Global shares slip to one-month low after U.S. manufacturing shock - Yahoo Finance

Employees of the Tokyo Stock Exchange work at the bourse in Tokyo

By Hideyuki Sano

TOKYO (Reuters) - Global shares fell to one-month lows on Wednesday after U.S. manufacturing activity tumbled to more than a decade low, sparking worries that the fallout from the U.S.-China trade war is spreading to the U.S. economy.

A slowdown in U.S. economic growth would remove one of the few remaining bright spots in the global economy and come just as Europe is seen as close to falling into recession.

MSCI's gauge of stocks across the globe <.MIWD00000PUS>, covering 49 markets, dipped 0.06% to a low last seen in early September, after shedding 0.83% in the previous session.

European shares are expected to drop, with European stock futures <STXEc1> <FDXc1> <FFIc1> trading down 0.2%-0.4%.

In Asia, MSCI's ex-Japan Asia-Pacific shares index <.MIAPJ0000PUS> dropped 0.6%, with Australian shares <.AXJO> falling 1.3% and South Korean shares shedding 1.5%. Japan's Nikkei <.N225> slid 0.4%. China markets are closed for a one-week holiday.

Hong Kong's Hang Seng index <.HSI> was down 0.3% after a market holiday the previous day. The index fell as much as 1.2% in early trade. On Tuesday, Hong Kong police shot a teenage protester, the first to be hit by live ammunition in almost four months of unrest in the Chinese-ruled city.

Data on Hong Kong September retail sales is due later on Wednesday.

"Nothing other than a terrible number is conceivable here," ING chief Asia-Pacific economist Rob Carnell said in a note, adding that he was watching Hong Kong events "with a growing sense of despair."

Adding to tensions in Asia, North Korea carried out at least one more projectile launch on Wednesday, a day after it announced it will hold working-level talks with the United States at the weekend.

On Wall Street, the S&P 500 <.SPX> lost 1.23% to hit four-week lows.

Selling was triggered after the Institute for Supply Management's (ISM) index of factory activity, one of the most closely-watched data on U.S. manufacturing, dropped 1.3 points to 47.8, the lowest level since June 2009.

A reading below 50 indicates contraction in the manufacturing sector. Markets had been expecting the index to rise back above 50.

(GRAPHIC: U.S. manufacturing - https://fingfx.thomsonreuters.com/gfx/mkt/12/6830/6761/191002i.png)

The data came after euro zone manufacturing data showed the sharpest contraction in almost seven years.

"In terms of the outlook on manufacturing, U.S-China trade talks planned next week is everything. If that goes well, we could well see a V-shaped recovery in the ISM data in coming months," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

"That means we can't just bet on a further decline in the U.S. economy now. On the whole I don't think we need to change our view that the U.S. economy remains relatively solid," he added.

The poor data lifted the Fed funds rate futures price sharply, with the November contract <FFX9> now pricing in about an 80% chance the U.S. Federal Reserve will cut interest rates on Oct. 30, compared to just over 50% before the data.

U.S. President Donald Trump once again lashed out at the Federal Reserve on Tuesday, saying the central bank has kept interest rates "too high" and that a strong dollar is hurting U.S. factories.

It is another question, however, whether the Fed will cut interest rates as hastily as Trump, and financial markets, want.

"We don't think the Fed will cut rates this month. The Fed will probably want to cut rates in December, looking at the strength of the economy around that time when new tariffs on China will set in," said Toshifumi Umezawa, strategist at Pictet Asset Management.

"Given divides in opinion among Fed policy makers, it will be difficult to come to the conclusion by this month," he added.

Just on Tuesday, Chicago Fed President Charles Evans said the Fed can keep rates for now and there is scope to raise rates slightly over the next few years if the economy continues to grow.

In the currency market, the U.S. dollar slipped from Tuesday's two-year high against a basket of currencies as the ISM survey shook the notion that the U.S. economy will withstand the trade war.

The yen rose to 107.85 yen per dollar <JPY=>, from Tuesday's low of 108.47.

The euro stood at $1.0933 <EUR=>, having bounced off a near 2 1/2-year low of $1.0879 hit on Tuesday.

The Australian dollar fetched $0.6713 <AUD=D4>, having hit a 10 1/2-year low of $0.6672 the previous day after the Reserve Bank of Australia cut interest rates and expressed concern about job growth.

Gold rose to $1,479.80 per ounce <XAU=> from a two-month low of $1,459.50 hit on Tuesday on the back of a robust U.S. dollar.

The weak U.S. data pushed oil prices to near one-month lows, although a surprise drop in U.S. crude inventories helped them to recoil in Asia.

Brent crude <LCOc1> futures rose 0.9% to $59.42 a barrel, after hitting a four-week low of $58.41 on Tuesday, while U.S. West Texas Intermediate (WTI) crude <CLc1> gained 1.4% to $54.36 per barrel after hitting a one-month low of $53.05.

