G20 expectations; Apple departure; Madame Tussauds - CNN

But the big event is Trump's meeting with Chinese President Xi Jinping on Saturday.

Markets want the conversation to yield a clear truce on trade, with commitments not to escalate tensions further as Washington and Beijing work toward a final deal.

It's not clear they'll get that. Trump told journalists Friday that additional tariffs on Chinese goods remain on the table.

"We'll see what happens and what comes out of it," Trump said. "It will be a very exciting day, I'm sure. A lot of people are talking about it."

2. Apple departure: Apple's chief design officer Jony Ive is leaving the company after nearly 30 years.

The company said Thursday that Ive will start his own design company, and Apple will be one of its primary clients. He'll continue to work closely on Apple (AAPL) projects.

Ive's departure marks the end of an era at Apple. He worked with Steve Jobs to design the company's most iconic products, from candy-colored iMacs to the iPod and the original iPhone.

Apple's stock dropped 0.9% in premarket trading Friday.

3. Tussauds deal: The Danish family behind Lego has partnered with Blackstone to take Merlin Entertainments private in a deal that values the owner of Madame Tussauds at £4.7 billion ($6 billion).

Merlin Entertainments (MERLY) operates theme parks and other attractions in 25 countries, drawing 67 million visitors a year. It also owns LegoLand and The London Eye.

The company said Friday that it had agreed to be purchased by a consortium made up of Kirkbi, the investment house of Lego's founding family, US private equity giant Blackstone (BX) and a Canadian pension fund.

The consortium will pay £4.55 ($5.75) per share for Merlin Entertainments, a 14% premium over the stock's closing price on Thursday.

4. Markets mixed: US stock futures point higher as investors sit in G20 limbo.

The Dow is poised to rise 90 points, or 0.3%, when markets open. The Nasdaq could climb 0.1% and the S&P 500 could gain 0.3%.

European markets opened largely in the green. Britain's FTSE 100 increased 0.2% in early trading, while Germany's DAX jumped 0.4%.

Stocks in Asia went the opposite direction. Hong Kong's Hang Seng and Japan's Nikkei both fell 0.3%. The Shanghai Composite shed 0.6%.

The Dow closed down slightly Thursday. Boeing (BA) was the index's biggest loser, declining 2.9% after a new flaw was discovered in the updated software for the 737 Max jet.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

5. Coming this week:
Friday — US personal income and spending data; Constellation Brands (STZ) earnings

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2019-06-28 09:23:00Z
CBMiTGh0dHBzOi8vd3d3LmNubi5jb20vMjAxOS8wNi8yOC9pbnZlc3RpbmcvcHJlbWFya2V0LXN0b2Nrcy10cmFkaW5nL2luZGV4Lmh0bWzSAVBodHRwczovL2FtcC5jbm4uY29tL2Nubi8yMDE5LzA2LzI4L2ludmVzdGluZy9wcmVtYXJrZXQtc3RvY2tzLXRyYWRpbmcvaW5kZXguaHRtbA

Apple designer, Jony Ive to quit Apple Inc and start own firm - Mint

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2019-06-28 07:48:36Z
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Taco Bell-themed resort in Palm Springs sells out first day - ABC15 Arizona

PALM SPRINGS, CA — Taco Bell transformed a California hotel into a taco lover's dream vacation spot -- and it was such a hit that it sold out on the first day.

The Bell: A Taco Bell Hotel and Resort is set to open for four nights in Palm Springs in August.

Fans could begin booking their stay on Thursday, June 27, and by 11 a.m. the same day, it was fully booked.

Photos from the website show rooms with pillows and wall art designed like hot sauce packets and hot sauce packet-shaped pool floaties.

Taco Bell says the resort will have a special Taco Bell poolside menu, a Baja Bar and exclusive Taco Bell menu items.

They'll also have a Taco Bell Taco Shop Gift Shop, a DJ, on-site salon, movies at the pool and more.

Even though the resort experience is sold out, you can still sign up online to "receive updates, exclusive merchandise and more from The Bell Hotel."

