European stocks decline as US-Iran tensions fuel safe haven buying

European stocks traded lower on Monday, as investors monitored rising tensions between the United States and Iran . Oil is also surging on the back of intensifying U.S.-Iran tensions, amid fears it could disrupt supply in the Middle East. Meanwhile, Iran has declared it will no longer adhere to uranium enrichment restrictions agreed under the 2015 nuclear deal. The Nikkei 225 dived 1.9% while MSCI’s broadest index of Asia-Pacific shares excluding Japan slipped 1%. He’ll have another chance on Tu


European stocks traded lower on Monday, as investors monitored rising tensions between the United States and Iran .
Oil is also surging on the back of intensifying U.S.-Iran tensions, amid fears it could disrupt supply in the Middle East.
Meanwhile, Iran has declared it will no longer adhere to uranium enrichment restrictions agreed under the 2015 nuclear deal.
The Nikkei 225 dived 1.9% while MSCI’s broadest index of Asia-Pacific shares excluding Japan slipped 1%.
He’ll have another chance on Tu
European stocks decline as US-Iran tensions fuel safe haven buying Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: elliot smith ryan browne, elliot smith, ryan browne
Keywords: news, cnbc, companies, japan, buying, iran, safe, haven, traded, slipped, usiran, tensions, fuel, decline, parliament, iraq, stocks, european, losses, index


European stocks decline as US-Iran tensions fuel safe haven buying

European stocks traded lower on Monday, as investors monitored rising tensions between the United States and Iran .

The pan-European Stoxx 600 slipped 0.7% in early deals, with chemicals and travel stocks falling more than 1.2% to lead losses as all sectors except oil and gas, which spiked a further 1%, traded in the red.

Market players are fleeing riskier assets like equities in favor of safer alternatives like gold and bonds after a U.S. airstrike last week killed Iran’s top military commander, Qasem Soleimani, in Iraq. The attack has heightened already-volatile relations between Washington and Tehran.

Oil is also surging on the back of intensifying U.S.-Iran tensions, amid fears it could disrupt supply in the Middle East. Brent crude futures were up 2.3%, or $1.56, at $70.16 a barrel at 6:46 a.m. London time. U.S. West Texas Intermediate (WTI) crude futures climbed 2%, or $1.25, to $64.31.

Over the weekend, Iraq’s parliament passed a resolution calling for the government to expel foreign troops from the country. President Donald Trump responded by threatening to impose sanctions on Iraq. Meanwhile, Iran has declared it will no longer adhere to uranium enrichment restrictions agreed under the 2015 nuclear deal.

In Asia, markets mostly fell with Japan leading the losses. The Nikkei 225 dived 1.9% while MSCI’s broadest index of Asia-Pacific shares excluding Japan slipped 1%.

Back in Europe, Spanish Socialist leader Pedro Sanchez failed to secure parliament backing to form a government. He’ll have another chance on Tuesday, when another vote will be held in which he only requires a simple majority.

In terms of data, German retail sales for November and euro zone composite PMI (purchasing managers’ index) for December are due to be released later this morning.


Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: elliot smith ryan browne, elliot smith, ryan browne
Keywords: news, cnbc, companies, japan, buying, iran, safe, haven, traded, slipped, usiran, tensions, fuel, decline, parliament, iraq, stocks, european, losses, index


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Japan leads losses across Asia amid US-Iran tensions; oil prices jump more than 2%

A man looks at a screen showing global stock market information on the street in Tokyo, Japan. Asia markets mostly fell on Monday following heightened geopolitical tensions in the Middle East. Japanese shares returned for their first day of trade with the benchmark Nikkei 225 declining 1.91% to close at 23,204.86 while the Topix index fell 1.39% to 1,697.49. In South Korea, the Kospi index fell 0.98% to 2,155.07. Oil prices surged 3% on Friday on worries that potential conflict between the U.S.