(Reporting by Hideyuki Sano; additional reporting by Noah Sin in Hong Kong, editing by Richard Borsuk and Richard Pullin)

Let's block ads! (Why?)

https://finance.yahoo.com/news/global-shares-one-month-low-011014683.html

2019-10-02 06:00:00Z
CBMiSWh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9nbG9iYWwtc2hhcmVzLW9uZS1tb250aC1sb3ctMDExMDE0NjgzLmh0bWzSAVFodHRwczovL2ZpbmFuY2UueWFob28uY29tL2FtcGh0bWwvbmV3cy9nbG9iYWwtc2hhcmVzLW9uZS1tb250aC1sb3ctMDExMDE0NjgzLmh0bWw

Here's a map of the Forever 21 stores that could close by the end of the year - CNBC

Forever 21 on Tuesday released a list of the nearly 180 locations it could potentially close as part of its bankruptcy proceedings.

When the apparel retailer filed for bankruptcy on Sunday evening, it said it had 549 stores in the U.S. and 251 locations internationally. The planned closures represent about a third of Forever 21's entire fleet of stores in the U.S.

A company spokesperson said the restructuring "will focus on maximizing the value of our U.S. footprint and shuttering certain international locations."

The list, filed in court documents, said the company doesn't necessarily expect to close all of these locations, as talks with landlords are still ongoing to try to renegotiate leases and rents. But the 178 stores listed in this map are some of Forever 21's most unprofitable, and it expects the stores will close if no further deals are reached. (See the full list below.)

If deals are reached, the company says it will remove the sites from its current store closure list and file a new list.

"We do ... expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.," a Forever 21 spokesperson said.

Liquidation sales are expected to be completed by the end of this year at the sites selected to be vacated. The company said it expects the inventory tied up at these stores is about $80 million.

CNBC reported on Monday how much the Forever 21 closures could impact U.S. mall owners. For many publicly traded mall owners, Forever 21 has been a top tenant. And in some instances, Forever 21 stores span more than 100,000 square feet, as the apparel retailer had a strategy of acquiring vacant department store space at one point to try to scale.

The store closure list released on Tuesday includes the Forever 21 store at the World Trade Center, owned by Unibail-Rodamco-Westfield, in New York. It has 18 locations owned by Westfield in total.

There are 16 Macerich locations on the list.

The list has 10 locations owned by Taubman, including its store at Beverly Center in Los Angeles. It has nine Tanger locations, which are in outlet centers. It has seven CBL locations and six Pennsylvania REIT locations.

None of these landlords were immediately available to respond to CNBC's requests for comment.

Notably with only one location on this list is Simon Property Group, the largest mall owner in the U.S. and also one of Forever 21's biggest unsecured creditors, along with Brookfield Retail Partners. There are eight Brookfield stores on the list.

Also on the store closure list are Forever 21's stores in SoHo in New York and at the Mall of America.

"It's common practice for retailers in Chapter 11 to have a large pool of stores to close, but to then use that list to negotiate lower rents," said Bill Read, executive vice president of leasing, acquisitions and business development at Birmingham, Alabama-based Retail Specialists. "If they don't get help, they close. Today's landlords are fairly sophisticated and know how to play this game. ... They have had a lot of practice lately."

Here is the list of Forever 21 stores set to close, listed by store name and sorted by state:

1. Dimond Center; 800 E. Dimond Blvd. #199, Anchorage, AK 99515
2. Tanger Outlets Foley; 2601 S McKenzie St, Foley, AL 36535
3. Outlet Shops Of Grand River; 6200 Grand River Blvd., Suite 646, Leeds, AL 35094
4. Mariposa Mall (F21 RED); 250 West Maripose Road, Nogales, AZ 85621
5. Arrowhead Towne Center; 7650 West Arrowhead Towne Center, Glendale, AZ 85308
6. Scottsdale Fashion Square; 7014 E. Camelback Rd., #2433, Scottsdale, AZ 85251
7. Solano; 1451 Gateway Blvd, Fairfield, CA 94533
8. Fresno Fashion Fair; 755 East Shaw Ave., Fresno, CA 93710
9. Tustin Marketplace (F21 RED); 2856 El Camino Real, Tustin, CA 92782
10. Del Monte Shopping Ctr; 1500 Del Monte, Monterey, CA 93940
11. Palladio; 410 Palladio Pkwy., Space 1941, Folsom, CA 95630
12. Glendale Galleria; 100 W. Broadway Ste E005, Glendale, CA 91210
13. The Americana at Brand; 899 Americana Way, Glendale, CA 91210
14. The River at Rancho Mirage; 71800 Highway 111 Suite #B19, Rancho Mirage, CA
15. Chico Mall; 1960 East 20th St., Chico, CA 95928
16. Hollywood & Highland; 6801 Hollywood Blvd. #1C-134, Los Angeles, CA 90028
17. The Plant (F21 RED); 7888-2 Van Nuys Blvd., Van Nuys, CA 91402
18. The Shops @ Tanforan; 1150 El Camino Real Ste 348, San Bruno, CA 94066
19. 2 Stockton Street (SF, CA); 2 Stockton Street, San Francisco, CA 94102
20. Anaheim Plaza; 500 N. Euclid Street, Anaheim, CA 92801
21. Vintage Faire; 3401 Dale Rd., #200, Modesto, CA 95356
22. Lakewood Center Mall; 326 Lakewood Center Mall, Lakewood, CA 90712
23. Inland Center; 200 Inland Dr., San Bernardino, CA 92408
24. The Oaks; 350 W. Hillcrest Drive, Thousand Oaks, CA 91360
25. Pacific View Ventura Mall; 3301 - 1 E Main St. #1260, Ventura, CA 93003
26. Northgate Mall; 5800 Northgate Mall #043, San Rafael, CA 94903
27. 901 State St.; 901 State Street, Santa Barbara, CA 93101
28. Galleria at Tyler; 3700 Galleria at Tyler Mall, Riverside, CA 92503
29. Pasadena; 35 N. De Lacey Ave., Pasadena, CA 91103
30. The Galleria @ South Bay; 1815 Hawthorne Blvd, Ste 188, Redondo Beach, CA
31. Hillsdale Shopping Center; 396 Hillsdale Shopping Center, San Mateo, CA 94403
32. Parkway Plz; 415 Parkway Plaza #357, El Cajon, CA 92020
33. Northridge Mall; 400 Northridge Drive, Suite #D01, Salinas, CA 93906
34. Beverly Center; 8500 Beverly Blvd., Ste 835, Los Angeles, CA 90048
35. Sun Valley; 329 Sun Valley Mall, Suite #121, Concord, CA 94520
36. Fashion Island; 1101 Newport Center Drive, Newport Beach, CA 92660
37. Valencia Town Center; 24201 W. Valencia Blvd. #139, Valencia, CA 91355
38. Santa Anita; 400 South Baldwin Ave, Arcadia, CA 91007
39. Galleria @ Roseville; 1173 Galleria Blvd,. #P107, Roseville, CA 95678
40. Oakridge Mall; 925 Blossom Hill Road, #X-15, San Jose, CA 95123
41. Mission Valley; 1640 Camino Del Rio, San Diego, CA 92108
42. Sherman Oaks Fashion Square; 14006 Riverside Drive, Space #244, Sherman Oaks, CA
43. University Town Center; 4545 La Jolla Village Drive Suite #H10, San Diego, CA
44. Westfield Culver City; 6000 Sepulveda Blvd., Space #1450, Culver City, CA 90230
45. Westfield Topanga Plaza; 6600 Topanga Canyon Blvd, Space #60, Canoga Park, CA
46. Garden State Plaza; 1 Garden State Plaza, Space #1006, Los Angeles, CA 07652
47. Tulare Outlet Center; 1695 Rutherford Street, Space A010, Tulare, CA 93274
48. Denver Pavillions; 500 16th St Ste 178, Denver, CO 80202
49. Flatiron Crossing; 51 West Flat Iron Crossing Dr., #ANC04, Broomfield, CO
50. Orchard Town Center; 14694 Orchard Pkwy, #300, Westminster, CO 80023
51. Danbury Fair Mall; 7 Backus Ave. #M100, Danbury, CT 06810
52. Foxwoods Outlets; 455 Trolley Line Blvd. Suite 170, Mashantucket, CT 06338
53. Stamford Town Center; 100 Greyrock Place, Space #D-101 and #D-203, Stamford, CT
54. Meriden Square Mall; 470 Lewis Avenue, Space 50, Meriden, CT 06450
55. Shops at Georgetown Park; 3222 M Street, NW, Washington, DC 20007
56. Woodies Building; 1025 F Street NW, Suite #200, Washington, DC 20004
57. Rehoboth III Outlet Center; 36504 Seaside Outlet Drive, Suite 1200, Rehoboth Beach,
58. The Shops @ Wiregrass; 28210 Paseo Drive, Unit #190, Building No. Two,
59. Altamonte Springs Mall; 451 E Altamonte Drive #2329, Altamonte Springs, FL 32701
60. Pembroke Pines; 11401 Pines Blvd, Pembroke, FL 33026
