Oil rises as US retail sales ease recession fears

Crude oil prices rose on Friday following two days of declines, buoyed after data showing an increase in retail sales in the U.S. helped dampen concerns about a recession in the world’s biggest economy. U.S. crude was up 65 cents, or 1.2%, at $55.12 a barrel, having dropped 1.4% the previous session and 3.3% on Wednesday. An inverted Treasury yield curve is historically a reliable predictor of looming recessions. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.


Crude oil prices rose on Friday following two days of declines, buoyed after data showing an increase in retail sales in the U.S. helped dampen concerns about a recession in the world’s biggest economy. U.S. crude was up 65 cents, or 1.2%, at $55.12 a barrel, having dropped 1.4% the previous session and 3.3% on Wednesday. An inverted Treasury yield curve is historically a reliable predictor of looming recessions. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.
Oil rises as US retail sales ease recession fears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16
Keywords: news, cnbc, companies, output, economic, oil, cuts, treasury, fears, sales, data, crude, opec, weakening, ease, rises, yield, recession, retail


Oil rises as US retail sales ease recession fears

Crude oil prices rose on Friday following two days of declines, buoyed after data showing an increase in retail sales in the U.S. helped dampen concerns about a recession in the world’s biggest economy.

Brent crude was up 52 cents, or 0.9%, at $58.75 a barrel at 0352 GMT, after falling 2.1% on Thursday and 3% the previous day.

U.S. crude was up 65 cents, or 1.2%, at $55.12 a barrel, having dropped 1.4% the previous session and 3.3% on Wednesday.

U.S. retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after a key part of the U.S. Treasury yield curve inverted for the first time since June 2007 prompting a sell-off in stocks and crude oil.

An inverted Treasury yield curve is historically a reliable predictor of looming recessions.

“The rebound has a corrective look about it on thin volumes, rather than a beachhead for an impending rebound,” said Jeffrey Halley, senior market analyst at OANDA. “Overall, U.S. data continues to be a bright spot in a dark economic universe.”

Gains are likely to be capped after a week of data releases including a surprise drop in industrial output growth in China to a more than 17-year low, along with a fall in exports that sent Germany’s economy into reverse in the second quarter.

“The broader story around global economic growth has been a weak one, or a weakening one and expectations (are for) further weakening,” Phin Ziebell, senior economist at National Australia Bank, said by phone.

The price of Brent is still up nearly 10% this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a group known as OPEC+. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.

“At what point will further output cuts be needed at the back end of this year from OPEC and Russia to keep things going the way they are?” Zeibell said, given the broader economic outlook.

A Saudi official on Aug. 8 indicated more steps may be coming, saying “Saudi Arabia is committed to do whatever it takes to keep the market balanced next year.”

But the efforts of OPEC+ have been outweighed by worries about the global economy amid the U.S.-China trade dispute and uncertainty over Brexit, as well as rising U.S. stockpiles of crude and higher output of U.S. shale oil.


Company: cnbc, Activity: cnbc, Date: 2019-08-16
Keywords: news, cnbc, companies, output, economic, oil, cuts, treasury, fears, sales, data, crude, opec, weakening, ease, rises, yield, recession, retail


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Gold prices firm on mixed signals on economy, trade

Gold prices edged higher on Thursday as lingering fears over a global economic downturn and lack of clarity on the U.S.-China trade front kept the safe haven comfortably above the key $1,500 per ounce handle. However, bullion’s gains were limited as investors took stock of mixed economic data from the United States, with strong U.S. retail sales offering respite to battered risk appetite. Spot gold was up 0.5% at $1,524.47 per ounce by, while U.S. gold futures rose 0.5% at $1,535.4. “But with th


