(Reuters) – New York’s state banking regulator asked Deutsche Bank AG ( DBKGn.DE ) and two other lenders for information on their relationships with U.S. President Donald Trump’s son-in-law and White House senior adviser Jared Kushner and his family’s real estate company, a person familiar with the matter told […]
(Reuters) – Six years ago, billionaire investor William Ackman wagered $1 billion that Herbalife’s stock price would tumble to zero after publicly calling the nutrition company a fraud in a three-hour presentation before investors, analysts and the media. On Wednesday there was little fanfare when the hedge fund manager let slip to a cable news reporter that his Pershing Square Capital Management was no longer betting against Herbalife.
Now, Ackman is building a position in aircraft parts maker United Technologies Corp, whose shares rose as much as 3.4 percent to $138.49. Rather than fall, Herbalife stock has risen since Ackman began shorting it. Pershing Square’s total loss was unknown. The stock on Wednesday traded as high as $95.88 a share, up from about $45 in 2012 when Ackman began his campaign. The exit from Herbalife and the new position in United Technologies, first reported by CNBC, were confirmed by a person familiar with the situation. Pershing Square has not disclosed when it began buying United Technologies stock and declined to comment.
There is an element of poacher turned gamekeeper about former Manchester United football star Gary Neville, who now has a high-profile career as a trenchant football analyst. For the player – who was dubbed “Red Nev” in his playing days for his perceived role as a dressing room shop steward – also has a burgeoning and wide-reaching business empire that includes restaurants and hotels, property development, and a proposed university, among others. The 45-year-old says he first started thinking about a life after football back in his early-20s, after a bad injury disrupted the career of his Manchester United friend and colleague Ben Thornley, who was released from Old Trafford after just nine league games.
“I realised then I had to be dual skilled,” says Neville, who in contrast to his former team-mate went on to win eight Premier League titles, and Champions League, FA Cup and League Cup winners medals.
After first dipping his toe in the business world at the age of 23, when he invested in a friend’s design company, he now holds directorships in more than 30 companies that employ more than 500 people in total.
. Will you miss the old £10 note? Bank of England paper £10 notes are being accepted in shops for a final day before being officially withdrawn. The Charles Darwin notes have been gradually replaced by the polymer Jane Austen note since September. From Friday, anyone with the banknote will need to deposit it at their bank as shops will be entitled to refuse it. At the same time, a collection of new 10p coins featuring 26 designs celebrating Britain – from cricket to queuing – are entering circulation.
When the Oscar winners are announced this weekend, it won’t only be Hollywood superstars who will be waiting anxiously. There will also be eight graduates from a film college in Kenya nervously awaiting the results. These graduates of the Africa Digital Media Institute (ADMI) in Nairobi were part of the team making a movie nominated in the category of best short live action film. The film, called Watu Wote (or All of Us), tells the story of a terror attack on a bus in Kenya by militant group Al-Shabaab in 2015, in which Muslim passengers protected Christians.
Failing to strike a Brexit deal would put “hundreds of thousands” of jobs in the car industry at risk, MPs have said. The Business, Energy and Industrial Strategy Committee said continued close alignment with the EU would ensure the industry’s survival. And it warned the introduction of trade barriers would leave the sector unable to compete with its European rivals. The government said it wanted a deal that maintains the industry’s strength.
In a report published on Thursday, the Business, Energy and Industrial Strategy (BEIS) Committee said the UK car industry was largely export-led with Europe as the primary market. The sector’s success was built on “complex supply chains” that stretch throughout Europe, it said. If trade barriers were erected after Brexit, it could cost the sector upwards of £4.5bn in lost exports, the committee said. Jobs and inward investment worth “hundreds of millions of pounds” would also be lost.
WASHINGTON/NEW YORK (Reuters) – Walmart Inc (WMT.N), the largest U.S. retailer, joined Dick’s Sporting Goods Inc (DKS.N) in raising the minimum age to purchase firearms to 21 after the massacre at a Florida high school that has reopened a fierce debate over gun control in America. Walmart said that “in light of recent events” it was raising the age for purchasers of firearms and ammunition to 21 from 18. The retailer is also was removing items from its website that resemble assault rifles, including non-lethal airsoft guns and toys. Walmart stopped selling assault firearms and accessories in 2015 and only sells handguns in Alaska.
