Kamis, 12 September 2019

145 business leaders implore Senate to act on gun violence, saying doing nothing is ‘simply unacceptable’ - The Washington Post


Companies have come under pressure to act on gun violence after recent mass shootings, including two at Walmart stores. (Mario Tama/Getty Images/Bloomberg News)

The chief executives of 145 U.S. companies pressed Senate leaders to expand background checks to all firearms sales and implement stronger “red flag” laws, marking the latest push by corporate America to pressure Congress to take meaningful action on gun violence.

Signatories to a letter sent Thursday include the heads of major retailers, tech firms, financial institutions, including Levi Strauss, Twitter, Uber, Dick’s Sporting Goods, Yelp, Bain Capital and Reddit. The letter pointed to mass shootings in recent weeks — including those in El Paso; Dayton, Ohio; and Gilroy, Calif. — but also called out a broader epidemic of gun violence that kills 100 Americans each day and wounds hundreds more.

“As leaders of some of America’s most respected companies and those with significant business interests in the United States, we are writing to you because we have a responsibility and obligation to stand up for the safety of our employees, customers and all Americans in the communities we serve across the country,” the executives wrote.

“Doing nothing about America’s gun violence crisis is simply unacceptable and it is time to stand with the American public on gun safety,” they continued.

Corporate America has increasingly weighed in on — or been forced to reckon with — pressing social and political issues facing the country and the world, including immigration and abortion. On gun violence, companies including retailers and banks have considered whether to overhaul their policies or distance themselves from the vast firearm industry — or not. Gun sellers have come under acute pressure to limit the sales of firearms, especially since 24 people were killed at two separate shootings in Walmart stores in the past two months.

A recent Washington Post-ABC News poll found that Americans across party and demographic lines overwhelmingly support expanded background checks for gun buyers and allowing law enforcement to temporarily seize weapons from troubled individuals. The poll found that 86 percent of Americans support implementing “red flag” provisions allowing guns to be taken from people judged to be a danger to themselves or others. And 89 percent support expanding federal background checks to cover private sales and gun-show transactions.

Specifically, Thursday’s letter urged the Senate to pass a bill requiring background checks on all gun sales plus a strong red-flag law that would allow courts to issue lifesaving extreme-risk protection orders. The House has passed gun-control bills, but they have stalled in the Senate.

“Since Congress established the background check system 25 years ago, background checks have blocked more than 3.5 million gun sales to prohibited purchasers like convicted felons and domestic abusers,” the letter states.

But in the subsequent decades, the background check law “has not been updated to reflect how guns are bought and sold today,” the company executives wrote. They said the Senate should follow actions taken by the House to pass bipartisan legislation to update the background checks law, “helping to keep guns out of the hands of people who shouldn’t have them.”

The leaders also wrote that expanding red-flag laws would “enable families and law enforcement nationwide to intervene when someone is at serious risk of hurting themselves or others.”

Walmart, the largest employer in the country, did not sign Thursday’s letter. But last week, the company wrote a separate letter to Congress urging for a debate over reauthorizing an assault weapons ban. Walmart also announced it would stop selling ammunition for military-style weapons and no longer allow customers to openly carry firearms in stores. Other retailers also changed their open-carry policies, including Kroger, CVS and Walgreens.

Let's block ads! (Why?)


https://www.washingtonpost.com/business/2019/09/12/ceos-implore-senate-act-gun-violence-saying-doing-nothing-is-simply-unacceptable/

2019-09-12 11:21:51Z
52780381311800

Walmart is expanding its 'unlimited' grocery delivery service nationwide - CNBC

A man pushes his shopping cart past bread for sale at a Walmart Supercenter store in Rosemead, California on May 23, 2019.

Frederic J. Brown | AFP | Getty Images

Walmart said Thursday it will be expanding a new "unlimited" grocery delivery service, which costs users $98 annually, to 1,400 stores this fall.

The biggest retailer in the world had earlier this year been testing what it calls Delivery Unlimited in four markets — Houston, Miami, Salt Lake City and Tampa. As part of the nationwide rollout, it said the service will be available in 200 metro areas where it already has regular grocery delivery, reaching more than 50% of the U.S. population, by the end of the year.