Gold prices edged higher on Thursday as lingering fears over a global economic downturn and lack of clarity on the U.S.-China trade front kept the safe haven comfortably above the key $1,500 per ounce handle. However, bullion’s gains were limited as investors took stock of mixed economic data from the United States, with strong U.S. retail sales offering respite to battered risk appetite. Spot gold was up 0.5% at $1,524.47 per ounce by, while U.S. gold futures rose 0.5% at $1,535.4. “But with th
Gold prices firm on mixed signals on economy, trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15
Keywords: news, cnbc, companies, sales, prices, ounce, ghali, firm, economic, safe, signals, economy, trade, mixed, gold, fears, retail, higher


Gold prices firm on mixed signals on economy, trade

Gold prices edged higher on Thursday as lingering fears over a global economic downturn and lack of clarity on the U.S.-China trade front kept the safe haven comfortably above the key $1,500 per ounce handle.

However, bullion’s gains were limited as investors took stock of mixed economic data from the United States, with strong U.S. retail sales offering respite to battered risk appetite.

Spot gold was up 0.5% at $1,524.47 per ounce by, while U.S. gold futures rose 0.5% at $1,535.4.

At the day’s peak of $1,523.91 per ounce, gold was back to within $11 of Tuesday’s six-year high, which was followed by a 1% jump on Wednesday, due to fears of a recession as investors fretted over the trade war, unrest in Hong Kong and a slide in emerging-market assets.

“But with the U.S. retail sales data coming out as strong as they did, that’s seeing some market participants rethink their bets,” said Daniel Ghali, commodity strategist at TD Securities.

However, the elevated levels of safe haven interest in gold fueled by factors such as the Hong Kong unrest and fears of an Argentine debt default “is not likely to change in a single day,” Ghali added.

U.S. stocks moved higher, driven by a surge in July retail sales that soothed some nerves frayed by an inversion in the government bond yield curve, historically a reliable signal of a coming recession. 1/8MKTS/GLOB/

On the flip side, U.S. manufacturing output ended a two-month run of growth in July, while initial weekly jobless claims data was weaker than expected.

Considered a safe store of value during times of political and economic uncertainty, gold has gained more than $100 per ounce since the beginning of the month.

“Although gold prices look like they are overshooting, it has not been a good idea in the past to bet that the runaway train is going to come to a halt,” TD Securities’ Ghali said.

Investors digested conflicting signals on the trade front as well.

China’s finance ministry initially said it would take counter-measures against the latest tariffs on Chinese goods, but this was followed by a separate statement that Beijing hoped the United States would meet China halfway for a consensus.

“The overall uncertainty from the trade dispute is high and we also expect some central bank action for recession-fighting to come over the next weeks and months,” said Norbert Ruecker, head of economics and next-generation research at Julius Baer.

Elsewhere, silver was up 0.2% at $17.23 per ounce.

Platinum was down 0.5% to $836.70 an ounce and palladium rose 1.7% higher at $1,448.17 an ounce.


Company: cnbc, Activity: cnbc, Date: 2019-08-15
Keywords: news, cnbc, companies, sales, prices, ounce, ghali, firm, economic, safe, signals, economy, trade, mixed, gold, fears, retail, higher


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Amazon’s Prime Day promotion pumped up July’s total retail sales, BofA says

Boxes sealed with Prime Day tape move along a conveyor ahead of shipping from an Amazon.com Inc. fulfilment center during the online retailer’s Prime Day sales promotion day in Koblenz, Germany, on Monday, July 15, 2019. Wall Street’s consensus forecast is for a 0.3% gain in July on headline retail sales and 0.4%, excluding autos, according to Refinitiv. The gain was due in part to Amazon’s Prime Day promotions but also the historic heatwave in much of the country. Meyer said the five-year-old P


Boxes sealed with Prime Day tape move along a conveyor ahead of shipping from an Amazon.com Inc. fulfilment center during the online retailer’s Prime Day sales promotion day in Koblenz, Germany, on Monday, July 15, 2019. Wall Street’s consensus forecast is for a 0.3% gain in July on headline retail sales and 0.4%, excluding autos, according to Refinitiv. The gain was due in part to Amazon’s Prime Day promotions but also the historic heatwave in much of the country. Meyer said the five-year-old P
Amazon’s Prime Day promotion pumped up July’s total retail sales, BofA says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: patti domm
Keywords: news, cnbc, companies, promotions, total, retail, day, bofa, spending, pumped, strong, sales, promotion, prime, retailers, julys, meyer, amazons, economists