61. 701 Lincoln Road; 701 Lincoln Road, Miami Beach, FL 33139
62. The Mall at Millenia; 4200 Conroy Rd Ste #206, Orlando, FL 32839
63. The Gardens; 3101 PGA Blvd., Suite C107, Palm Beach Gardens, FL
64. International; 2223 North Westshore Blvd Suite 2000, Tampa, FL 33607
65. Destin Commons; 4224 Legendary Dr., Suite #F- 94, Destin, FL 32541
66. Stonecrest; 2929 Turner Hill Road N.E #2460, Lithonia, GA 30038
67. Savannah Outlets; 200 Tanger Outlets Blvd. Ste. 191, Pooler, GA 31322
68. Guam Premier Outlets; 199 Chalan San Antonio Suite 200, Guam, Guam 96913
69. Ka Makana Alii (F21 RED); 91-5431 Kapolei Parkway, Ste. 712, Kapolei, HI 96707
70. Kaahumanu Center; 275 W. Kaahumanu Ave., #1034, Kahului, HI 96732
71. Royal Hawaiian; 2301 Kalakaua Ave., Ste #209, Honolulu, HI 96815
72. Pearlridge Shopping Center; 98-1005 Moanalua Road, Ste #231, Aiea, HI 96701
73. Outlets of Des Moines; 801 Bass Pro Drive NW, Space #120, Altoona, IA 50009
74. Lincoln Park; 865 W. North Ave., Chicago, IL 60642
75. Kildeer Village Square (F21 RED); 20393 N. Rand Road, Ste 126, Kildeer, IL 60074
76. Water Tower Place; 835 N Michigan Avenue, Chicago, IL 60611
77. 10 South State Street; 10 South State Street, Chicago, IL 60603
78. Geneva Commons; 122 Commons Dr, Geneva, IL 60134
79. Yorktown Center; 300 Yorktown Center, Lombard, IL 60148
80. Forest Plaza (F21 RED); 6363 E State St. Space XF, Rockford, IL 61108
81. Old Orchard; 4999 Old Orchard Center #J6, Skokie, IL 60077
82. Eastland Mall; 800 N. Green River Road, Space #318A, Evansville, IN
83. Shops At Perry Crossing (F21 RED); 2539 Perry Crossing Way, Ste. 100, Plainfield, IN 46168
84. Clay Terrace (F21 RED); 14550 Clay Terrace Blvd., Carmel, IN 46032
85. The Legend at Village West; 1817 Village West Parkway, Suite #F101, Kansas City, KS
86. Lake Charles (F21 RED); 3401 Derek Dr., Lake Charles, LA 70607
87. Juban Crossing (F21 RED); 27853 Juban Rd., Denham Springs, LA 70726
88. Mall of Acadiana; 5725 Johnston St, Space #D-164, Lafayette, LA 70503
89. 449 Washington Street; 459 Washington Street, Boston, MA 02108
90. South Bay Center (F21 RED); 21-39 District Avenue # 39, Boston, MA 02125
91. 343 Newbury Street; 343 Newbury St., Boston, MA 02115
92. Towson Town Center; 825 Dulaney Valley rd., Space #3025, Towson, MD 21204
93. Ellsworth Place (F21 RED); 8661 Colesville Rd., Silver Spring, MD 20910
94. Tanger Ocean City; 12741 Ocean Gateway, Ocean City, Ocean City, MD
95. Montgomery Mall; 7101 Democracy Blvd, Space 1252, Bethesda, MD 20817
96. Wheaton Mall; 11160 Veirs Mills Road, Silver Spring, MD 20902
97. Macomb Mall; 32233 Gratiot Ave, Roseville, MI 48066
98. Woodland Mall; 3195 28th St. SE, Grand Rapids, MI 49512
99. Tanger Grand Rapids; 350 84th St SW, #480, Byron Center, MI 49315
100. Twelve Oaks Mall; 27434 Novi Road, Novi, MI 48377
101. Great Lakes Crossing; 4160 Baldwin Road Space #426, Auburn Hills, MI 48326
102. Mall of America; 238 South Avenue #S230, Bloomington, MN 55245
103. West County Center; 9 West County Center, Des Peres, MO 63131
104. Summit Fair; 840 NW Blue Parkway, K-101, Lee's Summit, MO
105. Country Club Plaza; 111 Nichols Road, Kansas City, MO 64112
106. Crossroads Center (F21 RED); 15140 Crossroads Parkway, Gulfport, MS 39503
107. Cross Creek Mall; 425 Cross Creek Mall #TA-04, Fayetteville, NC 28303
108. Asheville Outlets; 800 Brevard Road, Ste. 824, Asheville, NC 28806
109. Northlake Mall; 9801 Northlake Mall Drive Space #201, Charlotte, NC
110. Deptford Mall; 1750 Deptford Center Rd, Space #2111, Deptford, NJ
111. Hamilton Mall; 4403 Black Horse Pike, Mays Landing, NJ 08330
112. Hanover Commons (F21 RED); 200-240 Route 10 West Space 6-9, East Hanover, NJ 07936
113. Cherry Hill Mall; 2000 Route 38 #1175, Cherry Hill, NJ 08002
114. Short Hills; 1200 Morris Turnpike, Space D123, Short Hills, NJ 07078
115. Brunswick Square; 755 State Route 18 #190C, East Brunswick, NJ 08816
116. Santa Fe Place (F21 RED); 4250 Cerrillos Rd. #1030, Santa Fe, NM 87507
117. The Summit; 13925 S. Virginia Street, Reno, NV 89511
118. 490 Fulton St (F21 RED); 490 Fulton Street, Brooklyn, NY 11201
119. Soho; 568 Broadway, New York, NY 10012
120. Woodbury Centre (F21 RED); 37 Centre Drive, Unit 010, Central Valley, NY 10917