Walmart's Delivery Unlimited gives shoppers the option to pay either $98 per year or $12.95 per month to receive unlimited grocery delivery orders to their homes. Typically, on an order-by-order basis, delivery would cost an additional $9.99. In addition to fresh produce, meat and bakery items, some general merchandise is offered under the new unlimited service, the company said.

"We've been investing in our online grocery business by quickly expanding our Grocery Pickup and Delivery services. Delivery Unlimited is the next step in that journey," Tom Ward, senior vice president of Walmart's digital operations in the U.S., said in a statement. "By pairing our size and scale and these services we're making Walmart the easiest place to shop."

Walmart said it has more than 45,000 personal shoppers helping it pack grocery orders for customers every day. It says these people must complete three weeks of training before they can begin that work.

This nationwide rollout builds on a strong grocery business that Walmart has already been amassing in the U.S. It has an online grocery order pickup option, for example, available at nearly 3,000 stores today.

Other retailers offer similar options, with which Walmart is trying to compete.

Target owns delivery platform Shipt, where users can pay $99 per year to have certain items, including groceries, delivered same day. Amazon's Prime membership has an annual fee of $119, in order to have perks like free same-day delivery and discounts at Whole Foods Market. FreshDirect and Instacart are other competitors in the space.

Meanwhile, Walmart is also this fall testing delivering groceries directly inside customers' homes.

Walmart shares are up nearly 25% this year.

Let's block ads! (Why?)


https://www.cnbc.com/2019/09/12/walmart-expands-its-unlimited-grocery-delivery-service-nationwide.html

2019-09-12 09:08:35Z
CAIiEHQfpixISITSFuTV2qBq9lUqGQgEKhAIACoHCAow2Nb3CjDivdcCMJ_d7gU

The world's biggest brewer may resurrect its massive Hong Kong IPO - CNN

The world's biggest brewer said in a statement Thursday that there is no assurance that the transaction will go through "and the decision to proceed will depend on a number of factors and prevailing market conditions."
Asian stock markets have been turbulent this year, largely because of the trade war between the United States and China. Hong Kong's Hang Seng Index is down 5.1% since the beginning of July, hit by a political crisis that has seen months of mass demonstrations.
AB InBev was hoping to raise as much as $9.8 billion by listing Budweiser Brewing Company APAC, the largest brewer in Asia by retail sales, before pulling the planned July offering. The IPO would have topped Uber (UBER), which raised $8.1 billion in New York in May.
The Budweiser beer empire was built on debt. Now it's racing to pay it off
AB InBev could use the funds to reduce its massive debt load. The company has already made moves to steady its balance sheet, cutting its dividend in half last last year and unloading its Australian business for $11.3 billion in July.
AB InBev became the world's top brewer by borrowing money to fund a series of acquisitions. The company's most recent mega purchase, of SABMiller, increased its debt to $102.5 billion in 2018.
An Asia IPO could also help the company in China, the world's largest market for beer. AB InBev's sales in the country grew 8.3% last year, with brands like Budweiser and Corona performing especially well.
The listing would be a win for the Hong Kong Stock Exchange. Reports emerged last month that internet giant Alibaba (BABA) would delay plans to raise $15 billion through a secondary listing in Hong Kong amid the ongoing political unrest. Alibaba declined to comment at the time.

Let's block ads! (Why?)


https://www.cnn.com/2019/09/12/investing/ab-inbev-ipo/index.html

2019-09-12 04:37:00Z
52780380913838

Rabu, 11 September 2019

President Trump urges zero or negative interest rates to tackle U.S. debt - AOL

WASHINGTON, Sept 11 (Reuters) - U.S. President Donald Trump on Wednesday said the Federal Reserve should lower U.S. interest rates to "zero or less" to help "refinance our debt" with lower interest costs and a longer-term, and blamed the central bank's chief for missing a "once in a lifetime opportunity."

"We have the great currency, power, and balance sheet... The USA should always be paying the ... lowest rate. No Inflation!" Trump wrote in a pair of early posts on Twitter.

The Republican president has repeatedly called for lower interest rates and blasted Powell and the Fed for not quickly and drastically cutting them, which he sees as necessary to boost U.S. economic growth as he eyes reelection next year.