Amazon's Prime Day promotion pumped up July's total retail sales, BofA says

Boxes sealed with Prime Day tape move along a conveyor ahead of shipping from an Amazon.com Inc. fulfilment center during the online retailer’s Prime Day sales promotion day in Koblenz, Germany, on Monday, July 15, 2019.

Amazon’s Prime Day and promotions by other retailers appear to have given a meaningful pop to July retail sales, which could be stronger than economists’ forecasts, according to Bank of America Merrill Lynch economists.

Michelle Meyer, BofA’s head of U.S. economics, said she expects retail sales excluding autos to have risen by 0.6% and about half of that would have been from Prime Day and other promotions by Amazon competitors. Wall Street’s consensus forecast is for a 0.3% gain in July on headline retail sales and 0.4%, excluding autos, according to Refinitiv. Meyer expects headline retail sales to rise by 0.4%.

“We’re above consensus. We think it’s a strong month,” said Meyer. “It wasn’t just Amazon. A number of retailers had these summer Black Friday deals.”

BofA economists also analyzed Bank of America credit card data, which they say shows spending rose by 0.8%, according to credit and debit card data. The gain was due in part to Amazon’s Prime Day promotions but also the historic heatwave in much of the country.

Meyer said the five-year-old Prime Day has seen a shift to higher spending each year but this year it was large. Last year, Prime Day spending was more modest, and it was negligible in 2016 and 2017.

“This is a very strong period for consumer spending which started in March. Part of the reason it was so strong was the beginning of the year was so weak,” Meyer said in a telephone interview.

The BofA economists said more than half the U.S. was impacted by hot weather in July.

“We find that spending was higher in the impacted states, particularly in groceries, utilities and gasoline. Indeed, once the heat wave started on July 13th, the growth rate in spending in the impacted states diverged, ” the economists said in a note.


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: patti domm
Keywords: news, cnbc, companies, promotions, total, retail, day, bofa, spending, pumped, strong, sales, promotion, prime, retailers, julys, meyer, amazons, economists


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Brexit blocking opportunities for new environmental legislation, food retail executive says

Brexit blocking opportunities for new environmental legislation, food retail executive says18 Hours AgoRichard Walker, managing director of British food retailer Iceland, discusses the company’s decision to eliminate plastic packaging from its shelves.


Brexit blocking opportunities for new environmental legislation, food retail executive says18 Hours AgoRichard Walker, managing director of British food retailer Iceland, discusses the company’s decision to eliminate plastic packaging from its shelves.
Brexit blocking opportunities for new environmental legislation, food retail executive says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, legislation, opportunities, retail, blocking, shelves, walker, says18, environmental, managing, plastic, packaging, retailer, brexit, food, executive


Brexit blocking opportunities for new environmental legislation, food retail executive says

Brexit blocking opportunities for new environmental legislation, food retail executive says

18 Hours Ago

Richard Walker, managing director of British food retailer Iceland, discusses the company’s decision to eliminate plastic packaging from its shelves.


Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, legislation, opportunities, retail, blocking, shelves, walker, says18, environmental, managing, plastic, packaging, retailer, brexit, food, executive


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Amazon’s quest for constant growth is not leaving it with many friends — except for Wall Street

FedEx terminated its ground-delivery contract with Amazon, two months after ending its U.S. express shipping deal. For the fourth straight month, all 45 analysts with ratings on Amazon’s stock recommend buying it, according to FactSet. Even following last month’s earnings miss and lower-than-expected guidance, Amazon’s stock barely moved and didn’t see a single downgrade on its rating. “That’s what it really comes down to,” Chuckumba said, referring to Amazon’s continued growth. In a series of s


FedEx terminated its ground-delivery contract with Amazon, two months after ending its U.S. express shipping deal. For the fourth straight month, all 45 analysts with ratings on Amazon’s stock recommend buying it, according to FactSet. Even following last month’s earnings miss and lower-than-expected guidance, Amazon’s stock barely moved and didn’t see a single downgrade on its rating. “That’s what it really comes down to,” Chuckumba said, referring to Amazon’s continued growth. In a series of s
Amazon’s quest for constant growth is not leaving it with many friends — except for Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-11  Authors: eugene kim
Keywords: news, cnbc, companies, politicians, sales, sp, friends, quest, months, leaving, amazons, constant, amazon, stock, growth, retail, wall, really, ratings, street


Amazon's quest for constant growth is not leaving it with many friends — except for Wall Street

From industry stalwarts to high-profile politicians, seemingly everyone’s turning their backs against Amazon these days. Except one: Wall Street.

Just this week, old players in two major categories — logistics and pharmacies — turned into foes. FedEx terminated its ground-delivery contract with Amazon, two months after ending its U.S. express shipping deal. Meanwhile, CVS and Walgreens were accused of unfairly blocking Amazon-owned PillPack’s access to certain prescription data.

This comes after several years of stories about retail rivals’ refusal to use Amazon’s AWS cloud service so they could avoid funding its most lucrative business. Vendors and sellers often complain about Amazon’s marketplace policy, and sometimes threaten to stop selling there altogether. Even politically, Amazon has butted heads with city officials in Seattle and New York, while politicians on both sides are calling for tighter regulatory scrutiny on its business.

Wall Street doesn’t seem to care.

For the fourth straight month, all 45 analysts with ratings on Amazon’s stock recommend buying it, according to FactSet. That makes Amazon one of only three companies in the S&P 500, alongside Assurant and Diamondback Energy, to have perfect “buy” ratings. Even following last month’s earnings miss and lower-than-expected guidance, Amazon’s stock barely moved and didn’t see a single downgrade on its rating. Its stock is up 20% this year, outpacing the 16% rise of the broader S&P 500 index.

“Amazon is expected to make more enemies as they grow larger,” said Loop Capital’s Anthony Chukumba, who raised his price target to $2,380 in May. “But none of this really concerns me — everybody hates Goliath.”

Chukumba said the hostile reaction is only natural as Amazon has become a dominant force and is known for its almost limitless ambition. But the animosity is having little effect on his investment decision because he doesn’t believe any of it is going to have a significant impact on Amazon’s long-term financial prospects.

“That’s what it really comes down to,” Chuckumba said, referring to Amazon’s continued growth. “The track record speaks for itself.”

In a series of statements, Amazon noted that AWS retains many retail customers, and that third-party sales on Amazon.com are growing faster than Amazon’s first-party sales.


Company: cnbc, Activity: cnbc, Date: 2019-08-11  Authors: eugene kim
Keywords: news, cnbc, companies, politicians, sales, sp, friends, quest, months, leaving, amazons, constant, amazon, stock, growth, retail, wall, really, ratings, street


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Fears become a reality for retail with a fourth round of tariffs

Retail stocks slid further Friday, a day after they buckled as a dreaded fourth round of tariffs moved swiftly from a possibility to a near reality with a tweet storm. Many consumer products — including clothing, shoes and electronics — had been spared from the last three rounds of tariffs. Tariffs are “a disaster for the American economy, employers and consumers,” he continued, adding that his company and others “will be forced to raise prices.” Shares of Best Buy shed almost 11% Thursday, and


Retail stocks slid further Friday, a day after they buckled as a dreaded fourth round of tariffs moved swiftly from a possibility to a near reality with a tweet storm. Many consumer products — including clothing, shoes and electronics — had been spared from the last three rounds of tariffs. Tariffs are “a disaster for the American economy, employers and consumers,” he continued, adding that his company and others “will be forced to raise prices.” Shares of Best Buy shed almost 11% Thursday, and
Fears become a reality for retail with a fourth round of tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: courtney reagan
Keywords: news, cnbc, companies, retail, round, spared, list, fears, products, consumer, fourth, including, reality, remaining, impact, tariffs, electronics


Fears become a reality for retail with a fourth round of tariffs

Retail stocks slid further Friday, a day after they buckled as a dreaded fourth round of tariffs moved swiftly from a possibility to a near reality with a tweet storm.

