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☆ Islamophobia and India’s election: Rising Hindu nationalism leaves Muslims fearful in India’s holy city
▼ + stars: | 2024-04-30 | by ( Rhea Mogul | Will Ripley | ) edition.cnn.com time to read: +18 min

Varanasi, India CNN —The sun glistens on the Ganges as Hindu devotees bathe in the holy river’s waters, and the Muslim call to prayer reverberates through the dusty air. The Gyanvapi mosque, left, and Kashiviswanath Temple on the banks of the river Ganges in Varanasi, India, December 12, 2021. He believes Gyanvapi is not a mosque, but a Hindu temple, and wants to see his community worship inside the walls of the building. Vishwambhar Nath Mishra, the priest of a prominent Hindu temple in Varanasi, believes Modi’s stoking of religious tensions is ruining the fabric of Indian society. This is my country.”Read more from CNN’s India election coverage:Billions spent, jungle-trekking poll workers and voting at 15,000 feet.

Persons: Narendra Modi’s, Modi, Varanasi John Mees, Sana Sabah, trepidation, “, Modi’s, Rajesh Kumar Singh, John Mees, Syed Mohammad Yaseen, ”, Hinduism John Mees, ’, Dileep Patel, inching, Nasir Ali, Ali, ‘ Jai Shree Sri Ram ’, Vijay Bedi, CNN Ali, Muzamil, Usman, it’s, Jai Shree Ram ”, Manish Swarup, Raja Singh, we’ll, Singh, –, Jaiveer Shergill, spokespeople, haven’t, Shamsher Ali, Emperor Aurangzeb, Lord Shiva, Kashi Vishwanath Temple, Pawan Kumar, ” Ali, Yaseen, ” Syed Mohammad Yaseen, turbocharge, ” Modi, Ram, Lucas Vallecillos, Swami Jitendranand Saraswati, Gyanvapi, Swami Saraswati, Amit Pandey, Vishwambhar Nath Mishra, ” Mishra, ” Read, Narendra Modi Organizations: India CNN, Bharatiya Janata Party, BJP, CNN, Rashtriya Swayamsevak Sangh, Modi, Bhajanpura Police, United Nations, Human Rights, ” CNN, Modi’s, Hate, AP BJP, T, Human Rights Watch, Amnesty International, International Federation for Human Rights, Reuters, Guards, “ Locations: Varanasi, India, Varanasi John, today’s India, “, Hinduism, Jammu, Kashmir, New Delhi, Delhi, Mustafabad, Rajasthan, Jaipur, Gujarat, Washington, BJP, Ali, Kashi, Gyanvapi, John, Ayodhya, Uttar Pradesh

☆ The Zuckerbergs were all about 'loud luxury' at the Ambani family's opulent pre-wedding festivities in India
▼ + stars: | 2024-03-03 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +3 min

The organza shirt is available on Mishra's website, but customers must request the official cost — suggesting a hefty price tag. That night, both Zuckerberg and Chan wore different outfits designed by Mishra, who shared photos of the occasion on his Instagram Stories. Chan wore a two-piece outfit decorated with nature-themed adornments like two gold birds. The prices of many items on Mishra's website are only available upon request. Chan wore a purple saree with small floral designs sewn into the fabric, while Zuckerberg wore a beige-colored ensemble with leaf designs.

Persons: —, Ambani, Anant Ambani, Radhika Merchant, Anant, Mukesh Ambani, Rihanna, Zuckerberg, Chan, Alexander McQueen, Rahul Mishra, Mishra, Mark Zuckerberg, Priscilla Chan, Rahul Mishra's Instagram, weren't Organizations: Service, Bloomberg, Business, Vogue Locations: Gujarat, India, Asia

☆ Von Der Leyen Says European Commission Will Seek to Boost Defence Production - FT
▼ + stars: | 2024-02-15 | by ( Feb. | At P.M. | ) www.usnews.com time to read: 1 min

(Reuters) - Brussels should incentivise Europe's defence industry to ramp up production and promote consolidation, European Commission President Ursula von der Leyen told the Financial Times in an interview on Thursday, warning that the "world has got rougher". Proposals in the commission's plan include using the EU budget to increase financing to supplement joint contracts for weapons signed by member states, as well as guaranteeing that production will be bought, EU officials told FT."We have a very fragmented defence market and that needs to change," FT quoted von der Leyen as saying. "What is the competence of the commission? It's industry. (Reporting by Disha Mishra in Bengaluru)Photos You Should See View All 22 Images

