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☆ Labor union Teamsters ratifies contract at Kroger
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

Nov 21 (Reuters) - Labor union International Brotherhood of Teamsters said on Monday a new national contract at U.S. grocery chain Kroger Co (KR.N) has been ratified with overwhelming support. The five-year master agreement covers over 1,500 Kroger workers nationwide and provides significant improvements to wages, benefits and working conditions, the organization said in a statement. This comes as Kroger looks to complete its $25 billion deal for smaller rival Albertsons Cos Inc (ACI.N). Teamsters at Kroger voted by an 88% to ratify the contract, the union said, adding for the first time the national negotiating committee included rank-and-file members working in the industry. Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ TSX dips as lower oil prices pressure energy shares
▼ + stars: | 2022-11-16 | by ( Fergal Smith | Simon Jessop | ) www.reuters.com time to read: +1 min

SummarySummary Companies TSX ends down 36.82 points, or 0.2%, at 19,957.96Energy falls 2.3%; oil settles 1.5% lowerMaterials sector loses 1.3%Restaurant Brands gains 7%TORONTO, Nov 16 (Reuters) - Canada's main stock index fell on Wednesday as lower oil prices weighed on energy shares but gains for consumer-related stocks helped limit the index's decline. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 36.82 points, or 0.2%, at 19,957.96. The Toronto market's energy sector fell 2.3% as oil prices settled 1.5% lower at $85.59 a barrel concerns over rising COVID-19 cases in China. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.3%, while technology ended 0.7% lower. Shares of Restaurant Brands International Inc (QSR.TO) ended 7% higher, helping drive the consumer discretionary sector to a 1.3% gain.

☆ U.S. retailers take a knock after Target's sales warning
▼ + stars: | 2022-11-16 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

But shares in Target's larger competitor Walmart (WMT.N) edged up 1.1%, a day after lifting its annual sales and profit forecast as demand for groceries held up despite higher prices. With annual inflation running at 7.7% in October and high interest rates, shoppers are reining in discretionary spending, bad news for retailers that rely on year-end shopping to boost annual sales. U.S. Commerce Department data showed U.S. retail sales improved more than expected after no growth in September. Bucking the retail trend, home improvement chain Lowe's Cos Inc (LOW.N) added more than 4% after raising its annual profit forecast, while discount store operator TJX Cos Inc (TJX.N) bumped up annual same-store sales forecast, rising almost 1%. Walmart, Target shares recover as CPI peaksReporting by Medha Singh in Bengaluru; Additional reporting by Bansari Mayur KamdarOur Standards: The Thomson Reuters Trust Principles.

☆ Retailer TJX Names New CFO as Sales Decline
▼ + stars: | 2022-11-16 | by ( Jennifer Williams-Alvarez | Colin Kellaher | ) www.wsj.com time to read: +3 min

Mr. Klinger, who joined TJX in 2000, currently serves as executive vice president and corporate controller. U.S. comparable-store sales, which exclude e-commerce sites, fell 2%, driven by a 16% drop in comparable sales for the U.S. homegoods business. For the 2023 fiscal year, TJX forecasts U.S. comparable-store sales to fall 1% to 2%. TJX in August projected a full year decline in U.S. same-store sales of 2% to 3%. This is because they’ve withheld key metrics such as the figures for comparable-store sales, since they weren’t meaningful as a result of store closures brought on by the pandemic, she said.

☆ TJX Names John Klinger Chief Financial Officer
▼ + stars: | 2022-11-16 | by ( Colin Kellaher | ) www.wsj.com time to read: 1 min

TJX Cos. on Wednesday said it named John Klinger executive vice president and chief financial officer effective Jan. 29, the start of the retailer’s next fiscal year. Mr. Klinger, who joined TJX in 2000 and currently serves as executive vice president and corporate controller, succeeds Scott Goldenberg, who has been chief financial officer of the Framingham, Mass., company since 2012. TJX, the owner of TJ Maxx, Marshalls and HomeGoods among other retailers, said Mr. Goldenberg will continue as senior executive vice president of finance with responsibility for such corporate functions as global communications, risk management, new business development and financial aspects of real estate. Write to Colin Kellaher at colin.kellaher@wsj.comCopyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

☆ Pacific Life Insurance Names New Tech Chief From USAA
▼ + stars: | 2022-11-16 | by ( Belle Lin | ) www.wsj.com time to read: +3 min

She replaces Mike Shadler, who has served as CIO since 2018 and plans to retire at the end of the year, a spokesperson for the life insurance company said. She will report directly to Pacific Life Chief Executive Darryl Button. Still, many life insurers aren’t meeting customer expectations in terms of speed of service and method of communication, said Ted Epps, Global Life Insurance Technology Leader at Ernst & Young. Insurance technology is “the convergence of modern digital experiences and advice with proven products,” Mr. Epps said. Prudential Financial Inc. is using more digital and cloud-based tools for managing expenses and financial planning, chief financial officer Ken Tanji told The Wall Street Journal in February.

