Senin, 10 Februari 2020

Twelve Oaks, Great Lakes Crossing malls bought in $3.6B deal - Detroit Free Press

An Indianapolis-based retail real estate giant is acquiring Bloomfield Hills-based Taubman Centers — which owns and operates Twelve Oaks Mall in Novi and Great Lakes Crossing in Auburn Hills — in a $3.6 billion deal announced Monday.

Simon Property Group will purchase all of Taubman Centers' common stock for $52.50 a share, according to a news release. The Taubman family will sell about one third of its ownership interest and remain a 20 percent partner. 

Taubman President and CEO Robert Taubman will continue to manage the existing executive team in partnership with Simon. 

"I am proud of all that this company's talented employees have achieved and am thrilled to have the opportunity to join together with Simon through this joint venture," Robert Taubman said. "Simon shares our commitment to serving retailers, shoppers and the communities in which we operate. The board and I are confident that Simon is the ideal partner to help us build on our progress."

More: Epidemic of empty stores threatens more metro Detroit shopping malls

More: Detroit Vs Everybody closes 4 metro Detroit locations: Here's why

Taubman owns 24 retail properties that consist of about 25 million feet of gross leasable area, according to the company. 

"By joining together, we will enhance the ability of TRG (The Taubman Realty Group Limited Partnership) to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers, and substantial new job prospects for local communities," said Simon CEO and President David Simon. 

Taubman Centers sold seven U.S. malls in 2014, including Fairlane Town Center in Dearborn and The Mall at Partridge Creek in Clinton Township. 

Contact Omar Abdel-Baqui: 313-222-2514 or oabdel-baqui@freepress.com. Follow him on Twteer @omarabdelb

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2020-02-10 16:22:00Z
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Amazon wants Trump to testify in battle over $10 billion Pentagon contract - CNN

The document also seeks permission to depose former Defense Secretary James Mattis and what he may have known about Trump's attitude toward the contract, known as the Joint Enterprise Defense Infrastructure.
The decision on the motion to depose is expected in the coming weeks.
It is incredibly rare, if not unprecedented, for a sitting US president to be deposed in a contract protest. In a footnote of the court filing, Amazon notes that "a deposition of a sitting President of the United States presents unique circumstances."
Amazon (AMZN) argues in the document that the Pentagon's explanation for awarding the contract to Microsoft left out "crucial information and details that led to this flawed and potentially detrimental decision regarding DoD's future cloud infrastructure."
Amazon will ask a court to block Microsoft from working on a $10 billion cloud computing contract
In a statement, Amazon said: "President Trump has repeatedly demonstrated his willingness to use his position as President and Commander in Chief to interfere with government functions -- including federal procurements -- to advance his personal agenda. The preservation of public confidence in the nation's procurement process requires discovery and supplementation of the administrative record, particularly in light of President Trump's order to 'screw Amazon.' The question is whether the President of the United States should be allowed to use the budget of the DoD to pursue his own personal and political ends."
Amazon accused Trump of launching "repeated public and behind-the-scenes attacks" against the company in a formal protest unsealed at the US Court of Federal Claims in December.
Last month, the company asked the court to block Microsoft from beginning work on the contract, which is valued at $10 billion over 10 years. The court has not decided whether to grant that request.

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2020-02-10 15:32:00Z
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Africa May be Spared from Coronavirus – No Thanks to its Leaders - CCN.com

  • Africa isn’t ready for a massive coronavirus outbreak, but its largest airline is still running flights from hard-hit China.
  • African healthcare systems and leadership are not developed enough for modern challenges.
  • The continent’s hot and humid weather may protect it from the coronavirus more than its governments ever could.

As the deadly Wuhan coronavirus spreads around the world, one continent is suspiciously absent from the statistics: Africa. It, along with South America, has recorded zero cases of the new disease despite its increasingly intimate links with China.

Ethiopian Airlines, Africa’s largest airline, is still running flights from China. As much as 1,500 passengers arrive from China each day – many of whom go on to travel to other African countries for business and tourism. Could Ethiopian airlines be importing the coronavirus into a continent that can’t handle such a deadly disease?

For Africa’s leaders, this would be a nightmare scenario. But thankfully, the continent’s tropical weather may do a better job fighting the coronavirus than its governments ever could.

Africa is Still Reeling from the Ebola Outbreak

Africa is no stranger to infectious disease. The continent is still reeling from the Ebola outbreak from 2014-16, which went on to infect 28,600 people, killing a staggering 11,325. The outbreak was only brought to heel by a massive international response.