Persons: Ursula von der Leyen, der Leyen, Disha Mishra Organizations: Reuters, Financial Times, EU Locations: Brussels, Bengaluru

☆ Brussels Threatens to Hit Hungary's Economy if Orban Vetoes Ukraine Aid - FT
▼ + stars: | 2024-01-29 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The European Union will sabotage Hungary's economy if Budapest blocks fresh aid to Ukraine at a summit this week, under a confidential plan drawn up by Brussels, the Financial Times reported on Sunday. Brussels has outlined a strategy to explicitly target Hungary's economic weaknesses, imperil its currency and drive a collapse in investor confidence in a bid to hurt "jobs and growth" if Budapest refuses to lift its veto on the aid to Kyiv, the newspaper reported, citing a document drawn up by EU officials. they cannot imagine that" EU funds would be provided to Budapest. Hungary's EU minister Janos Boka told the newspaper Budapest was not aware of the financial threat, but that the country "does not give in to pressure". (Reporting by Disha Mishra in Bengaluru; Editing by Kirsten Donovan)

Persons: Viktor Orban, Janos Boka, Disha Mishra, Kirsten Donovan Organizations: Reuters, European, Financial Times, Budapest, EU, Kremlin, FT Locations: European Union, Budapest, Ukraine, Brussels, Kyiv, Hungarian, Russia, Hungary's, Bengaluru

☆ Thursday's GDP report expected to show the U.S. economy at a crossroads
▼ + stars: | 2024-01-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

As the Commerce Department's report hits Thursday morning, Wall Street's attention almost immediately will turn to what the signs are for growth going into 2024. The report likely will "represent a sharp deceleration" from the previous period, Bank of America economist Shruti Mishra said in a client note. "Incoming data continue to point to a resilient, but cooling, U.S. economy, led by consumer spending on the back of a tight labor market, higher than expected holiday spending, and moderately strong balance sheets." In addition, the bank expects a slowdown in inventory restocking to shave close to a full percentage point off the headline number. Looking forward, Bank of America forecasts the first quarter of 2024 to show growth of just 1%.

Persons: Shruti Mishra, BofA Organizations: Street, Commerce, Bank of America, Incoming Locations: U.S

☆ AI is accelerating the recruitment process — but tech leaders warn of bias and other risks
▼ + stars: | 2023-12-20 | by ( Nicholas Fearn | ) www.businessinsider.com time to read: +11 min

HR and recruitment teams are beginning to use AI tools in multiple stages of the hiring process. But beware: AI recruitment can still be riskyWhile AI technology is helping recruiters in many ways, there are some risks to consider and mitigate. In 2022, researchers at Cambridge University found that AI recruitment tools weren't capable of eradicating bias or boosting diversity during the hiring process. These problems often arise because of biased historical data used for training AI recruitment technologies, Maynard said. Jackson recommended that companies develop strict policies governing the use of AI hiring tools and provide their recruitment teams with bias training.

Persons: —, Lindsey Zuloaga, HireVue, Pamela Maynard, Avanade, Maynard, Paolo Pescatore, Alexandra Levit, Levit, Roger Philby, she'd, it's, Annie Jackson, Cleo, Jackson, Parul Mishra, It's, Mishra Organizations: Service, Tech, Business, Chemistry Group, Sheffield Business School, Cambridge University, Amazon, Unilever, Microsoft, Companies, IBM

Dec 5 (Reuters) - Eli Lilly (LLY.N) on Tuesday said its recently approved obesity treatment Zepbound is now available in U.S. pharmacies and could cost $550 a month for customers whose health insurance does not cover the drug, or half the list price. Wall Street analysts expect sales of Zepbound to reach about $2 billion in 2024, and for sales of Novo Nordisk's (NOVOb.CO) rival obesity drug Wegovy to hit around $7.5 billion. An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. When the U.S. Food and Drug Administration approved Zepbound in November, Lilly said it would launch after the U.S. Thanksgiving holiday. Lilly's obesity drug has the same active ingredient, tirzepatide, as its previously approved diabetes drug Mounjaro, which has been used off-label for weight loss since its 2022 launch.