A man looks at a screen showing global stock market information on the street in Tokyo, Japan.
Asia markets mostly fell on Monday following heightened geopolitical tensions in the Middle East.
Japanese shares returned for their first day of trade with the benchmark Nikkei 225 declining 1.91% to close at 23,204.86 while the Topix index fell 1.39% to 1,697.49.
In South Korea, the Kospi index fell 0.98% to 2,155.07.
Oil prices surged 3% on Friday on worries that potential conflict between the U.S.
Japan leads losses across Asia amid US-Iran tensions; oil prices jump more than 2% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, killed, japan, leads, asia, index, fell, oil, amid, shenzhen, usiran, tensions, jump, australia, shares, prices, losses, trade, markets, south


Japan leads losses across Asia amid US-Iran tensions; oil prices jump more than 2%

A man looks at a screen showing global stock market information on the street in Tokyo, Japan.

Asia markets mostly fell on Monday following heightened geopolitical tensions in the Middle East.

Japanese shares returned for their first day of trade with the benchmark Nikkei 225 declining 1.91% to close at 23,204.86 while the Topix index fell 1.39% to 1,697.49. In South Korea, the Kospi index fell 0.98% to 2,155.07.

Hong Kong’s Hang Seng index was down 1.11% in afternoon trade. Chinese mainland markets mostly bucked the downward trend by the close: The Shanghai composite eased morning gains to trade near flat at 3,083.41. The Shenzhen composite rose 0.44% to 1,768.68 and the Shenzhen component was up 0.39% to 10,698.27.

In Australia, the ASX 200 finished near flat, with the heavily weighted financials subindex retracing some of its earlier losses to trade down 0.58% as shares of major banks in the country declined. But, the energy sector rose 1.27%.

Global tensions elevated late last week after Iran’s top military commander was killed in a U.S. airstrike in Baghdad, which raised concerns of retaliation from Iranian forces. The Iranian regime said Sunday that it would no longer abide by uranium enrichment limits established in the 2015 nuclear deal, which the U.S. unilaterally withdrew from in 2018.

On Sunday, Trump threatened to slap sanctions on Iraq after its parliament passed a resolution calling for the government to expel foreign troops from the country, following the U.S. airstrike carried out on its soil.

Futures pointed to a lower open in the U.S. — the implied open for the Dow Jones Industrial Average was down 130.88 points as of 2:00 a.m. ET.

Oil prices surged 3% on Friday on worries that potential conflict between the U.S. and Iran could disrupt energy production in the region.

Prices climbed further Monday afternoon in Asia: U.S. crude futures were up 1.97% at $64.29 per barrel and global benchmark Brent added 2.33% to $70.20.

“Geopolitical tensions look like remaining elevated in coming days, so lending support to oil prices and keeping risk asset markets on the defensive, including ‘growth’ currencies,” Ray Attrill, head of foreign-exchange strategy at the National Australia Bank, wrote in a morning note.

Elsewhere, Australia has been grappling with a devastating fire season that’s expected to worsen as the summer months continue. Wildfires have killed at least 18 people so far, destroyed more than 1,000 homes and nine million acres. Nearly half a billion animals in the state of New South Wales are said to have been killed by the blazes in the last few months and the death toll is expected to rise.

One expert predicted that the bushfires could be a ‘big drag’ on Australia’s growth.


Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, killed, japan, leads, asia, index, fell, oil, amid, shenzhen, usiran, tensions, jump, australia, shares, prices, losses, trade, markets, south


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Pier 1 to close nearly half its stores as losses widen and bankruptcy rumors persist

Pier 1 Imports on Monday said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it unexpectedly reported quarterly earnings amid bankruptcy rumors. “Fiscal third quarter sales and margins remained under pressure,” CEO Robert Riesbeck said in a statement. Pier 1 had already been on many analysts’ bankruptcy watch lists, with its weakening financial situation and large debt load. Before joining Pier 1, Riesbeck was CFO at FullBeauty Brands, in addition to serving


Pier 1 Imports on Monday said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it unexpectedly reported quarterly earnings amid bankruptcy rumors.
“Fiscal third quarter sales and margins remained under pressure,” CEO Robert Riesbeck said in a statement.
Pier 1 had already been on many analysts’ bankruptcy watch lists, with its weakening financial situation and large debt load.
Before joining Pier 1, Riesbeck was CFO at FullBeauty Brands, in addition to serving
Pier 1 to close nearly half its stores as losses widen and bankruptcy rumors persist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: lauren thomas christina cheddar berk, lauren thomas, christina cheddar berk
Keywords: news, cnbc, companies, pier, sales, widen, close, persist, stores, share, stock, loss, rumors, bankruptcy, company, riesbeck, ceo, half, nearly, losses, million


Pier 1 to close nearly half its stores as losses widen and bankruptcy rumors persist

Pier 1 Imports on Monday said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it unexpectedly reported quarterly earnings amid bankruptcy rumors.