☆ Estée Lauder to Buy Tom Ford in $2.8 Billion Deal
▼ + stars: | 2022-11-16 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder plans to fund its acquisition of Tom Ford through a combination of cash, debt and $300 million in deferred payments. Estée Lauder Cos. will acquire Tom Ford in a deal valued at roughly $2.8 billion, building on a longstanding licensing agreement and marking the cosmetics giant’s largest-ever acquisition, executives said Tuesday. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Collapse of FTX should serve as reminder of risks of crypto assets, ECB's De Cos says
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

MADRID, Nov 16 (Reuters) - The collapse of crypto exchange platform FTX should serve as a reminder for clients of the risks crypto assets entail, European Central Bank policymaker Pablo Hernandez de Cos said on Wednesday. "We hope that the events we have recently experienced will make citizens aware of the risks associated with these cyrpto assets," De Cos said when asked about FTX's collapse. The exchange, which had been among the world's largest, filed for bankruptcy protection on Friday in one of the highest-profile crypto blowups after panicked traders withdrew $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a rescue deal. Reporting by Jesús Aguado and Emma Pinedo; editing by David LatonaOur Standards: The Thomson Reuters Trust Principles.

☆ Toronto stocks slip on oil drag, inflation data
▼ + stars: | 2022-11-16 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies Annual inflation remains unchangedRestaurant Brands International rises on CEO changeLoblaw up after Q3 sales beatNov 16 (Reuters) - Canada's commodity-heavy stock index fell on Wednesday as oil prices declined, while investors digested data showing domestic annual inflation rate held steady in October. ET (1537 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 51.55 points, or 0.26%, at 19,943.23, after closing higher in the previous session. Canada's annual inflation rate held steady at 6.9% in October, as gasoline prices rose after OPEC+ countries announced production cuts, while higher interest rates pushed up mortgage costs by 11.4%, the largest jump since February 1991. "There is a 40% chance of a 50 basis points of tightening if inflation doesn't show more evidence of easing as we've seen in the United States," he added. The BoC has hiked its benchmark rate by 350 basis points since March to 3.75%, one of its fastest tightening cycles ever.

☆ Estee Lauder to buy fashion label Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it agreed to buy U.S. fashion label Tom Ford for $2.8 billion, its biggest deal yet, adding a line of beauty products and apparel to the Clinique brand owner's portfolio. While Estee Lauder already sells Tom Ford beauty products and fragrances, the deal has raised some eyebrows on Wall Street. (https://reut.rs/3tqhWrK)As of Tuesday's close, Estee's stock fell 17% since the deal talks with Tom Ford were reported by the media in August. Tom Ford had entered into exclusive negotiations with Estee Lauder last week, beating competing bids from companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Chief Executive Officer Tom Ford will continue to serve as the brand's creative visionary.

☆ Estee Lauder to buy Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it clinched a deal to buy U.S. fashion label Tom Ford for $2.8 billion in what would be its biggest acquisition. Shares of Estee Lauder, which already licenses Tom Ford fragrances and cosmetics, fell marginally in extended trading. Tom Ford entered into exclusive negotiations with Estee Lauder last week, beating competing bids from a number of other companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Reporting by Manya Saini and Granth Vanaik in Bengaluru; Editing by Shailesh Kuber and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Major Miami Beach Real-Estate Projects Nixed by Voters
▼ + stars: | 2022-11-14 | by ( Deborah Acosta | ) www.wsj.com time to read: 1 min

Miami Beach voters in a series of referendums last week derailed three major real-estate projects from top U.S. developers, reflecting a budding backlash against certain new development plans for the city. Property developer Stephen Ross , Related Cos. chairman and owner of the Miami Dolphins, had been planning to replace the historic Deauville Beach Resort on Collins Avenue with a new hotel and development. Starwood Capital Management , led by Chief Executive Barry Sternlicht , and Miami developer Don Peebles Jr. have also been preparing to build new office towers near the ocean.

