The recent Toys R Us bankruptcy took many observers by surprise. But Matthew Carr saw it coming in the way people prepared for Hurricane Irma.
On Tuesday, after reports that the toy retailer was preparing for financial restructuring, Toys 'R' Us filed for bankruptcy Monday night after years of struggling to keep up with competitors and to pay down billions of dollars in debt.
Pound unsettled by Mark Carney speech warning of 'limited' and 'gradual' interest rate rises; attention turns to Fed meeting
Besieged budget airline Ryanair won the market’s forgiveness yesterday as analysts piled in to reassure investors that lower earnings from its cancelled flight schedule will be lost pocket change for Europe’s largest carrier by passenger numbers. The no-frills firm’s shares received a respite yesterday after being battered in the last few sessions, retreating over 7pc since last Thursday, after the company lost a EU court battle that gives cabin crew and unions a stronger legal standing and it announced the cancellation of up to 50 flights a day for the next six weeks after bungling its staff’s holiday schedule. Ryanair stopped the rot yesterday, however, rising €0.18 to €16.91, after analysts said that the PR disaster would have a limited impact on earnings with just €25m needed to meet the costs from the cancellation. Reiterating his “outperform” rating for the airline a day after Ryanair released its full list of affected flights to the ire of its passengers, Credit Suisse analyst Neil Glynn said that the company has a record of strong operational quality and will find a swift resolution to its scheduling issues. Cancelling flights to order to maintain its crew ratio buffers emphasised the company’s focus on safe and reliable operations, he told clients. UBS analyst Jarrod Castle highlighted that passengers will be able to reschedule flights and that the airline will meet compensation claims. Elsewhere in the sector, British Airways owner IAG climbed 15.5p to 606.5p on reports that it will bid for insolvent German carrier Air Berlin. eanwhile, bus and train operator Stagecoach put its foot firmly on the gas for a second consecutive day, climbing 3.8p to 163p, after Liberum upgraded the stock to “hold”, citing the scope to renegotiate its contract on the East Coast rail franchise. Although not glowing in his health check of the firm, analyst Gerald Khoo said that the company could alter the deal on the franchise, which has knocked Stagecoach shares, as Network Rail has failed to deliver promised infrastructure improvements to the line on time or to specification even though it will politically be a tricky track to stay on. The pound finished a choppy day of trading in flat territory against the dollar as traders fretted over Mark Carney’s IMF speech late on Monday warning of “limited” and “gradual” interest rate rises. The FTSE 100 continued to rebound from last week’s heavy losses inspired by the pound’s soar, closing 21.97 points higher at 7275.25. Kantar Worldpanel’s latest prognosis of the grocery sector dominated the top movers on the blue-chip index with J Sainsbury and Marks & Spencer the big winners from the latest sales figures, rising 6.1p to 243.1p and 11.4p to 340p, respectively. 5:15PM Markets wrap: Choppy day of trading for sterling finishes well; attention turns to the Fed Attention has turned to the Federal Reserve's meeting in the US Sterling has finished a choppy day of trading on the right side of the dotted line this afternoon, moving 0.3pc higher against the dollar at $1.3520 as traders struggled to digest Bank of England governor Mark Carney's speech warning that interest rate rises will be "gradual" and "limited". Although Mr Carney doubled down on the Bank of England's hawkish talk of an interest rate hike in the coming months in his speech yesterday, the currency couldn't stay at the highs it hit this morning against the dollar for long with the US Federal Reserve's two-day monetary policy meeting swinging into view on forex markets. The markets largely ignored Donald Trump's latest chest-beating at the UN this afternoon as stocks in the US moved up tentatively ahead of the Fed's decision on winding down its balance sheet and guidance on interest rates. The FTSE 100 has continued to rebound after being battered by the soaring pound at the end of last week. The blue-chip index has moved 0.3pc higher with WM Morrison and J Sainsbury both boosted by the latest prognosis of the sector by Kantar Worldpanel. There has been a clear degree of hesitancy on the markets today, according to IG market analyst Joshua Mahony. He said: "The optimistic tone seen throughout US markets looks set to continue today, with early trade seeing the Dow hit its 41st record high of the year so far. Despite the optimism evident throughout European and US markets, much of the day has seen a clear degree of hesitancy. With gains across havens such as gold and the yen, there is clearly an incomplete picture of risk sentiment today. "Donald addressed his UN appearance to address the existence and support of ‘rogue regimes’, including the likes of North Korea, Iran, Cuba, and Venezuela. However, for the markets perspective, the focus is clearly on the potential repercussions from Pyongyang following Trump’s declaration that US would be willing to ‘totally destroy’ North Korea." 4:31PM Wetherspoons is cutting all food and alcohol prices tomorrow in protest over tax The move is in protest over the higher prices faced by pub-goers, as all food and drinks in pubs is currently subject to 20pc VAT Wetherspoons will cut the price of food and drink in all 900 of its pubs tomorrow in a protest over Value Added Tax (VAT). The pub chain announced that its England, Wales and Northern Ireland outlets will reduce the price of all food and alcohol by 7.5pc on Wednesday September 20, while in Scotland food and soft drinks only will undergo the same price cuts. The move is in protest over the high prices faced by pub-goers, as all food and drinks in pubs are currently subject to 20pc VAT, whereas food and alcohol in supermarkets benefit from zero-rate VAT, allowing retailers to use that saving to undercut pubs and sell alcohol at a discounted rate. Wetherspoons will be protesting alongside thousands of other pubs tomorrow in honour of national Tax Equality Day which aims to highlight the benefit of a VAT reduction in the hospitality industry. Read Sophie Christie's full report here 4:08PM Donald Trump threat to North Korea ignored by the markets Markets pretty chill as Trump screams at the UN pic.twitter.com/rOSIWe26u7— Steve Goldstein (@MKTWgoldstein) September 19, 2017 Stocks in the US haven't really kicked on from that tentative start to trading this afternoon while Donald Trump's threat that he might have to "totally destroy" North Korea has elicited a shrug of the shoulders from the markets. Nuclear obliteration has been sufficiently priced in apparently. Back to the Fed's meeting, Mark Dowding, co-head of investment grade at BlueBay Asset Management, has pointed out there is a major divergence between when the central bank says it will hike rates and when the markets actually believe it will. He said: "With markets currently pricing only one hike through December 2018, compared to the four hikes from the Fed's last projections in July, there is a marked divergence in thinking. "It will be interesting to see if the Fed leans in a more dovish direction at this meeting, reflecting on recent downside inflation misses, or if instead it chooses to reaffirm this path of steady and gradual rate normalisation against a robust economic backdrop." 3:51PM French Connection names new directors as it targets return to profitability The retailer has suffered boardroom chaos and years of losses French Connection has taken its biggest step towards addressing the intense criticism of its poor corporate governance by hiring two retail veterans to its board as it prepares to open its first new UK shop since the financial crisis. The beleaguered fashion chain, which has suffered five consecutive years of losses, is attempting to steer itself back to profitability by shutting unprofitable stores, reducing its head office space and making its fashion more affordable. The company reduced losses by £2m in the first half of the year, reporting a pre-tax loss of £5.7m in the six months to the end of July, compared to a loss of £7.9m in the first half of last year. Analysts at Cantor Fitzgerald said that the performance was “slightly ahead of expectations.” Stephen Marks, executive chairman, founder and majority shareholder, said that he had was focused on returning the group to profitability "as soon as possible." Read Ashley Armstrong's full report here 3:08PM UK watchdog closes probe into KPMG's auditing of doomed HBOS KPMG audited HBOS in 2007 - the year before it collapsed KPMG has been cleared over its work with HBOS in 2007, the year before the bank had to be rescued, after the UK's audit watchdog found it could not have predicted the "extreme funding conditions" created by the financial crisis. The Financial Reporting Council is closing its probe into the accounting giant's conduct after finding its audit of HBOS just before it collapsed and was taken over by Lloyds "did not fall significantly short of the standards reasonably to be expected." The UK regulator kicked off the probe last June, having been criticised by MPs for missing earlier opportunities to investigate the audit. It had looked at whether there were grounds to investigate KPMG in 2013, but decided against it. Read Lucy Burton's full report here 2:51PM Attention turns to key Fed meeting Janet Yellen and co are expected to announce balance sheet reduction plans tomorrow With the Federal Reserve's policy meeting beginning today and now firmly in the sights of investors, US stocks have had a tepid start to trading in the US. Finishing even one point higher is enough to take the Dow Jones and S&P 500 to fresh all-time closes, however, and both have nudged up early on with Nike's 1.8pc fall after a broker downgrade the outlier in New York. The Fed is expected to announce tomorrow that it will begin to wind down its balance sheet with RBC chief economist Eric Lascelles predicting the central bank to start reducing its collection of bonds at a rate of $10bn per month from October. He said on the prospect of an increase in interest rates before the end of the year: "The market has so aggressively priced out tightening over the next year that the best bet is on a more hawkish message from the Fed to recalibrate expectations higher again. "We think market expectations for a rate hike by December should be above 50% rather than below. In addition to the strong economic growth motivating many central banks, U.S. policymakers are further enabled by a weak greenback." 