The 6 most im­por­tant things in busi­ness news to­day

Financial Mirror (Cyprus) - - MARKETS - By Dou­glas A. McIn­tyre

Oil prices, Ap­ple’s losses, a gloomy year for Chi­nese stocks and the fate of Sears were the most im­por­tant busi­ness news this week, based on news agency re­ports.

Over­sup­ply con­tin­ues to keep low.

Ac­cord­ing to Reuters, oil prices re­bounded on Fri­day, claw­ing back some of the ground lost this week, but re­mained close to their low­est lev­els in more than a year as ris­ing U.S. in­ven­to­ries and con­cern over global eco­nomic growth kept mar­kets un­der pres­sure.

(NAS­DAQ: AAPL) has lost $9 bln buy­ing back its own shares.

Ac­cord­ing to The Wall Street Jour­nal, Ap­ple has lost more than $9 bln this year on an un­der­per­form­ing in­vest­ment— its own stock.

Like many large com­pa­nies, Ap­ple has used much of its wind­fall from the 2017 tax over­haul to buy back shares. But the re­cent plunge in stock prices has made that look like a bad idea. Ap­ple and com­pa­nies in­clud­ing Wells Fargo & Co., Cit­i­group Inc. and Ap­plied Ma­te­ri­als Inc. re­pur­chased their own shares at rich prices, only to see their value de­cline sharply.

Ap­ple Inc.

oil prices

Net­flix Inc.

Amer­i­can Ex­press

The for­mer CEO of leav­ing two ma­jor cor­po­rate boards.

Ac­cord­ing to The Wall Street Jour­nal, Ken­neth Chenault, the for­mer chair­man and chief ex­ec­u­tive of Amer­i­can Ex­press Co., is step­ping down next year from his board roles at In­ter­na­tional Busi­ness Ma­chines Corp. and Proc­ter & Gam­ble Co. Chenault, 67, plans to re­tire from the boards of IBM and P&G on Fe­bru­ary 13, the com­pa­nies said on Thurs­day in se­cu­ri­ties fil­ings.

Far­ther east, the of its value this year.

Ac­cord­ing to Bloomberg, for China’s stock in­vestors and fore­cast­ers, 2018 has been a gloomy year marked by un­wel­com­ing mile­stones.

The bench­mark Shang­hai Com­pos­ite In­dex is 25% be­low where it started this year, mak­ing it the worst-per­form­ing ma­jor stock mar­ket in the world. The break­out of a trade war be­tween the U.S. and China has wiped out $2.4 trln this year, while a delever­ag­ing drive has squeezed mar­gin debt to just one-third of its peak in 2015.

(NAS­DAQ: NFLX) re­leased its first in­ter­ac­tive movie. Ac­cord­ing to CNBC, stream­ing gi­ant Net­flix re­leased a new in­ter­ac­tive show on Fri­day that al­lows users to choose how the story de­vel­ops and ends.

At 3:01 a.m. ET on Fri­day,


Co. (NYSE: AXP) is

Chi­nese stock mar­ket

lost over $2 trln

Cal­i­for­nia com­pany un­veiled an ex­tended 90-minute episode of the Bri­tish TV se­ries “Black Mir­ror” to show­case the new tech­nol­ogy.

When the episode is ac­cessed by com­puter for the first time, a short tu­to­rial in­structs view­ers to “keep your mouse or track­pad close at hand,” as dif­fer­ent sto­ry­line op­tions are pre­sented through­out the view­ing.

And fi­nally, may be gone ac­cord­ing to CNBC.

Sears, the 125-year-old icon, has 24 hours to sur­vive.

The em­ployer of more than 68,000 filed for bank­ruptcy in Oc­to­ber. Its last shot at survival is a $4.6 bln pro­posal put for­ward by its chair­man, Ed­die Lam­pert, to buy the com­pany out of bank­ruptcy through his hedge fund, ESL In­vest­ments. ESL is the only party of­fer­ing to buy Sears as a whole, peo­ple fa­mil­iar with the sit­u­a­tion tell CNBC. Without that bid or an­other like it, liq­uida­tors will break the com­pany up into pieces.

But as Lam­pert stared down a dead­line of De­cem­ber 28 to sub­mit his of­fer, he was quickly run­ning out of time. As of Thurs­day af­ter­noon, Lam­pert had nei­ther sub­mit­ted his bid, nor rounded up fi­nanc­ing, the peo­ple fa­mil­iar said. Should Lam­pert sub­mit a bid, Sears’ ad­vi­sors would have un­til Jan­uary 4 to de­cide whether he is a “qual­i­fied bid­der.” Only then, could ESL take part in an auc­tion against liq­ui­da­tion bids on Jan­uary 14.







Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.