Sears Holdings said Thursday it will be closing 72 more stores in 2018 as its sales continue to erode, dropping more than 30 percent year-over-year in the first quarter. The retailer said it has identified 100 non-profitable stores, and will begin closing sales at 72 of these stores in the near future. “We continue to […]
Read morePresident Donald Trump is preparing to impose a total ban on German luxury carmakers from the U.S. market, according to an exclusive report by German magazine WirtschaftsWoche. Citing several unnamed U.S. and European diplomats, the weekly business magazine reported that Trump told French President Emmanuel Macron last month he would maintain his trade policy with […]
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HERE we go again. Financial markets don’t much like uncertainty. Thanks to Italy’s politicians, in recent days they have had plenty. By May 30th some calm had returned: it seemed possible that a pair of populist parties, the Five Star Movement and the Northern League, would form a government after all (see article). Markets had […]
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Spain could be next for political disarray after Italy roils global markets
Spain is the next country set to test the resilience of southern Europe, after recent political convulsions in Italy battered global financial markets. Unlike Rome’s power struggle, where markets were fearful a fresh election could be framed as a de facto referendum on Italy’s role in Europe, Spain’s political drama hinges on a no-confidence vote […]
Read moreAn Alibaba co-founder alleged on Wednesday that many Americans want to stop China from upgrading its technology and from becoming more innovative. Joe Tsai, who co-founded the tech juggernaut and is an executive vice president there, made that claim at a conference in California in response to a U.S. senator saying earlier at the event […]
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City regulations on Airbnb rentals are 'punitive' to ordinary people, co-founder says
Home-sharing platform Airbnb has been increasingly under fire from city authorities attempting to limit residential rentals through the online marketplace. Arguing in the company’s defense this week, Airbnb co-founder and Chief Technology Officer (CTO) Nathan Blecharczyk told CNBC in Paris that this is largely a result of “misinformation” and hurts ordinary people. Varying local regulations, […]
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Italy's new crisis will be 'too much' for Europe to handle, Latvia's finance minister warns
Italy’s political turmoil could hit the continent harder than the Greek financial crisis and the Brexit vote, according to the finance minister of Latvia. A week of political turbulence in Italy saw dramatic repricing of the country’s assets and has triggered fears of market contagion across the entirety of Europe. Asked during a panel discussion […]
Read moreEuropean stocks are set to open higher Thursday morning, as elevated concerns over Italy’s deepening political crisis showed signs of abating. The FTSE 100 is seen 32 points higher at 7,693; the CAC is expected to open up around 21 points at 5,429 while the DAX is poised to start 52 points higher at 12,797, […]
Read moreInvestors are pouring funds into Chinese artificial intelligence company SenseTime. The image recognition firm said Thursday that it raised $620 million in fresh funds from prominent investors including Fidelity International, Hopu Capital, Silver Lake and Tiger Global. Chipmaker Qualcomm’s venture capital arm also participated in the round. The new funds would be invested into research […]
Read moreSouth Korean prosecutors raided the headquarters of Korean Air Lines over suspected embezzlement and breach of trust by members of its owning family, Yonhap News Agency reported on Thursday. A company spokesman told Reuters an investigative team was at the headquarters but declined further comment. A prosecution spokesman could not be immediately reached for comment. […]
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