13 PHOTOS

13 US housing markets that would be most affected by rising interest rates

See Gallery

13. Austin, Texas

Zillow Home Value Index: $263,400

Monthly mortgage payment at 4%: $1,006

Monthly mortgage payment at 5%: $1,131

Difference in monthly mortgage payment: $125

Source: Zillow

12. Riverside, California

Zillow Home Value Index: $321,200

Monthly mortgage payment at 4%: $1,227

Monthly mortgage payment at 5%: $1,380

Difference in monthly mortgage payment: $153

Source: Zillow

(Davel5957 via Getty Images)

11. Sacramento, California

Zillow Home Value Index: $355,000

Monthly mortgage payment at 4%: $1,356

Monthly mortgage payment at 5%: $1,525

Difference in monthly mortgage payment: $169

Source: Zillow

10. Portland, Oregon

Zillow Home Value Index: $357,000

Monthly mortgage payment at 4%: $1,363

Monthly mortgage payment at 5%: $1,533

Difference in monthly mortgage payment: $170

Source: Zillow

(AndreyGatash via Getty Images)

9. Denver

Zillow Home Value Index: $356,900

Monthly mortgage payment at 4%: $1,363

Monthly mortgage payment at 5%: $1,532

Difference in monthly mortgage payment: $169

Source: Zillow

8. Washington, DC

Zillow Home Value Index: $380,900

Monthly mortgage payment at 4%: $1,455

Monthly mortgage payment at 5%: $1,636

Difference in monthly mortgage payment: $181

Source: Zillow

(sborisov via Getty Images)

7. New York City

Zillow Home Value Index: $404,800

Monthly mortgage payment at 4%: $1,546

Monthly mortgage payment at 5%: $1,738

Difference in monthly mortgage payment: $192

Source: Zillow

6. Seattle

Zillow Home Value Index: $413,900

Monthly mortgage payment at 4%: $1,581

Monthly mortgage payment at 5%: $1,778

Difference in monthly mortgage payment: $197

Source: Zillow

(aiisha5 via Getty Images)


 

5. Boston

Zillow Home Value Index: $413,900

Monthly mortgage payment at 4%: $1,581

Monthly mortgage payment at 5%: $1,778

Difference in monthly mortgage payment: $197

Source: Zillow

(SeanPavonePhoto via Getty Images)

4. San Diego

Zillow Home Value Index: $530,900

Monthly mortgage payment at 4%: $2,028

Monthly mortgage payment at 5%: $2,280

Difference in monthly mortgage payment: $252

Source: Zillow

(marlenka via Getty Images)

3. Los Angeles-Long Beach-Anaheim, California

Zillow Home Value Index: $595,700

Monthly mortgage payment at 4%: $2,275

Monthly mortgage payment at 5%: $2,558

Difference in monthly mortgage payment: $283

Source: Zillow

(Photo by DeAgostini/Getty Images)

2. San Francisco

Zillow Home Value Index: $833,600

Monthly mortgage payment at 4%: $3,184

Monthly mortgage payment at 5%: $3,580

Difference in monthly mortgage payment: $396

Source: Zillow

(Ershov_Maks via Getty Images)

1. San Jose, California

Zillow Home Value Index: $970,000

Monthly mortgage payment at 4%: $3,705

Monthly mortgage payment at 5%: $4,166

Difference in monthly mortgage payment: $461

Source: Zillow

(Nancy Nehring via Getty Images)

HIDE CAPTION

SHOW CAPTION

of

SEE ALL

BACK TO SLIDE

"It is only the naïveté of (Fed Chairman) Jay Powell and the Federal Reserve that doesn't allow us to do what other countries are already doing. A once in a lifetime opportunity that we are missing because of 'Boneheads'," Trump tweeted.

On Friday, Powell said the Fed would act appropriately to help maintain U.S. economic expansion and that political factors played no role in the central bank's decision making process. (Reporting by Susan Heavey; Editing by Catherine Evans and Bernadette Baum)

Let's block ads! (Why?)


https://www.aol.com/article/finance/2019/09/11/trump-urges-zero-or-negative-interest-rates-to-tackle-us-debt/23811297/

2019-09-11 11:55:43Z
52780379740978

Trump snarls that 'boneheads' at Federal Reserve are killing economy and should drop interest rates to 'zero or less' - Raw Story

Republicans won a special election in North Carolina's ninth congressional seat on Tuesday.