Ebola was so deadly because of the unique conditions in Africa that make controlling a deadly epidemic difficult. Africa is home to many of the poorest countries in the world. These nations do not have healthcare systems that are strong enough to handle a massive epidemic.

According to Oyewale Tomori, a fellow of the Nigerian Academy of Science, Nigeria isn’t ready to handle the coronavirus.

Tomori questions his government’s readiness, stating the following to Bloomberg:

If it (the coronavirus) comes, what next do you do? Do you have the isolation wards where you can keep the people? Do you have proper systems of monitoring? Do you have laboratory diagnostics for it? In each of these areas, I don’t think we are measuring up to par, and that is my worry.

Oyewale may be right.

Despite being Africa’s largest economy, Nigeria’s electrification rate is among the lowest in the world. Despite producing 1.7 million barrels of oil per day, it’s plagued with power cuts and blackouts – issues that make running a modern healthcare system impossible. The situation is so bad that the nation’s president, Muhammadu Buhari, frequently travels to other countries for basic healthcare services.

There is no way Nigeria would be able to handle a coronavirus outbreak. If the disease spread there, the death toll would be devastating.

Ethiopian Airlines Continues China Flights

Despite Africa’s woeful unpreparedness for coronavirus pandemic, its biggest airline, Ethiopian Airlines, continues to run flights from China. This includes a flight to Chongquing – a municipality that borders the hard-hit Hubei province. This decision has drawn the ire of many African leaders.

Kenyan President Uhuru Kenyatta has urged Ethiopian airlines to cancel flights to China. He states the following:

Our worry as a country is not that China cannot manage the disease. Our biggest worry is diseases coming into areas with weaker health systems like ours.

Kenyatta’s comments are richly ironic considering that his government recently spent $1.5 billion on an arguably unnecessary Chinese-built railroad. Perhaps Kenyatta should be worried about his own priorities instead of whining about the “weak healthcare system” his government should have fixed decades go.

Is Africa too Hot for the Coronavirus?

Thankfully, the world doesn’t have to rely on people like Kenyatta or Buhari to prevent the spread of coronavirus into Africa and the rest of the world. The weather may do a better job than they ever could. According to research, respiratory illnesses like the coronavirus have a hard time spreading in hot and humid weather.

Channel News Asia states the following:

Studies showed that the “regular” coronavirus (which is one of the causes of the common cold) can survive on surfaces 30 times longer in places with a temperature of 6 degrees Celsius compared to those where the temperature is 20 degrees Celsius and humidity levels are high.

Warm temperatures may also prevent the coronavirus from spreading to places like India, and may also lead to the end of the outbreak in China when warmer weather returns.

Coronavirus May Spare Africa – No Thanks to its Leaders

Africa may have lucked out this time. The continent’s warm and humid climate makes it harder to spread the winter-loving coronavirus. Healthcare infrastructure left over from the Ebola outbreak will help authorities contain any cases that do arise. But the coronavirus should serve as a wake-up call to Africa’s leaders.

It is 2020 and there is no excuse for an entire continent to be largely unprepared for modern challenges. People like Muhammadi Buhari and Uhuru Kenyatta put the whole world in danger by not developing their healthcare systems to modern standards. While this is easier said than done for developing nations, hopefully they can address the problems before the next outbreak hits.

Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.

This article was edited by Sam Bourgi.

Last modified: February 10, 2020 2:11 PM UTC

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2020-02-10 14:09:00Z
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Apple stock falls; a delay in production resuming at Foxconn would be 'shock to the system,' analyst says - MarketWatch

Shares of Apple Inc. AAPL, -0.85% fell 0.9% in premarket trading Monday, to extend the pullback from last week's record close, amid concerns over the impact of suppliers closing facilities in China because of the coronavirus outbreak. Wedbush analyst Dan Ives said media reports saying production at key supplier Foxconn, which was scheduled to resume production on Monday, have been delayed "will be a shock to the system and disrupt the supply chain further for Apple on both its core iPhone franchise and AirPods unit production, which is already facing a short supply heading into this week." Foxconn stated on its website: "We are also working with the local governments to facilitate the necessary preparations for our employees to safely return to work. The operation schedules for our facilities in China follow the recommendations of the local governments, and we have not received any requests from our customers on the need to resume production earlier." Ives reiterated his outperform rating on Apple and his $400 stock price target. The stock has rallied 9.0% year to date while the Dow Jones Industrial Average DJIA, +0.00% has gained 2.0%.

