NEW YORK (AP) — Nordstrom joined Macy’s Tuesday in cutting its annual outlook for profit and sales despite second-quarter results that topped Wall Street forecasts. Both retailers are suffering from an affliction plaguing most of their competitors: A glut of unsold inventory that they’re resorting to pricing at deep discounts to move. They are also…
(Reuters) – JD.com Inc, beat Wall Street estimates for quarterly revenue on Tuesday as lockdowns in China to control the spread of the coronavirus boosted online shopping and the company’s “618” shopping event. The company reported second-quarter revenue of 267.6 billion yuan ($39.07 billion), topping analysts’ average estimate of 262.31 billion yuan, according to IBES…
(Reuters) – AMC Entertainment Holdings Inc, the movie theater operator that investors have turned into a meme stock, completed the listing of its new preferred shares on Monday, setting the stage for a potential capital raise. The novel move allows AMC to sell potentially billions of dollars worth of shares without requiring approval from its…
By Rozanna Latiff KUALA LUMPUR (Reuters) – Malaysia’s Federal Court on Tuesday upheld former prime minister Najib Razak’s guilty conviction and a 12-year jail sentence on charges related to a multi-billion dollar corruption scandal at state fund 1Malaysia Development Berhad (1MDB). Knocking back Najib’s final appeal, the country’s top court also denied his request for…
By Rozanna Latiff KUALA LUMPUR (Reuters) -Former Malaysian prime minister Najib Razak on Tuesday asked the chief justice to recuse herself from a panel presiding over his final appeal to set aside a corruption conviction and 12-year jail sentence over a case linked to the 1MDB financial scandal. The move is seen as the latest…
TOKYO (AP) — Asian shares were mixed Wednesday as a wait-and-see mood set in following another — though more modest — day of sell-offs on Wall Street. Worries about inflation are weighing on investors’ minds, including in Asia. Inflation data for Singapore released earlier in the week showed inflation was still going strong, with core…
By Rae Wee SINGAPORE (Reuters) – The euro dropped to a fresh two-decade trough on Tuesday as Europe was buffeted by concerns about energy supply and economic growth, while the dollar held firm against major peers, supported by safe-haven flows. The euro hit $0.9909, its lowest since late 2002, and was last down 0.29% at…
By Wayne Cole SYDNEY (Reuters) – Asian shares were down for a seventh straight session on Tuesday after a renewed spike in European energy prices stoked fears of recession and pushed bond yields higher, while tipping the euro to 20-year lows. European stocks looked set to follow Asian equities. EUROSTOXX 50 futures and FTSE futures…
By Tanvi Mehta and Nandan Mandayam BENGALURU (Reuters) – India’s e-commerce companies are adding delivery personnel at a rapid pace, fearing a labour shortage might cause them to lose out in one of the biggest annual shopping seasons that begins in earnest next month. The moves come amid a tightening job market – India’s unemployment…
From what you buy online, to how you remember tasks, to when you monitor your doorstep, Amazon is seemingly everywhere. And it appears the company doesn’t want to halt its reach anytime soon. In recent weeks, Amazon has said it will spend billions of dollars in two gigantic acquisitions that, if approved, will broaden its…