Pier 1’s losses have been mounting, as its sales decline. And this latest quarter was no exception. Its third-quarter loss widened from a year ago, as same-store sales declined 11.4%.

The company said it also plans to shut certain distribution centers and reduce its corporate expenses, which includes slashing its corporate headcount.

“Fiscal third quarter sales and margins remained under pressure,” CEO Robert Riesbeck said in a statement. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives.”

Pier 1 shares remained halted as the earnings report came out. Earlier in the afternoon, the retailer’s shares tanked more than 25% before being halted for news, following a report from Bloomberg that said Pier 1 was preparing to file for bankruptcy. The stock was also briefly halted due to volatility earlier Monday.

A representative from Pier 1 didn’t immediately respond to CNBC’s request for comment about the Bloomberg report.

For the quarter ended Nov. 30, Pier 1 said in a press release that its loss widened to $59 million, or $14.15 per share, from a loss of $50.4 million, or $12.49 per share, a year ago.

The loss in the latest period includes $10 million in restructuring costs that include professional fees, and a non-cash charge of $14.1 million for store impairment. The per-share figures reflect a 1-for-20 reverse stock split in June 2019, Pier 1 said.

Net sales fell 13.3% to $358.4 million, from $413.2 million a year ago.

Same-store sales dropped 11.4%, hurt by slower foot traffic in stores. The timing of this year’s holiday also hurt results in the latest period, the company said. But it added that should benefit its fourth-quarter results.

In November, Riesbeck was named CEO, replacing Cheryl Bachelder, who had been serving as interim CEO since December 2018. Riesbeck had been Pier 1’s CFO since July 2019 and has prior experience in turnaround situations.

With Monday’s results, Pier 1 has posted sales declines for nine consecutive quarters. The home furnishings giant has lost market share to the likes of Amazon, Walmart, Target and Wayfair. It has struggled to draw shoppers into stores.

During an earnings conference call in September, Pier 1 executives said the company was planning to shutter about 70 stores in fiscal 2020, and potentially more, depending on how situations with landlords pan out.

Pier 1 had already been on many analysts’ bankruptcy watch lists, with its weakening financial situation and large debt load.

As of Nov. 30, the company listed $189.5 million outstanding under a senior secured term loan, $50 million of borrowings under a first-in last-out tranche and $96 million of borrowings under a $350 million revolving credit facility. It said it had $158.5 million remaining available for cash borrowings.

Before joining Pier 1, Riesbeck was CFO at FullBeauty Brands, in addition to serving as CEO and president at furniture company H.H. Gregg and as an operating executive at private equity firm Sun Capital Partners.

“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Riesbeck said on Monday.

The company hasn’t disclosed which locations it plans to close.

Pier 1’s stock is down more than 40% over the past 12 months. It has a market cap of just about $22 million.


Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: lauren thomas christina cheddar berk, lauren thomas, christina cheddar berk
Keywords: news, cnbc, companies, pier, sales, widen, close, persist, stores, share, stock, loss, rumors, bankruptcy, company, riesbeck, ceo, half, nearly, losses, million


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European stocks decline after US airstrike kills Iranian commander, spiking tensions

European stocks traded lower on Friday as geopolitical tensions spiked after U.S. airstrikes in Iraq killed a top Iranian military commander. The pan-European Stoxx 600 slid 0.5% in early trade, travel and leisure stocks falling 1.4% to lead losses as all sectors traded in the red except oil and gas, which surged 0.9% on the back of renewed unrest in the Middle East. Iranian Major-General Qasem Soleimani, head of Tehran’s elite Quds Force, was killed early on Friday by a U.S. airstrike on his co


