(WARSAW, Poland.) Ikea is planning to open smaller stores in major cities around the world as part of a broader transformation to adapt to changing consumer habits: Next year smaller stores are also due to open in Paris and Tokyo #AceFinanceDesk reports

#AceFinanceNews – Nov.28: An airport worker drops by Warsaw’s newest Ikea store during her lunch break to finish up plans for a home refurbishment: Around her, people drift in and out of the shop, placing small houseware items in big yellow bags as cafe tables fill up with people just stopping in for lunch #AceFinanceDesk reports

The store is not one of Ikea’s out-of-the-way, maze-like warehouses that require a car to visit, but a shop like any other in a city center shopping mall: The Swedish retailing giant plans to open 30 such smaller stores in major cities around the world as part of a transformation that is costing the company financially but is needed to adapt to changing consumer habits: Compared with just a decade ago, shoppers are more likely to be living in urban areas and not have a car, and often want a nearby location to look at goods like furniture in person before ordering things online.

“I like the idea because you can come any time,” said 29-year-old Angelika Singh, the airport worker, as she finalized an order for a new kitchen. “Mostly when you go to Ikea you need to have a whole day free, or at least half a day free, because it’s far.”

Warsaw’s store is located on two floors covering nearly 5,000 square meters (54,000 square feet), about one-fourth of a traditional big-box store: Shoppers can buy cushions, curtains and other home items. They can design the layout of bedrooms and kitchens at computer stations. But those hoping to buy a bookcase or bed will not find them stocked in a large warehouse, though they can order them at kiosks and have them delivered to their homes………………..As such, it offers a very different shopping experience from the usual visit to one of the large warehouse stores.

Small stores have also opened in major cities like Madrid and London, which has a small new “planning studio” for kitchen and bedroom projects. Next year smaller stores are also due to open in Paris and Tokyo

“Ikea’s been doing pretty much the same for 70 years. It’s been a cash-and-carry company, and it still is for the majority of its sales,” said Andreas Flygare, the project manager for the Warsaw store: Now, he explained, the company must adapt to a consumer environment that has changed dramatically in the last 10 years.

“You have companies like Amazon and Uber that are raising the bar for what is expected. Because if you can have same-day delivery, or an Uber is two minutes away, it influences other companies, like Ikea,” he said in a recent interview in the store’s cafe. “It can be a quite tough environment. Everything is changing so fast.”

The company, whose founder Ingvar Kamprad died in January, has seen business growth slow in recent years: But updating its business model to reinvigorate sales is not coming cheap. On Wednesday, it reported that its operating profit for the full year through August had dropped 26 percent to 2.25 billion euros ($2.55 billion) as it increased spending on the new stores as well as delivery services and its online offerings.

Thomas Slide, senior retail analyst at the market research firm Mintel, described Ikea’s new approach as a rational response to a “global trend towards urban living and a rebirth of the cities.”………………….“While Ikea used to be able to build its big blue warehouses on the edge of towns and cities and expect shoppers to come to them, now it has recognised it needs to be more flexible in its approach and take the Ikea experience to them, through digital channels and smaller stores closer to where people live and work,” Slide said.

Ikea isn’t the first to embrace such an approach: In the U.S., retailer Target has rolled out smaller stores to broaden its reach. French hardware store Leroy Merlin has done the same, as have Kingfisher-owned DIY store B&Q and sofa retailer DFS in Britain………..“While Ikea may not be on the cutting edge of this trend, it’s an important strategy to prepare the business for the future,” Slide said. “The challenge will be adding extra services through additional channels while also maintaining profitability.”

Chen Yu Ting, a 25-year-old from Taiwan who studies medicine in Warsaw, said it used to take him 40 minutes by bus to visit one of the large Ikea stores outside the city: But he is a short walk to the new store, and after an initial trip to buy pillows and bed sheets he now returns often for lunch, which is priced right for his budget……….“It’s more convenient, and now I just come here to eat,” he said………………His only complaint? The store doesn’t stock frozen meatballs.


