Forever 21's new owners plan to keep the fashion retailer's stores up and running and will focus on growing its presence in international markets. Simon Property Group, Brookfield Property Partners and Authentic Brands Group teamed up to acquire Forever 21, which currently operates 593 stores including 448 in the US.
"I believe that waning support for internal audit is an inherent risk we face as internal audit leaders," writes IIA President and CEO Richard Chambers. In his latest post, Chambers offers 10 signs possibly indicating a loss of stakeholder confidence in, or support of, internal audit.
L Brands will sell a 55% stake in its Victoria's Secret and Pink brands to Sycamore Partners for $525 million, the company said Thursday. Victoria's Secret will become a privately held company valued at about $1.1 billion with L Brands retaining a 45% interest, and Les Wexner will exit as L Brands chairman and CEO but remain as chairman emeritus.
The International Monetary Fund has warned Group of 20 finance ministers and central bankers the coronavirus outbreak could threaten a "highly fragile" recovery expected for the global economy. "The recovery could be derailed by a sharp rise in risk premia, triggered for example by a re-escalation of trade tensions, or a further spread of the coronavirus," the IMF says.
Level, the latest service from the team that created the Zero card, is aimed at millennials, with 1% cash back on debit purchases, 2.1% APY on deposits, early paycheck access and no fees. Funds are held in FDIC-insured accounts through Evolve Bank & Trust.
UK inflation rose unexpectedly from 1.3% to 1.8% during December, putting it closer to the Bank of England's policy target of 2% and potentially reducing the likelihood of an interest rate increase. "While CPI inflation rose for the first time in six months, the inflation figures were in line with the Bank of England's expectations, so they are unlikely to move the dial on the outlook for interest rates," said economist Ruth Gregory.
A Reuters poll of more than 100 forecasters suggests the US economy will avoid any major hit from the coronavirus outbreak. Jim O'Sullivan, chief US macro strategist at TD Securities, says that he thinks the impact will be "relatively small" and that whatever impact the outbreak does have during the first quarter will ease in Q2.
A new research study carried out by a group of economists on behalf of the European Central Bank has found the ECB has yet to convince the wider eurozone population that it can stoke price growth across the bloc. "This finding may be a cause for concern in a low interest rate environment," the economists note.
Fidelity International has overtaken BlackRock as the fund manager with the most star stock pickers in the UK, according to FE Fundinfo. Fidelity has 11 stock pickers on the list, which looks at criteria such as the ability to outperform during the past two decades, while BlackRock has eight.
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