European stocks traded lower on Friday as geopolitical tensions spiked after U.S. airstrikes in Iraq killed a top Iranian military commander.
The pan-European Stoxx 600 slid 0.5% in early trade, travel and leisure stocks falling 1.4% to lead losses as all sectors traded in the red except oil and gas, which surged 0.9% on the back of renewed unrest in the Middle East.
Iranian Major-General Qasem Soleimani, head of Tehran’s elite Quds Force, was killed early on Friday by a U.S. airstrike on his co
European stocks decline after US airstrike kills Iranian commander, spiking tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-03  Authors: elliot smith
Keywords: news, cnbc, companies, european, iranian, renewed, spiking, tensions, decline, tehrans, middle, killed, early, stocks, spiked, traded, losses, commander, airstrike, kills


European stocks decline after US airstrike kills Iranian commander, spiking tensions

European stocks traded lower on Friday as geopolitical tensions spiked after U.S. airstrikes in Iraq killed a top Iranian military commander.

The pan-European Stoxx 600 slid 0.5% in early trade, travel and leisure stocks falling 1.4% to lead losses as all sectors traded in the red except oil and gas, which surged 0.9% on the back of renewed unrest in the Middle East.

Iranian Major-General Qasem Soleimani, head of Tehran’s elite Quds Force, was killed early on Friday by a U.S. airstrike on his convoy at Baghdad airport, the Pentagon has confirmed.

Iran’s Foreign Minister has tweeted that the U.S. bears responsibility for all consequences of its “rogue adventurism,” while Fars News Agency reported a spokesman as saying that Iran’s top security body will meet to discuss Tehran’s response.

Oil prices spiked following the attack, with Brent Crude and WTI both up more than 3% Friday morning.

Major Asian markets declined by Friday afternoon as investors weighed the impact of renewed tensions in the Middle East, with Hong Kong’s Hang Seng index leading losses.


Company: cnbc, Activity: cnbc, Date: 2020-01-03  Authors: elliot smith
Keywords: news, cnbc, companies, european, iranian, renewed, spiking, tensions, decline, tehrans, middle, killed, early, stocks, spiked, traded, losses, commander, airstrike, kills


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Dollar set for best week in a month as sterling nurses losses

The dollar was largely steady against other major currencies on Friday but set for its best week in a month thanks to a stronger tone to economic data. Sterling, which has taken a beating from renewed concern over a hard Brexit, was set for its worst week in over two years against the greenback. Data this week has fueled expectations that the U.S. Federal Reserve is unlikely to cut interest rates again in the near future, bolstering the dollar. It has recovered almost 0.9% from five-month lows h


The dollar was largely steady against other major currencies on Friday but set for its best week in a month thanks to a stronger tone to economic data.
Sterling, which has taken a beating from renewed concern over a hard Brexit, was set for its worst week in over two years against the greenback.
Data this week has fueled expectations that the U.S. Federal Reserve is unlikely to cut interest rates again in the near future, bolstering the dollar.
It has recovered almost 0.9% from five-month lows h
Dollar set for best week in a month as sterling nurses losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-20
Keywords: news, cnbc, companies, economic, brexit, dollar, euro, nurses, week, sterling, losses, best, pound, firmer, win, weekly, set, month


Dollar set for best week in a month as sterling nurses losses

U.S. one-hundred dollar banknotes are arranged for a photograph in Hong Kong on April 15, 2019.

The dollar was largely steady against other major currencies on Friday but set for its best week in a month thanks to a stronger tone to economic data.

Sterling, which has taken a beating from renewed concern over a hard Brexit, was set for its worst week in over two years against the greenback. Against the euro, the pound was poised for its largest weekly loss since July 2017.

Trade was generally subdued ahead of the Christmas and New Year holiday period.

A final reading of U.S. economic growth in the third quarter, due out later, was expected to get some attention.

Data this week has fueled expectations that the U.S. Federal Reserve is unlikely to cut interest rates again in the near future, bolstering the dollar.

The dollar index was a touch firmer at 97.41. It has recovered almost 0.9% from five-month lows hit last week and is up 0.3% this week, poised for its biggest weekly rise in a month.

“We’ve held a constructive view on the dollar for two years and expect it to hold relatively steady in the first half of next year, then weaken against the euro as we think the Fed will have to cut rates again,” said Piotr Matys, a currency strategist at Rabobank.