2:25PM Billionaire Ineos founder reveals plans to produce his 'son of Land Rover Defender' Billionaire Jim Ratcliffe, wants to create a successor to the discontinued Land Rover Defender Billionaire businessman Jim Ratcliffe wants to launch Britain’s biggest independent car company, building “uncompromising off-roaders” that can take over where the Land Rover Defender left off. The founder of chemicals giant Ineos wants to produce a “rugged offroader, which is unbreakable, go anywhere and does not have the reliability problems of the Defender” and is “100pc not a Chelsea tractor”. Mr Ratcliffe is a fan of the now discontinued Land Rover Defender, which went out of production in 2016, and said he wants to create a car that fills its gap in the market - something he believes Jaguar Land Rover will not do when it launches a new version of the car in two years' time. Read Alan Tovey's full report here 2:07PM Pound jumps higher; economists split over BoE hiking plan Some economists believe that Mark Carney is using a sleight of hand to lift the pound and knock back inflation The pound is all over the place today and has rebounded back up to the levels it reached this morning before technical factors exacerbated by jitters from Mark Carney's speech yesterday dragged it back down. It's now 0.3pc up against the dollar for the day, trading back above the $1.35 mark. Doubts still linger on the markets over whether the Bank of England is using a sleight of hand to lift the pound and bring down inflation in its hawkish turn. David A. Meier, an economist at Julius Baer, is one of a number to doubt the prospect of a hike in November. He said: "Markets are buying into the BoE’s hints of a rate hike already in November. We remain cautious and believe that policy makers are talking up the pound to limit the inflation overshoot. "A BoE rate hike seems like the wrong medicine. Given the potential for further Brexit-related uncertainty, we think that rate expectations could well be disappointed." Meanwhile, UBS head of UK rates strategy John Wraith believes that we'll get a second hike in May as well as an increase in November. 1:26PM Speedy Hire cost-cutting plan begins to bear fruit Shares in the firm jumped as much as 5.37pc up to 54p during Tuesday’s trading as investors reacted positively to the news Plans to turn around tool equipment firm Speedy Hire appear to be taking effect as the company reported that figures for the first half of the year are likely to be better than originally forecast. The firm said its revenues for the period to August 31 were around 7.5pc ahead of the same time last year, primarily thanks to growth in its services division, which provides advisory services to construction projects. Pre-tax profits will be “well ahead” of the previous year, Speedy Hire said. Net debt for the half year has also dropped to £70m, down from £85.4m a year previously. Speedy Hire returned to profit in May after two volatile years during which it endured the loss of its chief executive, a string of profit warnings and a row with an influential shareholder over its board make-up. Read Rhiannon Bury's full report here 1:06PM Supermarkets enjoy best performance in more than four years Supermarket sales jumped by 3.6pc in the three months to September Supermarkets are enjoying their most sustained growth in more than four years after sales increased by more than 3pc for the sixth consecutive month. Fresh figures from Kantar Worldpanel show that supermarket sales jumped by 3.6pc in the three months to September, thanks in part to a 1.5pc increase in the volume of goods sold. “We have not seen sustained market growth of this kind since May 2013,” said Fraser McKevitt, the head of retail and consumer insight at Kantar Worldpanel. Lidl was once again the fastest-growing retailer, with a sales increase of 19.2pc taking its market share to a record 5.3pc. Read Sam Dean's full report here 12:55PM Lunchtime update: Mark Carney speech keeps the pound under pressure Mark Carney's speech at the IMF has knocked the pound Bank of England governor Mark Carney's warning that interest rates rises will be "limited" and "gradual" in his speech at the IMF late yesterday afternoon has kept the pound under pressure this morning. After initially shaking off worries early on over Mr Carney's caution, sterling has retreated back to the post-speech low it hit yesterday, trading in flat territory against the dollar at just below $1.35. As the US Federal Reserve's policy meeting swings into view on the markets, stocks in Europe are having a mixed morning with the suppressed pound paving the way for the FTSE 100 to continue its rebound. Of the big individual movers this morning, Ocado has pared some of its early heavy losses after investors were initially spooked by the online grocer saying that it will experience higher short-term cost pressures while elsewhere in the sector Sainsbury's has jumped to the top of the FTSE 100 after a recording a sales boost in Kantar Worldpanel's latest statistics. Spreadex analyst Connor Campbell highlighted a number of factors holding back the pound this morning: "There were a few factors preventing sterling from getting back to its early in the week highs. First were the lingering effects of Mark Carney’s claim last night that any Bank of England rate hikes would be ‘limited and gradual’, as well as the continued negative reaction to Boris Johnson’s widely disparaged Brexit claims, which has brought Britain’s EU exit back to the forefront of investors’ minds." 12:30PM Stocks stagnate ahead of Fed meeting The US Federal Reserve will begin its two-day meeting later today Stocks are largely stagnant this morning as investors await the US Federal Reserve's two-day monetary policy meeting which begins this afternoon. Accendo Markets head of research Mike Van Dulken noted that this is quite normal given the meeting's importance. He said: "This is not unusual as the US Federal Reserve begins its latest two-day monetary policy meeting. After all, investors from all asset classes are preparing to hear - tomorrow evening - more about the unwinding of its QE-bloated balance sheet (imminent?) and the timing of its next rate hike (Dec?)." Just a reminder on what investors are expecting. The markets believe that the Fed will announce the unwinding of its huge $4.5tn balance sheet and investors will be itching for further guidance on interest rates and whether a third hike will arrive before the end of the year. We'll have a more detailed look at the meeting just before markets open in the US later on. 11:59AM Petra Diamonds shares wilt again amid labour unrest The Kimberley mine in South Africa Shares in Petra Diamonds fell for a second consecutive day after the FTSE 250 miner warned that some of its operations had been affected by strike action. Just one day after reporting disappointing results for its financial year and updating the market on a legal wrangle in Tanzania, the company revealed that it was experiencing “labour disruption” at two of its mines in South Africa. Workers have gone on strike at its Finsch mine and its Kimberley Ekapa joint venture, Petra said. Underground and surface mining have been affected at both sites but its treatment plant is running “near normal” capacity, the company added. The stock fell nearly 5pc to 75.38p in morning trade, having closed down nearly 6pc on Monday. Read Jon Yeomans' full report here 11:50AM Ryanair shares rebound as impact on earnings expected to be under €25m Ryanair shares have rebounded following yesterday's blip Ryanair's pilot holiday scheduling cock-up might have bruised the low-cost carrier's reputation and boss Michael O'Leary's ego but its share price has barely blinked. After suffering a mild 1.9pc fall as the airline announced that 40-50 flights every day for the next six weeks would be cancelled, the Irish firm has erased yesterday's losses this morning and jumped 2.5pc higher. Ryanair has done thousands out of compensation by publishing flight cancel lists to end Oct. You only get it if not notified within 2 weeks!— Sinead Ryan (@sinead_ryan) September 19, 2017 The financial impact being under €25m seems to have cheered up shareholders with Liberum analyst Gerald Khoo noting that while disappointing the set-back will not alter the long-term direction of the company. Panmure Gordon market commentator David Buik pointed out that the small print could save Ryanair's skin: "Those passengers looking for compensation, which analysts say could cost Ryanair £20 million, perhaps should look at the small print. If like easyJet alternative flights are available within 48 hours, it may not be necessary for Ryanair to settle some claims. We await developments." 