and downs of any specific competitor,” Allison said.

Programming Note: For more on Domino’s, watch CEO Ritch Allison’s interview on “Mad Money” tonight at 6 p.m. ET.


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: sarah whitten, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, money, labor, means, rapid, pizza, dominos, industry, expansion, drivers, share, tight, delivery, tips, store, sales, allison


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Cramer Remix: The Netflix naysayers were wrong

“As long as the Fed doesn’t mandate a slowdown, you get what we had today and what I bet we could have tomorrow.” “Netflix reported incredible subscriber growth: 32 percent better for international, 62 percent stronger for domestic,” Cramer said. Cramer added that Netflix’s earnings beat not only provided “further fire” for the rally but, more importantly, proved that FANG — his acronym for the stocks of Facebook, Amazon, Netflix and Google, not Alphabet — was still alive and kicking. “If Netfli


“As long as the Fed doesn’t mandate a slowdown, you get what we had today and what I bet we could have tomorrow.” “Netflix reported incredible subscriber growth: 32 percent better for international, 62 percent stronger for domestic,” Cramer said. Cramer added that Netflix’s earnings beat not only provided “further fire” for the rally but, more importantly, proved that FANG — his acronym for the stocks of Facebook, Amazon, Netflix and Google, not Alphabet — was still alive and kicking. “If Netfli
Cramer Remix: The Netflix naysayers were wrong Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: elizabeth gurdus, michael nagle, bloomberg, getty images, gabriel bouys, afp, matthew staver, jason alden
Keywords: news, cnbc, companies, netflixs, trade, growth, remix, higher, netflix, wrong, cramer, subscriber, rally, earnings, fang, naysayers


Cramer Remix: The Netflix naysayers were wrong

As better-than-expected earnings results drove the Dow Jones Industrial Average more than 500 points higher on Tuesday, paring last week’s losses, CNBC’s Jim Cramer became cautiously optimistic about the fate of the rally.

“When the Fed bears are away, the stock bulls will play,” the “Mad Money” host said. “As long as the Fed doesn’t mandate a slowdown, you get what we had today and what I bet we could have tomorrow.”

While several technical indicators had signaled to Cramer that the sell-off could be short-lived, some key fundamental factors paved the way for the Dow to see its best trading day since March, he said.

One of them was Netflix’s earnings report, in which the streaming giant showed accelerating growth in revenue and in net subscriber additions, a closely watched number among Wall Street analysts and investors.

“Netflix reported incredible subscriber growth: 32 percent better for international, 62 percent stronger for domestic,” Cramer said. “Now, that’s crazy good.”

Cramer added that Netflix’s earnings beat not only provided “further fire” for the rally but, more importantly, proved that FANG — his acronym for the stocks of Facebook, Amazon, Netflix and Google, not Alphabet — was still alive and kicking.

“If Netflix is good, all of FANG — even the lagging Facebook, which I now kind of like — will trade higher. They’ll trade higher tomorrow,” he said. “Congratulations on Netflix. Others gave up on it. Other people buried FANG. Other people decided that FANG was dead. You know what? Wrong!”

Click here for more of Cramer’s analysis on Tuesday’s rally.


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: elizabeth gurdus, michael nagle, bloomberg, getty images, gabriel bouys, afp, matthew staver, jason alden
Keywords: news, cnbc, companies, netflixs, trade, growth, remix, higher, netflix, wrong, cramer, subscriber, rally, earnings, fang, naysayers


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Billionaire Ray Dalio remembers the moment he saw the financial crisis coming: ‘This is the big one’

In the summer of 2007, the U.S. financial system began to show cracks. By August, the billionaire founder of hedge fund Bridgewater Associates, Ray Dalio, realized the U.S. was in a dire situation. “That was when it really dawned on me,” Dalio tells CNBC Make It. In his 2007 memo, Dalio predicted the ripple effect that would grip banks and lenders across the country. “This is the financial market unraveling that we’ve been expecting,” Dalio wrote in his Aug. 10 note, published in the book.


In the summer of 2007, the U.S. financial system began to show cracks. By August, the billionaire founder of hedge fund Bridgewater Associates, Ray Dalio, realized the U.S. was in a dire situation. “That was when it really dawned on me,” Dalio tells CNBC Make It. In his 2007 memo, Dalio predicted the ripple effect that would grip banks and lenders across the country. “This is the financial market unraveling that we’ve been expecting,” Dalio wrote in his Aug. 10 note, published in the book.
Billionaire Ray Dalio remembers the moment he saw the financial crisis coming: ‘This is the big one’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: ali montag, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, financial, big, saw, memo, moment, version, coming, interest, 2007, tells, dalio, crisis, system, remembers, billionaire, book, ray, hedge


Billionaire Ray Dalio remembers the moment he saw the financial crisis coming: 'This is the big one'

In the summer of 2007, the U.S. financial system began to show cracks.

The number of homeowners with weak credit who were delinquent or in foreclosure on their mortgages ticked upward that June, as the national average interest rate for a 30-year mortgage rose to 6.74 percent.