The euro was flat at $1.11210, while the dollar was a touch firmer at 109.39 yen.

The Chinese yuan held just on the strong side of the symbolic 7-per-dollar as China’s unveiling of new tariff exemptions on U.S. chemical and oil product imports supported optimism about the Sino-U.S. trade detente.

China kept its lending benchmark rate unchanged on Friday, but markets widely expect further monetary easing in 2020 to arrest an economic slowdown.

Britain’s pound steadied, nursing heavy losses. It was 0.15% firmer at $1.3023 and at 85.40 pence per euro.

More than three years since Britain voted to exit the European Union in a 2016 referendum, Prime Minister Boris Johnson’s government will leave the political bloc at the end of January and has set Dec. 2020 as a hard deadline to reach a trade agreement, knocking sterling.

Just a week ago the pound had shot up as a resounding win for Johnson’s Conservative Party in a national election boosted hopes that near-term Brexit uncertainty would end.

“The market was always a little bit naive in a way to think that a Tory election win was going to remove the fog of Brexit,” said Ray Attrill, head of FX strategy at National Australia Bank. “There were obviously some longs in weak hands that got forced out.”


Company: cnbc, Activity: cnbc, Date: 2019-12-20
Keywords: news, cnbc, companies, economic, brexit, dollar, euro, nurses, week, sterling, losses, best, pound, firmer, win, weekly, set, month


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Social Security scams have caused millions of dollars in losses in 2019 alone. How you can avoid becoming a victim

An unknown caller tells you that your Social Security number has been suspended or cancelled. In the first six months of 2019, people filed 73,000 reports about Social Security fraud, according to the Federal Trade Commission, with losses totaling $17 million. And on Dec. 10, Reps. John Larson, D-Conn., and Tom Reed, R-N.Y., asked the Social Security Administration to review scam calls purporting coming from the agency. More from Personal Finance:Lawmakers renew push for mailed Social Security s


An unknown caller tells you that your Social Security number has been suspended or cancelled.
In the first six months of 2019, people filed 73,000 reports about Social Security fraud, according to the Federal Trade Commission, with losses totaling $17 million.
And on Dec. 10, Reps. John Larson, D-Conn., and Tom Reed, R-N.Y., asked the Social Security Administration to review scam calls purporting coming from the agency.
More from Personal Finance:Lawmakers renew push for mailed Social Security s
Social Security scams have caused millions of dollars in losses in 2019 alone. How you can avoid becoming a victim Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-16  Authors: lorie konish
Keywords: news, cnbc, companies, calls, lassus, going, losses, passed, scams, security, dollars, avoid, theyre, scam, administration, millions, victim, social, received, caused, 2019


Social Security scams have caused millions of dollars in losses in 2019 alone. How you can avoid becoming a victim

For many people, it’s a call they’re not expecting.

An unknown caller tells you that your Social Security number has been suspended or cancelled.

If it happens to you, it’s likely the latest iteration of a robocall scam the IRS warned individuals about earlier this year. Still other calls try to convince people to pay up with cash or gift cards in order to avoid getting arrested.

Chances are, you or someone you know has received one of these calls.

In the first six months of 2019, people filed 73,000 reports about Social Security fraud, according to the Federal Trade Commission, with losses totaling $17 million.

And because you’re caught unaware, you may be more susceptible than you think to becoming a victim.

Now, Congressional lawmakers have started to move toward curbing these practices. The House of Representatives passed a bill on Dec. 4 to limit robocalls by requiring carriers to block the numbers without charging consumers extra money. The Senate passed similar legislation earlier this year.

And on Dec. 10, Reps. John Larson, D-Conn., and Tom Reed, R-N.Y., asked the Social Security Administration to review scam calls purporting coming from the agency.

“While SSA has taken steps in recent months to prevent and raise public awareness about these imposter calls, we are alarmed that the scams continue to be widespread and severe,” the congressmen wrote in a letter to Andrew Saul, the Social Security Administration Commissioner.

More from Personal Finance:

Lawmakers renew push for mailed Social Security statements

Why some economists are calling 401(k) plans a ‘disaster’

Can you retire in 2020? Here is your answer

Financial advisor Diahann Lassus, president of Lassus Wherley, a subsidiary of Peapack Gladstone Bank, received one of the Social Security scam calls herself.

