DIRS.INFO The most relevant business & tech news

☆ How American Express Became Millennials, Gen Z's Favorite Credit Card
▼ + stars: | 2024-06-03 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

But now, for a growing cohort of Gen Zers and millennials, it's their card, too. According to the company, millennials and Gen Z consumers made up 60% of its new customer acquisitions worldwide, and 75% of its new platinum and gold accounts were opened by millennial and Gen Z members. Related storiesAmex has implemented a number of tactics to pull off its youth revolution and cement its place as a status symbol among relatively affluent millennial and Gen Z consumers. For many young consumers, having an Amex rewards card is sort of like having a good, varied subscription service that runs them less than $60 a month. AdvertisementAll that aside, the Amex Platinum Card seems neat.

Persons: Gen Zers, youngs, it's, they'd, Amex, Zers, Gen X, Z, Steve Squeri, Jim Cramer, Gen Zs, Michael Miller, Uber, Miller, Daisy Hernandez, Guy, Stephen Biggar, Amex isn't, Chase Sapphire, I've, Emily Stewart Organizations: American Express, Express, Mastercard, Visa, American, CNBC, Morningstar Research, New York Times, Wall Street, Saks, Walmart, US, Argus Research, bodega, Business Locations: Coachella

☆ I paid $300 to upgrade to premium economy on my long-haul United flight, and it's worth it for trips over 10 hours
▼ + stars: | 2024-05-26 | by ( Megan Dubois | ) www.businessinsider.com time to read: +4 min

On a recent trip to Japan, I upgraded my flight home from Tokyo to Washington, DC, from economy to premium economy, which the airline calls Premium Plus. Here's why the $300 flight upgrade was worth it. I didn't have that much time to make my connecting flight, so being able to get off the plane quickly was worth the upgrade. Economy seats only have 9-inch screens. I'd pay to upgrade my flight again, especially for long-haul tripsThe $300 upgrade was worth it for my long-haul flight from Tokyo to Washington, DC.

Persons: —, Megan duBois Organizations: Service, United Airlines, Business, Saks Locations: Florida, Japan, Tokyo, Washington, DC

Although my Platinum Card® from American Express charges a $695 annual fee, I find it saves me money. That's why it may be surprising to learn that one of my biggest travel game-changers involves spending money with a travel credit card. Like the 41% of Americans with a travel card, I use mine to save money on hotels, flights, and more. Although the $695 annual fee for my American Express Platinum Card seems steep at first glance, it's actually saved me money in the long run. My American Express Platinum Card gives me access to the Centurion LoungeI love enjoying delicious complimentary food in the Centurion Lounge.

Persons: I'm, it's, Emily Hart, Uber, Uber Cash, Cash Organizations: American Express, Uber, American, Disney, ESPN, The New York Times, Fine, Clear Plus, TSA, Saks, Saks Fifth Locations: Hulu, Waikiki, U.S

☆ Celebrity Bag Designer Sentenced to Jail for Smuggling Exotic Skins
▼ + stars: | 2024-04-23 | by ( Elizabeth Paton | ) www.nytimes.com time to read: +1 min

The handbag designer Nancy Gonzalez built a cult following among celebrities and the South American superrich thanks to her use of brilliantly dyed precious skins. Now Ms. Gonzalez, 71, is facing considerable time in bright orange coveralls. On Monday, she was sentenced to 18 months in prison after pleading guilty in a Miami federal court to charges of smuggling hundreds of handbags made from the skins of protected wildlife into the United States from her native Colombia. Prosecutors said that the handbags and purses, made from the hides of caiman alligators and pythons bred in captivity, were worth as much as $2 million. The designer’s lawyers said that the pieces were mostly samples and cost about $140 each, with only about 1 percent lacking the proper authorization to be brought into the United States.

