September, 2022

• 4 September

  Amazon closes, scraps plans for dozens of US warehouses

  

  Bloomberg Amazon.com Inc, determined to reduce the size of its sprawling delivery operation amid slowing sales growth, has abandoned dozens of existing and planned facilities around the US, according to a closely watched consulting firm. MWPVL International Inc., which tracks Amazon’s real-estate footprint, estimates the company has either shuttered or killed plans to open 42 facilities totalling almost 25 million ...

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• 4 September

  Bed Bath & Beyond looks to capture Best Buy magic

  

    Bloomberg Bed Bath & Beyond Inc., short on cash and time, is trying to have its Best Buy moment. While many US retailers’ attempts at a turnaround have failed in recent years, Best Buy Cos.’s is one of the few that’s succeeded. The electronics chain overcame relentless online competition and management missteps to regain its stature during the past ...

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• 4 September

  Selfridges is pushing further into selling pre-worn clothing

    Bloomberg Selfridges & Co. is pushing further into selling pre-worn clothing, offering rental services and repairing used items as the UK department-store chain seeks ways to reduce the fashion industry’s weighty environmental impact. Since 2020, Selfridges has increased sales of previously owned items by 240%, according to a report in which it sets out new goals. The retailer has ...

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• 4 September

  Trump blasts Biden at rally, keeps teasing 2024 run

  

  Bloomberg Donald Trump used a Pennsylvania rally to vent his anger at an FBI search of his Florida home and President Joe Biden’s attack on political extremism, staking his claim as his successor’s election rival in 2024. Declaring Biden an “enemy of the state,” Trump mixed support for two Republican candidates with a rejoinder to the president’s speech 48 hours ...

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• 4 September

  Turkey’s Erdogan warns Greece not to ‘go too far’ amid spats

  

  Bloomberg Turkish President Recep Tayyip Erdogan warned Greece not to “go too far” amid heightened tension over territorial disputes between the two Nato allies. “Greece’s occupation of Aegean Sea islands is not our concern,” Erdogan said in a speech Saturday in Samsun province on the Black Sea coast. “When the time comes, we will do what is necessary. As we ...

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• 4 September

  Chile votes on constitution that would supercharge leftist shift

  

  Bloomberg Chileans are heading to the polls for a referendum on a new constitution that prioritizes social rights and the environment, potentially steering a global investor favorite further away from its pro-market ethos. Voters will approve or reject the proposed charter written by a left-leaning Constitutional Convention, thus either replacing or keeping the basic laws enacted during the 1973-1990 dictatorship. ...

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• 4 September

  Mired in war, Putin presses patriotism lessons on schools

  

  Bloomberg After unleashing a wave of repression to crush opposition to his war in Ukraine, President Vladimir Putin is moving to shape attitudes among young Russians with a program of patriotic education in schools. Teachers nationwide are being ordered by the Education Ministry to deliver a special lecture on Sept. 12 titled “Our Country – Russia” that quotes Putin’s justification ...

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• 4 September

  RBA risks crashing economy with rapid rate hikes: Analysts

  

    Bloomberg Australia’s central bank risks raising interest rates too far too fast in its efforts to contain inflation, opening up the possibility of tipping the economy into recession, senior economists warned. Unlike many international counterparts, Australians feel the impact of rate hikes quickly because about 60% of home loans are at variable rates, said Diana Mousina, a senior economist ...

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• 4 September

  Goldman, Citigroup tell clients to bet big on Singapore dollar

  

    Bloomberg Singapore’s dollar is emerging as the top bet for Wall Street’s biggest banks as wagers the central bank will extend policy tightening bolsters demand for Southeast Asia’s top-performing currency. Goldman Sachs Group Inc favours the Singapore dollar the most among Asian currencies, along with Thailand’s baht. Citigroup Inc. recommends buying the currency on dips, while RBC Capital Markets ...

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• 4 September

  Credit Suisse faces $4.1 billion capital gap, says Deutsche Bank

  

    Bloomberg Credit Suisse Group AG faces a capital gap of at least 4 billion Swiss francs ($4.1 billion) to improve its financial strength, fund its restructuring and support growth, according to Deutsche Bank AG. The size of any equity raise would be determined by the Swiss bank’s ability to quickly sell its securitised-products trading business, Deutsche Bank analysts wrote ...

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