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2020-02-10 12:35:00Z
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Xerox sweetens its bid for HP Inc. to about $34 billion - CNBC

Xerox boosted its offer to acquire HP Inc. to $24 a share, or about $34 billion, the company announced Monday.

The new offer would be for $18.40 per share in cash and 0.149 Xerox shares per share of HP. Shares of HP climbed as much as 4.3% in early trading on the news. Xerox shares fell 0.7%. 

Last November, Xerox offered HP $22 per share in its takeover bid for the company. HP's board of directors unanimously rejected the proposal, arguing the offer undervalued HP and wasn't in the best interest of shareholders. In response, Xerox CEO John Visentin told HP's directors that if they didn't reconsider his acquisition bid, he would approach HP's shareholders directly.

Xerox said Monday's announcement that it has met with HP's shareholders several times to discuss the potential "synergies" that could come from a deal. Xerox said the sweetened bid would enable HP's shareholders to "accept Xerox's compelling offer despite HP's consistent refusal to pursue the opportunity."

"The value created by the synergies realized in a combination of Xerox and HP is incremental to any value that HP can create by revising its strategic plan or dramatically changing its capital allocation policy to incorporate additional share repurchases," Xerox said in the release. "Xerox's offer provides HP stockholders with both significant, immediate cash value, and meaningful upside via equity ownership in the combined company."

Representatives from HP weren't immediately available for comment.

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2020-02-10 13:01:00Z
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Stocks - Futures Point to Small Gains; Virus Breeds Uncertainty - Investing.com

© Reuters.  © Reuters.

By Peter Nurse

Investing.com - U.S. stocks are set to open marginally higher Monday, rebounding after Friday’s losses which bucked an otherwise strong week. But these gains are likely to be limited as China’s coronavirus outbreak continues to claim victims and cause economic damage.

At 7:00 AM ET (1200 GMT), futures for the traded 2 points, or 0.1%, higher, futures for the up 16 points, or 0.2%, while the contract rose 8 points, or 0.1%.

On Friday, both the S&P 500 cash index and the Nasdaq closed down 0.5%, while the Jones dropped 0.9%. However, despite these losses, the Dow posted its best weekly gain since August last year, the S&P since June, and the Nasdaq had its strongest week since November 2018.

This provides some room for investors to take profits, particularly as the earnings season starts to draw to a close. There are just 68 S&P 500 companies reporting results in the week ahead, with numbers from Restaurant Brands International, Allergan (NYSE:) and Loews (NYSE:) set to capture the market's attention on Monday.

Additionally, shares in Tesla (NASDAQ:) soared 9% premarket, continuing the stock’s recent volatile run, after the electric car maker reopened its $2 billion Shanghai production facility Monday. Factory restarts across China have been in doubt after the Lunar New Year holiday was extended to combat the coronavirus outbreak.

A large number of China’s workers travelled back to offices and factories around the country, but many workplaces still remained closed, including key Apple (NASDAQ:) supplier Foxconn that had sought official permission to open, while many white-collar workers continued to work from home.

The death toll from the disease has officially overtaken that of the SARS outbreak almost two decades ago, as China reported the total number of deaths at 910, with over 40,000 people affected.

The death of a whistleblower doctor last week and the disappearance of citizen journalists in Wuhan who were reporting on the outbreak have also raised suspicions that the scale of the outbreak may be being understated.

The toll on China's already-slowing economy has been heavy, with Goldman Sachs (NYSE:) cutting its first quarter GDP target to 4% from 5.6% previously and saying an even deeper hit is possible.

U.S. economic releases are thin on the ground Monday, so focus could be on speeches from Federal Reserve members and . These come ahead of Fed Chair delivering his semi-annual monetary policy testimony on the economy before Senate and House committees in Washington DC on Tuesday and Wednesday.

The Fed chair is expected to reinforce the signal that policy is on hold given that the labor market continues to tighten and private consumption growth remains solid.

Elsewhere, oil headed lower Monday, continuing last week’s losses when the complex posted its fifth weekly loss in a row. Doubts remain over the extent of production cuts from the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+.

AT 07:00 AM ET (1200 GMT), futures traded 0.1% lower at $50.31 and the international benchmark contract fell 0.1% to $54.45.