11:28AM Ocado revenues surge by 15pc as order numbers jump Ocado has come under fresh scrutiny following rival Amazon’s £8.3bn swoop on Whole Foods Revenues at online grocer Ocado climbed by around 15pc in the third quarter as it enjoyed a surge in the number of orders it receives each week. Ocado posted group revenues of £344.5m in the 13 weeks to the end of August, a 14pc increase on the same period in 2016. Retail revenues, meanwhile, were up 13pc from £276.5m to £312.7m as chief executive Tim Steiner hailed the company’s “industry-leading technology”. Ocado said its average orders per week jumped by 16pc from 219,000 to 254,000, although the average order size dipped slightly from £107.56 to £106.25. Read Sam Dean's full report here 11:06AM Eurozone construction sector rebounds Construction survey data indicated that brisk growth will persist, says Pantheon Macro The eurozone's construction sector rebounded in July, recording a 0.2pc rise in output, Eurostat data showed this morning. Pantheon Macro eurozone economist Claus Vistesen believes that the solid construction report will help support GDP figures in the third quarter. He added: "Base effects are challenging for Q3 output in construction, following the 1.6% quarter-on-quarter jump in Q2. Survey data, however, suggest the trend is accelerating, indicating that this pace will be sustained in Q3. "Construction has provided a sustained boost to GDP growth since the beginning of 2016, and we think this trend will remain in place in the second half of the year." 10:36AM Struggling Toys R Us files for bankruptcy protection The retailer said it was beginning a court-supervised process Toy giant Toys R Us has filed for bankruptcy protection in the United States and Canada as the retailer struggles under its heavy debt load and a shift towards online shopping. The retailer said it was beginning a court-supervised process that allows it to restructure its finances while remaining open for business. It said operations in Europe, Asia and Australia are not included in the Chapter 11 filing, which is often referred to as a "reorganisation" bankruptcy. Toys R Us has a debt pile of more than £3.5bn, which is largely a result of a leveraged buyout in 2005, when it was taken private by Bain Capital, KKR, and Vornado Realty Trust. Read Sam Dean's full report here 10:23AM Pound erases gains; technical factors blamed for retreat back to flat territory Technical factors have been blamed for the pound's drop-off Sterling has erased its gains against the dollar in the last half an hour and dropped back into flat territory, trading at $1.3493. No obvious speech or economics data has been given the blame with a couple of analysts I've spoken to pointing the finger at technical factors for the retreat back to the lows it reached yesterday following Mark Carney's speech. The FTSE 100 has moved in the other direction in lock-step with the pound's fall and is now safely in the green, moving 0.3pc higher. IG chief market analyst Chris Beauchamp said on the pound this morning: "Yesterday’s speech from Mark Carney, while broadly reiterating the shift in tone from last week, failed to add much more to the overall picture, and thus we have continued to see selling of cable, although without putting much of a dent in the uptrend. "Investors still clearly feel that the Bank of England is hedging its bets, and while the change from the summer’s ‘lower for longer’ outlook has changed markedly, the fact that we have been here before is causing many to hold back and refrain from chasing cable higher in the short-term." 9:54AM Number of people on zero-hours contracts drops for first time in seven years The number of people using zero hours contracts as their main job has decreased for the first time in seven years The number of people employed on zero-hours contracts as their main job has dropped for the first time in seven years, the ONS has revealed this morning. Some 883,000 people, or 2.8pc of all those in employment, were on a zero-hours contract as their main job with a total of 1.4 million contracts under the controversial terms. Big businesses used zero-hours contracts most with 24pc of businesses with 250 or more employees having employees on the contracts. Big businesses used the controversial contracts most 9:27AM Ocado shares slump nearly 6pc despite 15pc jump in revenue; FTSE 100 reverses poor start Online grocer Ocado is the biggest laggard on the FTSE 250 The FTSE 100 has reversed a poor start but is devoid of any big movers this morning with plumbing and heating specialist Ferguson's 1.5pc rise on a broker note and NMC Health's 2.5pc retreat on very low trading volumes book-ending the blue-chip index. Ocado revenues up another 14.3%. Name another supermarket growing like that. You can't. Watch out, Iceland. $OCDO— Jim Edwards (@Jim_Edwards) September 19, 2017 We have to move a little lower to get an semblance of volatility this morning. On the mid-cap FTSE 250, online grocer Ocado is being ruthlessly punished by investors despite the company's revenues climbing 15pc in the third quarter as orders soar. The company, which is thought to be in the crosshairs of online giant Amazon, has slumped 5.8pc this morning with the markets focusing on an increase in short-term costs. 9:07AM Pound rebounds against a jittery dollar ahead of key Federal Reserve meeting How to explain why you're raising rates while also saying Brexit means UK econ is in trouble. Annotated Mark Carney: pic.twitter.com/bTTv7eA7AX— Ed Conway (@EdConwaySky) September 18, 2017 Mark Carney's speech warning late yesterday afternoon of "limited" and "gradual" interest rate hikes weakened a pound already suffering a hangover from its post-Bank of England meeting rally. Mr Carney punctured hopes in his speech yesterday that the expected rate hike in November would mark the start of a more traditional hiking cycle. He had previously said that the speed of interest rates rises would be somewhere in between a traditional hiking cycle and the slow pace the market was pricing in. After dropping 0.7pc back below $1.35 yesterday, a jittery dollar ahead of the US Federal Reserve's key meeting over the next two days and sterling putting in a firmer performance today against most major currencies has lifted it against the greenback this morning. London Capital Group analyst Ipek Ozkardeskaya said this on the pound's volatile few days: "In the aftermath of the latest BoE meeting, the market brainstorming has resulted in a ‘one and done’ consensus if the BoE would eventually raise the interest rate. Hedge fund managers believe that Governor Mark Carney may simply be bluffing. "Yet despite the fading hawkish BoE bets, an important medium-term support is eyed at 1.3420 and should lend a basis to a sustained pound appreciation following the recent hawkish development on the UK’s monetary policy." 8:33AM Agenda: Pound shakes off Carney speech warning of 'limited' and 'gradual' interest rate rises Mark Carney warned that Brexit could push up inflation The pound has shaken off Bank of England governor Mark Carney's warning that interest rate rises will be "gradual" and "limited" and rebounded back towards the highs it hit at the end of last week. While Mr Carney reinforced the central bank's Monetary Policy Committee's plan to increase rates later this year in his speech at the IMF late yesterday afternoon, he dashed hopes that the hike would mark a shift towards a more traditional hiking cycle. Sterling retreated against the dollar and euro immediately after the speech but has quickly bounced back, trading at $1.3530 versus the greenback. There's little on the economics calendar to interrupt its momentum this morning with eurozone construction and US housing starts readings the only scheduled releases of note on the calendar. Asian stock mkts wobble as macro narrative seems to shift from Goldilocks to reflationary regime w/ rising yields ahead of Fed. Yuan slipped pic.twitter.com/v5ht8PIo4t— Holger Zschaepitz (@Schuldensuehner) September 19, 2017 Across the Atlantic, the US Federal Reserve is beginning its two-day meeting today but it won't be until tomorrow evening that we are expected to hear the central bank's plan to wind down its quantitative easing programme. Meanwhile, the FTSE 100 has edged down into the red early on with J Sainsbury the top riser after advancing 1.3pc on stronger sales figures in Kantar Worldpanel's latest prognosis of the battle for market share among supermarkets. Elsewhere in the sector, online Ocado has dropped 4.8pc after warning of a short-term rise in costs in its latest trading update to the market. Interim results: Yu Group, Gulf Keystone Petroleum, Anpario, Nahl Group, Flowgroup, Judges Scientific, Maxcyte, Augean, Keywords Studios, Gulf Marine Services, DP Eurasia N.V., Escher Group Holdings, Sinclair Pharma, Bango Full-year results: Eagle Eye Solutions Group, Purecircle Trading statement: Ocado Group, Babcock AGM: Miton Global Opportunities, HML Holdings, Marlowe, ECO Animal Health Group, Leeds Group, Enteq Upstream, Safeland Economics: Housing Starts (US), Building Permits (US), Import Prices m/m (US), ZEW Economic Sentiment (EU), Current Account (EU), Construction output (EU)
Vornado Realty's (VNO) joint venture interest -- Toys R Us -- files for chapter 11 bankruptcy protection, which will help the company reorganize its debt-laden financial structure.
Компания Toys "R" Us Inc., владелец одной из крупнейших в США сетей магазинов игрушек, подала заявление о банкротстве. Ритейлеру, обремененному долгами, не удалось удержать покупателей, которых привлекают более низкие цены и удобство онлайн-покупок.
Компания Toys "R" Us Inc., владелец одной из крупнейших в США сетей магазинов игрушек, подала заявление о банкротстве. Ритейлеру, обремененному долгами, не удалось удержать покупателей, которых привлекают более низкие цены и удобство онлайн-покупок.
