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Glencore Set to Settle Corruption Charges in U.S.

Glencore GLNCY 1.32% PLC is set to settle long-running U.S. corruption investigations on Tuesday, finally resolving criminal probes into its global mining and trading business that have hung over the company for years, according to people familiar with the matter. Glencore, or a subsidiary of the company, will also plead guilty to violating the Foreign Corrupt Practices Act, the people said. The company said in a statement that it will appear in court in the U.K. and U.S. on Tuesday. A spokesman declined to comment further. Britain’s Serious Fraud Office will charge the company...

Rising Interest Rates Concern Apartment-Building Owners, Renters

by AoCEgWtx4o

May 24, 2022

Investors who bid up apartment-building prices to record levels over the past year are starting to come under pressure as rapidly rising interest rates squeeze their profits.Steeper borrowing rates make it harder for apartment landlords to pay back their loans. That could also be bad news for tenants, if it encourages building owners to raise rents higher than they might otherwise because that is their primary tool for generating more income. Sales of apartment buildings have been strong for years, but they broke records during the pandemic when rents soared to record levels. Prices...

Retailers Are Getting Pinched More Than Consumers

by AoCEgWtx4o

May 24, 2022

Even as higher prices make them blanch, Americans will probably keep on spending. Unfortunately for many retailers, however, less of it could be on the wares that grace their aisles. Several rough earnings reports from major retailers have made investors question the health of the U.S. consumer and raised worries that the next recession could be right around the corner. Walmart, for example, said last week that some customers have traded down to half-gallon milk from full gallons. It also said shoppers were choosing private label deli, lunch meat, bacon and dairy brands. Its...

Didi Says It Will Proceed With Delisting From NYSE

by AoCEgWtx4o

May 23, 2022

Less than a year after Didi Global Inc. DIDI -0.33% listed its shares in the U.S., the Chinese ride-hailing giant said its shareholders had approved its plan to delist from the New York Stock Exchange, concluding a regulatory roller-coaster ride that sent its market value plummeting. The move will allow the company to move forward after it was caught in Beijing’s campaign to tighten its grip on China’s tech giants and their troves of data. Didi had told shareholders it needed to delist before it can resolve a cybersecurity probe in China. Some 96%...

The Market Is Melting Down and People Are Feeling It. ‘My Stomach Is Churning All Day’

by AoCEgWtx4o

May 21, 2022

The last time Todd Jones heard this kind of panic in his clients’ voices, it was 2008 and the global financial system was on the brink of collapse.Mr. Jones, the chief investment officer at investment advisory firm Gratus Capital in Atlanta, now finds himself fielding similar calls. Two clients, both retirees, asked him this month to move their portfolios entirely to cash. Mr. Jones persuaded them to stay the course, saying the best way for investors to achieve their goals is to still be in the market when it eventually rebounds. “Those people were...

Mercedes-Benz’s Luxury Pitch Needs Tougher Road Testing

by AoCEgWtx4o

May 20, 2022

Mercedes-Benz DMLRY 0.54% Group Chief Executive Ola Källenius puts the problem well: “Even though everybody knows that Mercedes is kind of the elite original luxury brand in the car industry, perhaps the stock hasn’t been viewed in that category,” he told Heard on the Street.But bridging that perception gap isn’t as easy as it might sound. At a strategy day near Monaco Thursday, Mercedes laid out a plan to change the investor mind-set. It committed to selling more top-end vehicles—those that cost upward of 100,000 euros, or $106,000—and fewer, better entry-level ones at higher...

SoftBank-Backed Fintech Giant Klarna Looks for New Funds at Lower Valuation

by AoCEgWtx4o

May 20, 2022

Klarna Bank AB is seeking to raise new funds that could value the fintech giant at almost a third less than the roughly $46 billion valuation it achieved just under a year ago, according to people familiar with the matter, an example of the struggles facing the tech investing world.Klarna specializes in buy-now-pay-later services, a popular type of cash advance that competes with credit cards and lets customers pay for goods and services in installments without paying interest. Klarna makes money by charging merchants who offer Klarna’s services a fee. Klarna became Europe’s most...

American Stores Have Too Much of the Wrong Stuff

by AoCEgWtx4o

May 20, 2022

Consumers, rejoice. This could be the year of clearances and deals. Retailers reporting earnings this week have seen a surge of inventory as they found themselves carrying too much stuff that consumers no longer want so much of, including basic apparel, home appliances and furniture. Ahead of last holiday season, retailers ordered with plenty of cushion in mind to prevent empty shelves. Now a so-called bullwhip effect could be in store. The latest indication was from Kohl’s, KSS 4.43% which reported Thursday that inventory rose 40% in the quarter ended April 30 compared with...

At TV’s Upfront Pitch, Traditional TV Takes a Back Seat While Netflix Is on Every Lip

by AoCEgWtx4o

May 19, 2022

At the upfronts, as the television industry’s annual pitch event for advertisers is known, the traditional TV aspect of the spiel this year may have never been less important.Amid the hurtle toward streaming video, this week’s presentations were less focused on networks’ traditional hour-by-hour scheduling strategies and more about the actual content—now largely available to consumers wherever and whenever they want to watch. In some superficial ways, at least, the upfronts were a return to the norm. After two years of remote events during the Covid-19 pandemic, network owners such as Comcast Corp.’s NBCUniversal,...

More Subprime Borrowers Are Missing Loan Payments

by AoCEgWtx4o

May 19, 2022

Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end.The share of subprime credit cards and personal loans that are at least 60 days late is rising faster than normal, according to credit-reporting firm Equifax Inc. In March, those delinquencies rose month over month for the eighth time in a row, nearing their prepandemic levels. Delinquencies on subprime car loans and leases hit an all-time high in February,...

Category: Business