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Business

Macys Posts Over $3 Billion in Losses, Doesnt Expect Another Shutdown

Macys Inc reported a staggering $3.58 billion loss on Wednesday for its coronavirus-hit first quarter as store shutdowns resulted in the department store chain recording a $3 billion impairment charge. The global health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees, and suspend dividends and buybacks in a bid to stay afloat. “While our stores are reopened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year,” Chief Executive Officer Jeff Gennette said in a statement, adding that the retailer did not expect another total shutdown of stores. Macys, which also owns Bloomingdales, said net sales for the first quarter through May 2 nearly halved to $3.02 billion. The retailers results come as some of its peers, including J Crew, J.C. Penney, and Neiman Marcus Group, have filed for bankruptcy after failing to cope with market uncertainties and mounting debt. Macys, which on June 25 said it would lay..

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Football: Yarmolenko earns West Ham vital win over Chelsea

LONDON (REUTERS) – Substitute Andriy Yarmolenko's late strike earned West Ham United a precious 3-2 victory over Chelsea in a topsy-turvy Premier League derby on Wednesday (July 1). Yarmolenko raced clear in the 89th-minute to plant a shot past Kepa Arrizabalaga and clinch three vital points in West Ham's battle to avoid relegation. Willian had put Chelsea in front in the 41st-minute from the penalty spot but Tomas Soucek, who had already had a goal ruled out by VAR, headed the hosts level on the stroke of halftime. Michail Antonio then turned in Jarrod Bowen's cross shortly after the break to give the hosts the lead. Willian's majestic 72nd-minute free kick which beat Lukasz Fabianski and crashed in off the post set up a frenetic finale. With Chelsea seeking a winner they were caught on the break and Yarmolenko kept his cool to Read More – Source [contf] [contfnew] straitstimes [contfnewc] [contfnewc]

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Football: Bournemouth rot continues with 4-1 loss to Newcastle

BOURNEMOUTH, ENGLAND (REUTERS) – Bournemouth's hopes of avoiding relegation from the Premier League suffered another blow after their poor form continued with a crushing 4-1 home defeat to Newcastle United on Wednesday (July 1). The result left the Cherries, who have taken one point from their last seven league games, 19th on 27 points from 32 games, while Newcastle moved up to 13th on 42 points after stretching their unbeaten run to five games. Allan Saint-Maximin shone with three assists as he gave his markers a torrid evening. Dwight Gayle fired Newcastle ahead in the fifth minute after good work by Saint-Maximin and the irrepressible French forward picked the lock again in the 30th with some dazzling individual skill. He weaved his way past Adam Smith and squared the ball back to Sean Longstaff, who buried a first-time shot into the roof of the net before limping off with a hamstring injury to make way for Miguel Almiron. The Paraguayan made it 3-0 in the 57th minute with..

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Sports World: Lisbon tourney will go ahead: Uefa

Lisbon tourney will go ahead: Uefa[hhmc] BERN • Uefa said on Tuesday it was fully committed to staging a Champions League Final Eight tournament in Lisbon next month despite several suburbs of the city preparing to go back into lockdown as coronavirus cases climb again. The European football body's president Aleksander Ceferin said he saw "no need for a Plan B" after discussing plans with Portugal's Prime Minister Antonio Costa, although Uefa recognised that organising the tournament represented "great challenges". The competition will use a straight knockout format and the quarter-finals and semi-finals will be staged over one leg, instead of the usual two, with the final to be held on Aug 23. REUTERS Juve stay ahead of challengers Lazio[hhmc] ROME • Juventus maintained their four-point lead atop Italy's Serie A on Tuesday after strolling to a 3-1 win at Genoa that keeps chasers Lazio at bay despite their 2-1 comeback triumph at Torino. Three stunning individual go..

Business

Former CapitaLand CEO elected SBF chairman

Former CapitaLand chief executive Lim Ming Yan has been elected chairman of the Singapore Business Federation (SBF). Mr Lim succeeds Mr S.S. Teo, Pacific International Lines managing director, who has stepped down after serving the maximum three terms or six years, the SBF said. The annual general meeting (AGM) on Tuesday also established a new SBF Council, which will run for a two-year term. The body consists of 11 elected members, 12 representatives of trade associations and chambers, and two co-opted members who were appointed by the AGM. Deputy Prime Minister Heng Swee Keat told the virtual AGM that the SBF is playing a critical role in the tripartite effort by the Government, employers and the labour movement to help Singapore emerge stronger from the Covid-19 crisis. "SBF also plays a critical role in helping our companies to adapt and transform, especially during this crisis," added Mr Heng, who is also Finance Minister. In a separate Facebook post yesterday, Mr Heng thank..