Сетевой американский ритейлер Toys R Us, специализирующийся на продаже игрушек и товаров для детей, подал вчера документы в суд по банкротствам в штате Виргиния для защиты от кредиторов. В последние годы на фоне растущей конкуренции компания Toys R Us, основанная еще в 1948 году, стабильно теряла покупателей, которые предпочитали делать покупки онлайн. Сейчас долги Toys R Us достигли $4,9 млрд, и проценты по части из них необходимо уплатить в 2018 году. Значительная часть долга компании образовалась еще в 2005 году, когда она была выкуплена за $6,6 млрд с привлечением кредитных средств консорциумом частных инвестиционных компаний Bain Capital Partners, Kohlberg Kravis Roberts и Vornado Realty Trust . За прошедшие годы ритейлер так и не смог полностью расплатиться по этому долгу.Перед подачей документов для защиты от кредиторов Toys R Us заручилась финансовой поддержкой от ряда компаний во главе с банком JPMorgan на общую сумму $3 млрд. Компания, у которой действует около 1,6 тыс. магазинов детских товаров по…
Vornado Realty Trust (VNO) recently declared the completion of $220 million financing of The Bartlett. The move comes in connection with its planned spin-off of the Washington, D.C. business.
Vornado Realty Trust (VNO) recently disclosed that its 50% joint venture with Related Companies has acquired a 99-year leasehold of Farley Post Office.
https://twitter.com/lukeoneil47/status/874968857567514625Like what you read below? Sign up for HUFFPOST HILL and get a cheeky dose of political news every evening! We were reminded today that most of what goes on in Washington isn’t a tragedy, just tremendously awful. It was a bad day for journalism and an even worse one for politics; if we had to choose a song to set it to, it’d be that “So You Had A Bad Day” tune you hear at CVS, ideally covered by Cannibal Corpse. And along with the victims and their families, our thoughts are with the Congressional Baseball Game’s press coordinator, who began this week thinking they’d only have to field a few calls from WaPo’s society desk. Hang in there, press person. This is HUFFPOST HILL for ― Thank God it’s Friday, amirite ― Wednesday, June 13th, 2017: SCALISE SHOT - Hayley Miller and Alana Horowitz Satlin: “A gunman opened fire on a group of Republican lawmakers practicing for a congressional baseball game at around 7 a.m. Wednesday in Alexandria, Virginia, hitting House Majority Whip Steve Scalise and a staffer for Rep. Roger Williams (R-Texas). Scalise was shot in the hip, his office said in a statement. He has undergone surgery at the nearby Medstar Washington Hospital Center and is in critical condition, the hospital tweeted. Scalise was ‘in good spirits and spoke to his wife by phone’ ahead of the surgery, his office said. Zachary Barth, a staffer for Rep. Roger Williams (R-Texas), was also hit, Williams said. Two U.S. Capitol Police officers were also injured, Rep. Paul Ryan (R-Wis.) said. They are in stable condition, according to Chief Matthew R. Verderosa. Matt Mika, director of government relations for Tyson Foods’ Washington, D.C., office, was also among those shot. ‘He has been taken to a local hospital and we’re awaiting word on his condition,’ the company said in a statement.” [HuffPost] Unstable, monstrous person is unstable, monstrous: “The man who opened fire on Republican lawmakers practicing for an upcoming baseball game on Wednesday was apparently a Bernie Sanders supporter outspoken in his distaste for the GOP, President Donald Trump and former Democratic presidential nominee Hillary Clinton…. He once posted a petition on Facebook asking the Federal Elections Commission to open an election fraud investigation into Clinton and the Democratic National Committee. He wrote that Clinton was ‘Really a Republican in a Democratic Pant Suit!!!’ He also posted a photo of Sanders photoshopped into an Uncle Sam costume and joined a Facebook group stating that the ‘Road to Hell is Paved With Republicans.’ Sanders issued a statement on Wednesday saying he was ‘sickened’ by Hodgkinson’s ‘despicable’ act.” [HuffPost’s Ryan J. Reilly, Sebastian Murdock and Sam Levine] Trump keeps it classy, for now: “President Trump, a political agitator pressed into the unfamiliar new role of soothing a nation, called for bipartisan unity in his first statement responding to the shooting Wednesday morning of a congressman and three others on a suburban Virginia baseball diamond…’We may have our differences, but we do well in times like these to remember everyone who serves in our nation’s capital because they all love our country,’ added the president, who was scheduled to attend a party celebrating his 71st birthday Wednesday night. ‘We can all agree that we are blessed to be Americans. We are strongest when we are unified and when we work for the common good.’” [NYT’s Glenn Thrush and Julie Hirschfeld Davis] JFC, what is with people: “A Republican congresswoman from New York said she received an email threat just hours after Wednesday morning’s shooting at a baseball field that wounded GOP Majority Whip Rep. Steve Scalise (R-La.) and four others. Rep. Claudia Tenney forwarded to several news outlets the email that began with the subject line: ‘One down, 216 to go…’ It read: ‘Do you NOT expect this? When you take away ordinary peoples very lives in order to pay off the wealthiest among us, your own lives are forfeit. Certainly, your souls and morality were lost long before. Good riddance.’” [HuffPost’s Marina Fang] Thoughts and prayers: “Following an early-morning shooting at a congressional baseball practice on Wednesday, the House Committee on Natural Resources has cancelled a hearing on a bill to make it easier for gun owners to obtain silencers. A Democratic congressional aide confirmed to The Daily Beast that the hearing, originally scheduled for 10 a.m., was to focus on the ‘Hearing Protection Act,’ which had been rolled into a larger sportsmen’s package called the SHARE Act.” [Daily Beast] America’s favorite pastime to not be interrupted by America’s other favorite pastime: “Members of Congress will hold their annual charity baseball game on Thursday night, just one day after a man opened fire on Republican lawmakers as they practiced for the event. In a briefing to all members, House Speaker Paul Ryan (R-Wis.) announced that the game would be neither canceled nor postponed. Speaking to reporters after his announcement, Rep. Martha McSally (R-Ariz.) said lawmakers received the news with a standing ovation. ‘I haven’t seen a moment like that since I’ve been here,’ McSally said.” [HuffPost’s Sam Stein] Like HuffPost Hill? Then order Eliot’s book, The Beltway Bible: A Totally Serious A-Z Guide To Our No-Good, Corrupt, Incompetent, Terrible, Depressing, and Sometimes Hilarious Government Does somebody keep forwarding you this newsletter? Get your own copy. It’s free! Sign up here. Send tips/stories/photos/events/fundraisers/job movement/juicy miscellanea to firstname.lastname@example.org. Follow us on Twitter - @HuffPostHill BAD DAY AT HUFFPOST - We lost a lot of talent today. On the politics team alone, Jason Linkins, Christina Wilkie, Laura Barrón-López, Ben Walsh, Dave Wood, Mike McAuliff, Cristian Farias and Grace Sparks were let go. Dozens of other HuffPost employees on other teams are also departing. People looking for talented journalists should drop us a line and prepare for very lengthy and effusive replies. Michael Calderone: “The HuffPost layoffs come as Lydia Polgreen, who took over as editor-in-chief earlier this year, is assembling a newsroom leadership team, which includes former Daily News Editor-in-Chief Jim Rich, and charting a new editorial vision. She recently oversaw a rebranding of the site, which was co-founded by Arianna Huffington, who left the company in August…. The news about HuffPost’s layoffs followed shortly after Vocativ laid off its entire editorial team in a shift to an all-video strategy. Time Inc., the publisher behind titles such as Time, Sports Illustrated, Fortune and People, laid off 300 employees on Monday.” [HuffPost] WILL THE SENATE FORCE TRUMP TO DEBUT HIS вето PEN? And who will transmit this news to Vladimir? Elana Schor: “The Senate on Wednesday overwhelmingly approved a bipartisan package of new Russia sanctions that also lets Congress block President Donald Trump from easing or ending penalties against Moscow, the year’s most significant GOP-imposed restriction on the White House. The 97-2 vote on the Russia sanctions plan capped a week of talks that demonstrated cross-aisle collaboration that’s become increasingly rare…. Senators merged the sanctions package with a bipartisan Iran sanctions bill that’s on track for passage as soon as this week, complicating the politics of any future veto threat from the Trump administration…. But the Senate’s deal faces a murky future in the House and with the White House, which has yet to say where it stands.” [Politico] JUST THE CLASSIEST FBI BUILDING ― EVERYONE SAYS SO - Sure, but did the crooked media even report on JFK’s close ties to Charles P. Murphy and Associates?? Bernard Condon: “A company that owns buildings with Donald Trump and the family