Bloomberg JC Penney Co, the department-store chain that filed for Chapter 11 bankruptcy last week, said it will close about 29% of its stores. The retailer will reduce its store count to about 604, down from the 846 it currently has across the US, according to a company filing. In fiscal 2019, those locations brought in $9.2 billion in net …

Bloomberg Pier 1 Imports Inc said it would seek bankruptcy court approval to wind down its retail operations after the coronavirus pandemic made it difficult for the US retailer to find a buyer. The company said in a statement on Tuesday it intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised …

Bloomberg European stocks turned lower alongside US equity futures on Tuesday as the risk-on mood that kicked-off the week faded. Oil prices rose for a fourth straight session. The Stoxx Europe 600 Index had opened in the green following news that Germany and France have backed a $546 billion, European Union-wide economic recovery fund. But after strong gains on Monday, …

Bloomberg Indian stocks advanced, tracking a regional rally after early vaccine results sparked speculation economies could rebound quickly. The S&P BSE Sensex added 1.6% to 30,514.44 in Mumbai, while the NSE Nifty 50 Index gained by a similar magnitude. Both measures are set to snap three days of losses, their longest losing streak in a month. “The possibility of a …

ABU DHABI / WAM The UAE on Monday welcomed the signing of a power-sharing agreement in Afghanistan between President Ashraf Ghani and Dr Abdullah Abdullah while expressing hope that the deal represents a step towards enhancing stability, peace, and security throughout Afghanistan. In a statement, the Ministry of Foreign Affairs and International Cooperation renewed its call for an immediate ceasefire …

Bloomberg Oil rose to the highest in two months as demand in China returned to near pre-virus level and output curbs continued in the US and elsewhere. Futures in New York climbed as much as 9.8%. Chinese oil use is at 13 million barrels a day, just shy of the levels of a year earlier, traders and executives said. The …

DUBAI / WAM Drydocks World on Monday held a steel-cutting ceremony to mark the start of production on a conversion project for Boskalis B.V. According to a press statement, Drydocks World will convert a drill ship YAN into an offshore installation vessel named Bokalift 2. This vessel is designed to carry out offshore operations for windmill installations in Taiwan. The …

Bloomberg Total SA abandoned a plan to acquire assets from Occidental Petroleum Corp in Ghana, walking away after a proposal to buy Algerian projects from the US company also collapsed. The breakdown of both sales is a setback for Occidental, which had earmarked the proceeds to help reduce debt after buying Anadarko Petroleum Corp for $37 billion last year. After …

Bloomberg New York has again denied a key permit for a controversial $1 billion natural gas pipeline being developed by Williams Cos. The state’s Department of Environmental Conservation rejected Williams’ latest application for a water permit for its Northeast Supply Enhancement project after denying the pipeline the same permit last year. The conduit was at the crux of a standoff …

Bloomberg German Chancellor Angela Merkel’s government may try to tame growing opposition to onshore wind developments by offering cash sweeteners to local councils and consumers. A plan drawn up by officials in Berlin suggest municipalities could earn as much as 20,000 euros ($21,600) a year for each newly-erected wind turbine in their districts from 2021, according to a copy of …