Persons: Nancy Gonzalez, Bergdorf Goodman, Gonzalez, Nancy Tereza Gonzalez de Barberi Organizations: Saks, Gzuniga, New York, Prosecutors Locations: Miami, United States, Colombia, Cali , Colombia

☆ Everything Emma Roberts has worn this year, ranked
▼ + stars: | 2024-04-15 | by ( Amanda Krause | ) www.businessinsider.com time to read: +1 min

Emma Roberts has been wearing fashion-forward styles since the start of the year. While promoting "American Horror Story: Delicate," she's worn bold prints and metallic shades. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Here's a look at everything she's worn in 2024 so far, ranked from worst to best.

Persons: Emma Roberts, —, she's, Roberts Organizations: Service, Saks

☆ Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.

Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S

☆ Peloton, Saks and other retailers paying vendors late, showing signs of credit risk
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPeloton, Saks and other retailers paying vendors late, showing signs of credit riskCNBC’s Gabby Fonrouge joins 'Power Lunch' to discuss data from business firm Creditsafe showing Peloton, Saks, Express and Bath & Body Works have routinely failed to pay their vendors on time.

Persons: Gabby Fonrouge Organizations: Saks, Body Works Locations: Express

☆ Refund fraud schemes promoted on TikTok, Telegram are costing Amazon and other retailers billions of dollars
▼ + stars: | 2024-03-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +14 min

The following month, 10 men were indicted in Oklahoma, charged with conspiracy to commit wire fraud for allegedly operating a refund fraud service named Artemis Refund Group. A thriving refund fraud marketFor every refund fraud service shut down by law enforcement, swarms of similar groups remain open for business. CNBC viewed several active refund fraud services on encrypted messaging app Telegram, each with thousands of followers. Zoom In Icon Arrows pointing outwards A Google form from an active refund fraud service explaining which stores it targets and how much it charges customers. Zoom In Icon Arrows pointing outwards A refund fraud service claims to have access to Amazon insiders in a Telegram post.

Persons: Stephanie Keith, Noah Page, Page, he'd, Ralph, —, Rick Owens, Sajed Al, Ralph Lauren, Uber, Maarej, Chris Black, Amazon, Al, they'd, Rekk, Cyril Noel, Tagoe, Noel, Louis Vuitton, scammers, Reddit, Brittany Allen, Allen, Remi Vaughn, Vaughn, she's, David Johnston, Johnston Organizations: Bloomberg, Getty, CNBC, National Retail Federation, Appriss, Amazon, Page, Riverside Press, Medianews, PayPal, Retailers, Artemis, Walmart, Apple, Nike, eBay, Saks Fifth, DoorDash, Google, MacBook, Mail, UPS, U.S . Postal Service, Al, Rekk, Gucci Locations: New York, Chattanooga , Tennessee, Reddit, TikTok, Eastvale, Michigan, Oklahoma, Chattanooga

☆ How Spanx founder Sara Blakely makes and spends her $1.1 billion fortune
▼ + stars: | 2024-02-22 | by ( Talia Lakritz | ) www.businessinsider.com time to read: 1 min

Sara Blakely's shapewear brand, Spanx, made her one of the world's youngest self-made female billionaires. Sara Blakely attends the launch of Haute Contour by Spanx at Saks Fifth Avenue in 2009. Two years later, her body-shaping invention went into production and was named one of "Oprah's Favorite Things," making it a favorite of celebrities and everyday customers alike. In 2012, Blakely appeared on the cover of Forbes as the world's then-youngest self-made female billionaire at age 41. Today, at 52 years old, she ranks 22nd on Forbes' list of America's self-made women with a net worth of $1.1 billion.

Persons: Sara Blakely's shapewear, Sara Blakely, Joe Kohen, Blakely Organizations: Spanx, Saks Fifth, Forbes

☆ A stylist shares 5 pieces you should invest in and 5 you should buy for cheap
▼ + stars: | 2024-02-20 | by ( Grace Van Cleave | ) www.businessinsider.com time to read: +1 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On one occasion, I assumed she was wearing her usual Armani suit when she mentioned her blazer was from Victoria's Secret. My boss, who shops on the Saks luxury floor like I shop at Target, is wearing a Victoria's Secret blazer? This story is available exclusively to Business Insider subscribers.