Persons: Eli Lilly, Wegovy, danuglipron, Zepbound, Lilly, Mike Segar, Eli Lilly's, Patrick Wingrove, Manas Mishra, Khushi, Arun Koyyur, Alexander Smith, Bill Berkrot Organizations: Wall Street, Novo, Pfizer, Company, REUTERS, CVS, U.S . Food, Drug Administration, U.S, Thomson Locations: U.S, Branchburg , New Jersey, Indianapolis, New York, Bengaluru

☆ Pfizer drops plan to study twice-daily obesity pill in late-stage studies
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

A person walks past the Pfizer Headquarters building in the Manhattan borough of New York City, New York, U.S., November 9, 2020. Pfizer said it would instead focus on a once-daily, modified release version of danuglipron and "gathering the data to understand its potential profile". In the current study of the twice-daily version, Pfizer said the drug, however, met the main goal of reducing weight in adults with obesity and without type 2 diabetes. Pfizer said while the common side effects in the twice-daily version study were mild, it saw high rates of those events in the trial. However, no new safety signals were observed in the study, Pfizer said.

Persons: Carlo Allegri, danuglipron, Eli Lilly's, Mikael Dolsten, Pfizer, Manas Mishra, Michael Erman, Shinjini Organizations: Pfizer, REUTERS, Zepbound, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru, New York

☆ AbbVie to buy cancer drugmaker ImmunoGen for $10 billion as Humira faces heat
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brian Snyder/File Photo Acquire Licensing RightsNov 30 (Reuters) - AbbVie (ABBV.N) will buy ImmunoGen (IMGN.O) for $10.1 billion in cash, it said on Thursday, the latest major drugmaker to buy a developer of 'guided missile' cancer therapies as the company's top-seller Humira grapples with fierce competition. ImmunoGen's Elahere belongs to a new class of treatments called antibody-drug conjugates (ADC) that precisely targets cancer cells, potentially reducing toxicity for other cells. The drug, approved for ovarian cancer patients who have received previous therapies, is also being tested in earlier lines of treatment. AbbVie will also get access to Immunogen's follow-on pipeline of ADCs, including early-stage ovarian cancer candidate IMGN-151 and a mid-stage drug pivekimab sunirine for a rare type of blood cancer. Meanwhile, AbbVie's cancer drugs sales declined more than 8% in the third quarter to $1.51 billion, primarily due to increased competition to Imbruvica.

Persons: Brian Snyder, ImmunoGen's Elahere, AbbVie, IMGN, pivekimab, Immuogen stock's, Immunogen's, Elahere, Imbruvica, Manas Mishra, Leroy Leo, Shinjini Ganguli Organizations: REUTERS, Pfizer, Merck, U.S, Thomson Locations: Cambridge , Massachusetts, U.S, Bengaluru

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 29 (Reuters) - Cigna (CI.N) and Humana (HUM.N), two of the biggest U.S. health insurers, are in talks for what could be the largest merger announced in 2023, according to a source familiar with the matter. A Humana and Cigna combination would give the merged company the scale to rival UnitedHealth Group (UNH.N) and CVS Health (CVS.N). In July 2016, the Justice Department filed lawsuits against two health insurance mergers on the same day, saying they would lead to less competition and higher prices for Americans. Health insurers have been facing higher medical costs as people return for procedures they had put off during the pandemic. Humana in February said that it would sell its commercial business but keep its Medicare Advantage products.

Persons: Andrew Kelly, Cigna, Cigna's, Aetna, Bill Baer, Andre Barlow of Doyle, Barlow, Mazard, Bernstein, Lance Wilkes, Craig Garthwaite, Manas Mishra, Diane Bartz, Deena Beasley, Caroline Humer, Bill Berkrot Organizations: Humana Inc, REUTERS, Street Journal, UnitedHealth, CVS Health, Humana’s, Medicare, Affordable, Justice Department, Humana, U.S ., Reuters, Northwestern University, Thomson Locations: Queens , New York City, U.S, Cigna, Bengaluru, Washington, Los Angeles

