• Alibaba receives strong demand for its upcoming Hong Kong IPO Link https://t.co/av5Y3GAyPt
    Reuters Business Fri 15 Nov 2019 21:01

    HONG KONG (Reuters) - Alibaba’s (BABA.N) order books for its $13.4 billion Hong Kong share sale have already been covered “multiple times,” sources with direct knowledge of the matter said on Friday, as the ecommerce group kicked off its campaign for the secondary listing in the city gripped by protests.

    The Chinese e-commerce giant plans to list its shares in Hong Kong from November 26, where it is hoping to raise up to $13.4 billion, and it is marketing the deal to investors around the world.

    The sources said potential investors had been told that the “quality of demand is high” and that there “continues to be very strong feedback” about the deal.

    An Alibaba spokeswoman declined to comment.

    Pricing of the shares for institutional shareholders will be set on November 20, a prospectus lodged with the Hong Kong Stock Exchange shows. Retail investors will not pay...

  • Global debt to top record $255 trillion by year's end Link https://t.co/DIoW7DG1J4
    Reuters Business Fri 15 Nov 2019 20:46

    LONDON (Reuters) - Global debt is on course to end 2019 at a record high of more than $255 trillion, the Institute of International Finance estimated on Friday — nearly $32,500 for each of the 7.7 billion people on planet.

  • Wall Street Weekahead: Sagging consumer discretionary shares look for a spark Link https://t.co/y3dMEHaplQ
    Reuters Business Fri 15 Nov 2019 20:41

    NEW YORK (Reuters) - The strength of the U.S. consumer has been often cited as a pillar of the economy and one of the reasons the S&P 500 has recently scaled new heights, but consumer discretionary stocks have skipped the party for several months.

  • Qantas flew a Boeing 787 Dreamliner non-stop from London to Sydney as part of an ultra long-haul venture called 'Project Sunrise'. More here Link https://t.co/97s5noSDw5
    Reuters Business Fri 15 Nov 2019 20:31

    SYDNEY (Reuters) - Qantas Airways Ltd (QAN.AX) could place an order for planes capable of ultra long-haul flights early next year, the airline’s chief executive said after he completed a 19 hour, 19 minute non-stop test flight from London to Sydney on Friday.

    Alan Joyce said he saw a “double sunrise” as a passenger aboard the second of three research flights being conducted to help the Australian airline decide on whether to order planes for what would be the world’s longest commercial route.

    The intention is to make a decision by the end of the year based on considerations such as aircraft price, seating configuration and a pay agreement with pilots, Joyce said after his return to Sydney.

    “An order could follow into early next year,” he told reporters.

    Qantas has named the ultra long-haul project “Project Sunrise” after the airline’s double-sunrise endurance...

  • Citi names Manuel Romo CEO of Mexican unit Link https://t.co/eaRS9MQI57
    Reuters Business Fri 15 Nov 2019 20:16

    MEXICO CITY (Reuters) - Manuel Romo has been appointed chief executive officer of Citigroup’s Mexican operations Citibanamex with immediate effect, the Mexican unit said in a statement on Friday.

    Romo was at the company between 1991 and 2008, and later worked for Mexican rival Grupo Financiero Banorte before returning to Citibanamex last April.

    He will replace Ernesto Torres Cantu, who became the bank’s Latin America boss last month.

  • Trade deal hopes propel Wall Street to fresh record highs Link https://t.co/C9oFpGtIUU
    Reuters Business Fri 15 Nov 2019 20:01

    (Reuters) - Wall Street’s main stock indexes hit record highs on Friday, fueled by fresh optimism over a potential calming of U.S.-China trade tensions and by a strong forecast from semiconductor industry bellwether Applied Materials.

  • U.S. retail sales rebound; manufacturing output tumbles Link https://t.co/u8YqcGq9ef
    Reuters Business Fri 15 Nov 2019 19:16

    WASHINGTON (Reuters) - U.S. retail sales rebounded in October, but consumers cut back on purchases of big-ticket household items and clothing, which could temper expectations for a strong holiday shopping season.

