JUST IN: (MILAN/PARIS) Fiat Chrysler (FCHA.MI) and Peugeot-owner PSA (PEUP.PA) told their employees they would sign a binding merger agreement in coming weeks @Reuters #AceFinanceDesk reports

JUST IN: Fiat Chrysler, PSA tell employees they will sign merger agreement in coming weeks: In two separate communications through internal channels, obtained by Reuters on Tuesday, the two groups told employees that more than 50 people were involved in the process: “Nine working groups were established, led by FCA Group Treasurer and Global Head of Business Development David Ostermann, and by PSA Executive Vice President Program and Strategy Olivier Bourges, the documents added.” https://t.co/0K55yBabFB https://t.co/HNGAqaEiTQ http://twitter.com/Reuters/status/1199287075792674816 November 26, 2019 at 11:21AM: #AceFinanceNews

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JUST IN: #Nigeria NBS says Investment inflows dropped by $460m in Q3 @MobilePunch #AceFinanceDesk reports

JUST IN: The National Bureau of Statistics on Monday said the investment inflows into Nigeria declined by $460m from $5.82bn in the second quarter of this year to $5.36bn in the third quarter.

https://t.co/PQbjsXKkQK MobilePunch November 25, 2019 at 09:47AM: #AceFinanceNews

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JUST IN: #Germany cartel authority said on Thursday it was fining the country’s three major carmaker s – BMW, Volkswagen and Daimler – a total of 100 million euros ($110.84 million) for unlawful actions in rel ation to steel purchases @Reuters #AceFinanceDesk reports

JUST IN: Germany fines BMW, Daimler, Volkswagen for forming steel cartel https://t.co/h6sLx11eyy https://t.co/MtRPQAEK2X http://twitter.com/Reuters/status/1197543721434275841 November 21, 2019 at 03:54PM: #AceFinanceNews

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JUST IN: Xerox Corp (XRX.N) on Thursday threatened to go hostile with its $33.5 billion buyout offer for HP Inc, if the personal computer maker did not agree to a “friendly” discussion before Nov. 25. @ReutersBiz #AceFinanceDesk reports

JUST IN: Xerox threatened to go hostile with its $33.5 billion buyout bid for HP, if the personal computer maker did not agree to a ‘friendly’ discussion before Nov. 25. https://t.co/grSz4S2Oni $XRX $HPQ https://t.co/tcXrwO5wSL http://twitter.com/ReutersBiz/status/1197542585776181249 November 21, 2019 at 03:49PM: #AceFinanceNews

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JUST IN: #UK Royal Mail which is embroiled in a dispute with its largest union, on Thursday said its transformation plan to expand its parcels business internationally was behind schedule, even as it posted a first-half operating profit @Reuters #AceFinanceDesk reports

JUST IN: “The former British postal monopoly, which had announced a five-year turnaround drive in May, said it was investing more ahead of the general election and Christmas, which would impact productivity for the rest of the year

FILE PHOTO: A Royal Mail postal worker stands in the yard of a sorting office in Altrincham, Britain October 12, 2017. REUTERS/Phil Noble

Published: Nov.21: 209: https://t.co/SWKcUyBE4V #AceFinanceNews

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JUST IN: OECD Cuts Global Economic Growth Forecast in 2020 to 2.9% as Economies Slow and Employment Prospects are Reduced by Technological Advances that do NOT require Manual Labour #AceFinanceDesk reports

JUST IN: OECD trims global 2020 economic growth forecast to 2.9%

https://t.co/G0ucX82Jxa http://twitter.com/AFP/status/1197457746007855104 November 21, 2019 at 10:12AM: IFTTT, [Nov 21, 2019 at 10:14]

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(U.K.) It all began in 1778 and now Debenhams has named 22 of the 50 stores it plans to close as part of a p lan by new owners to revive the department store chain: The retailer says the store closures will start next year and 1,200 staff will be affected by the first phase after lenders took control by providing £200- million In funding #AceFinanceDesk reports

#AceFinanceReport – Apr.28: Stores in Canterbury, Guildford, Wolverhampton and Kirkcaldy are among those earmarked for closure: Earlier this month lenders to Debenhams took control in a deal which wiped out the investments of shareholders BBC News reported.