121. Fashion Outlets of Niagara Falls; 1965 Fashion Blvd. Suite 238, Niagara Falls, NY 14304
122. Atlas Park; 80-40 Cooper Ave., Suite #4-002, Glendale, NY 11385
123. Kings Plaza Mall; 5301 Kings Plaza #210, Brooklyn, NY 11234
124. White Plains Galleria; 100 Main St., Ste 221, White Plains, NY 10601
125. Crossgates Mall; One Crossgates Mall Road, #99x06, Albany, NY 12203
126. Sangertown Square; 8555 Seneca Turnpike, Space # D06, New Hartford, NY
127. Gallera at Crystal Run; 1 Galleria Dr., Space #D207, Middletown, NY 10941
128. Destiny USA; 1 Destiny USA Drive Space #99X01, Syracuse, NY 13204
129. Roosevelt Field; 630 Old Country Road # 2041 A, Garden City, NY 11530
130. Tanger Deerpark; 152 The Arches Cir Suite 924, Deer Park, NY 11729
131. Oakdale Mall (F21 RED); 601-635 Harry L Drive Ste. 41, Johnson City, NY 13790
132. Jefferson Valley; 650 Lee Blvd. #D118, Yorktown Heights, NY 10598
133. Sunrise Mall; 1107 Sunrise Mall, Massapequa, NY 11758
134. World Trade Center; 185 Greenwich St., Ste. LL4435, New York, NY 10007
135. The Mall At Greece Ridge (F21 RED); 208 Greece Ridge Center Drive, Rochester, NY 14626
136. Kenwood Center; 7875 Montgomery Rd, #2435, Cincinnati, OH 45236
137. Eastwood Mall; 5555 Youngstown Warren Road, Suite #412, Niles, OH
138. Liberty Center; 7530 Bales St. Space A-130, Liberty Township, OH 45069
139. Tanger Jeffersonville; 8000 Factory Shops Blvd. #845, Jeffersonville, OH
140. Dayton Mall; 2700 Miamisburg-Centerville, Space # 300, Dayton, OH
141. Valley River Center; 222 Valley River Center, Eugene, OR 97401
142. Monroeville Mall; 266 Monroeville Mall, Suite 226, Monroeville, PA 15146
143. Millcreek Mall; 5800 Peach St. Unit #450, Erie, PA 16565
144. Willow Grove Park; 2500 Moreland Rd, Ste 2001, Willow Grove, PA 19090
145. 1708 Chestnut Street; 1708 Chestnut Street, Philadelphia, PA 19103
146. Plymouth Meeting; 500 W. Germantown Pike, Space 1355, Plymouth
147. Plaza Del Caribe; 2050 Ponce By Pass Suire #112, Ponce, PR 00717
148. Manolia; 2701 David H. McLeod Blvd., Space #1316, Florence, SC
149. Tanger Outlets Charleston; 4840 Tanger Outlet Blvd, North Charleston, SC 29418
150. Cool Springs Galleria; 1800 Galleria Blvd, Ste #2520, Franklin, TN 37067
151. Hamilton Place; 2100 Hamilton Place Blvd., Chattanooga, TN 37421
152. Stonebriar Centre; 2601 Preston Road, Space #2148, Frisco, TX 75034
153. Glade Parks (F21 RED); 1210 Chisholm Trail, Ste. 100, Euless, TX 76039
154. Mall De Las Aguilas (F21 RED); 455 Farm-to-Market Rd. 375, Eagle Pass, TX 78852
155. Westgate Mall (F21 RED); 7701 West Interstate 40, Ste. 542, Amarillo, TX 79121
156. Village at Cumberland Park (F21 RED); 8934 S. Broadway Ave. Ste. 448, Tyler, TX 75703
157. Central Texas Marketplace (F21 RED); 2408 W Loop 340, Waco, TX 76711
158. Willow Bend; 6121 W. Park Blvd, Ste B121 & B214, Plano, TX 75093
159. Tanger Forth Worth; 15829 North Freeway, #110, Forth Worth, TX 76177
160. La Palmera; 5488 S. Padre Island Dr., Corpus Christi, TX 78411
161. South Towne Center; 10450 South State St., Suite #2300, Sandy, UT 84070
162. Tanger Park City; 6699 N. Landmark Dr. Space #L150, Park City, UT 84098
163. City Creek Center; 51 S. Main St., Suite 162, Salt Lake City, UT 84101
164. Regency Square; 1404 N. Parham Rd. #1124A, Richmond, VA 23229
165. Manassas; 8300 Suoleu Road Space #031, Manassas, VA 20109
166. Macarthur; 300 Monticello Ave., Suite #255, Norfolk, VA 23510
167. Fair Oaks; 11750 Fair Oaks #H227, Fairfax, VA 22033
168. Trails At Silverdale (F21 RED); 11467 Pacific Crest Place NW, Suite C100, Silverdale, WA
169. Valley Mall (F21 RED); 2529 Main Street, Ste. 128, Union Gap, WA 98903
170. 601 Pine Street; 601 Pine St., Seattle, WA 98101
171. Bellevue Square; 248 Bellevue Square, Bellevue, WA 98004
172. Outlet Collection of Seattle; 1101 Outlet Collection Way, Space 319, Auburn, WA
173. Southcenter Mall; 836 Southcenter Mall, Tukwila, WA 98188
174. Southcenter Mall; 467 Southcenter Mall #1545, Tukwila, WA 91811
175. Mayfair Mall; 2500 Mayfair Road #0208, Wauwatosa, WI 53226
176. West Towne Mall; 229 West Towne Mall #E16, Madison, WI 53719
177. Morgantown Mall; 9311 Mall Rd, Morgantown, WV 26505
178. Huntington Mall (F21 RED); 500 Mall Rd. Suite 603, Barboursville, WV 25504