☆ US health insurers Humana, Cigna in talks to merge - WSJ
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Signage for Humana Inc. is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 29 (Reuters) - Health insurers Cigna (CI.N) and Humana (HUM.N) are in talks for a merger, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Cigna's shares were down 4.4% in noon trading, while Humana's stock was flat. The companies did not immediately respond to Reuters requests for comment. Reporting by Manas Mishra in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Cigna, Manas Mishra, Sriraj Organizations: Humana Inc, REUTERS, Health, Cigna, Wall Street, Thomson Locations: Queens , New York City, U.S, Bengaluru

☆ After machines fail, 'rat miners' to help rescue 41 men stuck in Indian tunnel
▼ + stars: | 2023-11-27 | by ( Saurabh Sharma | ) www.reuters.com time to read: +3 min

SILKYARA, India, Nov 27 (Reuters) - Rescuers on Monday brought in "rat miners" to drill through a narrow pipe and help pull out 41 construction workers trapped in a tunnel in the Indian Himalayas for more than two weeks after high-powered machines failed, officials said. The men, low-wage workers from India's poorest states, have been stuck in the 4.5km (3 miles) tunnel in Uttarakhand state since it collapsed on Nov. 12. The men have been getting food, water, light, oxygen and medicines through a pipe but efforts to dig a tunnel have run into a series of snags with machines. "Rat mining" is a primitive, hazardous and controversial method used in India mostly to remove coal deposits through narrow passages. Mishra visited the site and spoke to the trapped men through a communication link.

Persons: Rakesh Rajput, Francis Mascarenhas, Harpal Singh, Mahmood Ahmad, Narendra Modi's, P.K, Mishra, Sakshi Dayal, YP Rajesh, Ed Osmond Organizations: Reuters, REUTERS, Government, Organisation, Authorities, YP, Thomson Locations: SILKYARA, India, Uttarakhand, Uttarkashi, Char, New Delhi

WILL SHOPPERS FIND BLACK FRIDAY DEALS THIS YEAR? HOW MUCH ARE SHOPPERS EXPECTED TO SPEND? Spending online during Black Friday is expected to rise 5.7% to roughly $9.6 billion, according to Adobe. WHAT ARE RETAILERS DOING TO ATTRACT HOLIDAY SHOPPERS? Macy's CEO Jeff Gennette on Thursday said the competitive landscape has shifted to Black Friday deals prior to Black Friday.

Persons: Marcus Collins, Collins, Jane Hali, Max, Lancome mascaras, Bobbi Brown concealers, Dana Telsey, Leonardo Fernandez Viloria, David Bujnicki, Kimco, Jeff Gennette, Mattel, Steve Totzke, Juveria Tabassum, Savyata Mishra, Richa Naidu, Helen Reid, Herbert Lash, Josie Kao Organizations: Retailers, Department, Ross School of Business, University of Michigan, Dollar, Walmart, Associates, Nordstrom, Adobe Analytics, Electronics, Mastercard, National Retail Federation, Telsey Advisory, Sensormatic Solutions, U.S, Black, REUTERS, Adobe, Labor, Kimco Realty Corp, Consumers, Deloitte, Reuters, Thomson Locations: U.S, Europe, Philadelphia, China, United States, Caracas, Venezuela, Panama, Israel, Sixth, Washington, Germany, India, Spain, United Kingdom, Bengaluru, London

☆ Best Buy sees steeper decline in annual comparable sales
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

A Best Buy store is seen in Niles, Illinois near Chicago, September 23, 2013. REUTERS/Jim Young/File Photo Acquire Licensing RightsNov 21 (Reuters) - Best Buy (BBY.N) said on Tuesday it expects a steeper drop in full-year comparable sales, anticipating shoppers to remain selective in purchases of big-ticket items like electronics and home appliances despite elevated holiday season promotions. The company's shares, down nearly 15% this year, fell 2.4% in premarket trading after a miss on third-quarter revenue estimates. The top U.S. electronics retailer now expects annual comparable sales to decline in the range of 6.0% to 7.5%, compared with its prior range of a 4.5% to 6.0% drop. Total revenue fell to $9.76 billion in the third quarter ended Oct. 28 from about $10.59 billion a year earlier and compared with LSEG estimates of $9.90 billion.