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2019-06-27 18:02:00Z
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Ford is laying off 12,000 workers in Europe - Ars Technica

Enlarge / A Ford sign at the Ford Engine Plant in Bridgend, South Wales—one of the plants slated to be closed in the next 18 months.

Ford is planning to lay off 12,000 workers across Europe, the company announced on Thursday. Ford says it will reduce the number of manufacturing facilities in Europe from 24 at the beginning of 2019 to 18 at the end of 2020.

Ford will be closing plants in South Wales and France and three in Russia. Ford is also selling a Slovakian plant to Magna.

The 12,000 workers represent a bit less than 20% of Ford's 65,000-person European workforce. Ford says that most job reductions will be voluntary separations. About 2,000 of the layoffs will be salaried workers—part of a previously announced 7,000-person reduction in Ford's salaried global workforce.

Ford signaled that European job cuts were imminent back in January, but Thursday's announcement is the first time Ford has given specific information about how many jobs will be cut and in which facilities.

The move is part of a broader restructuring of Ford's business. Turmoil in the global trading system—from Brexit to Donald Trump's trade wars with Mexico and China—have forced car companies to reassess their product lines and supply chains.

Ford announced last year that it was scrapping most of its passenger cars for the US market to focus on SUVs and trucks. It then announced a new manufacturing alliance with Volkswagen this year, in which Ford will manufacture some VW-badged vehicles and vice versa. Ford and Volkswagen are also reportedly close to a deal to share electric and self-driving technology.

In its Thursday press release, Ford says that it would be relying on its VW partnership to grow its already substantial share of the European commercial vehicle market.

Correction: Ford announced last year that it was scrapping its cars and trucks for the US market. I originally implied that this would be true globally.

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2019-06-27 16:11:00Z
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Ford cutting another 12,000 European jobs as restructuring continues - CNBC

An employee works on an engine production line at a Ford factory on January 13, 2015

Carl Court | Getty Images News | Getty Images

Ford is cutting 12,000 jobs at its operations across Europe by the end of 2020, the automaker said Thursday, continuing a broad, global restructuring program that already has cost about 2,300 jobs in the U.S.

The latest move comes as Ford prepares to close or sell off six of its 24 European plants, including an engine plant in Wales, a transmission factory in France and three facilities in Russia. It also plans to cut production and drop shifts at assembly plants in Germany and Spain.

Its stock rose more than 2% in morning trading.

The company's global workforce of 199,000 employees as of Dec. 31, 53,000 of them in Europe, will be notably smaller next year. The European cutbacks were widely expected and follow on other layoffs announced earlier this year. They come as the Detroit-based automaker struggles to reverse years of losses in the U.S. Since Jim Hackett was named CEO two years ago, Ford has launched a number of worldwide cost-savings measures, but company officials say the cuts announced Thursday also reflect a planned shift from conventional, gas and diesel-powered vehicles to electric and other battery-powered cars.

"Ford will be a more targeted business in Europe, consistent with the company's global redesign, generating higher returns through our focus on customer needs and a lean structure," Stuart Rowley, president of Ford of Europe, said in a statement. "Implementing our new strategy quickly enables us to invest and grow our leading commercial vehicle business and provide customers with more electrified vehicles, SUVs, exciting performance derivatives and iconic imported models."

While a large share of the new European job cuts will target hourly employees, Ford last month said it was eliminating 7,000 white-collar jobs, including 2,300 in the United States. At that time, CEO Hackett hinted there would likely be more to follow, noting, "We still have a lot of work to do in the coming months."

That includes more than just job cuts, however. Since being named CEO following a management shake-up in May 2017, Hackett has ordered a number of major changes, among other things dropping all U.S. passenger car models — but for the Mustang. The shift to sport and crossover-utility vehicles has extended to other markets, including Europe and China, though not to quite the same degree.

Jim Hackett, Ford

Source: Ford Motor Company

Ford has been trying to right-size operations around the world, especially in weak markets like Europe and Latin America, Joe Hinrichs, the president of the company's automotive operations, told CNBC earlier this year.