Jan M. Olsen in Copenhagen, Denmark, contributed to this report: The Associated Press.@APBusiness: Ikea is planning to open smaller stores in major cities around the world as part of a broader transformation to adapt to changing consumer habits. #AceTweetNews https://t.co/MtnmaE3SzN Published: November.28: 2018:

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

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MARKETS REPORT: Wall Street reacts as Italian & Spanish crisis begins to bite and Trump announces $50-billion in China tariffs on Tuesday on ‘ goods and investments in US tech industries ‘ as fears rise of another ‘ financial crisis ‘ looming with some major players considering decampment to higher ground #AceFinanceDesk reports

#AceFinanceReport – May.29: The Dow falls more than 400 points as investors fear US-China trade tensions and Italy’s political crisis https://cnnmon.ie/2J1ldor after earlier at opening at 200 points, or 0.8%, down as political chaos in global markets. S&P 500 falls 0.7%. Energy stocks dip as oil loses 1% on concerns about OPEC and Russia pumping more: Also on Tuesday, the White House said the administration would proceed with its proposal to impose 25% tariffs on $50 billion worth of goods from China, and place new limits on Chinese investments in US high-tech industries #AceFinanceDesk reports

The decision comes after top administration officials have tried to dampen fears of a trade war: Treasury Secretary Steven Mnuchin said a trade war with China was “on hold” less than 10 days ago. And Commerce Secretary Wilbur Ross is expected in Beijing on Saturday to help ease trade tensions between the two major trading partners:

Beijing has previously pledged to retaliate against the 25 percent tariffs.

In a brief statement, the White House said the president plans to take “multiple steps” to protect domestic technology and intellectual property from certain “discriminatory and burdensome trade practices by China.”

The latest step follows a March report by the US Trade Representative Office, which undertook a seven-month investigation of China’s handling of technology transfers and intellectual property, according to the White House’s statement.

“The United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology, the White House said in a statement.

The final list of covered imports subject to tariffs will be announced by June 15. Those tariffs will take effect “shortly thereafter.”

Proposed investment restrictions will be announced by June 30 and also take effect at a later date.

CNNMoney (New York) First published May 29, 2018: 9:16 AM ET: Last week, the administration said it would negotiate to avoid a trade war. https://cnnmon.ie/2JdDWAFpic.twitter.com/n6HO0St8r4: Breaking144 Just tweeted ********************************************** Wall Street futures fall as Italy, Spain worries turn investors risk averse https://t.co/BhsyrvlrSRhttps://t.co/fczlCQEW8x:https://t.me/SterlingPublishingPanel/158920 #AceFinanceNews

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

(WASHINGTON) According to a ‘ Congressional Report ‘ released Monday ‘ tax break ‘ for mortgage interest disappearing for half of those who claimed it and only 13.8-million will be able to claim the ‘ mortgage interest deduction ‘ in 2018 down from more than 32.3-million in 2017: Here’s the chart on how it affects you #AceFinanceDesk reports

#AceFinanceReport – Apr.24: The number of homeowners who will benefit from the mortgage tax break is expected to plummet this year by more than half, according to a congressional report released on Monday: About 13.8 million taxpayers will be able to claim the mortgage-interest deduction in 2018, down from more 32.3 million in 2017, estimates from the Joint Committee on Taxation show……………That’s about a 57 percent drop #AceFinanceDesk reports

Tax returns using mortgage interest deduction

Income 2017 tax returns 2018 tax returns
less than $10,000 under 500 under 500
$10,000-$20,000 105,000 42,000
$20,000-$30,000 244,000 73,000
$30,000-$40,000 540,000 143,000
$40,000-$50,000 961,000 281,000
$50,000-$75,000 3,967,000 1,343,000
$75,000-$100,000 4,563,000 1,826,000
$100,000-$200,000 14,227,000 5,402,000
$200,000-$500,000 6,575,000 3,681,000
$500,000-$1 million 797,000 657,000
$1 million and over 328,000 314,000

Source: Joint Committee on Taxation estimates

Already, the deduction was not used by most taxpayers. Of the 150 million or so tax returns the IRS has received annually in recent years, just 20 percent claimed the deduction, according to research from the Urban Brookings Tax Policy Center:

The anticipated drop is largely due to the near-doubling of the standard deduction that took effect Jan. 1 under the new tax law. Fewer taxpayers are expected to itemize their deductions, which is the only way to take advantage of the tax break for interest paid on mortgages.The new report estimates that 18 million households will itemize deductions this year, down from 46.5 million last year:

Taxpayers would need deductions worth more than the standard deduction for itemizing to make financial sense. And with few deductions left for taxpayers to turn to, that threshold will be a harder hurdle to clear.

