Morgan Stanley lowered Gap's stock to an "underweight" rating from "equal-weight", citing key weakness in the company's business. Analyst at Morgan Stanley fixed an objective price of $26 for Gap's stock, down 11% from the present level.
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UK's first potash mine unveils £2.5-bln investment plan amid concerns
Sirius Minerals has decided to execute a potash mine, Britain's first potash mine in 40 years, at an investment of £2.5-billion. Sirius is planning to raise funds from investors and banks. Environmentalists are raising concerns , however, about the project as it would have underground network of tunnels underneath North York Moors National Park.
Tech Company 373K Decides to Move From Georgia Due to "Anti-Gay" Bill
Tech company 373K decided to move from Georgia due to religious freedom bill that would allow anti-gay discrimination. After reaching the decision to move through voting, the company is now in the process in moving to Delaware.
Admiral's Chief Henry Engelhardt To Give £1,000 Bonus To All Employees Before Retiring in May
Car insurer Admiral’s chief has decided to award every employee in his company £1,000 before he retires in May. Admiral has been seeing constant growth since 2011 and is now valued £5 billion under Mr Engelhardt’s leadership.
Samsonite Sales Reach Record at £1.6 billion With £136 million Profit as China Sales Soar
Samsonite saw strong sales in Asia, particularly China, in 2015. The company is not sure about 2016 outlook due to potential challenges, as it moves forward to boost presence in Asian markets.
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India’s gold market is threatened as the government revealed a new jewelry tax regulation, requiring a 1 percent sales tax on gold jewelry. Import taxes has not been changed, even though jewellers have expected the government to eliminate the 10 percent import duty.
San Diego SeaWorld announced that it will no longer offer theatrical shows for orcas but instead it will be replaced by an educational show about the killer whale itself. The theme park's declining number of visitors and with the left and right criticism it received from animal activists made them change their tarnished image. However, orcas born and raised in captivity cannot be released to the wild as they could not fend for themselves and might perish.
Boeing has chosen London as its home for new European headquarters. Boeing's decision came soon after a joint pronouncement of a host of businessmen in favor of Britain staying in Europe.
Vijay Mallya's Kingfisher's House is in auction with a base price fixed at Rs 150 crore. A consortium of SBI led the auction where interest buyers will bid online. Lenders are optimistic that the said e-auction will generate huge amount to suffice the amount to pay for the loans granted to Kingfisher Airlines and other debts.
The UK government and Office for National Statistics (ONS) have decided to enhance data quality. Taking central bank Governor Charlie Bean's suggestions into consideration, the British government has earmarked GBP 17 million ($24 million) investment for creating new centers of excellence.
Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
LivingSocial, partly owned by Amazon, has represented itself as a foe in ecommerce business. Gautam Thakar, the new CEO has gone through a massive workforce reduction since his inception 18 months back. Beside job cuts, Thakar has transformed its business focus from daily deals to card linked discount business which is now being tested in three US cities and seems to be popular.
A huge slump in Valeant Pharmaceutical stocks on Tuesday made Pershing Capital to lose more than $1 billion in one day. Meanwhile Bill Ackman planned to take more active role in the drugmaker.
FedEx said in a statement that “a new entity competing” with the company will have to spend tens of billions of dollars to replicate its current extensive network. The statement, referring to Amazon’s new plan to get into the logistic business, also assured that FedEx’s relationship with Amazon remain strong.
