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US Cyber Monday sales jump, high traffic leads to website outages

US Cyber Monday sales jump, high traffic leads to website outages

CHICAGO: US online sales grew 14 per cent on Cyber Monday, on track to set a record, leading some retail websites, like Target Corp’s, to crash temporarily due to high customer traffic. Website outages and slow checkouts during the five-day shopping spree starting Thanksgiving Thursday, were also reported at PayPal Inc, department store chain Neiman […]

November 30, 2015 | By | Reply More
The Chinese renminbi joins the IMF’s reserve-currency basket

The Chinese renminbi joins the IMF’s reserve-currency basket

PASSING through the Suez Canal became easier earlier this year, thanks to an expansion completed in August. Now it is about to become a little bit more complicated. Transit fees for the canal are denominated in Special Drawing Rights, a basket of currencies used by the International Monetary Fund (IMF) as its unit of account. […]

November 30, 2015 | By | Reply More
The Great Divide: How markets are shaping up ahead of Fed, ECB

The Great Divide: How markets are shaping up ahead of Fed, ECB

LONDON: The U.S. Federal Reserve and European Central Bank are expected to deliver sharply contrasting policy decisions next month, reflecting how the world’s two largest economies have moved from the Great Recession to the Great Divide. The U.S. and euro zone central banks have been on a similar path of monetary easing since the financial […]

November 30, 2015 | By | Reply More
Eurozone stocks tread water, awaiting ECB help

Eurozone stocks tread water, awaiting ECB help

LONDON: Eurozone stock prices were on hold at the close on Monday (Nov 30) with all eyes on this week’s policy meeting of the European Central Bank, set to offer further stimulus to boost the single currency bloc. Following Thursday’s ECB gathering, attention will turn to Friday’s US jobs data and the outcome of OPEC’s meeting […]

November 30, 2015 | By | Reply More
Morgan Stanley to cut up to 25 percent of fixed-income jobs: Bloomberg

Morgan Stanley to cut up to 25 percent of fixed-income jobs: Bloomberg

REUTERS: Morgan Stanley plans to cut up to 25 percent of its fixed-income jobs, Bloomberg reported, citing people with familiar with the matter. The workforce reduction will be across all regions and is set to take place in the next two weeks, Bloomberg said, citing two of the people. (http://bloom.bg/1RgYyVa) Morgan Stanley declined to comment […]

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Exclusive: Music festival company SFX explores debt restructuring

Exclusive: Music festival company SFX explores debt restructuring

REUTERS: Electronic music festival organizer SFX Entertainment Inc , which puts on days-long dance extravaganzas including New York’s ‘Electric Zoo’, is exploring a debt restructuring, a spokesman for its chief executive told Reuters on Monday. SFX has asked investment bank Moelis & Co to propose ways of slashing the company’s debt pile, sources familiar with […]

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Foreign carmakers to keep price edge as Ford faces higher labor costs

Foreign carmakers to keep price edge as Ford faces higher labor costs

DETROIT: Foreign automakers with plants in the United States will be able to offer lower vehicle prices as Ford Motor Co faces continued higher labor costs under a new four-year contract with its U.S. union workers. The labor cost gap of US$8 to US$10 per hour will allow automakers such as Toyota Motor Corp, Honda […]

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US pending home sales rise modestly in October

US pending home sales rise modestly in October

WASHINGTON: Contracts to buy previously owned US homes rose far less than expected in October, the latest sign that the housing market recovery was losing momentum after strong gains early this year. The National Association of Realtors said on Monday (Nov 30) its pending home sales index edged up 0.2 per cent to 107.7. While […]

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Online retailers offer mobile-only deals to attract sales over Black Friday weekend

Online retailers offer mobile-only deals to attract sales over Black Friday weekend

SINGAPORE: Sales were brisk during the Black Friday to Cyber Monday weekend (Nov 27 to 30). In Singapore, online retailers said that last year, sales amounted to 2.5 to 3 times the daily average for the year. Mobiles and tablets, consumer electronics and fashion accounted for half of all purchases. With greater mobile connectivity, online […]

November 30, 2015 | By | Reply More
FTC preparing to block Staples-Office Depot deal: NY Post

FTC preparing to block Staples-Office Depot deal: NY Post

REUTERS: U.S. antitrust regulators are preparing to block Staples Inc’s acquisition of smaller rival Office Depot Inc , the New York Post reported on Monday. The Federal Trade Commission (FTC) may again delay its decision on the deal, seeking more concessions from Staples, the Post reported, citing two people familiar with the matter. (http://bit.ly/1XqZF9E) The […]

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