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Michael Kors owner Capri estimates 70% plunge in first-quarter revenue

Michael Kors shop in Covent Garden.Dave Rushen | SOPA Images | Getty ImagesMichael Kors owner Capri Holdings on Wednesday estimated a bigger-than-feared 70% slump in first-quarter sales as the Covid-19 pandemic hammers demand for its luxury handbags and dresses.The closing of major shopping hubs in Europe, Asia and North America had a major impact on March sales of luxury goods companies, including Capri's three main units - Michael Kors, Versace and Jimmy Choo.While business has begun to resume in parts of the world where…

Rocky road ahead at Macy’s, potential ‘regional flare-ups,’ with Covid-19 cases surging in some states

A person looks into a closed Macy's Inc. department store near Union Square in San Francisco, California, U.S., on Thursday, June 18, 2020.Michael Short | Bloomberg | Getty ImagesThe road to recovery at Macy's is likely going to be a rocky one because of the coronavirus pandemic. The retailer warned Wednesday that sales are falling again in states such as Texas where Covid-19 cases are on the rise. And the department store operator expects this pattern could play out as the crisis continues. Macy's said…

JetBlue, pilots union reach deal to avoid involuntary furloughs until May 2021: memo

© Reuters. A Jet Blue airplane is seen at Los Angeles International airport (Reuters) - JetBlue Airways Corp (O:) and a labor union representing pilots, the Air Line Pilots Association (ALPA), have reached an agreement to avoid involuntary furloughs until May 1, 2021, according to a memo sent to pilots on Wednesday. JetBlue's Master Executive Council (MEC) of the APLA voted to approve the letter of agreement that "protects all JetBlue pilots from involuntary furloughs —…

Hong Kong’s Stock Market Reopens to a Changed Reality Under Law

© Reuters. Hong Kong’s Stock Market Reopens to a Changed Reality Under Law (Bloomberg) -- Investors in Hong Kong’s stock market now need to factor in a substantially altered political and legal environment. The city’s businesses reopen on Thursday after the July 1 holiday which saw the dramatic imposition of national security legislation. The new laws, drawn from mainland China’s system of governance, complicate the city’s reputation as a place with a robust rule of law.…

Exclusive: Sears exploring sale of home improvement business

© Reuters. FILE PHOTO: Shoppers look for Black Friday sale items at a Sears store in Cutler Bay By Jessica DiNapoli and Mike Spector NEW YORK (Reuters) - Sears is exploring a sale of its home improvement business following interest from potential suitors such as private equity firms, people familiar with the matter said on Wednesday. The struggling U.S. retailer's Sears Home Services division has emerged as a coveted asset during the COVID-19 pandemic, as consumers…

Micron to shift some chip supply to data centers as cloud powers earnings beat

Micron Technology's hard drive for data center customers is presented at a product launch event in San Francisco, October 24, 2019.Stephen Nellis | ReutersMicron Technology on Monday forecast current-quarter revenue above Wall Street estimates as home-bound employees and students spur demand for its chips that power notebooks and data centers, sending its shares up 6% in after-market trading.The work-from-home boom has also driven demand for data center chips, with Micron, one of the biggest DRAM chip suppliers, working to…

U.S. market is ‘smoking dope on earnings’ and investors are likely to be disappointed, economist says

Adam Jeffery | CNBC Investors should stay bearish on U.S. stocks until the full extent of the economic damage caused by the coronavirus pandemic is known, according to TS Lombard, which warned that investors were over-estimating a quick recovery in U.S. corporate earnings.Charles Dumas, chief economist at the economic research firm, told CNBC Tuesday that "the market is essentially trading off a view about 2021 that is not going to happen.""The basic point here is that in 2021 the market estimates of S&P…

Exclusive: Boeing kept FAA in the dark on key 737 MAX design changes – U.S. IG report

© Reuters. FILE PHOTO: A Boeing 737 MAX airplane lands after a test flight at Boeing Field in Seattle By David Shepardson, Eric M. Johnson and Tracy Rucinski WASHINGTON/SEATTLE/CHICAGO (Reuters) - Boeing Co (N:) failed to submit certification documents to the U.S. Federal Aviation Administration (FAA) detailing changes to a key flight control system faulted in two fatal crashes, a long-awaited government report seen by Reuters has found. The flight control system, known as…

Beyond Meat to sell patties in mainland China through Freshippo stores

© Reuters. NEW YORK (Reuters) - Beyond Meat Inc (O:) said on Tuesday that it will launch retail sales of its plant-based burger patties in mainland China through Alibaba Group Holding Ltd's (N:) Freshippo markets. Sales will begin this weekend at 50 stores in Shanghai, with plans to expand to 48 more stores in Beijing and Hangzhou in September. The patties will also be available on Freshippo's mobile app for delivery. Earlier in June, Yum China Holdings Inc (N:)…

UAW leader, U.S. prosecutor discuss independent oversight for union

© Reuters. United Auto Workers (UAW) acting president Rory Gamble speaks to Reuters from his office in Southfield, Michigan, By Nick Carey DETROIT (Reuters) - The United Auto Workers' president met on Tuesday with the U.S. prosecutor heading a federal investigation into corruption at the union, and the two said they discussed reforms including possible independent oversight of future labor agreements. In a joint statement, union chief Rory Gamble and Matthew Schneider,…