Persons: Jim Young, Corie Barry, Savyata Mishra, Sriraj Organizations: REUTERS, Thomson Locations: Niles , Illinois, Chicago, Bengaluru

"In the more recent macro environment, consumer demand has been even more uneven and difficult to predict," Best Buy CEO Corie Barry said. U.S. holiday sales are expected to rise at its slowest pace in five years, according to data from the National Retail Federation, as Americans are likely to pull back on holiday shopping. REUTERS/Bing Guan/File Photo Acquire Licensing RightsLast week, industry bellwether Walmart (WMT.N) warned of cautious consumer spending as the holiday shopping season gets underway. Retail executives said higher interest rates, inflation and a resumption in student loan repayments will keep consumer wallets under pressure. Still, some investors expect holiday sales starting Black Friday to hold "some positive surprises."

Persons: Corie Barry, Bing Guan, Fitch, David Silverman, Marvin Ellison, Thomas Hayes, Rachel Wolff, Ananya Mariam Rajesh, Savyata Mishra, Granth Vanaik, Juby Babu, Shounak Dasgupta Organizations: National Retail Federation, REUTERS, Walmart, Retail, Apparel, Abercrombie, Fitch, American Eagle Outfitters, Insider Intelligence, Thomson Locations: United States, SoHo, New York City, U.S, Bengaluru

☆ Best Buy flags weakening consumer demand heading into holiday shopping season
▼ + stars: | 2023-11-21 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

REUTERS/Jim Young/File Photo Acquire Licensing RightsNov 21 (Reuters) - Top U.S. electronics retailer Best Buy (BBY.N) on Tuesday forecast a bigger decline in annual comparable sales and pointed to "difficult to predict" consumer demand, days ahead of Black Friday that signals the start of the holiday shopping season. "In the more recent macro environment, consumer demand has been even more uneven and difficult to predict," CEO Corie Barry said in a statement. Retailers from Lowe's (LOW.N) to Walmart (WMT.N) have warned of cautious consumer spending as the holiday shopping season gets underway. U.S. holiday sales this year are expected to grow at a slower pace, according to data from the National Retail Federation. Best Buy's third-quarter revenue fell 8.2% to $9 billion in the U.S. as demand fell again across appliances, home theater, computing and mobile phones, signaling that higher discounts failed to entice shoppers.

Persons: Jim Young, Corie Barry, Steven Zaccone, Savyata Mishra, Sriraj Organizations: REUTERS, Lowe's, Walmart, National Retail Federation, Citi, Thomson Locations: Niles , Illinois, Chicago, U.S, comparables, Bengaluru

Analysts attended earnings calls in the third quarter armed with questions for healthcare and consumer companies about the potential effect on their sales from the growing popularity of these drugs, known as GLP-1 agonists. A Reuters analysis of earnings transcripts for the third quarter showed "GLP-1" or alternatives like "obesity" or "weight-loss medications" were mentioned 256 times across 29 U.S. and European healthcare and consumer companies. That's more than double the mentions for the second quarter, when those phrases came up 127 times. While some consumer companies have talked about factors such as fewer calories being consumed, "these kind of large extrapolations" seem to be a bit of a stretch, said BMO Capital analyst Evan Seigerman. For big pharma manufacturers like Pfizer (PFE.N) and Amgen (AMGN.O), analyst questions were aimed at their obesity drug candidates.

Persons: Lilly, George Frey, Jeff Jonas, it's, Eli Lilly's, John Furner, Mondelez, Eli Lilly, Evan Seigerman, LVMH, Rajesh Kumar, Jonas, Bhanvi Satija, Savyata Mishra, Arpan Varghese, David Gaffen, Shounak Organizations: Novo Nordisk, Pharmacy, REUTERS, Gabelli, Novo, Walmart, Walmart U.S, Hershey, Truist Securities, Krispy, BMO Capital, Danish, pharma, Pfizer, Devices, HSBC, Thomson Locations: Provo , Utah, U.S, United States, Novo, Bengaluru

☆ Macy's shares surge on smaller-than-expected sales drop, improved margins
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Shoppers are seen outside Macy's in the Manhattan borough of New York City, New York, U.S., March 30, 2021. REUTERS/Caitlin Ochs Acquire Licensing RightsNov 16 (Reuters) - Macy's (M.N) on Thursday reported an improvement in margins and a lower-than-expected drop in quarterly sales, sending its shares 10% higher in premarket trading. The Bloomingdale parent said its gross margins improved 160 basis points in the third quarter due to lower markdowns within the Macy’s brand, as well as easing freight charges. The U.S. department store operator's net sales fell 7.1% to $4.86 billion in the third quarter ended Oct. 28, while analysts' had estimated a 7.9% drop to $4.82 billion, according to LSEG data. The company logged an adjusted net income of $59 million, or 21 cents per share, from $143 million, or 52 cents per share last year.