But it is not going as far as its Detroit rival, General Motors, which shut down operations in Russia, India and several other markets, while selling off its European Opel subsidiary to France's PSA Group.

Investors seem to like Hackett's changes so far. While the company's stock is still down 11% over the last 12 months, its gained almost 33% since Jan. 1. 

According to Ford's statement, it will reorganize European operations into three "customer-focused" groups that will focus on passenger vehicles, imports — such as the American-made Mustang — and commercial vehicles. The latter unit will play a central role in the new joint venture Ford announced with German automaker Volkswagen in January.

Ford also is negotiating other possible alliances on autonomous and electric vehicles with VW that could be announced in a matter of weeks, according to several company executives.

Ford was an early entrant into the battery-car field but has since fallen behind competitors like Tesla, GM and VW, the latter company planning to unleash as many as 50 all-electric models by the middle of the coming decade.

Automakers face increasing pressure from regulators around the world to shift to battery-based vehicles, and Ford plans to unveil its first long-range all-electric model, a crossover influenced by the Mustang, later this year.

"Our future is rooted in electrification," said Ford's Rowley. "We are electrifying across our portfolio, providing all of our customers with more accessible vehicle options that are fun to drive, have improved fuel economy and are better for our environment."

Ford is just one of a number of automakers who have announced major cutbacks in recent months. GM announced in November plans to close three assembly plants and two parts factories in North America, eliminating 14,000 jobs. In March, VW said it would cut 7,000 jobs on top of previously announced reductions.

The moves come at a critical time for the industry, according to a new study by the Detroit-based consultancy, AlixPartners. Sales in the U.S. and China are in a slump and European demand is stagnant, at best, it noted.

At the same time, manufacturers are being forced to invest heavily in the development of autonomous and electrified vehicles. They face a "profit desert," warned Mark Wakefield, head of the firm's automotive practice, and must take steps to cut costs.

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2019-06-27 14:54:10Z
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Pier 1 Plunges as Retailer Posts Seventh Straight Sales Decline - Yahoo Finance

(Bloomberg) -- Pier 1 Imports Inc. shares tumbled as much as 24% after reporting a seventh straight quarter of declining sales as its interim chief tries to make its turnaround plan work.Same-store sales, an important measure for retailers, fell 13.5% in the first quarter. Results were dragged down by “aggressive clearance actions to move through lower-priced, lower-margin goods,” Interim Chief Executive Officer Cheryl Bachelder said.Key InsightsBachelder had laid out her plan to revive the struggling retailer in April, including store closures and cost cuts. Investors got their first glimpse into how the plan’s working on Wednesday, with the company saying it’s still on track with the savings it laid out last quarter and that it’s learning “in real-time.”On the company's earnings call, management said Pier 1 would close about 57 stores this fiscal year. That's higher than the 45 it had announced earlier this spring. Pier 1 had said in April it would recapture about $30 million to $40 million of net income and $45 million to $55 million of EBITDA in fiscal year 2020 -- that’s no longer the case. “The expense savings we plan to realize in the second half of fiscal 2020 are expected to be absorbed by reduced gross margins” instead, the CEO said Wednesday.One big question investors may still have is the home goods store’s liquidity position. S&P Global Ratings said in April it was concerned the company isn’t discussing any debt exchange and cited what it called an increasing “potential for a bankruptcy filing or debt restructuring.” The company has said that its turnaround plan “will provide sufficient liquidity“ for a rebound.Market ReactionPier 1 shares fell to as low as $6.70 as on Thursday. The retailer announced a reverse stock split this month, allowing it to regain compliance with the NYSE minimum share price and continue to be listed.Get MoreFor more financial details, click here.For company statement, click here.(adds share trading and bullet point on store closures.)To contact the reporter on this story: Olivia Rockeman in New York at orockeman1@bloomberg.netTo contact the editors responsible for this story: Anne Riley Moffat at ariley17@bloomberg.net, Jonathan RoederFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- Pier 1 Imports Inc. shares tumbled as much as 24% after reporting a seventh straight quarter of declining sales as its interim chief tries to make its turnaround plan work.