Dick‘s, a U.S. retailer of camping supplies, sporting goods and guns, will stop selling assault rifles and high-capacity magazines. It will not sell any guns to people under age 21, Dick’s chief executive, Ed Stack, said in an open letter on the company’s website. The announcements came the same day that classes resumed at Marjory Stoneman Douglas High School in Parkland, Florida, where 17 people, mostly students, were killed two weeks ago in one of the deadliest U.S. mass shootings. The accused gunman, 19-year-old Nikolas Cruz, legally purchased a weapon at Dick’s in November, although not the type used in the shooting, Stack said. Cruz, a former student at Stoneman Douglas, is accused of using an AR-15 assault-style weapon to carry out the killing.
The massacre spurred a youth-led wave of protests, and state and national officials are considering whether to pass stricter gun control measures. The powerful National Rifle Association traditionally opposes such curbs, citing the right to bear arms under the U.S. Constitution’s Second Amendment.
(Reuters) – Best Buy Co Inc (BBY.N), the No. 1 U.S. consumer electronics retailer, on Wednesday said it will shut 250 small mobile phone stores in U.S. malls as it looks for ways to operate more profitably and turn around its business amid intense competition. The stores, which contributed just over 1 percent to the company’s overall revenue and 1 percent to its overall square footage, will be shut effective May 31. The mobile stores are each about 1,400 square feet (130 sq meters) while a typical Best Buy store occupies about 40,000 square feet (3,716 sq meters).
The Minneapolis-based retailer said it will continue to sell mobile phones through its 1,000 U.S. big box stores and online. The decision does not impact the company’s 52 mobile stores in Canada. Best Buy began opening these stores more than a decade ago, before Apple Inc’s (AAPL.O) iPhone was launched and when margins in the business were high, Best Buy Chief Executive Hubert Joly told employees in a letter, a copy of which was seen by Reuters.
“Fast forward to 2018 and the mobile phone business has matured, margins have compressed and the cost of operations in our mobile standalone stores is higher than in our big box stores,” Joly said.
The company declined to disclose how many employees will be affected by the decision.
(Reuters) – Music streaming service Spotify on Wednesday filed for a direct listing of its shares, laying out financial data for the first time that cheered some analysts but led others to question how it could turn a profit from its growing subscriber base. Spotify, which wants to trade as SPOT on the New York Stock Exchange, is taking an unusual path to the U.S. public markets, with a direct listing that will let investors and employees sell shares without the company raising new capital or hiring a Wall Street bank or broker to underwrite the offering.
Because the company will not issue any new shares, it did not specify a listing price. Based on private transactions, it is valued at roughly $19 billion, according to Reuters calculations. Spotify, launched in 2008 and available in more than 60 countries, is the biggest music streaming company in the world and counts services from Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Alphabet Inc‘s< GOOGL.O> Google as its main rivals. In the filing, Spotify laid out detailed financial data for the first time, showing rising revenue and relatively steady operating costs, which analysts took as a positive.
Revenue rose 39 percent to 4.09 billion euros ($4.99 billion) in 2017, from 2.95 billion euros a year earlier. Its operating loss widened to 378 million euros in 2017 from 349 million euros. Its net loss ballooned 129 percent in 2017, driven mostly by financing costs related to a 2016 deal in which Sweden-based Spotify raised $1 billion in debt that would convert to shares upon an initial public offering.
“The revenue continues to grow but in particular their costs are growing slower than revenue, which is exactly what you expect in a business like this,” said Jay Ritter, an expert in initial public offerings and professor at the University of Florida.
Spotify compared its aspirations to the reach of Facebook (FB.O) and YouTube. “We believe the universality of music gives us the opportunity to reach many of the over 3.6 billion internet users globally,” it said.
Amazon is paying over $1 bln to acquire video-doorbell maker Ring. Rob Cyran and Tom Buerkle discuss how the purchase can support the company’s e-commerce business, and give Amazon a leg up on rivals Google and Apple in the tech battle for ownership of the “smart home.”