For example, married couples filing jointly now get a standard deduction of $24,000, up from $12,700 last year. That amount for single filers is $12,000, up from $6,350. For heads of households, it’s now $18,000, up from $9,350. In combination with raising those amounts, the new tax eliminated personal exemptions: Tax break for mortgage interest disappearing for half of those who claimed it https://t.co/KE71rXsqTH— CNBC (@CNBC) April 24, 2018: https://t.me/acebreakingnews/679338 #AceFinanceNews

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acetwitternews.wordpress.com/ Ace News Services Posts https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

JUST IN: MORE THAN 15,000 KALASHNIKOV ASSAULT RIFLES MANUFACTURED ABROAD UNDER RUSSIAN LICENSE SINCE YEAR START – & 7-CONTRACTS FOR 100,000 – ROSOBORONEXPORT #AceFinanceDesk reports

#AFNews – Sept.19: MORE THAN 15,000 KALASHNIKOV ASSAULT RIFLES MANUFACTURED ABROAD UNDER RUSSIAN LICENSE SINCE YEAR START & HAS CONCLUDED SEVEN CONTRACTS FOR SUPPLY OF OVER 100,000 – DIRECTOR GENERAL – ROSOBORONEXPORT #AceFinanceDesk reports

.@SputnikInt #AceFinanceNews

EDITOR: Thanks for following as always appreciate every like, reblog or retweet for all our daily news and minute by minute 24-hours a day on https://t.me/acenewsdaily and free help and guidance tips are on AcePCHelp.WordPress.Com or you can follow our news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews

LONDON: Philip Hammond got some rare good news about the country’s finances on Tuesday as he finalises his first budget statement, which is still likely to forecast a surge in borrowing as Britain prepares to leave the EU – @AceFinanceNews

#AceFinanceNews – Nov.22: Hammond gets boost from October borrowing data
// Reuters UK
Britain’s Chancellor of the Exchequer Philip Hammond arrives at 10 Downing Street in London

Breaking with a pattern of borrowing overshoots earlier in the financial year, official figures on Tuesday showed public borrowing in October was 25 percent less than a year earlier at 4.8 billion pounds ($6.0 billion), its lowest since 2008 and beating all economists’ forecasts.

But Hammond still stands little chance of meeting the budget deficit reduction target for the current financial year which his predecessor, George Osborne, set out in March. He has already abandoned Osborne’s goal of reaching a budget surplus by 2020.

Instead, economists predict Hammond could announce more than 100 billion pounds of extra borrowing on Wednesday, as Britain’s independent budget office is likely to forecast slower growth, weaker tax revenues and higher social security costs in the wake of June’s vote to leave the European Union.

“To put it bluntly, Brexit will be assumed to make the UK poorer which means the government must eventually lower spending, raise taxes, or permanently borrow more,” Bank of America Merrill Lynch economist Robert Wood said.

Hammond played down expectations of much extra spending on public services or infrastructure to cushion the effect of years of uncertainty as Britain negotiates to leave the EU on Sunday, and described debt levels as “eye-wateringly” high.

Bank of America’s Wood said he expected Hammond to announce extra discretionary stimulus that amounted to just 0.5 percent of gross domestic product, in part because he may want to keep his powder dry in case of a sharper economic slowdown.

This could include freezes to taxes on vehicle fuel and air travel, and modest further investment in infrastructure such as roads and broadband internet connections.

Britain’s economy has slowed much less than most economists forecast since the Brexit referendum, and on Tuesday the Confederation of British Industry reported the fastest growth in factory orders since the June 23 vote.

But analysts see tougher times ahead for households as a 15 percent fall in the value of sterling against the dollar feeds into higher prices.

The public finances were underperforming even before the Brexit vote. Borrowing since the start of the tax year in April is 10 percent lower than in the same period of 2015 at 48.6 billion pounds, the Office for National Statistics said, versus a 27 percent fall needed to meet Osborne’s 55 billion pound target for the whole tax year.