of Jared Kushner is a finalist for a $1.7 billion contract to build the FBI’s new headquarters. Vornado Realty Trust is one of three finalists to build a replacement for the bureau’s current headquarters on Pennsylvania Avenue in Washington D.C., the massive J. Edgar Hoover Building, according to Garth Beall, manager of Renard Development…. Vornado is a partial owner with the Trump Organization in two buildings, one each in New York and San Francisco. It is also a major investor in 666 Fifth Ave., the flagship skyscraper of the Kushner Cos.” [AP] Full disclosure: Vornado also owns HuffPost’s Manhattan HQ, so we’re probably somehow complicit. #MAGA MAJOR CHARGES IN FLINT WATER CASE - Kate Sheppard, Arthur Delaney and Chris D’Angelo: “Michigan Attorney General Bill Schuette charged five officials with involuntary manslaughter Wednesday over their handling of the water crisis in Flint, Michigan…. ‘People in Flint have died as a result of the decisions made by those responsible to protect the health and safety of families,’ Schuette said during a press conference Wednesday. The defendants, all high-ranking members of the city and state government, are Michigan Department of Health and Human Services Director Nick Lyon, former Flint Emergency Manager Darnell Earley, former Flint water manager Howard Croft, and Liane Shekter-Smith and Stephen Busch of the Michigan Department of Environmental Quality. Additionally, Dr. Eden Wells, the state’s chief medical officer, has been charged with obstruction of justice and lying to a police officer.” [HuffPost] CONGRATS TO TRUMP UNIVERSITY CLASS OF 2021 - Valerie Strauss: “The Trump administration is suspending two key rules from the Obama administration that were intended to protect students from predatory for-profit colleges, saying it will soon start the process to write its own regulations. The move made Wednesday by Education Secretary Betsy DeVos was a victory for Republican lawmakers and for-profit colleges that had lobbied against the rules. Critics denounced it, accusing the administration of essentially selling out students to help for-profit colleges stay in business.” [WaPo] BECAUSE YOU’VE READ THIS FAR - Here’s a bird who thinks it’s a dog. SOUTHERN BAPTISTS DEBATE COMING OUT AGAINST HORRIBLE RACISM - Who Would Jesus Hate?? Sarah Pulliam Bailey: “A Southern Baptist Convention proposal to condemn a white nationalist group drew some backlash during the convention’s annual meeting on Tuesday when a committee first declined to bring a proposed resolution to a vote…. The debate over the resolution highlights the many divisions within the denomination around the election of President Trump, which put the spotlight on white supremacists among his supporters. While several Southern Baptist leaders have served on Trump’s evangelical advisory board, many younger Southern Baptists — including the denomination’s Ethics and Religious Liberty president Russell Moore — vocally opposed his candidacy.” [WaPo] THIS CHICKEN SANDWICH WILL LEAD A MORE INTERESTING LIFE THAN YOU - “KFC plans to make a space pioneer out of a chicken sandwich next week when it sends it to the edge of the atmosphere with the help of a high-altitude balloon.” [AP] COMFORT FOOD - Orchestral cover of “Harder, Better, Faster Stronger.” - Dog really needs a break from the kids. - Older gentleman just wants to rock out. TWITTERAMA As a white man, I just want to say this shooter does not speak for m---Oh, WE don't have to do that?— Mikel Jollett (@Mikel_Jollett) June 14, 2017 Feels like a really easy morning for folks to get fired off of some tweets.— Luke O'Neil (@lukeoneil47) June 14, 2017 Ladies and gentlemen please welcome Pandemonium Recording artists Growing Frenzy performing their debut single "Fidget Spinner."— pourmecoffee (@pourmecoffee) June 14, 2017 Got something to add? Send tips/quotes/stories/photos/events/fundraisers/job movement/juicy miscellanea to Eliot Nelson (email@example.com) -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
Vornado Realty (VNO) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
THE HILL’S GIFT to Melania -- HACK ATTACK: Macron confirms ‘massive’ hack before election -- TRUMPCARE FALLOUT -- Pentagon leasing Trump Tower apt -- WEEKEND READS
Good Saturday morning. Kentucky Derby post time tonight is 6:34 p.m. It will be broadcast on NBC. The Gold Cup is also today in Warrenton, Virginia.THE HILL’S GIFT TO MELANIA -- Congressional spouses traditionally give a gift to the First Lady at the annual First Lady’s lunch. This year, spouses asked Illinois Republican Rep. Peter Roskam’s wife Elizabeth to paint the inauguration scene. The painting http://bit.ly/2qDbYVP‘TRUMPCARE’ FALLOUT -- “It’s ‘Trumpcare,’ and GOP faces political fallout,” by AP’s Bill Barrow and Steve Peoples in Atlanta: “It’s ‘Trumpcare’ now, and Republicans have to answer for it. After dozens of symbolic votes, House Republicans finally pushed through a bill to gut Barack Obama’s Affordable Care Act, with President Donald Trump hailing the replacement as ‘a great plan’ that has ‘really brought the Republican Party together.’ Democrats are giddy about what could be severe political consequences for the GOP. Even though the Senate still has to act, Republicans now largely own a measure that would curtail, and in some cases take away completely, benefits Americans have embraced after seven years. Chief among them: a guarantee of paying the same amount for coverage regardless of health history. Budget analysts estimate 24 million people would lose insurance over a decade, 14 million in the first year, and older Americans would face higher costs.” http://apne.ws/2pgqsGq-- “Obamacare repeal vote upends 2018 House landscape,” by Alex Isenstadt and Gabe Debenedetti: “More than a dozen senior Republican strategists, lawmakers, and potential candidates expressed varying degrees of concern over the political implications of the health care push. Some predicted that House members would face a fierce backlash from voters, while others said the party had erred badly in rushing through a bill that lacked broad public support. The vote, combined with President Donald Trump’s record-low poll numbers and rising public dissatisfaction with how Republicans are wielding power over the federal government, has produced a cauldron of instability for the party, which is holding onto a 24-seat edge in the House. There is also the weight of history: In every midterm election since 2002, the party in the White House has lost congressional seats.” http://politi.co/2p76YZyTHE ONSLAUGHT BEGINS -- HOW DEMS WILL WALLOP REPUBLICANS ON THE AHCA -- “Democrats to run ads targeting California’s House Republicans who voted for healthcare bill,” by LATimes’ Cathleen Decker: The DCCC “on Monday will begin airing a drive-time ad on Southern California radio stations targeting five Republican members of Congress who voted Thursday for the GOP healthcare plan. The [six-figure] ad buy, currently scheduled to run for one week on news, sports and Spanish-language stations, is rare this early in the election cycle. ... The targets of the ad are five of the seven most vulnerable House Republicans in California — Darrell Issa of Vista, Dana Rohrabacher of Costa Mesa, Mimi Walters of Irvine, Steve Knight of Palmdale and Ed Royce of Fullerton. ... ‘That’s the sound of the congressional Republicans’ healthcare plan coming down the tracks,’ the ad says. ‘Get out of the way.’” http://lat.ms/2qavgSB … Audio of the ad http://bit.ly/2pQQ5kX.-- HERE ARE THE KEY LINES that help understand how Dems will run against this plan: “It will rip health-care coverage away from millions of people. It imposes an age tax on millions of seniors: the older you are the more you pay. If you have a pre-existing condition, it could increase your out-of-pocket costs. Cancer: nearly $73,000 a year. Asthma: $4,300 … Heart disease: $18,000. Arthritis: $26,000. Even pregnancy: $17,000. Millions of Americans will pay more out of pocket, higher drug prices, higher premiums, higher deductibles. Health insurance we can no longer afford.”-- WE’VE BEEN TALKING to top House Republicans about the politics of this plan. Put plainly, there is a lot of concern. The politics around the AHCA are very tricky for the GOP. Many very senior Republicans were extremely unhappy with the celebration in the Rose Garden. The optics, they say, were horrendous. Of course, Republicans say they'll be able to sell this plan to their constituents. They have promised their base that they would repeal Obamacare, and this makes good on that promise, they say. Midterms are base elections, and this could energize core GOP voters. -- TO BE SURE … -- It’s May 2017 -- many months before Election Day 2018. The national political landscape can shift a dozen times between now and November 2018.ALL IN THE FAMILY -- “In a Beijing ballroom, Kushner family flogs $500,000 ‘investor visa’ to wealthy Chinese,” by WaPo’s Emily Rauhala in Beijing: “The Kushner family came to the United States as refugees, worked hard and made it big -- and if you invest in Kushner properties, so can you.