President Donald Trump tweeted Thursday that on Sept. 1, the U.S. will add a 10% tariff on the remaining $300 billion worth of Chinese imports that had been spared duties.

Many consumer products — including clothing, shoes and electronics — had been spared from the last three rounds of tariffs. But the remaining $300 billion of China-made goods are now targeted.

Most retailers are letting lobby groups speak on their behalf on the issue as investors wait for earnings, but not all.

“Let’s not tank the economy with the misguided conception that trade wars are fun,” Columbia Sportswear CEO Tim Boyle said in a statement.

Tariffs are “a disaster for the American economy, employers and consumers,” he continued, adding that his company and others “will be forced to raise prices.”

Shares of Best Buy shed almost 11% Thursday, and slipped a bit further Friday before turning positive in the afternoon. Until now, the consumer electronics retailer has said, tariffs impacted around 7% of the total cost of goods sold.

When analysts asked executives to define the impact if a fourth round of tariffs were levied, then-CEO Hubert Joly said: “While we understand List 4 as proposed is comprised of many consumer items, including many electronics, we think it is premature to speculate on the impact of further tariffs, as it is unclear whether List 4 will actually be implemented, what products would ultimately be included, at what rate, and when.”


Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: courtney reagan
Keywords: news, cnbc, companies, retail, round, spared, list, fears, products, consumer, fourth, including, reality, remaining, impact, tariffs, electronics


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Retail stocks tank as industry set to take a ‘direct hit’ from new China tariffs

The inside of Walmart’s Intelligent Retail Lab in Levittown, New York, where the retailer is testing a slew of new technology. Shares of retailers are tanking as the industry may have the most to lose with the new round of China tariffs covering items such as clothing and TVs. President Donald Trump abruptly ratcheted up the trade war with China Thursday, announcing the U.S. is putting 10% tariffs on $300 billion worth of Chinese goods, effective Sept. 1. “The list of products these tariffs will


The inside of Walmart’s Intelligent Retail Lab in Levittown, New York, where the retailer is testing a slew of new technology. Shares of retailers are tanking as the industry may have the most to lose with the new round of China tariffs covering items such as clothing and TVs. President Donald Trump abruptly ratcheted up the trade war with China Thursday, announcing the U.S. is putting 10% tariffs on $300 billion worth of Chinese goods, effective Sept. 1. “The list of products these tariffs will
Retail stocks tank as industry set to take a ‘direct hit’ from new China tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: yun li
Keywords: news, cnbc, companies, direct, retail, hit, products, china, consumer, goods, york, industry, tank, set, chinese, tariffs, stocks


Retail stocks tank as industry set to take a 'direct hit' from new China tariffs

The inside of Walmart’s Intelligent Retail Lab in Levittown, New York, where the retailer is testing a slew of new technology.

Shares of retailers are tanking as the industry may have the most to lose with the new round of China tariffs covering items such as clothing and TVs.

President Donald Trump abruptly ratcheted up the trade war with China Thursday, announcing the U.S. is putting 10% tariffs on $300 billion worth of Chinese goods, effective Sept. 1. Wall Street analysts that cover the industry had feared this development because the new tariffs will apply to a large swath of goods that they sell, raising their costs.

“The list of products these tariffs will hit are almost entirely consumer oriented,” said the Retail Industry Leaders Association in a statement. “This new 10% tariff on Chinese imports is a direct hit on consumer products and family budgets, plain and simple.”