Persons: Caitlin Ochs, Savyata Mishra, Sriraj Organizations: REUTERS, Bloomingdale, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

☆ Macy's smashes profit estimates as leaner inventory lifts margins, shares jump
▼ + stars: | 2023-11-16 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Shoppers are seen outside Macy's in the Manhattan borough of New York City, New York, U.S., March 30, 2021. REUTERS/Caitlin Ochs Acquire Licensing RightsNov 16 (Reuters) - Macy's (M.N) crushed analysts' estimates for quarterly profit on lower inventories and strong demand for beauty products, sending the department store operator's shares surging as much as 14% on Thursday. "(We are) entering the holiday period in a healthy inventory position," Macy's outgoing CEO Jeff Gennette said in a statement. Gross margins improved 160 basis points in the third quarter, driven by a 110 basis points jump in merchandise margins, bolstered by lower markdowns within the Macy's brand and reduced freight costs. Credit card revenues again declined, down 100 basis points year-on-year, indicating its core middle-income consumer faced difficulty in repaying debts as interest rates climbed.

Persons: Caitlin Ochs, Jeff Gennette, Tony Spring, Rachel Wolff, Macy's, Savyata Mishra, Sriraj Organizations: REUTERS, Bloomingdale, Target, Walmart, Insider, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

[1/4] Consumers struggle to enter a store to buy shoes in a store at a shopping center during Black Friday sales, in Caracas, Venezuela November 25, 2022. WILL SHOPPERS FIND BLACK FRIDAY DEALS THIS YEAR? HOW MUCH ARE SHOPPERS EXPECTED TO SPEND? Spending online during Black Friday is expected to rise 5.7% to roughly $9.6 billion, according to Adobe Analytics. Macy's CEO Jeff Gennette on Thursday said the competitive landscape has shifted to Black Friday deals prior to Black Friday.

Persons: Leonardo Fernandez Viloria, Marcus Collins, Collins, Dana Telsey, Jane Hali, Max, Lancome mascaras, Bobbi Brown concealers, Jeff Gennette, Mattel, Steve Totzke, Juveria Tabassum, Savyata Mishra, Richa Naidu, Helen Reid, Josie Kao Organizations: Black, REUTERS, Retailers, Department, Ross School of Business, University of Michigan, Labor, National Retail Federation, Telsey Advisory, Sensormatic Solutions, U.S, Adobe Analytics, Dollar, Walmart, Associates, Nordstrom, Adobe, Consumers, Deloitte, Electronics, Mastercard, Reuters, Thomson Locations: Caracas, Venezuela, U.S, Europe, Philadelphia, Panama, United States, United Kingdom, China, Bengaluru, London

LSEG Workspace, a financial news and data platform, calculated inventory turnover ratios of 30 major U.S. retailers for Reuters. "I am relatively pessimistic about the holiday season," said Gerald Storch, retail consultant and former Target vice chairman and ex-CEO of Hudson's Bay. Department stores' holiday season is "likely not going to be that strong," said David Swartz, a Morningstar analyst. Reuters Graphics Reuters GraphicsTo be sure, inventory turnover is not the only metric Wall Street investors use to judge retailers' inventory levels. Some are already slashing prices and dangling discounts to clear excess inventory before Black Friday, the start of holiday shopping season.

Persons: King, King of Prussia, Sarah Silbiger, Gerald Storch, Jeff Bornino, David Swartz, Ulta, pare, Jason Benowitz, Joseph Feldman, Jane Hali, Nordstrom, Brian Mulberry, Savyata Mishra, Ananya Mariam Rajesh, Richa Naidu, Siddharth Cavale, Aishwarya Venugopal, Rod Nickel Organizations: REUTERS, Dollar, Walmart, Reuters, North America, Kroger, Department, Morningstar, TJX Companies, Dick's Sporting, Reuters Graphics Reuters, Roosevelt, Telsey Advisory, Research, Associates, Nordstrom, Zacks Investment Management, Thomson Locations: King of, King, King of Prussia , Pennsylvania, U.S, Hudson's, North

☆ Tapestry bets on high prices as Coach parent cuts 2024 sales view
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Shares of the Coach parent rose 6% in early trading, as its profit beat market expectations. Sales at Coach, Tapestry's biggest brand, grew 3%, as demand for its Tabby shoulder bags nearly doubled from last year. It expects 2024 revenue of about $6.7 billion, lower than its prior target of nearly $6.9 billion, weighed by a stronger dollar. Net sales were flat at $1.51 billion in the quarter ended Sept. 30 from last year.