Once the 50 store closures are complete Debenhams will have around 116 stores in the UK: Debenhams also reported results for the 26 weeks to March. Sales at its UK stores fell 7.4%, which it blamed on fewer shoppers heading to the High Street.

Debenhams stores to close in 2020

Source: Debenhams

Debenhams is the UK’s biggest department store chain and its origins can be traced back to 1778 and a drapers store in central London: However, industry experts said the retailer expanded the number of its stores at the wrong time – in the 2000s when customers were switching to online sales…..The expansion left the company with debts and expensive leases……………The firm’s financial situation deteriorated and last month Debenhams agreed a deal with its lenders, who provided £200m of fresh funding………Those lenders then took control of Debenhams earlier this month by buying it out of administration………..That deal wiped out the investments of shareholders, including the stake of Mike Ashley, the founder of Sports Direct…………Mr Ashley had wanted to buy Debenhams and become chief executive, but his approaches were turned down.

What does Debenhams say about its other stores?

The new owners have now announced their store closure programme under a process known as a Company Voluntary Arrangement (CVA), which also allows them to renegotiate rents at stores that remain open.

Of the department stores which remain open, 39 will stick to their current rental rates for the duration of their leases.

For the other stores the company is aiming to secure rental reductions of between 25% and 50%.

Terry Duddy, Debenhams executive chairman, said: “Debenhams has a clear strategy and a bright future, but in order for the business to prosper, we need to restructure the group’s store portfolio and its balance sheet, which are not appropriate for today’s much changed retail environment.

“Our priority is to save as many stores and as many jobs as we can, while making the business fit for the future.”

Debenhams is just one of many High Street chains to run into trouble in recent years.

The collapse of BHS in 2016 resulted in more than 160 stores closing, and House of Fraser has been shutting stores after being bought out of administration last year.

Marks and Spencer is in the process of closing 100 stores by 2020.

Debenhams opening in WolverhamptonCrowds gathered in October 2017 when Debenhams opened in Wolverhampton’s Mander Centre

Which places have been hit hardest by the cuts?

In October 2017, locals in Wolverhampton queued up for Debenhams’ grand opening in their city’s refurbished Mander shopping centre.

Today, less than 18 months later, it was on the list of stores to shut by 2020.

Debenhams became a replacement anchor tenant for the Mander Centre following BHS’ demise. Now it will shut up shop too.

Debenhams’ arrival at the refurbished shopping centre came a decade after it set its sights on the West Midlands city.

An attempt in 2006 to set up in a £300m mall was eventually sunk by the global financial crisis.

For Wolverhampton it is another blow for a city centre that has been at the mercy of changes in retail all over the country, with the loss of the likes of BHS and Woolworths.

Will Debenhams’ landlords fight back?

Rob Young, business reporter

The plan to shut 22 stores and reduce the rent bill on dozens more is likely to prove contentious.

Many of those stores could see reductions of 50% – that will be extremely painful for landlords.

They are being asked to back the move. But we can expect many of them to come out fighting. After a series of these restructurings on the high street, commercial landlords have had enough.

The use of so-called company voluntary arrangements is increasingly controversial.

Landlords argue other creditors do not take their fair share of the pain. Three-quarters of the retailer’s creditors will have to approve the plan.

People close to the process say it’s by no means a done deal.