“I deleted the call,” Lassus said. “Most people are not going to delete the call.

“Most people are going to listen to it, and they’re going to panic.”

The calls can be effective in defrauding victims because they “terrify people,” Lassus said.

At times like these, it helps to remember some basic facts. Most important, the Social Security Administration and IRS do not make these kinds of direct calls.

“Don’t be afraid to hang up,” Lassus said. “If they’re for real, then you’ll get something in the mail.”


Company: cnbc, Activity: cnbc, Date: 2019-12-16  Authors: lorie konish
Keywords: news, cnbc, companies, calls, lassus, going, losses, passed, scams, security, dollars, avoid, theyre, scam, administration, millions, victim, social, received, caused, 2019


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WeWork is exploring about 100 leases for possible exits as it works to stem losses

WeWork is reviewing about 100 leases around the globe and could pull out of some of them as it works to stem its losses, the company confirmed after a report in The Information on Thursday. The embattled co-working start-up could unravel leases it signed on up to 100 buildings, which comprises 10% to 15% of its global office leases, according to the Information. It’s unclear how many offices the company will ultimately exit based on the review. The company ultimately postponed its IPO. A WeWork


WeWork is reviewing about 100 leases around the globe and could pull out of some of them as it works to stem its losses, the company confirmed after a report in The Information on Thursday.
The embattled co-working start-up could unravel leases it signed on up to 100 buildings, which comprises 10% to 15% of its global office leases, according to the Information.
It’s unclear how many offices the company will ultimately exit based on the review.
The company ultimately postponed its IPO.
A WeWork
WeWork is exploring about 100 leases for possible exits as it works to stem losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-12  Authors: annie palmer
Keywords: news, cnbc, companies, son, stem, review, exits, possible, losses, company, spokesperson, softbank, wework, works, information, exploring, offices, 100, leases, ultimately


WeWork is exploring about 100 leases for possible exits as it works to stem losses

WeWork is reviewing about 100 leases around the globe and could pull out of some of them as it works to stem its losses, the company confirmed after a report in The Information on Thursday.

The embattled co-working start-up could unravel leases it signed on up to 100 buildings, which comprises 10% to 15% of its global office leases, according to the Information. It’s unclear how many offices the company will ultimately exit based on the review.

The move could lead to additional layoffs at the company, the Information said. Last month, WeWork cut 2,400 jobs, or 19% of its total workforce, which amounted to 12,500 employees as of June 30, according to an SEC filing.

WeWork’s efforts to cut costs and achieve profitability have ramped up considerably since SoftBank announced it would take control of the company in October. Before SoftBank’s rescue deal, WeWork was poised to run out of cash and its IPO prospectus, released in August, provided a picture of the cash-strapped company’s finances, including a $900 million loss in the first six months of 2019 and long-term lease obligations of $17.9 billion. The company ultimately postponed its IPO.

In a November presentation to investors, SoftBank CEO Masayoshi Son cited some of the issues with WeWork’s expensive leases, as part of a discussion on how to turn around the co-working company. Son said WeWork would need to stop building new offices for about three to four years, as well as divest some of its loss-making side ventures.

A WeWork spokesperson said the leases are being looked at as part of a broader review of the company’s global operations.

“As part of our plan to deliver profitable growth, we have said we are conducting an in-depth review of operations and assets globally in order to improve performance and best optimize our real estate portfolio,” the spokesperson said. “As we work through this process, serving our members remains our highest priority and only a small number of open locations may be subject to any change.”

Clarification: This story has been updated to reflect the fact that WeWork has made no decision on how many, if any, leases it will try to get out of.