  • Restaurants remove dining rooms to speed off-site food frenzy Link https://t.co/KBUVeQvjY9
    Reuters Business Fri 15 Nov 2019 18:31

    The newest Chopt Creative Salad Co location, which opened Tuesday in New York, is unlike any of the chain’s other 61 sites. It has no cash registers or tables for customers.

    Atlanta-based Chick-fil-A Inc has similar sites in Nashville and Louisville, where customers order and prepay online with the option for delivery or pickup.

    Chick-fil-A is also trying something different, opening three pilot “delivery kitchens” this year - in Chicago, Los Angeles, and one near San Francisco that is run by delivery platform DoorDash Inc.

    At those sites, the chicken chain shares kitchens with other restaurants to prepare food for delivery only.

    Off-premise digital orders are a major growth area for fast-food and fast-casual chains. More are turning to these so-called dark, virtual or ghost kitchens, which can also save labor and real estate costs.

    Wendy’s Co said during its Oct. 11 investor day it aimed to open two “dark kitchens” by year’s end in...

  • J.C. Penney reports a smaller-than-expected quarterly loss on lower ad spending and higher margins Link https://t.co/YiVarDKja5
    Reuters Business Fri 15 Nov 2019 18:16

    (Reuters) - J.C. Penney Co Inc (JCP.N) on Friday reported a smaller-than-expected quarterly loss as it sold more diamond jewelry and denim clothing, results Chief Executive Jill Soltau said showed efforts to revive sales and profits at the department store are taking hold.

    Shares of the Plano, Texas-based company were up nearly 7.3% at $1.18.

    The 117-year-old retailer, one of the worst-hit by the surge in online shopping in the past decade, has worked hard to attract more shoppers. In August, it partnered with resale clothing company thredUP, adding second-hand women’s clothing and handbags to its merchandising mix.

    It is also testing a new store format to win over customers with everything from a yoga studio, a videogame lounge and lifestyle workshops.

    Such efforts are a part of Soltau’s turnaround strategy, aimed at reassuring investors it can lure shoppers back...

  • Take Five: - Spend, spend, spend - Retailers: it's a wrap - Pain in Spain Here are world market themes for the week ahead Link https://t.co/VPinrgPSbi
    Reuters Business Fri 15 Nov 2019 18:11

    Spain looks set for a coalition government comprising the Socialists and the far-left Unidas Podemos — a prospect that doesn’t sit well with markets given Podemos has called a rise in public spending, taxing banks more and rethinking privatisation plans for lender, Bankia.

    Given all this coincides with an economic slowdown, it’s no surprise that Madrid stocks plunged when the coalition pact was announced. The share index, the IBEX, has since fallen to the lowest level relative to the pan-European STOXX benchmark since the latter was created in 1998. The IBEX is up 7.6% so far this year, while the STOXX has surged 20%. After four Spanish elections in as many years, one would expect investors to be inured to political uncertainty. Indeed bond yields, while at four-month highs, have reacted less than shares. But the equity selloff shows sentiment remains fragile.

    The Socialists/Podemos accord is not a done deal yet. The coalition would also rely on other parties for...

  • Alibaba gets strong demand for its $13.4 billion Hong Kong listing: sources Link https://t.co/3NfJ45VelV
    Reuters Business Fri 15 Nov 2019 18:01

    HONG KONG (Reuters) - Alibaba’s (BABA.N) order books for its $13.4 billion Hong Kong share sale have already been covered “multiple times,” sources with direct knowledge of the matter said on Friday, as the ecommerce group kicked off its campaign for the secondary listing in the city gripped by protests.

    The Chinese e-commerce giant plans to list its shares in Hong Kong from November 26, where it is hoping to raise up to $13.4 billion, and it is marketing the deal to investors around the world.

    The sources said potential investors had been told that the “quality of demand is high” and that there “continues to be very strong feedback” about the deal.

    An Alibaba spokeswoman declined to comment.

    Pricing of the shares for institutional shareholders will be set on November 20, a prospectus lodged with the Hong Kong Stock Exchange shows. Retail investors will not pay...