#AceFinanceDesk report …………..Published: April.28: 2019:

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(WASHINGTON) JUST IN: US Economy Grows by 3.2% in the first quarter and posted best growth in four years according Bureau of Economic Analysis said in its initial read of the economy Trump advisor Kevin Hassett says GDP growth ‘absolutely’ sustainable this year, could go higher #AceFinanceDesk reports

#AceFinanceReport – Apr.26: The U.S. economy grew at a faster pace than expected in the first quarter and posted its best growth to start a year in four years: Q1/ GDP expanded by 3.2% in the first quarter, the Bureau of Economic Analysis said in its initial read of the economy for that period: Economists polled by Dow Jones expected the U.S. economy increased by 2.5% in the first quarter. It was the first time since 2015 that first-quarter GDP topped 3%.

image1.jpeg

“The upside beat was helped by net trade (exports jumped while imports contracted sharply) and inventories which combined contributed almost 170 bps of the rise,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group. “Personal spending though, the biggest component was up just 1.2%, two tenths more than expected as an increase in spending on services and nondurable goods offset a decline in spending on durable goods.”

Exports rose 3.7% in the first quarter, while imports decreased by 3.7%. Economic growth also got a lift from strong investments in intellectual property products. Those investments expanded by 8.6%………………..Disposable personal income increased by 3%, while prices increased by 1.3% when excluding food and energy. Overall prices climbed by 0.8% in the first quarter.

Friday’s data was the first look at how the economy fared during the longest government shutdown in history: The federal government ceased operations for 35 days between late December and Jan. 25 amid a standoff between the Trump administration and congressional leaders over funding for a wall along the U.S.-Mexico border.

Investors were closely watching out for the report as they looked for more confirmation that a recession may not be in the cards over the short term:

The report “helps offset fears of slowing global growth,” said Alec Young, managing director of global market research at FTSE Russell: “At a time of lingering U.S.-Chinese trade uncertainty and weak economic data everywhere from Germany to Korea to Japan, strong U.S. data acts as an insurance policy against further global economic weakness. And with inflation still subdued, it’s too early to start worrying about Fed rate hikes again.”

Trump advisor Kevin Hassett says 3.2% GDP growth ‘absolutely’ sustainable this year, could go higher: “This is really blockbuster news and suggests that the risks on the upside are very high for GDP this year,” says Kevin Hassett, chairman of the Council of Economic Advisers.

#AceFinanceDesk report ………..Published: April.26: 2019:

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(TEHRAN, Iran.) JUST IN: Stockmarket reaches an all time high on Sunday as TEDPIX crossed the 195,000 points according to Financial Tribune reported #AceFinanceDesk reports

#AFNews – Apr.14: Tehran Stock Market Scales New Highs: Stocks hit all-time closing highs on Sunday encouraged by the previous day’s landmark point when the benchmark index TEDPIX crossed the 195,000 points after more than six months: TEDPIX rose 0.45% helping the market end the second day of the week on a high note.

The Tehran market opened Sunday trading when many investors were expecting a correction as a selloff by shareholders: This mindset caused the market to shed more than 1,200 points in early trading but fundamental factors supporting the market helped reverse the bearish trend later in the day.

#AceFinanceDesk report ……………financialtribune.com/node/97449 https://t.me/fintribune/4857

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(SAN FRANCISCO, Calif.) JUST IN: Johnson Publishing, the company formerly behind magazines such as Ebony and Jet, has filed for bankruptcy: The petition was filed Tuesday afternoon in US Bankruptcy Court in Chicago #AceFinanceDesk reports

#AceFinanceReport – Apr.11: Johnson Publishing Company currently consists of an extensive archive of about 4 million images and 10,000 video assets from its former magazines and a cosmetics business, Fashion Fair Cosmetics: The company’s founder, Johnson H. Johnson, died in 2005. ……………..Johnson Publishing Company previously described itself as the world’s largest African-American-owned and -operated publishing company.

In 2016, it sold Ebony and Jet, its two hallmark magazines and stalwarts within the black community, to Clear View Group: Jet magazine stopped publishing a print edition in June 2014, opting to release only a digital version.

#AceFinanceDesk report …………CNN.Com/ Published:

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