Company: cnbc, Activity: cnbc, Date: 2019-12-12  Authors: annie palmer
Keywords: news, cnbc, companies, son, stem, review, exits, possible, losses, company, spokesperson, softbank, wework, works, information, exploring, offices, 100, leases, ultimately


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World Bank says Indonesia forest fires cost $5.2 billion in economic losses

Indonesia’s fires have been an annual problem for decades, though this year’s were particularly bad because of the dry weather. The total damage and economic loss from forest fires in Indonesia this year amounted to at least $5.2 billion, equal to 0.5% of gross domestic product, the World Bank said in a report on Wednesday. The World Bank also estimated a 0.09 and 0.05 percentage points reduction in Indonesia’s economic growth in 2019 and 2020, respectively, due to the fires. The European Centre


Indonesia’s fires have been an annual problem for decades, though this year’s were particularly bad because of the dry weather.
The total damage and economic loss from forest fires in Indonesia this year amounted to at least $5.2 billion, equal to 0.5% of gross domestic product, the World Bank said in a report on Wednesday.
The World Bank also estimated a 0.09 and 0.05 percentage points reduction in Indonesia’s economic growth in 2019 and 2020, respectively, due to the fires.
The European Centre
World Bank says Indonesia forest fires cost $5.2 billion in economic losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-11
Keywords: news, cnbc, companies, losses, cost, billion, 2019, indonesias, indonesia, world, forest, fires, economic, bank, estimated, million


World Bank says Indonesia forest fires cost $5.2 billion in economic losses

This picture taken on October 6, 2019 shows a firefighter battling a forest fire in Pekanbaru, Riau. Indonesia’s fires have been an annual problem for decades, though this year’s were particularly bad because of the dry weather.

The total damage and economic loss from forest fires in Indonesia this year amounted to at least $5.2 billion, equal to 0.5% of gross domestic product, the World Bank said in a report on Wednesday.

The estimate was based on its assessment in eight affected provinces from June to October 2019, though analysts at the multinational bank said fires had continued to rage through to November.

“The forest and land fires, as well as the resulting haze, led to significant negative economic impacts, estimated at $157 million in direct damage to assets and $5.0 billion in losses from affected economic activities,” the World Bank wrote in the report.

Over 900,000 people reported respiratory illnesses, 12 national airports halted operations, and hundreds of schools in Indonesia, Malaysia and Singapore had to temporarily close due to the fires.

Drifting smoke at the height of the dry season in September triggered a diplomatic spat between Kuala Lumpur and Jakarta.

More than 942,000 hectares (2.3 million acres) of forests and lands were burned this year, the biggest since devastating fires in 2015 when Indonesia saw 2.6 million hectares burned, according to official figures. Officials said the spike was due to El Nino weather patterns lengthening the dry season.

The World Bank also estimated a 0.09 and 0.05 percentage points reduction in Indonesia’s economic growth in 2019 and 2020, respectively, due to the fires. Its growth forecast for Indonesia is 5% for 2019 and 5.1% for 2020.

The blazes were “manmade and have become a chronic problem annually since 1997” because fire is considered the cheapest method to prepare land for cultivation, the bank said.

Because about 44% of the areas burned in 2019 were in peatlands, carbon emissions from Indonesia’s fires were estimated to be almost double the emissions from the fires in the Brazilian Amazon this year.

The European Centre for Medium Range Weather Forecast estimated a total of 720 megatonnes of CO2 emissions came from Indonesian forest fires in January-November this year.

Longer-term effects of repeated fires were not included in this estimate, the World Bank said. Repeated haze exposure would reduce health and education quality and damage the global image of palm oil – an important commodity for Indonesia.


Company: cnbc, Activity: cnbc, Date: 2019-12-11
Keywords: news, cnbc, companies, losses, cost, billion, 2019, indonesias, indonesia, world, forest, fires, economic, bank, estimated, million


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Peloton shares slip more than 5%, extending two-day losses

A monitor displays Peloton Interactive Inc. signage during the company’s initial public offering (IPO) across from the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 26, 2019. Shares of Peloton extended their two-day losses, trading down 5% midday on Wednesday, following a critical short-seller note from Citron Research that gave the in-home exercise bike company a meager $5 price target. Since its IPO in late September, Peloton shares have traded between roughly $20 and $30 per share.


A monitor displays Peloton Interactive Inc. signage during the company’s initial public offering (IPO) across from the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 26, 2019.
Shares of Peloton extended their two-day losses, trading down 5% midday on Wednesday, following a critical short-seller note from Citron Research that gave the in-home exercise bike company a meager $5 price target.
Since its IPO in late September, Peloton shares have traded between roughly $20 and $30 per share.