“That was the message delivered Saturday by White House senior adviser Jared Kushner’s sister to a ballroom full of wealthy Chinese investors, renewing questions about the Kushner family’s business ties to China. Over several hours of slide shows and presentations, representatives from the Kushner family business urged Chinese citizens gathered at the Ritz-Carlton hotel to consider investing hundreds of thousands of dollars in a New Jersey real estate project to secure what’s known as an investor visa. The EB-5 immigrant investor visa program, which allows foreign investors to invest in U.S. projects that create jobs and then apply to immigrate, has been used by both the Trump and Kushner family businesses. ...“Journalists were initially seated at the back of the ballroom, but as the presentations got underway, a public relations representative asked The Post to leave, saying the presence of foreign reporters threatened the ‘stability’ of the event. At one point, organizers grabbed a reporter’s phone and backpack to try to force that person to leave. Later, as investors started leaving the ballroom, organizers physically surrounded attendees to stop them from giving interviews. Asked why reporters were asked to leave, a public relations representative, who declined to identify herself, said simply, ‘This is not the story we want.’” http://wapo.st/2qM1QXOWHAT PALM BEACH IS READING -- NYT -- “When That Feisty Neighbor Becomes the President: As a businessman, Donald J. Trump peppered local officials in Florida with requests, and governments pushed back. Now, some approvals come more easily,” by Michael LaForgia and Steve Eder in Palm Beach: “Since he was elected, officials in Palm Beach County have quickly granted President Trump’s club permission to build a concrete helipad, allowed the club to host a charity event for the Navy SEAL Foundation featuring a staged shootout between some commandos and pretend terrorists, and agreed to assume the costs, for now at least, of closing roads and providing additional security. Behind every decision was a balancing act between a desire to best serve constituents and a political instinct not to anger the nation’s chief executive.“‘Someone asked me, ‘Do you feel like you’re going to get into a sort of combative situation with the president of the United States?’ Did it cross my mind? Yes,’ said Dave Kerner, a Democrat on the Board of County Commissioners, a panel that has often been at odds with Mr. Trump in the last 20 years.” http://nyti.ms/2qM2hl0HACK ATTACK -- “French presidential candidate confirms ‘massive’ hack days before election,” by Eric Geller in Washington and Nicholas Vinocur in Paris: “French presidential front-runner Emmanuel Macron tried to build a hack-proof campaign with a detailed plan for preventing a breach. It failed. His campaign confirmed late Friday that it was the victim of a ‘massive and coordinated’ cyberattack hours after a large trove of emails purportedly from his political party appeared online.“The news of the hack -- which supporters of far-right candidate Marine Le Pen as well as people associated with the alt-right movement in the U.S. pushed on social media under the #macronleaks hashtag -- added a surprise twist to the closing moments of a divisive race. The leaked emails look intended to influence Sunday’s election and aftermath. As in last year’s contest in the U.S. fingers immediately pointed toward hacker groups linked to the Russian government, which has embraced Le Pen. Coming less than 48 hours before voting starts and with Macron up by 20 percentage points in the last polls, it’s hard to predict what impact, if any, it may have.” http://politi.co/2pkEPtWWHAT DONALD TRUMP IS TWEETING -- @realDonaldTrump at 7:22 p.m.: “Wow,the Fake News media did everything in its power to make the Republican Healthcare victory look as bad as possible.Far better than Ocare!” … at 7:29 p.m.: “Why is it that the Fake News rarely reports Ocare is on its last legs and that insurance companies are fleeing for their lives? It’s dead!” … at 7:34 p.m.:“Great jobs report today - It is all beginning to work!”RUSSIA WATCH -- “Flynn was warned by Trump transition officials about contacts with Russian ambassador,” by WaPo’s Greg Miller and Adam Entous: “Former national security adviser Michael Flynn was warned by senior members of President Trump’s transition team about the risks of his contacts with the Russian ambassador weeks before the December call that led to Flynn’s forced resignation, current and former U.S. officials said. Flynn was told during a late November meeting that Russian Ambassador Sergey Kislyak’s conversations were almost certainly being monitored by U.S. intelligence agencies, officials said, a caution that came a month before Flynn was recorded discussing U.S. sanctions against Russia with Kislyak, suggesting that the Trump administration would reevaluate the issue.“Officials were so concerned that Flynn did not fully understand the motives of the Russian ambassador that the head of Trump’s national security council transition team asked Obama administration officials for a classified CIA profile of Kislyak, officials said. The document was delivered within days, officials said, but it is not clear that Flynn ever read it.” http://wapo.st/2pRtXFf-- AP’S JULIE PACE: “The outgoing White House also became concerned about the Trump team’s handling of classified information. After learning that highly sensitive documents from a secure room at the transition’s Washington headquarters were being copied and removed from the facility, Obama’s national security team decided to only allow the transition officials to view some information at the White House, including documents on the government’s contingency plans for crises.” http://apne.ws/2p79HSCCAMP DAVID NORTH -- “After the ‘Winter White House’ in Fla., Trump shifts to ‘Camp David North’ in N.J.,” by WaPo’s John Wagner and David Fahrenthold in Bedminster, New Jersey.: “With winter over and Palm Beach’s tanned snowbirds departing for the season, President Trump decamped for a long weekend here at another of his favorite properties: a secluded golf club in New Jersey’s fox-hunt and horse country. In his young presidency, Trump has already spent seven weekends at his Mar-a-Lago estate in Florida, which his staff — and some taxpayer-paid employees at the State Department — have dubbed the ‘Winter White House.’“In a shift in travel habits, Trump is now expected to head for getaways to this 8,200-person township about 45 miles west of New York City where his daughter, Ivanka, got married and which some here are already calling ‘Camp David North.’ On a dreary, rainy Friday not at all conducive to playing golf, Trump stayed out of the public eye. Even plans to release a photo of him signing a bill to keep the government open through September didn’t materialize.” http://wapo.st/2pgyY86CLIMATE WATCH -- “U.S. Bluntly Rebuffs Queries on Climate,” by Bloomberg’s Jennifer A. Dlouhy and Joe Ryan: “The Trump administration, responding to skepticism about its commitment to the Paris climate accord from China and other countries, bluntly told them that it is putting American jobs first. In a formal response to queries filed with the United Nations, the administration President Donald Trump left little doubt that it is taking a different approach in tone and substance from former President Barack Obama. It said its pro-jobs agenda takes priority and that it would continue to roll back environmental regulations aimed at cutting carbon emissions.“‘The administration is reviewing existing policies and regulations in the context of a focus on strengthening U.S. economic growth and promoting jobs for American workers and will not support policies or regulations that have adverse effects on energy independence and U.S. competitiveness,’ the U.S. said. The U.S. repeated the same answer nearly verbatim three more times.” https://bloom.bg/2pghvwPTRUMP INC. -- “Pentagon to lease privately owned Trump Tower apartment for nuclear ‘football’: letter,” by Reuters’ Mark Hosenball and Phil Stewart: “The U.S. Defense Department is finalizing a lease on a privately owned apartment in New York’s Trump Tower for the White House Military Office to use for supporting President Donald Trump without providing any benefit to Trump or his organization, according to a Pentagon letter seen by Reuters. The Military Office carries and safeguards the ‘football,’ the device that contains the top secret launch codes the president needs to order a nuclear attack, as well as providing him secure communications wherever he is.