Sears filed for Chapter 11 bankruptcy early Monday morning after a multiyear battle to stay afloat amid steep declines in sales and customer traffic. The company said that it would close 142 stores before the end of the year and that Eddie Lampert would step down as CEO while remaining the company's chairman. The more…
Goldman Sachs, which lacked the inroads into Saudi Arabia that other banks had, sent its co-president, Harvey M. Schwartz, along with the head of its Middle East and North Africa business. Endeavor, the Beverly Hills holding company for entertainment agencies, sent its co-chief executive, Ariel Emanuel, to help push along negotiations for a Saudi investment.…
print-edition icon Print edition | Finance and economics Sep 1st 2018 | NEW YORK THE document is dry, dusted with references to “benchmarks”, “performance evaluation” and “a metric-based framework”. But the 25 pages published on August 28th by the Office of the Comptroller of the Currency (OCC), one of America’s federal bank regulators, may start…
Guillaume Payen/SOPA Images/LightRocket via Getty Images In recent weeks, both Uber and Airbnb have sent formal letters to the Securities and Exchange Commission, asking the regulatory agency to expand efforts that would allow drivers and hosts to also be paid in company shares. Exactly how this would work in practice remains unclear. The move comes…
LONDON — Stocks are sinking, again, after disappointing earnings reports from US tech giants Amazon, Google and Snap weighed on an already gloomy global sentiment in markets this week. US stocks have been having a rocky "red October," with catalysts ranging from fears about a China trade war, the Fed raising interest rates, and a…
The long wait is apparently almost over. Amazon is said to be in talks to develop its second headquarters, HQ2, in the Long Island City section of Queens, New York, and the Crystal City area of Arlington, Virginia, The New York Times reported on Monday evening, citing people familiar with the plans. The decision follows…
Apple continued its slide on worries about softening demand. The tech giant tumbled 4.8 percent after Goldman Sachs equity analysts cut their price target, citing deteriorating demand, especially in China. China, the world’s largest consumer of oil, has also been weighing on commodities. The price of crude, now just above $53 a barrel, has fallen…
Paul Volcker, the former Federal Reserve Chairman credited with taming U.S. inflation nearly four decades ago, gave a rare interview Tuesday to the New York Times in which he expressed his pessimism and concerns about the U.S. government and economy during the Trump administration. “We’re in a hell of a mess in every direction,” Volcker…
Paulo Whitaker/Reuters US equity markets were under pressure Thursday as the 10-year yield touched its highest level since the spring of 2011. Selling weighed heaviest on the tech-heavy Nasdaq, which saw losses in excess of 2%. Super Micro Computers crashed more than 50% after it was reported that Chinese spies implanted tiny chips in server motherboards…
THE FATE of the euro was always going to depend on Italy. With annual GDP of more than €1.6trn ($1.9trn), about 15% of euro-area output and debt of nearly €2.3trn, it poses a challenge to the single currency that Europe seems unable to manage but cannot avoid. Matters are now coming to a head, as…