Later that month, the Federal Reserve released a statement on subprime mortgage lending practices, warning that “consumers may not fully understand the risks and consequences” of loans with adjustable rates, which started out with low interest payments but quickly became more expensive as interest rates rose.

On July 17, 2007, investment bank Bear Stearns revealed that two of its hedge funds, which held significant investments in subprime mortgages, had “very little value” left.

By August, the billionaire founder of hedge fund Bridgewater Associates, Ray Dalio, realized the U.S. was in a dire situation. So bad in fact, he sent out a memo to clients and policy makers on August 10, 2007 titled, “This is the Big One.”

“That was when it really dawned on me,” Dalio tells CNBC Make It. “We’re going to be headed over a waterfall, and how do I handle that responsibly?”

Just over a year later, on Sept. 15, 2008, investment bank Lehman Brothers filed for bankruptcy protection, an inflection point in the worst economic downturn since the Great Depression. Saturday marks the event’s 10th anniversary.

Dalio’s memo, along with Bridgewater’s in depth analysis of how the recession unfurled, is included in Dalio’s new book, “A Template for Understanding Big Debt Crises.” The book is available for free in a PDF version, or readers can buy a Kindle version through Amazon. Bridgewater Associates is the largest hedge fund in the world, with about $160 billion in assets.

In his 2007 memo, Dalio predicted the ripple effect that would grip banks and lenders across the country.

“This is the financial market unraveling that we’ve been expecting,” Dalio wrote in his Aug. 10 note, published in the book. “This will run through the system with the speed of a hurricane (over the next four to six months), and it will leave weaker financial credits dead or damaged, and stronger financial credits in the catbird seat.”

When he realized what was coming, Dalio’s first reaction was to turn to the lessons of the past, he tells CNBC Make It.


Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: ali montag, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, financial, big, saw, memo, moment, version, coming, interest, 2007, tells, dalio, crisis, system, remembers, billionaire, book, ray, hedge


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Blame Toys R Us closure for jobs report miss

July’s jobs gains were short of expectations, and economists are pointing to the closing of retail chain Toys R Us for most of the miss. Toys R Us was an American icon, founded in 1948, but it was another victim of shifting trends to online shopping, which the debt-laden company found difficult to compete with. “I blame it on Toys R Us,” said Grant Thornton chief economist Diane Swonk. Toy’s R Us closed the doors on more than 800 stores on June 29 after filling for bankruptcy. As for the jobs re


July’s jobs gains were short of expectations, and economists are pointing to the closing of retail chain Toys R Us for most of the miss. Toys R Us was an American icon, founded in 1948, but it was another victim of shifting trends to online shopping, which the debt-laden company found difficult to compete with. “I blame it on Toys R Us,” said Grant Thornton chief economist Diane Swonk. Toy’s R Us closed the doors on more than 800 stores on June 29 after filling for bankruptcy. As for the jobs re
Blame Toys R Us closure for jobs report miss Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-03  Authors: patti domm, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, month, younger, toy, blame, retail, past, closure, jobs, report, miss, strong, toys


Blame Toys R Us closure for jobs report miss

July’s jobs gains were short of expectations, and economists are pointing to the closing of retail chain Toys R Us for most of the miss.

Toys R Us was an American icon, founded in 1948, but it was another victim of shifting trends to online shopping, which the debt-laden company found difficult to compete with. The taste of boys and girls also changed, with younger and younger children putting aside dolls and trucks for electronics and video games.

The economy added 157,000 jobs, but economists had been expecting 190,000. Retail gained a net 7,000 jobs, but in retail there was a large reduction of 32,000 jobs losses in hobby, toy and game stores.

“I blame it on Toys R Us,” said Grant Thornton chief economist Diane Swonk.

Toy’s R Us closed the doors on more than 800 stores on June 29 after filling for bankruptcy. The company had been acquired by three investors in 2005, and was struggling with the associated debt.

As for the jobs report, the miss was about the size of the loss of toy store related jobs. The private sector overall created a total 170,000 jobs, but government payrolls declined by 13,000. Manufacturing and business and professional services were strong, and revisions to past months, put the average job growth over the past three months at a higher pace of 224,000.

Economists saw the July jobs report as strong. “I think it continues the trend. There’s always going to be variables in it from month to month. But the three month average of 224,000 is strong at this stage in the business cycle,” said Steve Rick, chief economist at CUNA Mutual Group.


Company: cnbc, Activity: cnbc, Date: 2018-08-03  Authors: patti domm, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, month, younger, toy, blame, retail, past, closure, jobs, report, miss, strong, toys


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The UK government wants a ‘new arrangement’ for its banks after Brexit

In a white paper, the U.K. government proposed new trade arrangements with the EU to come into force when it leaves the 28-member bloc. Under the proposal, the U.K. and the EU will retain the current agreements to trade goods but not services. The EU’s passporting regime allows financial services firms based in the U.K. to have clients in the EU. This could be particularly problematic for international banks, such as U.S. firms, who have relied mostly on their big London-based offices to serve E


In a white paper, the U.K. government proposed new trade arrangements with the EU to come into force when it leaves the 28-member bloc. Under the proposal, the U.K. and the EU will retain the current agreements to trade goods but not services. The EU’s passporting regime allows financial services firms based in the U.K. to have clients in the EU. This could be particularly problematic for international banks, such as U.S. firms, who have relied mostly on their big London-based offices to serve E
The UK government wants a ‘new arrangement’ for its banks after Brexit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-12  Authors: silvia amaro, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, proposal, arrangement, services, paper, european, banks, brexit, eu, wants, regime, passporting, trade, uk, financial


The UK government wants a 'new arrangement' for its banks after Brexit

The U.K. government has proposed to end one of the most-cheered privileges of the financial industry, according to a new document Thursday, as it tries to speed up negotiations to leave the European Union.