Persons: —, Chanel, Armani Organizations: Service, Saks, Business Locations: Target

☆ Free Shipping and Free Returns From Online Shopping Are Dying. Good.
▼ + stars: | 2024-02-18 | by ( Emily Stewart | ) www.businessinsider.com time to read: +6 min

Well, if you’ve ever bought stuff online and received free shipping or returns, you’ve also been a little bit of a jerk — and now it’s time to pay up. Fast, free shipping and easy, no-cost returns have become a baseline expectation in the modern online shopping experience. Instead of fighting for market share by offering free shipping and no-hassle returns, retailers are trying to squeeze more money out of every transaction. Free shipping is not actually free . Returns are a necessary and inevitable part of online shopping.

Persons: you’ve, —, ASOS, ” Neil Saunders, hasn’t, Emily Stewart Organizations: National Retail Federation, Appriss, Urban Outfitters, Saks, Amazon, Retailers, Business Locations: Zara, J.Crew, what’s

☆ True Religion explores a sale as maximalist, Y2K-era styles make a comeback
▼ + stars: | 2024-02-15 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The hedge fund that owns True Religion is exploring a sale of the Y2K-era jeans brand as it returns to growth and profitability after emerging from its second bankruptcy, CNBC has learned. It's unclear what valuation True Religion is seeking, but it could sell for a mid single digit multiple of its EBITDA, the people said. Farmstead Capital Management, True Religion's owner, has hired Baird to run the sale process. True Religion went public in 2003 and made headlines for its growth and profits. Buckley, who helmed the company during its 2000s heyday and returned in 2019, has transformed True Religion into a leaner machine.

Persons: Baird, Baird didn't, Juicy Couture, Jessica Simpson, Britney Spears, Neiman Marcus, Bloomingdales, Michael Buckley, athleisure, Buckley, Levi Strauss, Levi, Michael Kors, Ralph Lauren Organizations: CNBC, Farmstead Capital Management, Saks Fifth, Religion, Nike Locations: Angeles

☆ What Do Beyoncé, ‘Dynasty,’ and Halle Berry Have in Common? His Clothes.
▼ + stars: | 2024-02-10 | by ( Ilana Kaplan | ) www.nytimes.com time to read: +1 min

He has had a fashion business in New York since the late 1980s, the same decade that Michael Kors and Donna Karan started their namesake lines. From 1999 to 2018, he showed two collections each year, some on the schedule at New York Fashion Week. But Michael Brown, 66, and his brand, B Michael, are not household names. For most of his career, B Michael has focused on made-to-order pieces — some everyday items, and others for red carpets, galas or photo shoots. He describes his aesthetic as “modern day Audrey Hepburn.” Beyoncé, Halle Berry, Whitney Houston, Diahann Carroll, Lena Horne and the jazz singer Nancy Wilson have all worn B Michael clothes.

Persons: Michael Kors, Donna Karan, Michael Brown, Michael, Audrey Hepburn, ” Beyoncé, Halle Berry, Whitney Houston, Diahann Carroll, Lena Horne, Nancy Wilson Organizations: of Fashion Designers of America, New York, Saks Fifth Locations: New York

☆ A convoy calling themselves 'God's army' en route to the Texas border to stop migrants has raised $138,000 in donations
▼ + stars: | 2024-01-30 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

An anti-migrant convoy has raised a six-figure sum to support its trip to Texas. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA group called "Take Our Border Back," which has organized a convoy to Texas in an effort to stop migrants crossing the border, has raised more than $138,000, fundraising pledges show. "The goal is simple — to shed light on the obvious dangers posed by wide open Southern borders," said a press release from the group shared by Fox News.