Republican Dan Bishop bested Dan McCready by two percentage points in the do-over election after fraud by the GOP campaign in 2018. President Donald Trump carried the district by twelve percentage points in 2016.

"It supposed to be a ruby-red district. Held has been held by Republicans -- as we've been saying -- since 1963. What gives tonight?" CNN's Don Lemon wondered.

"Don, what gives is what always gives in the races. Money matters," GOP strategist Rick Wilson replied.

"There were 10.7 million dollars spent in the race. About 6.4 million was Republican spending, a -- the amount of money you used to spend in the U.S. Senate race -- on one House district, in one state, in a relatively affordable media market," he explained.

Let's block ads! (Why?)


https://www.rawstory.com/2019/09/trump-snarls-that-boneheads-at-federal-reserve-are-killing-economy-and-should-drop-interest-rates-to-zero-or-less/

2019-09-11 10:55:04Z
52780379740978

LSE receives £29.6bn takeover approach from Hong Kong rival - Border Counties Advertizer

Hong Kong Exchanges and Clearing has launched a shock £31.6 billion bid for the London Stock Exchange Group in a move set to disrupt its UK rival’s tie-up with Refinitiv.

Shares in the London Stock Exchange (LSE) surged as much as 16% higher after the Hong Kong exchange revealed the cash-and-shares approach.

Hong Kong Exchanges and Clearing (HKEX) is proposing to pay around £8.36 a share – which values the LSE at about £29.6 billion, or £31.6 billion including debt.

But HKEX said the potential offer is dependent on LSE’s planned 27 billion US dollars (£21.9 billion) deal to buy data provider Refinitiv being scrapped.

The LSE agreed the Refinitiv deal last month, which would see major Refinitiv shareholders, including Blackstone and Thomson Reuters, take a 37% stake in the enlarged company.

HKEX said its merger with the LSE would “redefine global capital markets for decades to come”.

It said it has had “early engagement” with the LSE and plans to seek a recommendation from its board.

But the LSE branded HKEX’s proposal “unsolicited, preliminary and highly conditional”.

It added that it would consider the approach, though it stressed it “remains committed to and continues to make good progress on its proposed acquisition of Refinitiv”.

HKEX’s proposed offer price marks a 23% premium on LSE’s closing share price on Tuesday.

It believes the deal with the LSE would strengthen both businesses, give them better geographical reach and offer market participants and investors “unprecedented global market connectivity”.

HKEX chief executive Charles Li said: “Bringing HKEX and LSEG together will redefine global capital markets for decades to come.

“Both businesses have great brands, financial strength and proven growth track records.

“Together, we will connect East and West, be more diversified and we will be able to offer customers greater innovation, risk management and trading opportunities.”

The approach for the LSE comes after an attempted £21 billion merger with German rival Deustche Borse collapsed in 2017, when it was blocked by the European Commission.

Let's block ads! (Why?)


https://www.bordercountiesadvertizer.co.uk/news/national/17894778.lse-receives-29-6bn-takeover-approach-hong-kong-rival/

2019-09-11 09:11:00Z
52780380172122

US companies are canceling investment into China at a faster clip, survey shows - CNBC

Chinese shipping containers are stored beside a US flag after they were unloaded at the Port of Los Angeles in Long Beach, California on May 14, 2019. - Global markets remain on red alert over a trade war between the two superpowers China and the US, that most observers warn could shatter global economic growth, and hurt demand for commodities like oil. (Photo by Mark RALSTON / AFP) (Photo credit should read MARK RALSTON/AFP/Getty Images)

MARK RALSTON | AFP | Getty Images

Some American companies in China are speeding up their move away from the mainland as increasing tariffs continue to hurt their businesses. That's according to a survey released by the American Chamber of Commerce in Shanghai on Wednesday.

More than a quarter of the respondents – or 26.5% – said that in the past year, they have redirected investments originally planned for China to other regions. That's an increase of 6.9 percentage points from last year, the AmCham report said, noting that technology, hardware, software and services industries had the highest level of changes in investment destination.

The research, conducted in partnership with PwC, surveyed 333 members of the American Chamber of Commerce in Shanghai. It was conducted from June 27 to July 25 — during the period when U.S. President Donald Trump and Chinese President Xi Jinping agreed to resume trade talks, and before the latest escalation in retaliatory tariffs.