In a white paper, the U.K. government proposed new trade arrangements with the EU to come into force when it leaves the 28-member bloc. Under the proposal, the U.K. and the EU will retain the current agreements to trade goods but not services.

“The government’s vision is for an economic partnership that includes … new economic and regulatory arrangements for financial services, preserving the mutual benefits of integrated markets and protecting financial stability while respecting the right of the U.K. and the EU to control access to their own markets — noting that these arrangements will not replicate the EU’s passporting regime,” the paper states.

The EU’s passporting regime allows financial services firms based in the U.K. to have clients in the EU. Ending this regime means that the City of London will need extra licenses to serve EU-based customers.

This could be particularly problematic for international banks, such as U.S. firms, who have relied mostly on their big London-based offices to serve European clients.

The chairman of the City of London Corporation Policy said that the proposal is a “real blow for the U.K.’s financial and related professional services sector.”

“With looser trade ties to Europe, the financial and related professional services sector will be less able to create jobs, generate tax and support growth across the wider economy. It’s that simple,” Catherine McGuinness said in a statement Thursday.

According to the government’s paper, around £1.4 trillion ($1.98 trillion) of assets are managed in the U.K. on behalf of European clients.

Some firms have started making preparations in case the passporting rights are limited or lost, including moving employees to European capitals and hiring new staff in those locations. However, after Thursday’s proposals some companies might step up their post-Brexit plans.

The U.K.’s proposal will be discussed next week with European negotiators in Brussels. Until both sides reach an agreement over Brexit, nothing is set in stone.


Company: cnbc, Activity: cnbc, Date: 2018-07-12  Authors: silvia amaro, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, proposal, arrangement, services, paper, european, banks, brexit, eu, wants, regime, passporting, trade, uk, financial


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Domino’s is getting a new CEO, but analyst expects growth will continue

Domino’s Pizza CEO Patrick Doyle will step down from his post this weekend but analyst Matthew DiFrisco told CNBC that the company has the right recipe for continued success. On Sunday, Richard Allison, currently president of international business for Domino’s, will take over as CEO, leaving some investors wondering about the company’s continued growth prospects. Domino’s overall market share in the pizza category went from 9.7 percent in 2010 to 16.4 percent in 2017, according to analysts at B


Domino’s Pizza CEO Patrick Doyle will step down from his post this weekend but analyst Matthew DiFrisco told CNBC that the company has the right recipe for continued success. On Sunday, Richard Allison, currently president of international business for Domino’s, will take over as CEO, leaving some investors wondering about the company’s continued growth prospects. Domino’s overall market share in the pizza category went from 9.7 percent in 2010 to 16.4 percent in 2017, according to analysts at B
Domino’s is getting a new CEO, but analyst expects growth will continue Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-29  Authors: kellie ell, scott mlyn, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, pizza, menu, digital, nearly, ceo, market, growth, getting, dominos, expects, companys, continue, share, analyst, doyle


Domino's is getting a new CEO, but analyst expects growth will continue

Domino’s Pizza CEO Patrick Doyle will step down from his post this weekend but analyst Matthew DiFrisco told CNBC that the company has the right recipe for continued success.

“Personalized marketing is the key,” DiFrisco, managing director at Guggenheim Securities, said on “Power Lunch” Friday.

“They’re combining the digital investment with value proposition and also a tremendous amount of menu innovation,” he said. “They’ve combined that with the connectivity that digital allows them to have with their customer base.”

DiFrisco pointed out that 85 percent of the pizza chain’s menu falls under the $5.99 price point and has been added to the menu since 2010, the same year current Doyle became CEO.

On Sunday, Richard Allison, currently president of international business for Domino’s, will take over as CEO, leaving some investors wondering about the company’s continued growth prospects.

In the eight years Doyle has been chief executive, the company’s stock has risen nearly 2,000 percent. Domino’s overall market share in the pizza category went from 9.7 percent in 2010 to 16.4 percent in 2017, according to analysts at BTIG. The company’s market share in the pizza delivery category has also increased by about 10 percent since 2008.

In April, Domino’s beat earning estimates by nearly $100 million, causing its shares to surge by more than 7 percent. Domino’s credited investments in technology, such as Hotspots and artificial intelligence voice-ordering systems, as growth drivers.


Company: cnbc, Activity: cnbc, Date: 2018-06-29  Authors: kellie ell, scott mlyn, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, pizza, menu, digital, nearly, ceo, market, growth, getting, dominos, expects, companys, continue, share, analyst, doyle


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