“The government is committed to fiscal discipline and will return the budget to balance over a sensible period of time, in a way that allows space to support the economy as needed,” a finance ministry spokesman said after Tuesday’s data.

Britain’s budget deficit was 4 percent of GDP last year, down from 10 percent at the height of the financial crisis but still more than almost all other big economies.

The ONS said net public debt rose to a record 1.642 trillion pounds in October, equivalent to 83.8 percent of gross domestic product.

October’s improvement in the public finances was driven by faster growth in tax revenues. Overall these were up 6.8 percent on the year, with particularly strong growth in corporation tax. The ONS was not able to say if the trend was likely to last.

(Editing by Catherine Evans)

http://reut.rs/2gHDXzK

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MARKET REPORT: US Stocks: S&P 500 hits new all-time high as energy stocks rally 2%, as earlier Dow up 52, Nasdaq 23 and S&P500 nearly 10 points as investors added to a post-election advance spurred by speculation the incoming administration’s policies will incite brisker economic growth – @AceFinanceNews

#AceFinanceNews – Nov.21: US stocks open higher as #oil prices jump 2%; Dow up 52 points, NASDAQ up 23, S&P 500 up nearly 10 – CNBC – http://cnb.cx/2fxxtOM

US markets (open): DJIA 18898.68 (+30.75), S&P 500 2186.43 (+4.53), NASDAQ 5336.78 (+15.27), NYSE 10709.51image

U.S. stocks rose, pushing the S&P 500 Index to an all-time high on a closing basis, as investors added to a post-election advance spurred by speculation the incoming administration’s policies will incite brisker economic growth.
The S&P 500 rose 0.4 to 2,190.84 at 9:34 a.m. in New York, surpassing the Aug. 15 closing high of 2,190.15. The intraday record sits above 2,193. The Dow Jones Industrial Average advanced 46.92 points to 18,914.85 to an all-time high. The Russell 2000 Index rose for a 12th day in its longest rally since 2003.

The new milestone for the S&P 500 arrived as companies ended a five-quarter profit slump and Donald Trump’s election fueled optimism that his plans to cut taxes and boost fiscal spending will benefit industries more geared toward economic growth. Acknowledging the strength in the economy, Federal Reserve Chair Janet Yellen said Thursday that the central bank is close to lifting interest rates, comments that sent Treasuries lower and yields on the 10-year note toward 2.25 percent.

“There’s optimism that it’s more likely that Trump is going to put us on an economic fast track versus Clinton,” said Terry Morris, manager director of equities at BB&T Institutional Investment Advisors in Wyomissing, Pennsylvania. “The election had something to do with this, and I also think there’s some short covering going on. People that were hedging the election had to rush to cover after the news, and I think generally the perception is the economy is starting to pick up as the Fed is likely to raise rates in December.”

Investors have boosted bets for tighter monetary policy since Donald Trump’s election win, on speculation his policies will spur growth and increase inflation. After Federal Reserve Chair Janet Yellen said last week the central bank is close to raising rates, traders are now pricing in a 98 percent chance of a move in December. If the Fed doesn’t act as expected, it may bring on more market turmoil, says Seven Investment Management’s Ben Kumar.

Most-hated stocks are among the biggest winners since Trump’s victory. A Goldman Sachs Group Inc. basket of 50 companies that have the highest short interest in the Russell 3000 Index climbed 9.7 percent through Friday since Nov. 8, four times the gain in the broad market measure.m

Energy shares rallied Monday, following crude higher, after Iran signaled optimism OPEC will agree to a supply-cut deal and Iraq said it will offer new proposals to help bolster the group’s unity before members meet next week. Chesapeake Energy Corp. and Murphy Oil Corp. led gains.

S&P 500 hits new all-time high as energy stocks rally 2%

U.S. equities traded higher as oil prices rose on renewed optimism that OPEC was closing in on a deal to cut production – CNBC – http://cnb.cx/2gCrE7H

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#AFN BRITAIN: Mitie outsourcing group healthcare shares fall 18% in early trading as a £128-million write-off drives it to £100m pre-tax loss for half-year as they decide to withdraw from healthcare market – @AceFinanceNews

#AceFinanceNews – Nov.21: Mitie has published its second profit warning in two months after the outsourcing company’s customers continued to reduce spending due to rising costs and economic uncertainty.
image

The company also said it would withdraw from its healthcare business, which provides home care for the elderly.