U.S. firms in the mainland also said restrictions to accessing the local market have made it difficult for them to carry out their business, the report said.

Asked about the best possible scenarios in ongoing trade negotiations, more than 40% of respondents said greater access to the domestic market would be the most important outcome to help their businesses succeed. That was followed by more than 28% that ranked improved intellectual property protection as key.

The third most hoped-for outcome of the trade talks was "increased purchases of U.S. goods," at 14.3%, the survey showed. That's in contrast to the Trump administration's latest efforts to pressure China into buying more American products, especially in agriculture.

Barred from market access

One of the longstanding complaints U.S. companies have about operating in China is that many industries are closed to foreign businesses. In the sectors that are open, it is difficult to compete with state-owned enterprises or privately owned companies that may benefit from local connections or policies, they say.

Allegations of forced transfer of critical technology to Chinese partners and lack of intellectual property protection are just some of the challenges U.S. businesses cite for operating in China.

The latest AmCham survey found accessing the local market remained one of the key problems companies faced, with more than half the respondents — or 56.4% — saying that obtaining licenses was not easy.

Still, with no sign of a trade agreement, 2019 will be a difficult year; without a trade deal, 2020 may be worse.

AmCham Shanghai and PwC survey

By industry, the one that most sought improved market access was the banking, finance and insurance sector. The high 81% of respondents in that sector seeking a better business environment contrasts with Beijing's announcements in the last 18 months that it will be relaxing foreign ownership rules in the financial sector. Some measures include allowing majority foreign ownership of a local securities venture and increased foreign ownership of local stocks.

However, survey respondents did note an overall improvement in nearly all issues of concern — including intellectual property protection and forced technology transfer. The proportion of businesses that said the Chinese government treats foreign and local companies equally also rose from 34% to 40% in the latest survey.

Tariffs hurting US firms

The U.S. business presence in China remains strong, with American companies and their affiliates raking in more than $450 billion in sales in the Asian country, according to an August report from research firm Gavekal Dragonomics. The analysis also pointed out that sales figure is more than twice the value of U.S. exports of goods and services to China.

But retaliatory tariffs from both sides are hitting revenues and causing some American firms to change their China strategy, the AmCham survey showed.

If Washington were to impose all the duties as threatened, essentially all Chinese goods exported to the U.S. will be subject to tariffs by the end of the year. In response to the increasing American duties, Beijing has countered with tariffs of its own on U.S. exports to China.

Just over half of the survey respondents said revenue has decreased as a result of the increased tariffs. One third of them attributed a drop of between 1% and 10% of revenue to the higher duties.

Overall profitability did not decline in 2018, the report said. But more respondents said revenue and margins declined last year, especially compared with operations in other countries. Pessimism levels shot up by 14 percentage points to about 21% — respondents felt less optimistic about the outlook for 2019 due in part to a slowing domestic economy.

Bright spots remain in China

The survey, however, did find some areas of optimism among respondents in China.

The pharmaceuticals, medical devices and life sciences category ranked among the industries with the most respondents reporting revenue growth last year. That sector also came in second among those most optimistic about 2019.

The AmCham report said the positive outlook was "likely due to government policy changes, including accelerated approvals of foreign drugs."

More than two-thirds of companies in food and agriculture planned to increase investment in 2019, the most of any industry, the report said. Retail and consumer companies also intended to invest more in China, especially in smaller cities where many analysts still see a major growth opportunity.

However, businesses are getting ready for a drawn out trade war between the two economic giants. Of those surveyed, 35% expect trade tensions to continue for another 1 to 3 years, while nearly 13% say it will go on for 3 to 6 years. About 17%, however, were even more pessimistic, and predict that the trade conflict will drag on indefinitely.

The report added: "Still, with no sign of a trade agreement, 2019 will be a difficult year; without a trade deal, 2020 may be worse."

Let's block ads! (Why?)


https://www.cnbc.com/2019/09/11/trade-war-amcham-survey-shows-tariffs-weigh-on-us-businesses-in-china.html

2019-09-11 04:40:33Z
CAIiEDk83-0jaEUIwOPQqK0ueSIqGQgEKhAIACoHCAow2Nb3CjDivdcCMM_rngY