Persons: Andrew Kelly, Joanne Crevoiserat, Crevoiserat, Savyata Mishra, Juby Babu, Arun Koyyur Organizations: Tapestry, Inc, REUTERS, Capri, U.S . Federal, Thomson Locations: Manhattan , New York, U.S, North America, China, Bengaluru

Nov 8 (Reuters) - NuScale Power (SMR.N) said on Wednesday it has agreed with a power group in Utah to terminate the company's small modular reactor project, dealing a blow to U.S. ambitions for a wave of nuclear energy to fight climate change and sending NuScale's shares down 20%. In 2020, the Department of Energy approved $1.35 billion over 10 years for the plant, known as the Carbon Free Power Project, subject to congressional appropriations. NuScale's Utah plant was expected to be the first SMR to win a license from the U.S. Nuclear Regulatory Commission for construction. An Energy Department spokesperson said it was unfortunate news, but added, "We believe the work accomplished to date on CFPP will be valuable for future nuclear energy projects. So far, only NuScale's SMR design has been approved by the NRC.

Persons: NuScale, John Hopkins, Critics, Biden, Manas Mishra, Timothy Gardner, Shounak Dasgupta, Krishna Chandra Eluri, Leslie Adler Organizations: Department of Energy, Carbon, Power, Utah Associated Municipal Power Systems, SMR, U.S . Nuclear Regulatory Commission, Energy Department, DOE, NRC, Thomson Locations: Utah, Romania, Kazakhstan, Poland, Ukraine, NuScale's Utah, U.S, Bengaluru, Washington

☆ FTC seeks information on $8.5 bln Tapestry-Capri deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle/File Photo Acquire Licensing RightsNov 6 (Reuters) - The U.S. Federal Trade Commission (FTC) has sent requests to Tapestry (TPR.N) and Michael Kors owner Capri Holdings (CPRI.N) for more information on their planned $8.5 billion deal, the companies said on Monday. The companies said on Monday they expect to respond "promptly" to the FTC's request and aim to close the deal as planned, in 2024. Capri's shares, which had jumped 55% on Aug. 10 after the deal was announced, were down 2.5% in extended trade. Reporting by Manas Mishra and Juveria Tabassum in Bengaluru; Editing by Shounak Dasgupta and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Kors, Michaela Rehle, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Capri's, Tapestry, Manas Mishra, Juveria, Shounak Dasgupta, Krishna Chandra Organizations: REUTERS, U.S . Federal Trade Commission, Capri Holdings, Capri, Thomson Locations: Metzingen, Germany, Paris, Bengaluru

☆ Birkenstock gets Wall Street's top rating on capacity boost, expansion
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Nov 6 (Reuters) - Wall Street brokerages largely initiated Birkenstock (BIRK.N) with their top ratings, pointing to a likely boost from the German luxury sandal maker's recent investments to increase capacity, expansion into newer styles and brand loyalty. Birkenstock's shares dropped to as low as $35.83 in the days after listing on Oct. 11 and has traded below the IPO price of $46 apiece. Citigroup was among the most bullish, with a price target of $52, a more than 26% jump from the last close. Telsey Advisory Group analysts said Birkenstock has further avenue to expand into footwear categories such as orthopedics and professional, outdoor and active, kids, home, and sneakers. Morgan Stanley assigned a price target of $41 and an "equal-weight" rating, saying most catalysts were already priced in.

Persons: Birkenstock's, Morgan, Goldman Sachs, Jefferies, Birkenstock, Bernard Arnault, Lorraine Hutchinson, Morgan Stanley, Hogan, Riley, Reshma Rockie George, Susan Mathew, Savyata Mishra, Amruta Khandekar, Maju Samuel, Sriraj Organizations: Arm Holdings, Citigroup, Telsey Advisory, U.S ., Global, Thomson Locations: U.S, French, Bengaluru

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