☆ Home Depot, Lowe's to see higher sales as owners remodel amid rising rates
▼ + stars: | 2022-11-14 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Wall Street analysts see the largest U.S. home improvement chains benefiting as rising interest rates encourage home owners to renovate existing properties rather than move on, while professional contractors have a backlog of work to clear. THE CONTEXTHome improvement chains saw sales and profits surge during the pandemic as Americans hunkered down at home revamped their living spaces. While demand is expected to cool, higher mortgage rates and home prices are providing a new reason for households to remodel their existing properties. "Home Depot and Lowe's no longer have the more captive consumer base they had throughout 2020. Yet consumers very much continue to spend on the home," said MKM Partners analyst David Bellinger.

☆ Estée Lauder Nears Deal to Buy Tom Ford, Edging Out Kering
▼ + stars: | 2022-11-14 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder warded off competition from Kering in its pursuit of the deal. Estée Lauder Cos. is nearing a deal to buy Tom Ford for roughly $2.8 billion, building on a longstanding licensing deal and marking the cosmetics giant’s largest-ever acquisition, according to people familiar with the matter. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Estée Lauder Nears Deal to Buy Tom Ford, Edging Out Kering SA
▼ + stars: | 2022-11-14 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder warded off competition from Kering SA in its pursuit of the deal. Estée Lauder Cos. is nearing a deal to buy Tom Ford for roughly $2.8 billion, building on a longstanding licensing deal and marking the cosmetics giant’s largest-ever acquisition, according to people familiar with the matter. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Complexity for Marketers Has Meant Opportunity for Ad Agencies
▼ + stars: | 2022-11-14 | by ( Megan Graham | ) www.wsj.com time to read: +7 min

Their performance is striking compared with ad agencies’ plight five years ago: Facebook and Google had established direct relationships with marketers and were winning growing portions of their ad budgets before agencies could even offer their services. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. PREVIEWSome major owners of ad agencies watched their growth slow or flatten in 2017 and 2018. Agency companies have responded by building practices to help marketers on platforms like TikTok and Amazon. Marketers navigate outside partnersSome major marketers still want to keep a close handle on some of their data efforts.

☆ ECB not pre-committed to raise rates by 75 bps again, De Cos says
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

MADRID, Nov 11 (Reuters) - The European Central Bank has not pre-committed to make another 75 basis-point increase at its next policy meeting, policymaker Pablo Hernandez de Cos said on Friday. "The fact that we have raised rates by 75 basis points ... does not mean that this will be the future pattern, it will depend on the data," De Cos said. The ECB has been raising its rates at record speed but it is still buying bonds to replenish its 5-trillion-euro ($5.07 trillion) stimulus portfolio, which has a dampening impact on long-term bond yields. Reporting by Jesús Aguado and Emma Pinedo; editing by Andrei KhalpiOur Standards: The Thomson Reuters Trust Principles.

☆ Estee Lauder nears $2.8 billion deal to buy Tom Ford - FT
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

The luxury brand, founded by fashion designer Tom Ford, entered into exclusive negotiations with Estee Lauder this week and a deal could be announced as early as Monday, the FT reported. Estee Lauder and Tom Ford did not immediately respond to Reuters requests for comment. Earlier in August, the Wall Street Journal reported that Estee was in talks to acquire the luxury brand in what could be a $3 billion deal. The Journal later reported that French luxury group Kering(PRTP.PA) was also in advanced discussions to buy the fashion brand, competing with Estee. Tom Ford is known for its menswear, but also counts women's apparel, handbags, cosmetics and perfumes as part of its product line.

Apparel retailers, restaurants, banks, construction companies all saw a rise in sales and orders, as the country geared up for the first pandemic-free festive season in two years. Reuters Graphics"There is definitely a festive boost which cannot be denied and which is reflected in earnings performance," said Vivek Kumar, economist at Mumbai-based QuantEco Research. "There was also some comfort on input prices moderating in the quarter, and a boost from pent-up demand. read moreNair said he expects sales in the festive quarter to top pre-pandemic levels. State Bank of India (SBI) (SBI.NS), the country's largest lender, reported record quarterly profit and forecast credit growth to remain in double-digits.