  • Amazon said it will contest the award of a $10 billion Pentagon cloud computing contract to Microsoft Link https://t.co/I7qmbq3joW
    Reuters Business Fri 15 Nov 2019 17:41

    WASHINGTON (Reuters) - Amazon.com Inc (AMZN.O) on Thursday said it is contesting the Pentagon’s award of an up to $10 billion cloud computing deal to Microsoft Corp (MSFT.O), expressing concern that politics got in the way of a fair contracting process.

    The company filed notice last Friday that it will formally protest the decision on the Joint Enterprise Defense Infrastructure Cloud, known as JEDI. In a company-wide meeting on Thursday, Amazon Web Services’ CEO Andy Jassy said it would be challenging for a U.S. agency to award a contract objectively when the president is disparaging one of the contestants, according to an Amazon spokesman.

    President Donald Trump has long criticized Amazon and its founder Jeff Bezos.

    The company confirmed Jassy’s comments and said, “Numerous aspects of the JEDI evaluation process contained clear deficiencies, errors, and unmistakable...

  • Labour plans tax on global firms' profits based on UK presence Link https://t.co/VZOVbLqD20
    Reuters Business Fri 15 Nov 2019 17:41

    LONDON (Reuters) - A British government led by the Labour Party would tax multinational companies’ global profits based on their presence in Britain, the party’s finance spokesman said on Friday.

    “So if a multinational has 10% of its sales, workforce, and operations in the UK, they’re asked to pay tax on 10% of their global profits,” John McDonnell said in a speech on Friday ahead of the Dec. 12 national election.

  • Qantas tested a non-stop Boeing 787 Dreamliner flight from London to Sydney. Passengers and crew were monitored throughout the journey, which lasted more than 19 hours. More here Link https://t.co/7OgM3SRTDW
    Reuters Business Fri 15 Nov 2019 17:31

    SYDNEY (Reuters) - Qantas Airways Ltd (QAN.AX) could place an order for planes capable of ultra long-haul flights early next year, the airline’s chief executive said after he completed a 19 hour, 19 minute non-stop test flight from London to Sydney on Friday.

    Alan Joyce said he saw a “double sunrise” as a passenger aboard the second of three research flights being conducted to help the Australian airline decide on whether to order planes for what would be the world’s longest commercial route.

    The intention is to make a decision by the end of the year based on considerations such as aircraft price, seating configuration and a pay agreement with pilots, Joyce said after his return to Sydney.

    “An order could follow into early next year,” he told reporters.

    Qantas has named the ultra long-haul project “Project Sunrise” after the airline’s double-sunrise endurance...

  • From @Breakingviews: UK Labour Party's broadband plan is free of most logic, says @edwardcropley Link
    Reuters Business Fri 15 Nov 2019 17:06

    LONDON (Reuters Breakingviews) - “British Broadband” is a catchy alliterative title, but that’s about all. The opposition Labour party on Thursday announced it wants to nationalise telecoms provider BT’s network in order to give everyone speedy fibre connections. State ownership might fix the country’s lagging communications infrastructure. But the promise of free web surfing risks condemning the idea to previous failed experiments in public ownership like British Coal or carmaker British Leyland.

    Labour leader Jeremy Corbyn’s proposal drags Britain’s relatively poor levels of connectivity into the heart of the Dec. 12 election. BT’s fibre network currently reaches just 1.6 million homes, 9% of the total and way behind Spain and France. The company could crank up investment, but needs to provide a return to shareholders. Nationalising BT’s Openreach network would allow the state to...

  • A chip on its shoulder? EU files WTO complaint against Colombia Link https://t.co/KW0k54zHJd
    Reuters Business Fri 15 Nov 2019 16:46

    BRUSSELS (Reuters) - The European Union filed a complaint at the World Trade Organization on Friday against Colombia over duties imposed on frozen potato fries from Belgium, Germany and the Netherlands.

    Colombia imposed anti-dumping duties of between 3% and 8% on frozen fries for two years in November 2018 after complaining that the prices of these imports were artificially low.

    Although small in monetary terms - the EU as a whole exports just 19 million euros ($20.9 million) of frozen fries to Colombia per year - the dispute is big in symbolism particularly for Belgium, which argues that it invented the “French” fry.

    The duties affect 85% of EU exports of frozen fries to Colombia.

    The duties breached WTO law in terms of substance and because of the procedure to put them in place, the European Commission said.

