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Gap is considering closing hundreds of stores in Europe in order to focus on reviving its US business and expanding its Athleta and Old Navy brands, putting up to 3,000 UK jobs at risk. The US-listed company is looking to operate more through franchises in Europe in the future. “Franchisees already operate in 35 countries
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A London-based wealth manager with global ambitions aims to extend its reach into the U.S. marketplace via a special purpose acquisition company. Kingswood Acquisition’s plan is to raise $150 million through an IPO of 15 million units at $10 apiece to make acquisitions focusing on the “highly fragmented” independent wealth management industry, according to an
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Pedestrians walk past a home with a “Sold” sign in San Francisco. David Paul Morris | Bloomberg | Getty Images Sales of existing homes rose a higher-than-expected 9.4% in September to a seasonally adjusted annualized rate of 6.54 million units, according to the National Association of Realtors. Sales were up 20.9% annually. Sales could be
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Better-than-expected reads on Thursday’s economic data indicates the slow rebound continues. Initial jobless claims declined to a seasonally adjusted 787,000 in the week ended Oct. 17, from the previous week’s downwardly revised level of 842,000, originally reported as 898,000, the Labor Department said Thursday. Economists polled by IFR Markets projected 860,000 claims in the week.
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AT&T reported better-than-feared quarterly sales driven by “solid” wireless and fiber broadband subscriber growth, sending shares up more than 5% in morning trading. AT&T’s (T) total revenue declined to $42.3 billion in the third quarter from $44.6 billion in the year-ago quarter, but topped the average analyst expectation of $41.59 billion. The COVID-19 pandemic impacted
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Key Takeaways OxyContin maker Purdue Pharma has settled with the U.S. DOJ However, the company has insufficient assets to pay the full amount Numerous state and local government suits still proceed The Sackler family is under scrutiny for massive withdrawals Purdue Pharma LP has reached a $8.34 billion settlement with the U.S. Department of Justice
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Hong Kong’s securities regulator has fined Goldman Sachs’s Asia business a record $350m for serious deficiencies in risk compliance and money laundering controls in relation to Malaysia’s 1MDB. The Hong Kong fine is the first of more than $2bn of new penalties set to be announced on Thursday as regulators from the US to the
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For some of the industry’s biggest actively managed funds, neither market volatility sparked by the coronavirus pandemic nor the upcoming presidential election have deterred outsized gains. The 20 top-performing active products with at least $1 billion in assets under management have generated an average 10-year annualized return of more than 20%, Morningstar Direct data show.
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Andrew Cuomo attends a 9/11 memorial service on September 11, 2020. (Photo by Michael M. … [+] Santiago/Getty Images) Getty Images New York governor Andrew Cuomo extended the ban on Covid-related commercial evictions and foreclosures on Tuesday. Landlords are now prevented from attempting to oust commercial tenants through January 1. The moratorium had been set
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Puerto Rico’s employment numbers continued to improve in September. According to the U.S. Bureau of Labor Statistics household survey total employment in September was up 0.25% from August and 1.6% from April. The bureau also collects an establishment survey of nonfarm employment, called Current Employment Statistics, which showed employment was up 7% since April. It
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Before the fact, the various crediting methods available should be approximately equal in terms of long-term performance. Performance after the fact will be different as the actual index return will be translated into different interest credited as based on the crediting method. But before market performance is realized, the different methods are all using the
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Lam Research Corp. reported stronger-than-expected 3Q results as revenues jumped 47% to $3.18 billion year-over-year and surpassed analysts’ expectations of $3.11 billion. The company’s top-line mainly benefited from increased demand for memory chips across personal computers, storage and networking categories driven by COVID-19 pandemic-led remote working and online learning trend. Lam’s (LRCX) 1Q adjusted EPS
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Pedestrians pass in front of Pinterest signage displayed outside of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images Check out the companies making headlines in midday trading.  Netflix — The entertainment stock sank 6.5% after missing Wall Street expectations for third-quarter earnings and subscriber additions. Netflix added 2.2 million subscribers globally
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by Michael Snyder This time around, there won’t be any need for a special counsel investigation to determine if there was foreign interference in the presidential election.  The FBI has already established that a foreign government is trying to influence the outcome of the 2020 election, and the goal is to help Joe Biden win. 
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Music icons Patti Smith, Carlos Santana, and Steven Tyler all share one thing in common—and it’s not just rock and roll. They’re baby boomers, the longest-living generation in the history of the United States. According to records from the U.S. Census Bureau, baby boomers—those born, more or less, in the two decades following the end of World War
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