— CNBC's Lauren Hirsch contributed to this reporting.

Let's block ads! (Why?)

https://www.cnbc.com/2019/10/01/heres-a-map-of-the-forever-21-stores-set-to-close.html

2019-10-01 19:39:12Z
52780398469925

Ford expects to book Q3 impairment charges of up to $900 million on India fixed assets - MarketWatch

Ford Motor Co. F, +0.88% said Tuesday it expects to book an impairment charge of $800 million to $900 million related to fixed assets in its India Automotive operations. The charge is required based on held-for-sale impairment testing conducted in connection with the pending sale of assets to a joint venture in India that Ford is creating with Mahindra & Mahindra Ltd. 500520, +1.71%, the company said in a regulatory filing. The charge will not result in cash expenditures, said the filing. Ford said it still expects about $11 billion in potential EBIT (earnings before interest and taxes) charges for a global overhaul of its operations, with a negative cash effect of about $7 billion. Shares were not active premarket, but have gained 19.7% in 2019, while the S&P 500 SPX, +0.50% has gained 18.7%.

Let's block ads! (Why?)

https://www.marketwatch.com/story/ford-expects-to-book-q3-impairment-charges-of-up-to-900-million-on-india-fixed-assets-2019-10-01

2019-10-01 11:25:00Z
52780398609546

Credit Suisse COO Resigns Over Surveillance Scandal - The Wall Street Journal

The surveillance of a former employee triggered a scandal for Credit Suisse. Photo: Stephen Kelly/Bloomberg News

By

Jenny Strasburg and

Jenny Strasburg
The Wall Street Journal
• Biography
• @jennystrasburg
• jenny.strasburg@wsj.com

Margot Patrick

Margot Patrick
The Wall Street Journal
• Biography
• @margotpatrick
• margot.patrick@wsj.com

Updated Oct. 1, 2019 3:32 am ET

Credit Suisse Group AG Chief Operating Officer Pierre-Olivier Bouée resigned after an internal probe found he ordered the surveillance of the bank’s former wealth-management chief by private investigators without discussing it with Chief Executive Tidjane Thiam or other senior bank officials.

His decision set off a scandal that has enveloped the bank for the past two weeks, triggering an internal investigation at Credit Suisse and dealing Mr. Thiam one of the more unusual challenges he has faced at the bank.

The resignation of Mr. Bouée, part of Mr. Thiam’s inner circle of senior management, is effective immediately, the Swiss bank said Tuesday as it announced the findings of its probe.

“The board of directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank,” it said.

The internal investigation, carried out by Swiss law firm Homburger, found that the operating chief ordered the bank’s head of global security services to start the observation of Mr. Khan.

Related

• Consultant Linked to Surveillance of Former Credit Suisse Executive Reported Dead (Sept. 30)
• He Quit Credit Suisse. Then He Caught the Bank’s Spy. (Sept. 27)

The bank said Mr. Bouée made the surveillance decision alone, without discussing it with Mr. Thiam or other board members.

“The Homburger investigation did not identify any indication that the CEO had approved the observation of Iqbal Khan nor that he was aware of it prior to Sept. 18, 2019, after the observation had been aborted,” the bank said in a statement.

Questions about whether the botched surveillance would threaten Mr. Thiam’s position as CEO should be settled, Chairman Urs Rohner said Tuesday. He said the board was confident from the investigation that Mr. Thiam played no role in the embarrassing events, based on interviews and a review of private communications.

No evidence was found suggesting that Mr. Khan tried to poach employees or clients, it said. The bank’s head of global security services also resigned.

Mr. Bouée will be replaced as operating chief by James Walker, who has held several roles at the bank including finance chief of its U.S. subsidiaries.

Mr. Khan has joined Swiss bank UBS Group AG, where he is scheduled to start work Tuesday. Mr. Khan negotiated the unusually short so-called gardening leave with Mr. Rohner, also without the involvement of Mr. Thiam, The Wall Street Journal reported previously, citing people familiar with the matter.