Persons: —, Scotty Saks, We're, MAGA, Marjorie Taylor Greene Organizations: Service, Fox News, Gas Locations: Texas, Virginia

☆ Retail return fraud is rising as key holiday deadline approaches
▼ + stars: | 2024-01-29 | by ( Courtney Reagan | ) www.cnbc.com time to read: +5 min

As more consumers shop online and send back more of those orders, retailers have moved to crack down on fraud. Retailers expect 16.5%, or $24.5 billion worth, of holiday returns to be fraudulent this year, according to a survey by Appriss Retail and the National Retail Federation. Shipping back an empty box or a different item than was received, such as a box of bricks instead of a television, is the most common form of return fraud, according to Pitney Bowes' Ramachandran. Zoom In Icon Arrows pointing outwards Source: Appriss Retail/National Retail FederationReturn abuse is more commonThere's also less egregious behavior, often considered return abuse rather than fraud. More than half, or 56%, of consumers confess to "wardrobing," according to a survey from fraud prevention firm Forter.

Persons: it's, Vijay Ramachandran, Pitney, we've, Michael Osborne, Marc Metrick, That's, Pitney Bowes, Ramachandran, fraudsters, Osborne, Doriel Abrahams, Abrahams, Jeff Greenberg Organizations: Pitney Bowes, Retailers, Appriss Retail, National Retail Federation, Appriss, Saks, Shipping, CNBC, National, Federation, Ikea, Universal, Getty Locations: Doral , Miami

☆ TikTok's Lunden and Olivia Stallings are straight people's favorite lesbian couple. What do they owe queer fans?
▼ + stars: | 2024-01-25 | by ( Kate Taylor | ) www.businessinsider.com time to read: +29 min

Lunden and Olivia told me their mission as influencers was to "represent and inspire others to be their authentic self." Advertisement"I did feel represented by them," Asia said, but the tweets "showed me that they are still white women." "We are especially confident in our sexuality and the way that we feel and who we are," Olivia told me. Lunden and Olivia told me they want to advocate for all LGBTQ+ people, including those who don't look like them. It's a chance, the couple told me, to combat the hate and negativity LGBTQ+ parents face.

Persons: Lunden Stallings, Olivia Bennett, Monique Lhuillier, Lunden, Taylor Swift, Stallings, David Yurman, preppy, Olivia, TikTok, Kendrick Brinson, who's, you've, Madison Mathews, sunnies, peck, they'd, Brooklynites, Remington, Zeta Tau, Olivia DMed Lunden —, Justin Bieber, snapbacks, haven't, Lunden's, Ellie Goulding's, Olivia couldn't, Caroline Bayne, Lunden's TikTok, Zara, Mercedes, Sophie, It's, Jackie J, Jackie, There's, Bud Light, Dylan Mulvaney, influencers, They've, KenzKustomz, Krysten Stein, Black influencers, Stein, Hill, millennials Organizations: Naylor, People, Business, Alabama, Chevrolet, New York Post, Daily Mail, Madison, University of Central, Jacksonville State University, Zeta Tau Alpha, University of Alabama's, University, Minnesota, BI, Braves, Rover, Pride, Nielsen, Saks, University of Illinois Locations: Roswell , Georgia, Asia, Olivia, Charleston, LoveShackFancy, Powder Springs , Georgia, Atlanta, Blytheville , Arkansas, University of Central Arkansas, Alabama, Roswell, Austin, RushTok, Alpharetta, Charleston , South Carolina, Southern, Publix, Fayetteville , Arkansas, University of Illinois Chicago

☆ Marc Metrick: Luxury Is A State Of Mind
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarc Metrick: Luxury Is A State Of Mind"My ambition was to learn as much as I possibly could." Saks CEO Marc Metrick shares what ambition means to him and what he's learned during his time leading Saks.

Persons: Marc Metrick, he's Organizations: Saks

☆ Neiman Marcus CEO says there's ‘no need’ to sell the business as Saks takeover rumors swirl
▼ + stars: | 2024-01-10 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

ORLANDO, Fla. — As rumors swirl over whether Saks Fifth Avenue will acquire Neiman Marcus, Neiman's CEO told CNBC there's "no need" to sell the business, adding it's unlikely to change hands in the next five years. Some people close to the companies have told CNBC a merger between the two is inevitable, and is a matter of when, not if. But Neiman's CEO Geoffroy van Raemdonck said there is currently "no process to sell the company." Eventually, those owners will seek to offload the business, but van Raemdonck said it won't be any time soon. They have not yet received an offer that was large or attractive enough to move the needle, a source familiar with the matter previously told CNBC.