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: yun li
Keywords: news, cnbc, companies, direct, retail, hit, products, china, consumer, goods, york, industry, tank, set, chinese, tariffs, stocks


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Millennial parents fight pressure to overspend on back-to-school shopping

A recent survey from the National Retail Federation anticipates 2019 will be a significant spending year for school and college supplies. Yet for millennial parents, a spending spree on supplies, clothing and tech accessories can be a financial worry. Back-to-school budgetingMore than 4 in 10 parents (43%) who have done back-to-school shopping have felt pressured to overspend, a new Bankrate.com report found. While the temptation to overspend affects most demographics equally, Bankrate found mor


A recent survey from the National Retail Federation anticipates 2019 will be a significant spending year for school and college supplies. Yet for millennial parents, a spending spree on supplies, clothing and tech accessories can be a financial worry. Back-to-school budgetingMore than 4 in 10 parents (43%) who have done back-to-school shopping have felt pressured to overspend, a new Bankrate.com report found. While the temptation to overspend affects most demographics equally, Bankrate found mor
Millennial parents fight pressure to overspend on back-to-school shopping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: brandon gomez
Keywords: news, cnbc, companies, backtoschool, spending, supplies, pressure, items, students, spend, retail, millennial, parents, fight, overspend, school, shopping


Millennial parents fight pressure to overspend on back-to-school shopping

Philippe Huguen | AFP | Getty Images

From beach bags to book bags, students are gearing up to head back to school. For parents, that means opening their wallets. A recent survey from the National Retail Federation anticipates 2019 will be a significant spending year for school and college supplies. The survey of 7,660 consumers, conducted online in early July, estimates sales for the shopping season will total a record $80.7 billion. “Consumers are in a strong position, given the nation’s growing economy, and we see this reflected in what they say they will spend on back-to-class items this year,” said NRF President and CEO Matthew Shay. “We’re expecting record spending, and retailers are ready to provide students with all the items they need for a successful school year.” Yet for millennial parents, a spending spree on supplies, clothing and tech accessories can be a financial worry.

Back-to-school budgeting

More than 4 in 10 parents (43%) who have done back-to-school shopping have felt pressured to overspend, a new Bankrate.com report found. “Back-to-school shopping can be just as daunting as the holiday shopping season, and the pressure to overspend — whether from your own children, social media or somewhere else — can wreak havoc on a budget,” said Bankrate.com analyst Ted Rossman. While the temptation to overspend affects most demographics equally, Bankrate found more than half of millennial parents (ages 23-38) felt pressure to spend more than they were comfortable with, compared with 39% of older parents. More from Invest in You:

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Nine in 10 workers miss this retirement savings opportunity

Make these money moves today (and don’t freak out in the fall) “I have to shop around for the best deals, but I know that I will likely go over budget,” said guardian Genesis Garfio, a millennial. It’s not always due to luxury splurges. Garfio’s two children will be starting fourth and eighth grade in the fall in Houston. With limited funding, the school often relies on parents like Garfio to contribute communal items such as hand sanitizer and dry erase markers. “The school knows what students can afford and they use it all, so I am happy to spend a little extra when I know everyone will will be benefiting.”

Over the years, both teens and preteens are spending more of their own money on back-to-school items. Michael Shay NRF president and CEO

Some schools are even hosting supply drives to help students get the items they need. “The elementary school sells a bundle of all the supplies needed for each grade,” said millennial parent Jana Bodner. Some time-squeezed parents are going online, or straight to the school, to find what they need. Despite her busy schedule as a full-time attorney in Fort Lauderdale, Florida, Bodner has already completed her school shopping for her daughter, who’s entering the first grade. “I have friends who enjoy going to the stores and finding everything on the list, but I’m glad that there’s an option — not just a cheaper option — for working parents who don’t have the time to go around to all the different stores.”