Newsletter Sign-up

On Sept. 17 in Zurich, Mr. Khan spotted an investigator following him and went to take photos of the investigator and his car, according to people familiar with the events. Mr. Khan filed a complaint with police, and Zurich prosecutors last week said “temporary arrests” had been made as part of the resulting probe. Prosecutors said they opened a criminal investigation into possible assault and threat based on Mr. Khan’s complaint.

A consultant who helped the bank hire investigators to trail Mr. Khan died in an apparent suicide last week, a lawyer in Switzerland said Monday.

Credit Suisse directors confirmed his death and expressed their condolences at a press conference Tuesday.

Despite the bank’s shares losing about half their value since Mr. Thiam took over in 2015, big shareholders have largely welcomed his restructuring moves. He quickly ramped up Credit Suisse’s focus on selling investment and trading products to ultrawealthy clients. He promoted Mr. Khan, hired in 2013 as the finance chief of the wealth management arm, to run the bulk of that business internationally.

The relationship between Messrs. Thiam and Khan deteriorated noticeably over time, people who know them said. The Journal and other outlets reported in recent days about tensions between the two men, especially in the past year, stoked in part by Mr. Khan’s rising ambitions.

They flared close to home, too: In a tony neighborhood overlooking Lake Zurich, Mr. Khan and his family redeveloped a house next to Mr. Thiam’s. The two exchanged heated words at a party in January this year at Mr. Thiam’s house, after Mr. Khan raised concerns with Mr. Thiam’s girlfriend about trees on the Thiam property, according to people familiar with the matter.

Mr. Khan later had conversations with rival banks, including smaller rival Julius Baer Group Ltd., about leaving Credit Suisse for another job, stoking perceptions inside Credit Suisse that he wanted more power or could be looking to leave, people familiar with the matter said.

Credit Suisse on July 1 said Mr. Khan would leave the bank to pursue his career elsewhere. In a statement, Mr. Thiam wished him well. In late August, UBS named him co-head of wealth management.

Investigo, a small Zurich detective firm, in a statement provided to Credit Suisse and Swiss authorities last week said the firm’s mandate was to follow Mr. Khan at a distance and take pictures of people he met with.

—Pietro Lombardi contributed to this article.

Write to Jenny Strasburg at jenny.strasburg@wsj.com and Margot Patrick at margot.patrick@wsj.com

Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Let's block ads! (Why?)

https://www.wsj.com/articles/credit-suisse-coo-resigns-over-surveillance-scandal-11569908569

2019-10-01 05:42:00Z
52780396584842

Credit Suisse clears CEO in spying probe, COO Bouee to go - CNBC

A Swiss flag flies over a sign of Swiss bank Credit Suisse on May 8, 2014 in Bern.

FABRICE COFFRINI | AFP | Getty Images

Credit Suisse on Tuesday cleared Chief Executive Tidjane Thiam in an internal investigation into the botched surveillance of the bank's former wealth management head Iqbal Khan in a probe that cost Thiam's right-hand man his job.

Chief Operating Officer Pierre-Olivier Bouee resigned after the investigation by the Homburger law firm found he alone initiated observation of Khan, who abruptly left in July and later joined arch-rival UBS.

"The Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank," Switzerland's second-biggest bank said in a statement.

"The Homburger investigation did not identify any indication that the CEO had approved the observation of Iqbal Khan nor that he was aware of it prior to September 18, 2019, after the observation had been aborted," the bank said.

Two big shareholders had said they wanted Tidjane, architect of a sweeping three-year revamp at the bank he joined in 2015, to stay unless it was shown he broke the law.

Credit Suisse launched the enquiry to find out the circumstances that led to a confrontation in Zurich on Sept. 17 between Khan and private detectives that Credit Suisse had hired to tail him. 

"Neither the Homburger investigation nor the observation of Iqbal Khan identified any evidence that Iqbal Khan had attempted to poach employees or clients away from Credit Suisse, contrary to his contractual obligations," it said.

Let's block ads! (Why?)

https://www.cnbc.com/2019/10/01/credit-suisse-clears-ceo-in-spying-probe-coo-bouee-to-go.html

2019-10-01 05:34:11Z
52780396584842

Volkswagen: Germany's first mass lawsuit begins - BBC News

Germany's first mass lawsuit begins as 450,000 owners of diesel Volkswagen cars take on the company.

They argue they are owed compensation for being sold cars based on misleading emissions data.

The scandal has already cost VW €30bn (£26.6bn).

It has faced class action claims in the US and Australia, but this is the first time Germans could pursue group claims since the law was changed last year.

This trial will settle points of law and the claimants will later be able to file follow-up claims for compensation if they are successful.

The trial, at Braunschweig Higher Regional Court, about 20 miles from VW's Wolfsburg head office, is likely to last years, however.

Part of VW's settlements so far include a deal to buy back 500,000 cars in the US, where it has agreed to pay more than $25bn (£20bn).

In Australia the company will pay 127 million Australian dollars (£70m) to compensate owners, paying them A$1,400 apiece.

Last week it emerged that three current and former Volkswagen executives were charged with market manipulation in connection with the diesel emissions scandal.