    “Despite numerous interventions with Colombia...

  • RT @ReutersUK: Take Five: - How big a risk is a global economic recession? - China's economy slipping deeper in the trade war quagmire -…
    Reuters Business Fri 15 Nov 2019 16:46
  • Carpetright's top shareholder to take firm private in rescue bid Link https://t.co/mtmGln5Zrz
    Reuters Business Fri 15 Nov 2019 16:31

    (Reuters) - Carpetright (CPRC.L) said it has agreed to be taken private by its largest shareholder, Meditor, in a deal to rescue Britain’s biggest floor coverings retailer and pay down debt.

  • Global debt to top record $255 trillion by year's end Link https://t.co/2XHq82Kr3z
    Reuters Business Fri 15 Nov 2019 16:16

    LONDON (Reuters) - Global debt is on course to end 2019 at a record high of more than $255 trillion, the Institute of International Finance estimated on Friday — nearly $32,500 for each of the 7.7 billion people on planet.

  • TalkTalk says FibreNation sale stalled after Labour broadband pledge Link https://t.co/wJendyAsTP
    Reuters Business Fri 15 Nov 2019 15:46

    LONDON (Reuters) - British broadband provider TalkTalk (TALK.L) said on Friday that a deal to sell its FibreNation business had stalled after the opposition Labour Party announced a plan to create a “British Broadband” public service.

  • Vivendi may cut Mediaset stake in deal to end legal tussles: sources Link https://t.co/igPMqS87So
    Reuters Business Fri 15 Nov 2019 15:36

    MILAN (Reuters) - Vivendi (VIV.PA) could reduce its holding in Italian broadcaster Mediaset (MS.MI) in a potential deal to end a long-running legal row between the two companies, three sources close to the matter said on Friday.

  • SEB shares drop ahead of TV programme on money laundering Link https://t.co/osjpTgeBfs
    Reuters Business Fri 15 Nov 2019 15:16

    STOCKHOLM (Reuters) - A planned Swedish TV programme on suspected money laundering in the Baltics will include information on Sweden’s SEB (SEBa.ST), the bank said on Friday, sending its shares down almost 13%.

  • Wall Street hits record high at open on trade deal hopes, strong earnings Link https://t.co/AN0QtdgXDQ
    Reuters Business Fri 15 Nov 2019 15:06

    (Reuters) - Wall Street’s main indexes hit record highs at open as upbeat comments related to U.S.-China trade talks and strong earnings from semiconductor industry bellwether Applied Materials helped lift the mood.

    The Dow Jones Industrial Average .DJI rose 61.58 points, or 0.22%, at the open to 27,843.54.

    The S&P 500 .SPX opened higher by 11.29 points, or 0.36%, at 3,107.92. The Nasdaq Composite .IXIC gained 45.47 points, or 0.54%, to 8,524.48 at the opening bell.

  • U.S. retail sales rebound, but big-ticket purchases drop Link https://t.co/ab6izbrB5E
    Reuters Business Fri 15 Nov 2019 14:46

    WASHINGTON (Reuters) - U.S. retail sales rebounded in October, but consumers cut back on purchases of big-ticket household items and clothing, which could temper expectations for a strong holiday shopping season.

  • Qantas completed what one day could be the world's longest commercial flight as it flew a Boeing 787 Dreamliner from London to Sydney over more than 19 hours. More here Link https://t.co/NiL62I306x
    Reuters Business Fri 15 Nov 2019 14:30

    SYDNEY (Reuters) - Qantas Airways Ltd may not place an order for planes capable of non-stop London-Sydney flights until early next year, the airline’s chief executive said on Friday after a 19 hour, 19 minute test flight landed in Australia’s biggest city.

    Alan Joyce said he saw a “double sunrise” as a passenger aboard the second of three research flights being conducted to help the Australian airline decide on whether to order planes for what would be the world’s longest commercial route.

    The intention is to make a decision by the end of the year based on considerations such as aircraft price, seating configuration and a pay agreement with pilots, Joyce said after his return to Sydney.

    “An order could follow into early next year,” he told reporters.

    Qantas has named the ultra long-haul project “Project Sunrise” after the airline’s double-sunrise endurance flights...

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