Persons: Neiman Marcus, Geoffroy van Raemdonck, there's, van Raemdonck, Neiman, There's Organizations: Saks, CNBC, Street, Pacific Investment Management, Davidson, Capital Management, Sixth Street Partners, Neiman, CNBC PRO Locations: ORLANDO, Fla, Orlando

☆ Kuwait rings up small bill in tower merger
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

A three-way partnership deal will enable Qatar’s Ooredoo (ORDS.QA) to offload capital-intensive infrastructure but only by offering Kuwait’s Zain (ZAIN.KW) favourable deal terms. Ooredoo and Zain are creating a regional powerhouse with an estimated enterprise value of $2.2 billion to be managed by Zain-backed TASC Towers Holding. The $8.9 billion Ooredoo and $6.9 billion Zain will own 49.3% each, with the rest going to TASC. But Zain is paying an average price of $73,000 per tower, 9.5% less than the average price per tower in previous deals, according to JPMorgan analysts. The Kuwaiti group will also call the shots as the founders of Dubai’s TASC Towers Holding – which Zain controls with an 83.47% stake – will manage the new entity.

Persons: Qatar’s, Kuwait’s Zain, Zain, Ooredoo, Dubai’s, Pamela Barbaglia, Neiman Marcus, Francesco Guerrera, Oliver Taslic Organizations: Reuters, TASC, Bloomberg, JPMorgan, X, Saks, Thomson Locations: Algeria, Tunisia, Iraq, Jordan, Saudi, Kuwaiti, Hong Kong

☆ A decade after Mandela's death, his pro-Palestinian legacy lives on
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] Former South African president Nelson Mandela (R) and Palestinian President Yasser Arafat (L) address the media after holding talks on the crisis in the Middle East May 3, 2001. It was a gesture as controversial then as South Africa's support for the Palestinian cause is today, but Mandela brushed off criticism. Last month, the ruling ANC backed a motion in South Africa's parliament to suspend diplomatic ties with Israel until it agreed to a ceasefire in Gaza. Israel has disputed the comparison with apartheid as a lie motivated by antisemitism, but many South Africans follow Mandela's lead. Some in South Africa's Jewish community criticise the ANC's stance, pointing out that Mandela himself eventually tried to build bridges with Israel.

Persons: Nelson Mandela, Yasser Arafat, Mandela, Arafat, S.Africa, Carien du Plessis, Mandla Mandela, Obed Bapela, Lebogang Mashile, David Saks, Ehud Barak, Ezer Weisman, Saks, Shafiek, Tim Cocks, Alex Richardson Organizations: South, Arafat ANC, ANC, Palestine Liberation Organisation, Hamas, Reuters, Thomson Locations: Israel, Gaza, Shafiek, JOHANNESBURG, Palestine, Johannesburg, South Africa's, South Africa, South

☆ AI Davids ride coattails of industry Goliaths
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

New York, Dec 5 (Reuters Breakingviews) - Artificial intelligence Goliaths like OpenAI continue to open the door for what might become the industry’s Davids. With a low-cost approach and data privacy focus, it may be able to eventually carve out a solid European business. Mistral has whiffs of what OpenAI, eyeing a mooted $86 billion valuation and eight years old, once was, but with tweaks. Mistral has also focused on “open sourcing” its models, which means they can be downloaded and used for free. As a Paris-based company, Mistral could build out its business with a specific focus on complying with AI rules being finalized by the European Union.