“The White House, Secret Service, and Defense Department had no comment on whether similar arrangements have been made at other properties Trump frequents - Mar-a-Lago in Palm Beach, Florida and the Trump National Golf Club in Bedminster, New Jersey, where Trump is spending this weekend. In a letter to Representative Jackie Speier, a Democrat on the House Armed Services and intelligence committees, Defense Department official James MacStravic, said the apartment is ‘privately owned and ... lease negotiations have been with the owner’s representatives only.’” http://reut.rs/2pgFvzALUNCH WITH THE FT -- “Sheryl Sandberg: fighting fake news and Facebook’s future: One of the world’s most powerful executives on the new challenges for social networks and the sudden death of her husband,” by Hannah Kuchler: “When she was young, she thought she would work in government or a non-profit, never a company. What changed? ‘I think when technology happened, that Google, Facebook, these companies have as much of a mission as other organisations,’ she says. Maybe even as much power and influence as governments, I suggest. ‘I don’t know if that’s right. But they have a mission,’ she says. Zuckerberg too has been the subject of more speculation since his letter. Rumours were fuelled when he embarked on a US tour to meet community groups, churches and businesses that appeared remarkably similar to an election campaign trail. Does she think he might run for president? ‘No.’ And you? ‘Nope, I’ve said no.’” http://on.ft.com/2pMsb9I … Sandberg, with co-author Adam Grant, just published “Plan B: Adversity, Building Resilience, and Finding Joy” -- $15.55 on Amazon http://amzn.to/2qaLF9rPLAYBOOK METRO SECTION -- “Amazon to open a (real-live physical) bookstore in D.C.,” by WaPo’s Sarah Halzack: “Steven Roth, the chief executive of Vornado Realty Trust, told investors this week that Amazon has leased 10,000 square feet at 3040 M St. NW in Georgetown, a storefront previously occupied by Barneys New York. He did not specify when the store is set to open. Amazon did not immediately return a request for comment. Jeffrey P. Bezos, the chief executive of Amazon, owns The Washington Post.” http://wapo.st/2pRW6vOSHOW ME THE MONEY -- “Georgia special election smashes all-time spending record,” by Elena Schneider: “It’s official: Georgia’s special election will be the most expensive House race in U.S. history. Candidates and outside groups have aired or reserved more than $29.7 million worth of TV ads in the race to replace HHS Secretary Tom Price in Congress, which will break a five-year-old record for House spending — highlighting the outsized importance a sliver of the Atlanta suburbs has taken on in national politics.“It is plainly more money than one House race out of 435 needs. Cash is flowing in at such saturation levels that Democrat Jon Ossoff’s campaign had the money for everything from Korean radio ads to free Lyft rides for voters on primary day. The Atlanta NBC station has even bumped reruns of ‘The Andy Griffith Show’ from their regular slot in order to extend its local newscasts and make more room for political ads.” http://politi.co/2pkhNn8THE LOYAL OPPOSITION -- “Democrats tackle the ‘big rebuild’,” by Gabe Debenedetti: “The [DNC] headquarters remains mostly empty, devoid of almost any senior staff. It has a new chairman, Tom Perez, but there’s still no executive director. There’s a completely new organizational chart, but the gutted political, finance, and tech offices remain in search of new leaders. In other words, the DNC is showing signs of life after a long period of dormancy, but progress is slow. And it’s about to get more painful as Democrats prepare to embark on a delicate round of group therapy sessions — otherwise known as unity commission meetings — that could reopen intraparty wounds from the Bernie Sanders-Hillary Clinton presidential primary fight.“In private conversations with fellow Democrats, new Chairman Tom Perez describes the precarious situation as trying to repair a plane that’s already in the air. The committee had been largely neglected by party leadership in the final years of Barack Obama’s presidency. After an email hack and leaks that intensified charges that the DNC favored Clinton over Sanders, Chairwoman Debbie Wasserman Schultz was ousted in July, forcing the committee to undergo a high-wire transition in the middle of the campaign.” http://politi.co/2qNOwkVPODCAST DU JOUR -- “The Meaner Bill: How the working class will get the short end of the stick in the American Health Care Act,” by Slate’s Jacob Weisberg: “Weisberg talks to the surgeon and writer Atul Gawande about the AHCA and why its passing would be a catastrophe for the very people that vote.” http://slate.me/2qNCwQG VALLEY TALK -- “Facebook wants to launch its big attack on TV next month — here’s what we know,” by Business Insider’s Nathan McAlone and Alex Heath: “Facebook has kicked its push for TV-like shows into high gear and is aiming to premiere its slate of programming in mid-June, multiple people familiar with the plans told Business Insider. Facebook plans to have about two dozen shows for this initial push and has greenlit multiple shows for production ... [T]he social network had been looking for shows in two distinct tiers: a marquee tier for a few longer, big-budget shows that would feel at home on TV, and a lower tier for shorter, less expensive shows of about five to 10 minutes that would refresh every 24 hours.” http://read.bi/2qLN976MEDIAWATCH -- “Ryan Grim to leave HuffPost for The Intercept,” by Hadas Gold and Joe Pompeo: “Grim, the Washington bureau chief of HuffPost, is leaving the site to become Washington bureau chief of The Intercept. Grim, one of the original HuffPost staffers in Washington, helped herald in the era of original reporting for the website. He’s been with HuffPost for nine years.” http://politi.co/2qNX7UY … HuffPost editor Lydia Polgreen’s memo to staff about Grim’s departure http://bit.ly/2pgwDKtALI WATKINS to POLITICO – Carrie Budoff Brown and Paul Volpe email the staff: “We’re thrilled to announce that Ali Watkins, who covers national security and intelligence for BuzzFeed News, is joining POLITICO as a national security correspondent. Ali is one of Washington’s most talented young journalists on the beat and has delivered consistently impressive coverage of the investigation into Russian involvement in the 2016 election.”--“Sputnik denied permanent congressional credentials,” by Hadas Gold with Daniel Lippman: “The Congressional Periodical Press Gallery committee has denied Sputnik, a Russian state-owned news website, a permanent congressional press pass. Sputnik has the opportunity to appeal the decision ... According to the gallery rules members must not ‘act as an agent for, or be employed by the Federal, or any State, local or foreign government or representatives thereof.’ ... Meanwhile, Laura Ingraham’s site LifeZette was approved for a press pass on Friday.” http://politi.co/2pQB5n4 CLICKER – “The nation’s cartoonists on the week in politics,” edited by Matt Wuerker -- 14 keepers http://politi.co/2qaibsjGREAT WEEKEND READS, curated by Daniel Lippman, filing from the Montpelier Summit (at James Madison’s Montpelier house) in Orange, Virginia:--“Agent of Fear,” by BuzzFeed’s Daniel Wagner: “How a federal agent got away with terrorizing his Brazilian ex-girlfriend — even as she repeatedly begged the U.S. government to stop him.” http://bzfd.it/2pRel4p--“He convinced former CIA operatives he was one of them. Was he an impostor?” by WaPo’s Ian Shapira: “He’d killed 38 people, Mark W. Levin told co-workers at the Daniel Morgan Graduate School of National Security, and ran a squad of covert operatives called ‘The Watchers’ who prevented terrorist attacks. ... Those who worked with Levin at Daniel Morgan — a fledgling school that offers graduate programs to aspiring spies and diplomats in downtown Washington — did not investigate his credentials. He had convinced former CIA operatives and national security veterans that he was one of them.” http://wapo.st/2q44Ba4 (h/t Longform.org)--“How to Raise an American Adult,” by Sen. Ben Sasse (R-Neb.) in WSJ’s Review section, in an adaptation of “The Vanishing American Adult: Our Coming-of-Age Crisis—and How to Rebuild a Culture of Self-Reliance” (out May 16): “Many young Americans today are locked in perpetual adolescence. Nebraska Sen. Ben Sasse on how he and his wife are encouraging their own children to become fully formed, independent grown-ups.” http://on.wsj.com/2pR3sll … $17.67 on Amazon http://amzn.to/2pkFED9--“12 Great Stories That Have Nothing to Do With Politics” -- NYT: http://nyti.ms/2pgAO97--“The Itch,” by Atul Gawande in the June 30, 2008 issue of The New Yorker: “Its mysterious power may be a clue to a new theory about brains and bodies.” http://bit.ly/2q44Ku8 (h/t Longform.org)--“The Accidental Get Away Driver,” by Paul Kix in GQ: “How one man drove right into the center of a daring and dangerous crime.” http://bit.ly/2pM4X3X--“‘My body shall be all yours’: the startling sex letters of Joyce, Kahlo and O’Keeffe,” by Holly Williams in The Guardian – per ALDaily.com’s description: “Sex letters. James Joyce sent them. So did Georgia O’Keeffe and Alfred Stieglitz. Proust sent one to his grandfather. In the age of Tinder, does the sex letter have staying power?” http://bit.ly/2qJFkhx--“Can Anyone Repair National Lampoon’s Devastated Brand?” by Benjamin Wallace in May’s Vanity Fair: “Over the past 15 years, three devotees of the comedy institution have attempted to restore the humor brand to its former glory. What happened instead was direct-to-video movies, lawsuits, crippling debt, and two prison