The £128m cost of writing off the business drove Mitie to a £100m pre-tax loss for the first half of the year.

http://bitly.com/2ge0XCH

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MARKETS: Bank of England says it is ‘looking into’ flash crash that sent sterling plunging 6% overnight – PA – @AceFinanceNews

#AceFinanceNews – Oct.07: British pound plunges as much as 6.1% in early Asian trading, touching lowest since March 1985 – Bloomberg

http://bloom.bg/2diDyxL

Bank of England says it is ‘looking into’ flash crash that sent sterling plunging 6% overnight – PA

http://bit.ly/2dYnTIF

British pound tumbles 3% against US dollar in chaotic trading following overnight flash drop – WSJ

http://on.wsj.com/2dAeCnz

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MINNESOTA: Controversial Sandpiper #oil pipeline is suspending its plans for the project.Enbridge Energy Partners asked regulators late Thursday to stop their consideration of the pipeline, the Minneapolis Star Tribune – @AceFinanceNews

#AceFinanceNews – Sept.05: Another oil pipeline is dead, raising the stakes for Dakota Access.

Enbridge announced Thursday it will no longer pursue its Sandpiper pipeline, which would have run through parts of North Dakota, Minnesota, and Wisconsin.

Enbridge will instead focus on its investment in the Dakota Access pipeline, a battle that’s kept Native American tribes and other activist groups occupied for weeks.

The decision gives both sides a renewed stake in getting their way on Dakota Access.

The more companies you have pushing on that the harder it is to push back,” said Catherine Collentine, a Sierra Club campaigner working against both projects. “There’s a huge concern that their support on Dakota Access is going to help move the project forward, help give it legs to stand on.

And residents who live along the Sandpiper’s proposed route in northern Minnesota — which would have coursed near the Mississippi’s headwaters, Native American wild rice land, and Lake Superior — aren’t completely in the clear yet, either. Enbridge still has plans for another pipeline, the creatively named Line 3, that’s currently on hiatus. It would run parallel to Sandpiper’s route through the same midwestern wilderness.

Apparently Enbridge hasn’t wised up to how serious Minnesotans are about their lakes and wild rice.

Editors Notes:

I would remind you that this blog is produced free for the public good and you are welcome to republish or re-use this article or any other material freely anywhere without requesting further permission.

News & Views welcome always published as long as NO bad language or is not related to subject matter.

To keep online information secure, experts recommend keeping your social media accounts private, changing your passwords often, and never answering unsolicited emails or phone calls asking for your personal information. Need help and guidance visit https://acepchelp.wordpress.com and leave a comment or send a private message on Telegram @Aceone31

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#oil

#G20 The world’s two largest oil producers, Russia and Saudi Arabia, on Monday agreed to act together to stabilize global #oil output – @AceFinanceNews

#AceFinanceNews – Sept.05: This is a report from our breaking news earlier
https://acebreakingnews.wordpress.com/2016/09/05/breaking144-saudiarabia-russia-energy-ministers-announce-mou-signed-at-g20summit-on-oil-market-saudi-gazette-acebreakingnews
After months of price volatility in the #oil markets today Saudi Arabia, Russia sign strategic oil pact
Author:
ARAB NEWS

Mon, 2016-09-05
ID:
1473073652371895100

HANGZHOU: The world’s two largest oil producers, Russia and Saudi Arabia, on Monday agreed to act together to stabilize global oil output.

Energy ministers Alexander Novak and Minister Khalid Al-Falih met Monday on the sidelines of the Group of 20 nations’ summit in China. A joint statement released by Russia said both ministers “recognized the need to restrain an excessive volatility of the oil market” and agreed to act together “in order to stabilize the oil market.”

Editors Notes:

I would remind you that this blog is produced free for the public good and you are welcome to republish or re-use this article or any other material freely anywhere without requesting further permission.

News & Views welcome always published as long as NO bad language or is not related to subject matter.

To keep online information secure, experts recommend keeping your social media accounts private, changing your passwords often, and never answering unsolicited emails or phone calls asking for your personal information. Need help and guidance visit https://acepchelp.wordpress.com and leave a comment or send a private message on Telegram @Aceone31

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#g20https