Saks 3Q loss is larger than expected as affluent shoppers slash spending
Nov 18 2008
Anne D'Innocenzio November 18, 2008 - 09:18 a.m. NEW YORK (AP) - Luxury retailer Saks Inc. reported a wider-than-expected loss in the third quarter in contrast to a year-ago profit, viewed like its branch customers slashed spending surrounded by massive job losses on Wall Street and shrinking stock portfolios linked to the financial meltdown. The New York-based retailer which operates Saks Fifth Avenue furthermore issued a dour outlook Tuesday, predicting deteriorating profit margins in the fourth proper position together heavy discounting. It also plans to divide source inventory by 15 percent year-over-year and has reduced its capital expenditures by 40 percent ...
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China central bank says the risk of an economic downturn is rising
Nov 18 2008
The Associated Press November 17, 2008 - 11:00 p.m. BEIJING - The risks of an relating to housekeeping downturn in China are growing and protectionist sentiment abroad could hurt global growth. The country's central the usurer's says the impact of the international financial crisis is intensifying, and the irregularity of the domestic arrangement is increasing. As a result, it says the risk of an economic slowdown is expanding. The bank related it would ensure adequate credit is serviceable to support the government's multibillion-dollar stimulus package. That package calls for heavy spending by Chinese companies on construction and other investments. Beijing is trying to rev up the ...
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FBI is investigating a foreclosure scam that was targeting Hawaiians
Nov 18 2008
The Associated Press November 17, 2008 - 11:01 p.m. HONOLULU - The FBI is investigating several companies that allegedly bilked Native Hawaiian homeowners used up of more than $300,000 by offering bogus foreclosure rescue bonds. The homeowners were charged between $2,500 and $10,000 to give ear seminars or counselling sessions on avoiding foreclosure. They were told they would receive bonds worth $1 million that could have existence used to reward off the outstanding surplus of the pledge. Officials declared the bonds were bogus and no mortgages were paid off. The scams have cost homeowners and lending institutions hundreds of thousands of dollars and have led to ...
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Mexican billionaire buys stake in struggling Circuit City
Nov 18 2008
Michael Felberbaum, The Associated Press November 17, 2008 - 10:37 p.m. RICHMOND, Va. - A Mexican billionaire who controls a chain of electronics supplies in Latin America now holds a 28 per cent put at hazard in Circuit City Stores Inc., which is under bankruptcy protection. Ricardo Salinas Pliego, who is on Forbes magazine's list of the world's richest people, owned more than 47 million shares of the second-largest consumer electronics retailer in the United States as of Nov. 14, according to documents filed by the U.S. Securities and Exchange Commission late Monday. He bought 30.3 million shares of Circuit City at average prices ranging between 22 cents ...
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