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2020-02-10 12:02:00Z
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Coronavirus, Tesla, Victoria's Secret, Allergan and 'Parasite' - 5 Things You Must Know Monday - TheStreet

Coronavirus, Tesla, Victoria's Secret, Allergan and 'Parasite' - 5 Things You Must Know Monday

Stock futures are mixed as the number of new cases of the coronavirus rises in China; factories and businesses in China struggle to get running following an extended break; Tesla's factory in Shanghai resumes production.
Author:
Updated:
Original:

Here are five things you must know for Monday, Feb. 10:

1. -- Stock Futures Mixed as Coronavirus Deaths Surpass SARS

Stock futures were mixed Monday and markets in Asia fell as the number of new cases of the coronavirus rose in China and factories and businesses there struggled to start production following a Lunar New Year break that was extended to help stem the spread of the outbreak.

Contracts tied to the Dow Jones Industrial Average fell 10 points, S&P 500 futures were up 0.75 1.75 points and Nasdaq futures rose 9.50 points.

Stocks closed lower Friday following four days of gains after the U.S. economy added more jobs than expected in January but worries about the spread of coronavirus lingered.

The virus has killed about 910 people and infected close to 41,000. The coronavirus has now killed more people than the SARS epidemic in 2002-2003.

China has pledged about $10 billion to combat the pandemic, which has forced businesses to close, shuttered factories and severed transportation links as citizens attempt to avoid contracting the respiratory illness.

With analysts forecasting a sharp slowdown in China's economy during the first quarter, and prolonged weakness until the virus is either contained or a feasible vaccine is found, markets in Asia have struggled to find ground, with stocks trading weaker again Monday following Wall Street's post jobs report selloff on Friday. 

2. -- Allergan, EdgeWell and Restaurant Brands Report Earnings

Earnings reports are expected Monday from Allergen (AGN) - Get Report, RingCentral (RNG) - Get Report, XPO Logistics (XPO) - Get Report, Edgewell Personal Care (EPC) - Get Report, Restaurant Brands International (QSR) - Get Report and Diamond Offshore Drilling (DO) - Get Report.

Highlights later in the week are reports from Lyft (LYFT) - Get Report, Under Armour (UAA) - Get Report, Cisco Systems (CSCO) - Get Report, CVS Health (CVS) - Get Report, Alibaba (BABA) - Get Report, Nvidia (NVDA) - Get Report, PepsiCo (PEP) - Get Report and Roku (ROKU) - Get Report.

Cisco, CVS, Nvidia and PepsiCo are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

The economic calendar in the U.S. on Monday is bare. Later in the week will see the release of the Consumer Price Index and Retail Sales for January, and Federal Reserve Chairman Jerome Powell holds two days of testimony before Congress.

3. -- Tesla's Plant in Shanghai Resumes Production

Tesla's (TSLA) - Get Report plant in Shanghai resumed production Monday, following a government-ordered break to help combat the coronavirus.

Tesla had said the closure of the $2 billion Shanghai gigafactory would delay Model 3 deliveries in the world's largest car market, and also extend the ramp-up of production of its benchmark sedan, which it hopes will hit 150,000 a year when the newly opened facility is running at peak capacity.

"In view of the practical difficulties key manufacturing firms including Tesla have faced in resuming production, we will coordinate to make all efforts to help companies resume production as soon as possible," a spokesman for the Shanghai municipal government said, Reuters reported.

Tesla shares were rising 5.22% in premarket trading Monday to $787.15. The stock rose to all-time high of $968.98 last Tuesday, but then shed more than 22% after analysts warned of high valuations and the potential hit to production targets from the coronavirus outbreak.

4. -- L Brands Is Close to Selling Victoria's Secret

L Brands (LB) - Get Report is close to selling its Victoria’s Secret brand to private-equity firm Sycamore Partners in a deal that could be announced as soon this week, CNBC reported, citing people familiar with the matter.

CNBC said it couldn't immediately be determined what leadership role L Brands CEO Les Wexner would have in such a deal. Wexner is L Brands company's biggest shareholder, with a roughly 17% stake, but he has come under pressure because of his ties to the late sex criminal Jeffrey Epstein and for the poor performance of Victoria’s Secret, CNBC noted.

The Wall Street Journal reported in January that L Brands was considering selling the Victoria's Secret brand, as well as Wexner stepping down as CEO.

5. -- 'Parasite' Wins Best Picture

“Parasite” won best picture at the Academy Awards on Sunday evening, the first foreign language film to win the ceremony’s top honor.

Joaquin Phoenix earned his first Oscar for his starring role in "Joker," while Renee Zellwegger won the best actress award for her portrayal of Judy Garland in "Judy."

Parasite won four Oscars, including for director Bong Joon Ho, international feature film and original screenplay. 

Netflix's (NFLX) - Get Report "The Irishman," which came into the Oscars with 10 nominations, failed to win a single award.

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2020-02-10 10:17:20Z
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