Chief executive Herbert Diess, chairman Hans Dieter Pötsch and ex-boss Martin Winterkorn, did not inform investors early enough about the financial fallout, German prosecutors allege.

In 2015, the firm admitted using illegal software to cheat on emissions tests. VW said it was confident those allegations would prove groundless.

This may be a landmark lawsuit - and in terms of the sheer number of claimants, it's certainly attention grabbing. But it may not be the biggest concern for Volkswagen right now.

Unless there is a settlement, the legal process is likely to take take years - VW expects it to take at least four. Even if they win, car owners will have to go back to court to get compensation.

Meanwhile, VW's chairman and chief executive are both fighting criminal charges for alleged market manipulation linked to the diesel scandal.

Volkswagen itself is facing the possibility of hefty fines from the EU, after being accused of colluding with other manufacturers to delay the introduction of emissions control technology.

It's safe to say its lawyers are already keeping pretty busy at the moment. And in the meantime, the company is trying to turn itself into a leader in the market for electric cars.

Against that background, the group lawsuit may seem for the moment like just another irritation.

Let's block ads! (Why?)

https://www.bbc.com/news/business-49878247

2019-09-30 10:16:57Z
CBMiKmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy00OTg3ODI0N9IBLmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9hbXAvYnVzaW5lc3MtNDk4NzgyNDc

Asian shares mostly flat, Japan hurt by Sino-U.S. tensions - Investing.com

By Hideyuki Sano and Vidya Ranganathan

TOKYO/SINGAPORE (Reuters) - Asian stock markets, including China's, were little changed on Monday, shrugging off news that the U.S. administration is considering delisting Chinese companies from U.S. stock exchanges.

MSCI's broadest index of Asia-Pacific shares outside Japan () was flat, while China's Shanghai stock index () slipped 0.1%, barely responding to any of the concerns around the latest Sino-U.S. tensions that caused the Nasdaq index () to fall more than 1% on Friday.

European shares were seen struggling when they open for trading. Pan-European Euro Stoxx 50 futures () were down 0.11%, German DAX futures () down 0.08% and futures () 0.16% lower.

Risk assets took a hit in U.S. trade on Friday following news the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from U.S. stock exchanges.

The report knocked Chinese shares listed on U.S. exchanges, with Alibaba Group Holding (N:) falling 5.15% and JD.com (O:) 5.95% on Friday.

Worries such an escalation would hurt Japan the most weighed on the Nikkei (), which shed 0.9%. U.S. stock futures () gained 0.35%, paring most of Friday's 0.53% fall in the index.

Trading in Chinese markets was quiet ahead of a long break. Chinese share markets will trade only on Monday this week ahead of the country's National Day holiday, which runs until Oct. 7.

There were mixed signals from China's manufacturing surveys on Monday, which showed sustained weakness in exports and surprising improvement in domestic consumption indicators, and a Chinese central bank statement briefly hinting at plans for more stimulative policies.

China's yuan was little moved at 7.1260 yuan per dollar, while the rallied a bit from Friday's three-week low of 7.1520.

The delisting of Chinese companies from U.S. stock exchanges was part of a broader effort to limit U.S. investment in Chinese companies, two sources briefed on the matter told Reuters.

A U.S. Treasury official said the United States does not currently plan to stop Chinese companies from listing on U.S. exchanges, Bloomberg reported on Saturday.

"While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting.

"Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said.

Still, with trade talks between the United States and China expected to be held Oct. 10-11, many market players are hoping such drastic measures on capital markets will be avoided.

"At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale (PA:).

U.S. data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on.

Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war.

Investors are also keeping a wary eye on U.S. politics.

U.S. House Speaker Nancy Pelosi said public opinion is now on the side of an impeachment inquiry against Trump following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy.

Major currencies were little changed, with the yen trading slightly firmer at 107.75 yen .

The euro hovered around $1.0932 (), having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency.

Sterling traded at $1.23 , not far from Friday's low of $1.2270, its lowest since Sept. 9.

Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on Oct. 31.

Oil prices dipped but stayed off last week's lows.

Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes" aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran.

But Crown Prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the Sept. 14 attacks on the kingdom's oil facilities were an act of war by Iran.

Brent crude () futures fell 0.36% to $61.64 a barrel while U.S. West Texas Intermediate (WTI) crude () fell 0.14% to $55.83 per barrel.

(This story corrects headline and first paragraph to Asia shares 'mostly flat' (not 'edge lower') and in 2nd paragraph the MSCI Asia-ex-Japan index to flat (not down 0.55%)

Let's block ads! (Why?)

https://www.investing.com/news/stock-market-news/asian-shares-mostly-flat-japan-hurt-by-sinous-tensions-1988652

2019-09-30 06:35:00Z
CBMib2h0dHBzOi8vd3d3LmludmVzdGluZy5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy9hc2lhbi1zaGFyZXMtbW9zdGx5LWZsYXQtamFwYW4taHVydC1ieS1zaW5vdXMtdGVuc2lvbnMtMTk4ODY1MtIBAA