Persons: industry’s Davids, eyeing, Anita Ramaswamy, Neiman Marcus, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Mistral, Bloomberg, European Union, X, Saks, Thomson Locations: York, Paris, Kuwait, Hong Kong

☆ Roche’s late obesity punt offers wider market cure
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann Acquire Licensing RightsLONDON, Dec 4 (Reuters Breakingviews) - Roche’s (ROG.S) foray into the prospective $100 billion obesity market can bring wider benefits. On Monday, the $224 billion Swiss pharma group said it had agreed to take over weight-loss drug developer Carmot Therapeutics for $2.7 billion. Market leader Novo Nordisk (NOVOb.CO) is already selling obesity drugs in the U.S. and parts of Europe. Still, Schinecker’s obesity bet could turn successful if it ends up undercutting obesity pioneers on prices. With over 1 billion people globally classed as seriously overweight, other drugmakers will follow Roche on the obesity bandwagon.

Persons: drugmaker Roche, Arnd, Eli Lilly’s, Thomas Schinecker, Eli Lilly, Eccogene, Roche, Aimee Donnellan, Neiman Marcus, Lisa Jucca, Oliver Taslic Organizations: REUTERS, Reuters, Swiss pharma, Carmot Therapeutics, Novo Nordisk, U.S . Food, Drug Administration, AstraZeneca, Novo, X, Saks, Thomson Locations: Basel, Switzerland, U.S, Europe, Hong Kong

☆ Brookfield’s energy M&A loss is teachable moment
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Dec 4 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO), has some wounds to lick. On Monday the Canadian investment firm’s joint $13 billion offer with MidOcean Energy for Australian power generator and retailer Origin Energy (ORG.AX)failed after the bidders secured backing from 69% of voted shares, below the required 75% threshold. It could target smaller local energy firms, like Alinta Energy and EnergyAustralia, owned by Hong Kong-based Chow Tai Fook Enterprises and CLP (0002.HK) respectively. Brookfield has made other investments from its $15 billion global transition fund, including to co-buy Westinghouse Electric. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bruce Flatt, Chow, Brookfield, Antony Currie, Neiman Marcus, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Brookfield Asset Management, MidOcean Energy, Origin Energy, Alinta, Chow Tai Fook Enterprises, CLP, HK, Westinghouse, X, Saks, Thomson Locations: Brookfield, Hong Kong

☆ Evergrande’s Hong Kong court ruling is big reprieve
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 4 (Reuters Breakingviews) - A Hong Kong court on Monday adjourned to next month a hearing over a petition for the liquidation of China Evergrande (3333.HK). It lobs the ball back to Beijing: the judge told Evergrande to hold direct discussion with “relevant authorities” on the revamped terms. Options are limited following the detention of the company’s Chair Hui Ka Yan in September on suspicion of unspecified crimes. It also defers a high-profile test on whether Hong Kong liquidation rulings over mainland companies would be implemented across the border more efficiently following the introduction of a limited mutual recognition pact in 2021. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evergrande, Hui Ka Yan, Chan Ka, Neiman Marcus, Una Galani, Thomas Shum Organizations: Reuters, Hong, HK, X, Saks, Barclays, Thomson Locations: HONG KONG, Hong Kong, China, Beijing

☆ Neiman Marcus Rejects $3 Billion Takeover Bid by Saks
▼ + stars: | 2023-12-01 | by ( Suzanne Kapner | Lauren Thomas | ) www.wsj.com time to read: 1 min

A merger of Saks and Neiman could help the chains negotiate better terms with suppliers and allow them to strip out duplicate costs. Photo: ed jones/Agence France-Presse/Getty ImagesSaks Fifth Avenue wants to buy rival Neiman Marcus. But the two luxury retailers can’t agree on the terms of a marriage. This week, Neiman rejected Saks’s most recent takeover offer, which valued the upscale chain at close to $3 billion, according to people familiar with the situation. Neiman objected to the deal’s structure, a significant portion of which wasn’t in cash, some of the people said.

Persons: Neiman, Neiman Marcus Organizations: Saks, Agence France

Search resuls for: "Saks"

25 mentions found