Business

PMIs point to fragile recovery for Asia’s factories

TOKYO • Asia's factory managers saw glimmers of hope last month, with the region's purchasing managers' indexes (PMIs) turning up across the board as demand from China picked up. However, sluggish global demand and fears of a second wave of infections will tame any optimism on the outlook and keep pressure on policymakers to support their ailing economies. In China, factory activity grew at a faster clip last month, after the world's second-largest economy lifted coronavirus lockdown measures. The Caixin/Markit PMI, released yesterday, rose to 51.2 in June from 50.7 in May, marking the highest reading since December last year. That followed a similarly upbeat reading from the Chinese government's own PMI on Tuesday. Manufacturing activity also expanded in Vietnam and Malaysia, pointing to a slow but steady recovery ahead. India's factory activity contracted for a third straight month in June, but at a much slower pace, as both output and new orders shr..

Business

Airbus to cut 15,000 jobs to survive Covid-19 crisis

TOULOUSE/PARIS • Airbus on Tuesday unveiled plans to shed around 15,000 jobs, including 900 already earmarked in Germany, saying its future was at stake after the coronavirus pandemic rocked the air travel industry. Europe's biggest aerospace group said it would cut some 5,000 posts in France, 5,100 in Germany, 900 in Spain, 1,700 in Britain and 1,300 elsewhere for a core total of 14,000. Additionally, the company has already agreed to cut 900 jobs at its Premium Aerotec unit in Germany. The move is subject to talks with unions, which immediately renewed pledges to oppose compulsory redundancies. Airbus has refused to rule them out as it seeks voluntary departures, early retirements and long-term partial employment schemes. Airbus said it wanted a deal on the job cuts by next year. "It's going to be a mighty battle to save jobs," said Ms Francoise Vallin of the CFE-CGC union. A French Finance Ministry official said the government expected Airbus to use instruments it ha..

Business

Mexico exporters urge government to respect foreign investors under new trade deal

MEXICO CITY: A top Mexican exporters' group on Wednesday urged the government not to spook foreign investors after a number of disputes erupted over major projects in the run-up to the start of a new North American trade deal. Wednesday marked the entry into force of the United States-Mexico-Canada Agreement (USMCA), which replaces the 26-year-old North American Free Trade Agreement (NAFTA) at a time of growing commercial tension within the continent. Advertisement Advertisement President Andres Manuel Lopez Obrador has pushed for renegotiation of billions of dollars worth of contracts agreed under the last government. He also helped stop construction of a brewery in the border city of Mexicali by U.S. firm Constellation Brands, saying it jeopardized water supply. The National Board of the Maquiladora and Export Manufacturing Industry (Index) warned that Mexico could be damaged by the Constellation Brands row and contractual disputes between the government and private energy..

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US seeks to recover another US$96m in 1MDB-associated assets

WASHINGTON, DC: The US Department of Justice on Wednesday (Jul 1) said it was seeking forfeiture of another US$96 million in assets allegedly associated with the 1Malaysia Development Berhad (1MDB) international money-laundering conspiracy. The United States is seeking to reclaim assets including luxury real estate in Paris and artwork by Claude Monet and Andy Warhol it charges were tied to the embezzlement of 1MDB fund by Malaysian officials, the DOJ said in a statement. Advertisement Advertisement So fRead More – Source [contf] [contfnew] channel news asia [contfnewc] [contfnewc]

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Pakistan blocks online game PUBG over ‘negative’ impact

ISLAMABAD: Pakistan on Wednesday (Jul 1) temporarily blocked the hugely popular online game PlayerUnknown's Battlegrounds (PUBG) after receiving complaints it was addictive and following media reports linking the brutal, multiplayer shoot 'em up to suicide. The Pakistan Telecommunication Authority said it had received "numerous" complaints from people saying the game has a "serious negative impact on (the) physical and psychological health of the children" who play it. Advertisement Advertisement The PTA said it had suspended internet access to the game pending a high court hearing on Jul 9. Pakistan's Dawn newspaper last month reported that police in Lahore had recommended a ban after a teenaged player killed himself. The newspaper said police believe the 16-year-old boy committed suicide after he failed to accomplish a mission. Often likened to the blockbuster book and film series "The Hunger Games",Read More – Source [contf] [contfnew] channel news asia [con..

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