Handling the pressure

Retailers such as Amazon, Target, Walmart, Best Buy and Macy’s are featuring back-to school deals and specific web pages to alleviate shopper’s stress ahead of the fall retail rush — sometimes discounting items by up to 75%. Apple is offering up to $200 off Mac purchases with education pricing. Even some students themselves are cracking open their piggy banks and spending their savings on school necessities. Among K-12 shoppers, the retail federation says teens are expected to spend an average $36.71 of their own money, up from $30.88 10 years ago, while preteens are estimated to spend $26.40, up from $11.94.


Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: brandon gomez
Keywords: news, cnbc, companies, backtoschool, spending, supplies, pressure, items, students, spend, retail, millennial, parents, fight, overspend, school, shopping


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Amazon has ‘destroyed the retail industry’ so US should look into its practices, Mnuchin says

Treasury Secretary Steven Mnuchin said Wednesday the Justice Department is right to be looking into Amazon’s practices as part of its antitrust review of big technology companies. “I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box. ” “I think it’s very good that the attorney general is going to look into this. I think it’s an


Treasury Secretary Steven Mnuchin said Wednesday the Justice Department is right to be looking into Amazon’s practices as part of its antitrust review of big technology companies. “I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box. ” “I think it’s very good that the attorney general is going to look into this. I think it’s an
Amazon has ‘destroyed the retail industry’ so US should look into its practices, Mnuchin says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, amazon, technology, justice, mnuchin, looking, industry, look, retail, department, review, practices, destroyed, theyve, think


Amazon has 'destroyed the retail industry' so US should look into its practices, Mnuchin says

Treasury Secretary Steven Mnuchin said Wednesday the Justice Department is right to be looking into Amazon’s practices as part of its antitrust review of big technology companies.

“I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box. ”

“I think it’s very good that the attorney general is going to look into this. I think it’s an important issue and I look forward to him reporting back to the president and hearing his recommendations,” said Mnuchin.

The Justice Department said Tuesday it is opening a broad antitrust review of big technology companies, sending shares of Amazon, Alphabet and Facebook lower in off-hours trading. The DOJ said it is looking into how major online platforms have “achieved market power” and how their practices may have “reduced competition, stifled innovation, or otherwise harmed consumers.”


Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, amazon, technology, justice, mnuchin, looking, industry, look, retail, department, review, practices, destroyed, theyve, think


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Elizabeth Warren launched a new attack on private equity: Here’s how the downfall of Toys R Us got her there

Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years. For politicians seeking broad support, private equity has become an easy target. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers. But the debt load firms plac


Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years. For politicians seeking broad support, private equity has become an easy target. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers. But the debt load firms plac
Elizabeth Warren launched a new attack on private equity: Here’s how the downfall of Toys R Us got her there Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
Keywords: news, cnbc, companies, heres, downfall, attack, sen, presidential, warren, equity, launched, retail, elizabeth, companies, firms, retailers, industry, toys, private, debt


Elizabeth Warren launched a new attack on private equity: Here's how the downfall of Toys R Us got her there

Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years.

The attack was the latest shot at Big Business and its supporters since candidates Sen. Bernie Sanders, I-Vt., and Donald Trump whipped up populist fervor during the 2016 presidential campaign.

For politicians seeking broad support, private equity has become an easy target. The investment firms that do business by buying up companies and loading them with debt have been criticized for rewarding themselves with dividends while the businesses they own go under. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers.

Private equity’s hold on the retail industry solidified in the mid-2000s, when firms swarmed, lured in by a combination of low interest rates, recognizable brand names and the view that retailers’ steady cash flow would continue indefinitely.

But the debt load firms placed on those retailers left them hamstrung. When digital commerce permanently altered the retail industry, the companies had no capacity to make investments in technology and in their stores that were needed to compete against Amazon.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
Keywords: news, cnbc, companies, heres, downfall, attack, sen, presidential, warren, equity, launched, retail, elizabeth, companies, firms, retailers, industry, toys, private, debt


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