Same-store sales, an important measure for retailers, fell 13.5% in the first quarter. Results were dragged down by “aggressive clearance actions to move through lower-priced, lower-margin goods,” Interim Chief Executive Officer Cheryl Bachelder said.

Key Insights

Bachelder had laid out her plan to revive the struggling retailer in April, including store closures and cost cuts. Investors got their first glimpse into how the plan’s working on Wednesday, with the company saying it’s still on track with the savings it laid out last quarter and that it’s learning “in real-time.”On the company's earnings call, management said Pier 1 would close about 57 stores this fiscal year. That's higher than the 45 it had announced earlier this spring. Pier 1 had said in April it would recapture about $30 million to $40 million of net income and $45 million to $55 million of EBITDA in fiscal year 2020 -- that’s no longer the case. “The expense savings we plan to realize in the second half of fiscal 2020 are expected to be absorbed by reduced gross margins” instead, the CEO said Wednesday.One big question investors may still have is the home goods store’s liquidity position. S&P Global Ratings said in April it was concerned the company isn’t discussing any debt exchange and cited what it called an increasing “potential for a bankruptcy filing or debt restructuring.” The company has said that its turnaround plan “will provide sufficient liquidity“ for a rebound.

Market Reaction

Pier 1 shares fell to as low as $6.70 as on Thursday. The retailer announced a reverse stock split this month, allowing it to regain compliance with the NYSE minimum share price and continue to be listed.

Get More

For more financial details, click here.For company statement, click here.

(adds share trading and bullet point on store closures.)

To contact the reporter on this story: Olivia Rockeman in New York at orockeman1@bloomberg.net

To contact the editors responsible for this story: Anne Riley Moffat at ariley17@bloomberg.net, Jonathan Roeder

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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2019-06-27 13:37:00Z
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Ford to slash 12,000 jobs as it closes European factories - Yahoo Finance

Engineers working on a Jaguar V8 engine at the Ford engine plant near Bridgend, south Wales.

12,000 jobs could be slashed at Ford’s manufacturing plants across Europe, as the carmaker rolls out a major cost-cutting plan.

The company said it will close or sell six of its facilities across Europe by the end of 2020, reducing its “manufacturing footprint” from 24 plants to 18.

It said the wave of redundancies will come “primarily through voluntary separation programmes.”

Ford described the huge cutbacks as part of “the most comprehensive redesign in the history of its business in Europe.”

The company confirmed its Ford of Britain and Ford Credit Europe headquarters in Warley will be closed, with operations consolidated in Dunton.

READ MORE: Japan warns UK car industry could suffer in no-deal Brexit

Plans to close the Bridgend Engine Plant had already been announced, in a devastating blow for the South Wales town.

Plants in Russia and France will also be closed, while another plant in Slovakia will be sold to Magna.

The firm said 2,000 of the 12,000 “impacted” jobs were salaried positions within the company or its consolidated joint ventures.

Ford is making significant cutbacks. Photo: Ramon Costa / SOPA Images/Sipa USA

READ MORE: No-deal Brexit could cost UK car firms £50,000 a minute

Stuart Rowley, president of Ford of Europe, said: “Separating employees and closing plants are the hardest decisions we make, and in recognition of the effect on families and communities, we are providing support to ease the impact.”

“We are grateful for the ongoing consultations with our works councils, trade union partners and elected representatives. Together, we are moving forward and focused on building a long-term sustainable future for our business in Europe.”

Ford currently employs around 65,000 people across Europe through its wholly owned and joint venture arms.

The scale of the job losses makes it a significant landmark in Ford’s history in Europe, which dates back more than a century.

Carmakers like Ford face an enormous financial challenge to both adapt their vehicles to meet increasingly tough clear-air rules and invest in a new generation of electric, hybrid and autonomous cars.

Rowley added: “Implementing our new strategy quickly enables us to invest and grow our leading commercial vehicle business and provide customers with more electrified vehicles, SUVs, exciting performance derivatives and iconic imported models.”

“Our future is rooted in electrification,” he said.

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2019-06-27 11:13:00Z
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