☆ How Tuesday's election will impact the stock market — Watch the 'Republican portfolio' names
▼ + stars: | 2022-11-08 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

There will be things about gridlock the market doesn't like," said Ed Mills, Washington policy analyst at Raymond James. Meanwhile, under a Republican president, the stock market on average gains 4.9% when Democrats control Congress, and the market gains 7.3% with a split Congress. Strategas Research says the stock market is signaling that Republicans may sweep the election . There are clear stock market winners from a Republican victory, at least in the House. Laperriere, in a note, wrote that tech, small cap and financial firms are most vulnerable to higher taxes and tougher regulations, and they could benefit from a Republican Congress.

☆ Albertsons Faces Outrage in Aisle Five
▼ + stars: | 2022-11-07 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Want to stoke public anger about rising food prices and corporate greed? Supermarket giant Albertsons Cos., which announced a merger agreement with Kroger Co. last month alongside a generous special dividend payout, has unwittingly done just that. The company was due to distribute $4 billion in special dividends to shareholders Monday but was blocked from doing so last Thursday by a Washington state court’s temporary restraining order. Albertsons said it seeks to overturn the restraint as quickly as possible. Attorneys general of California, Illinois and Washington, D.C., also sought a temporary restraining order last week to stop the dividend payout.

☆ How the U.S. midterms could ripple through the stock market
▼ + stars: | 2022-11-07 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Regardless of the winner, past midterm elections have ushered in a period of positive market performance, something investors would welcome after a year in which the S&P 500 has declined by nearly 21%. The S&P 500 aerospace and defense index (.SPLRCAED) is up nearly 10% this year. HEALTHCAREPharmaceutical and biotech stocks may benefit in a Republican victory, after Democrats recently pushed through a law aimed at lowering prescription drug prices. The S&P 500 healthcare sector (.SPXHC) is down some 7% in 2022, while the S&P 500 pharmaceuticals index (.SPLRCCARG) is up about 1%. Therefore Republican victory in the House or Senate "probably means a legislative standstill, implying an incremental positive for the category," the said.

☆ Investors will reap billions if Kroger takes over Albertsons. Workers and shoppers may not be as happy.
▼ + stars: | 2022-11-05 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +11 min

Wealthy investors in Safeway’s parent, Albertsons Companies, have done better. And next week, they were slated to reap a $4 billion cash dividend in connection with a proposed $25 billion takeover of Albertsons by rival Kroger. Based on that stake and the amount of the dividend, Cerberus stands to receive roughly $1 billion of the dividend payout. Six of Albertsons’ 14 directors who voted for the dividend are affiliated with the major investors. This is the last, best and final hope for a truly unionized chain.”Nervous about the pensionThe proposed $4 billion cash dividend is large by many measures.

☆ Washington State Commissioner Temporarily Blocks Albertsons Dividend Payout
▼ + stars: | 2022-11-04 | by ( Jaewon Kang | ) www.wsj.com time to read: 1 min

A Washington state court commissioner temporarily blocked a $4 billion dividend that Albertsons Cos. had intended to pay its shareholders next week, announced when the grocer agreed to merge with rival Kroger Co. in a $20 billion deal last month. Commissioner Henry Judson for the King County Superior Court in Washington said during a hearing Thursday that he will grant a temporary restraining order to stop the planned dividend. The ruling came after the state’s attorney general filed a lawsuit this week against the companies to block the payment, which was initially scheduled for Nov. 7.

☆ Insurance Broker Arthur J. Gallagher Subpoenaed by Justice Department’s Foreign Bribery Unit
▼ + stars: | 2022-11-04 | by ( Dylan Tokar | ) www.wsj.com time to read: +3 min

Arthur J. Gallagher & Co. said it received a subpoena from the Justice Department’s foreign bribery unit, making it the latest company to become ensnared in a sprawling investigation into corruption at state-owned companies in Ecuador. The information request, which the company said it received in its third quarter, was from the Justice Department’s Foreign Corrupt Practices Act unit, Arthur J. Gallagher said. Prosecutors from that unit have asked Arthur J. Gallagher for information related to its insurance business with public entities in Ecuador, the company said in its Nov. 2 report. The law is enforced by the Justice Department and the U.S. Securities and Exchange Commission. A spokesperson for Arthur J. Gallagher didn’t immediately respond to a request for comment.

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