sentences.” http://bit.ly/2qwPyVS--“Sold for Parts,” by Michael Grabell in ProPublica: “One of the most dangerous companies in the U.S. took advantage of immigrant workers. Then, when they got hurt or fought back, it used America’s laws against them.” http://bit.ly/2p2iVQj(h/t Longreads.com)--“The Love and Terror of Nick Cave,” by Chris Heath in GQ: “For four decades, Nick Cave has been at the edge of music, putting his spin on everything from punk rock to lovesick ballads—much of it with his band the Bad Seeds—assembling a body of work that is astonishing for its range, power, and feeling. Then unspeakable tragedy and grief had their way with him, and his music had to change yet again.” http://bit.ly/2qJSBa1 (h/t Longreads.com)--“Constructing the Modern Prince,” by Razmig Keucheyan in Verso: “For the first time under the French Fifth Republic, neither of the two main parties (the Socialists and the Republicans) managed to reach the second round of the presidential election. What does this change in French politics represent, also taking into account the particularities of Marine Le Pen and the dizzying rise of Emmanuel Macron?” http://bit.ly/2qJFSUD (h/t TheBrowser.com)--“Look back with danger,” by Simon Goldhill in the Times Literary Supplement:“Today’s constant talk of nostalgia – for old passport covers, old manners, old food, and above all that fantasy of a Britain before multiculturalism – is in part a response to rapid social change and feelings of insecurity. These nostalgic images are a shoddy replacement for any sophisticated understanding of history, and that is why we should be worried when politicians play the nostalgia card.” http://bit.ly/2q45JKQ--“Where oil rigs go to die,” by Tom Lamont in The Guardian: “When a drilling platform is scheduled for destruction, it must go on a thousand-mile final journey to the breaker’s yard. As one rig proved when it crashed on to the rocks of a remote Scottish island, this is always a risky business.” http://bit.ly/2pdVj74--“India’s Silicon Valley Is Dying of Thirst. Your City May Be Next,” by Samanth Subramanian in Wired: “Bangalore has a problem: It is running out of water, fast. Cities all over the world, from those in the American West to nearly every major Indian metropolis, have been struggling with drought and water deficits in recent years.” http://bit.ly/2pM0Y7H--“Beyond Alt” – New York Magazine: “The extremely reactionary, burn-it-down-radical, newfangled far right.” http://nym.ag/2qJANM0--“The future of football,” by Spencer Hall in SBNation: “Everyone at every position has gotten larger over time. If football’s evolution involves mitigating the massive forces exerted on players, require players to bring less mass to the party. Allow teams to have as many people on the field as they like, but limit the total weight to 2400 pounds.” http://bit.ly/2q3RXYkOUT AND ABOUT -- SPOTTED at Juleanna Glover’s house last night at a book party to celebrate “The Long Space Age: The Economic Origins of Space Exploration from Colonial America to the Cold War Hardcover,” by Alexander MacDonald ($26.92 on Amazon http://amzn.to/2qNJ9lR): Anu Rangappa, Sam and Danielle Feist, Margaret Carlson, Julia Ioffe, Wendy Benjaminson, Benny Johnson, Margaret Sullivan, Mark Anderson, Mark Paustenbach, Erin McPike, Toby Harnden, Eliana Johnson, Walt Cronkite, Craig Gordon, Jonathan Swan, Becca Glover.-- More than 150 former staff gathered at Belle Haven Country Club yesterday to wish the second-longest serving Virginia Senator, John Warner, a belated happy 90th birthday. SPOTTED: wife Jeannie, Susan and John Magill, Judge Bruce Kasold, Carter Cornick, Ann Loomis, Ellen Beares, Eric Ruff, Stewart and Jenny Verdery, Chris Yianilos, Chris DeLacy, John Hishta, Sandy Luff, Karl and Jodi Schipper, Grayson Winterling, Bronwyn Lance Chester and Andrew Chester, Jennifer Cave, Judy and Steve Ansley, Chris Lehman, Sam and Jackie Zegna, Steve Dawson, Mike Kuhl, Jonathan Murphy, Carter and Puma Cornick, Clint Nichols, Steven Popps, Alex and Ashley Berrang, Buzzer Hefti, Anna Reilly, Les Brownlee.BIRTHDAYS: Jim Gartman, the Rush Limbaugh of Three Lakes, Wis., and the Sean Hannity of Florida ... Tucker Eskew ... Tony Blair is 64 … Sen. Richard Shelby (R-Ala.) is 83 … Sheena Arora, SVP at Revolution Agency ... David Rogers ... Bloomberg’s Joe Nocera, who has celebrated by seeing two Sondheim shows in the last two weeks (“Sunday in the Park with George” and “Pacific Overtures”) (hat tip: daughter Kate) ... Politico Albany bureau chief Jimmy Vielkind ... music mogul legend Steve Lindsey is 61 (h/t niece and documentarian Nadia Szold) ... Dani Lever, press secretary for Gov. Cuomo ... Seth Freedland, senior writer at Nike ...... Stefan Friedman, partner at Mercury ... Spencer Pederson, principal at The Bockorny Group ... Cynara Lilly, RALLY director and style icon (h/t Sam Garrett-Pate) ... Lincoln Rose Pierce Smith, daughter of Jamie Smith and Eric Pierce, on her Mom and Dad’s 17th wedding anniversary ... NPR’s Jennifer Longmire-Wright ... Cara Philbin ... Kevin Powers of Deutsche Bank ... Laura Evans ... Mark Armour ... Treasury alum Benjamin Levine ... Alyse Cohen ... Lisa Ferri ... Rebecca Powell Marx ... Natasha Mozgovaya ... Paul Schmitz is 48 ... Bob McCall ... Jim Williams … Bill Dolbow ... WH alumnus John Roberts … Rosa Puech ... Jim Ramstad ... Mark Armour ... Woodfen McLean (h/ts Teresa Vilmain)THE SHOWS, by @MattMackowiak, filing from Austin:-- ABC’s “This Week”: Speaker Paul Ryan (R-Wis.) … Sen. Susan Collins (R-Me.) … The New Yorker’s Dr. Atul Gawande. Panel: Matthew Dowd, Sara Fagen, Roland Martin, Steven Rattner and Cokie Roberts-- “Fox News Sunday”: White House Chief of Staff Reince Priebus … Jonathan Gruber and Karl Rove. Panel: Brit Hume, former Rep. Jane Harman (D-Calif.), Newt Gingrich and Juan Williams … “Power Player of the Week” with the Washington Mystics’ Elena Delle Donne-- CBS’s “Face the Nation”: OMB Director Mick Mulvaney … Sen. Joe Manchin (D-W.Va.) … Condoleeza Rice … focus group with Philadelphia-area students. Panel: Susan Page, Michael Gerson, Nancy Cordes and Jamelle Bouie-- NBC’s “Meet the Press”: HHS Secretary Tom Price … Sen. Roy Blunt (R-Mo.) … Sen. Dianne Feinstein (D-Calif.). Panel: Yahoo News’ Matt Bai, POLITICO’s Eliana Johnson, National Review’s Rich Lowry and NBC News’ Kristen Welker-- CNN’s “State of the Union”: HHS Secretary Tom Price … Ohio Gov. John Kasich. Panel: Bakari Sellers, Rep. Marsha Blackburn (R-Tenn.), Amanda Carpenter and Jen Psaki-- CNN’s “Reliable Sources”: Bo Dietl … Wall Street Journal media reporter Joe Flint … attorney for Bill O’Reilly accusers Lisa Bloom and attorney for former Fox News employees Douglas Wigdor … author and HuffPost senior national correspondent Jonathan Cohn … Baltimore Sun media critic David Zurawik-- Fox News’ “Sunday Morning Futures”: House Majority Whip Steve Scalise (R-La.) … Sen. Bill Cassidy (R-La.) … former FBI Assistant Director James Kallstrom … Nissan Motor Co. chairman of the board Carlos Ghosn … Steve Hilton. Panel: Ed Rollins, Susan Ferrechio and Brad Blakeman-- Fox News’ “MediaBuzz”: Erin McPike … conservative commentator Gayle Trotter … former DNC communications director, Fox News contributor, and Georgetown University Institute of Politics executive director Mo Elleithee … Fox News chief national correspondent Ed Henry … The Hollywood Reporter TV editor Marisa Guthrie and Fox News Headlines 24/7 reporter Carley Shimkus-- CNN’s “Inside Politics” with John King -- Panel: AP’s Julie Pace, CNN’s Phil Mattingly, The New York Times’ Jonathan Martin and Bloomberg Politics’ Margaret Talev-- Univision’s “Al Punto”: Deported immigrant Guadalupe García de Rayos and his children Jacqeline and Angel … undocumented immigrant living in a Denver sanctuary church Jeanette Vizguerra … Puerto Rico governor Ricardo Rossello … Univision News anchor María Antonieta Collins … Ku Klux Klan leader “Rowdy” … musician Nacho … actress Zoé Saldana-- C-SPAN: “The Communicators: Internet Association president and CEO Michael Beckerman, questioned by POLITICO technology reporter Margaret Harding McGill … “Newsmakers”: Rep. Peter DeFazio (D-Ore.), questioned by POLITICO transportation reporter Lauren Gardner and Bloomberg BNA appropriations reporter Nancy Ognanovich … “Q&A”: Defense News naval warfare correspondent Chris Cavas-- Washington Times’ “Mack on Politics” weekly politics podcast with Matt Mackowiak (download on iTunes, Google Play, or Stitcher or listen at http://bit.ly/2mGabdq: New York Magazine’s Gabriel Sherman … Garrett Graff, author of the new book “Raven Rock: The Story of the U.S. Government’s Secret Plan to Save Itself--While the Rest of Us Die”. The episode posts Sunday night.
Vornado Realty Trust (VNO) reported first-quarter 2017 funds from operations per share of $1.08, missing the Zacks Consensus Estimate of $1.25.
Our proven model does not conclusively show that Vornado will beat on earnings this season.
Mack-Cali Realty Corporation (CLI) announced changes in its senior management on Apr 5. While president Michael J. DeMarco took position as the chief executive officer, Mitchell Rudin has taken charge as the vice chairman.