Peloton shares slip more than 5%, extending two-day losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-11  Authors: ganesh setty, megan graham
Keywords: news, cnbc, companies, losses, extending, roughly, company, offering, ipo, companys, public, shortseller, stock, slip, shares, peloton, twoday


Peloton shares slip more than 5%, extending two-day losses

A monitor displays Peloton Interactive Inc. signage during the company’s initial public offering (IPO) across from the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 26, 2019.

Shares of Peloton extended their two-day losses, trading down 5% midday on Wednesday, following a critical short-seller note from Citron Research that gave the in-home exercise bike company a meager $5 price target.

Since its IPO in late September, Peloton shares have traded between roughly $20 and $30 per share.

The short-seller cautioned that cheaper competition threatens to hammer the stock, especially after the company’s lock-up period ends in March 2020. The stock fell about 6% on Tuesday after the note was released.

The company’s IPO was highly anticipated, though the stock debuted down 11% from its initial pricing of $29 per share. At the time of its debut, the company ranked as the second-worst public offering of a unicorn, or company privately valued at over $1 billion, this year.

Since its IPO, Peloton shares are up approximately 20%. The company currently has a market capitalization of roughly $8.7 billion.

Disclosure: CNBC parent Comcast-NBCUniversal is an investor in Peloton.


Company: cnbc, Activity: cnbc, Date: 2019-12-11  Authors: ganesh setty, megan graham
Keywords: news, cnbc, companies, losses, extending, roughly, company, offering, ipo, companys, public, shortseller, stock, slip, shares, peloton, twoday


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Netflix downgraded by a top analyst, who predicts big subscriber losses next year

CEO Of Netflix, Reed Hastings, attends the red carpet during the Netflix presentation party at the Invernadero del Palacio de Cristal de la Arganzuela on April 4, 2019 in Madrid, Spain. Needham downgraded Netflix on Tuesday with the analyst Laura Martin predicting the company may lose as many as 4 million U.S. subscribers next year in its premium tier. Netflix has come under increased pressure as the streaming wars heat up with the recent launches of Disney+ and Apple TV+. As of the end of the t


CEO Of Netflix, Reed Hastings, attends the red carpet during the Netflix presentation party at the Invernadero del Palacio de Cristal de la Arganzuela on April 4, 2019 in Madrid, Spain.
Needham downgraded Netflix on Tuesday with the analyst Laura Martin predicting the company may lose as many as 4 million U.S. subscribers next year in its premium tier.
Netflix has come under increased pressure as the streaming wars heat up with the recent launches of Disney+ and Apple TV+.
As of the end of the t
Netflix downgraded by a top analyst, who predicts big subscriber losses next year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-10  Authors: michael bloom
Keywords: news, cnbc, companies, million, netflix, widely, subscriber, downgraded, wars, according, company, tipranks, withstand, losses, predicts, big, martin, analyst, wrote


Netflix downgraded by a top analyst, who predicts big subscriber losses next year

CEO Of Netflix, Reed Hastings, attends the red carpet during the Netflix presentation party at the Invernadero del Palacio de Cristal de la Arganzuela on April 4, 2019 in Madrid, Spain.

Needham downgraded Netflix on Tuesday with the analyst Laura Martin predicting the company may lose as many as 4 million U.S. subscribers next year in its premium tier.

Martin moved her rating to underperform (equivalent of a sell) from hold and added she was concerned the company’s balance sheet can’t “withstand lower revenue.” Netflix has come under increased pressure as the streaming wars heat up with the recent launches of Disney+ and Apple TV+.

Shares of the company were down 1.6% to $297.50 in early trading. As of the end of the third quarter, the company said it had just over 60 million U.S. subscribers.

“We downgrade NFLX because it has consistently stated it will not have advertising, which we believe will result in U.S. sub losses,” wrote Martin, who is one of the widely followed analysts in the space.

Martin’s picks have returned 21% one year out, putting her among the best on Wall Street, according to TipRanks. Her calls have a success rate of 66%, according to TipRanks.


Company: cnbc, Activity: cnbc, Date: 2019-12-10  Authors: michael bloom
Keywords: news, cnbc, companies, million, netflix, widely, subscriber, downgraded, wars, according, company, tipranks, withstand, losses, predicts, big, martin, analyst, wrote


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