U.S. Retail Sales Plunge By Record 16.4% In April

Retail sales in the U.S. plunged by even more than expected in the month of April, according to a report released by the Commerce Department on Friday. The Commerce Department said retail sales cratered by a record 16.4 percent in April after tumbling by a revised 8.3 percent in March. Economists had expected retail sales to plummet by 12.0 percent […]

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Fund manager Mark Barnett leaves Invesco after investor concern

Mark Barnett, one of the UK’s best-known fund managers and a former protege of Neil Woodford, has left City firm Invesco, a month after being sacked from another high-profile fund he ran. Barnett, who was with Invesco for 24 years, managed £5bn of investors’ money across several UK equity funds. Invesco said it was reorganising its product range and management […]

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Merchandise exports drop over 60%

With global trade stalling on COVID-19, shipments nosedive in April With the global trade coming to a near halt due to the COVID-19 pandemic, India’s merchandise exports nosedived over 60% in the last month to $10.36 billion from $26.07 billion in April 2019. Except for iron ore and drugs and pharmaceuticals, all other commodities saw a negative growth. As per […]

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Eurozone GDP Contracts At Sharpest Rate On Record

The euro area economy contracted at the sharpest pace on record in the first quarter due to the measures taken to contain the spread of coronavirus, the flash estimate from Eurostat showed Friday. Gross domestic product fell 3.8 percent sequentially in the first quarter, in contrast to a 0.1 percent rise in the fourth quarter of 2019. This was the […]

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U.S. Consumer Sentiment Unexpectedly Rises Amid Relief Payments

U.S. consumer sentiment posted a surprise increase in early May amid widespread virus-relief payments and discounts for big-ticket items, though pessimism deepened about the longer-term outlook for incomes and the economy. The University of Michigan’s preliminary sentiment index rose 1.9 points from an eight-year low to 73.7, according to data Friday. That compared with the median estimate for a decline […]

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Amazon is using AI in almost everything it does

Seattle (CNN Business)My socks arrived at my home in Washington, DC, as so many things do these days, in a brown box sealed with Amazon Prime tape. I ripped it open and pulled out the cotton athletic socks I’d ordered just two days before for $19.65. Big deal, you may think. You bought socks on Amazon. That’s news? No, it […]

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US closes loophole exploited by Huawei

Wilbur Ross: Closing ‘loophole’ to protect US tech from China’s Huawei Commerce Secretary Wilbur Ross on his department’s announcement to amend to the Foreign Direct Product Rule and on incentivizing American companies to bring manufacturing back to the U.S. The Trump administration said Friday it will block tech giant Huawei's use of American software in overseas manufacturing, closing a loophole […]

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Retail sales plunge a record 16.4% in April as coronavirus freezes economy

Food, local retailers could ‘revitalize’ coronavirus-hit shopping centers Strategic Resource Group Managing Director Burt Flickinger argues future malls will focus on food, local stores, distribution centers and community events. U.S. retail sales endured the biggest drop in history in April, plunging 16.4 percent as the coronavirus pandemic shuttered businesses around the country and forced residents to stay at home. Continue Reading Below […]

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U.S. Retail Sales Plunged Record 16% In April

BALTIMORE (AP) — U.S. retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened stores across the country and weighed down a sinking economy. The Commerce Department’s report Friday on retail purchases showed a sector that has collapsed so quickly that sales over the past 12 months are […]

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‘White Lines’ & ‘Driven’ Director Nick Hamm Launches London & LA-Based Entertainment Company Free Turn

EXCLUSIVE: Nick Hamm, director of movies Driven and The Journey and new Netflix series White Lines, is launching London and LA-based entertainment company Free Turn. Hamm is teaming with ex-WPP agency executive Jon Hamm on the firm which will be a hybrid film and TV production outfit and creative advertising agency. The brothers previously co-founded Greenroom Digital which they sold […]

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