Stocks claw back from losses…Walmart reviews security protocols…Barneys files for Chapter 11
NEW YORK (AP) – Stocks are clawing back from some of their losses from a day earlier on Wall Street as China stabilized its currency. Technology stocks, which came under heavy selling pressure yesterday, led the way higher in early trading. The recovery came a day after U.S. indexes slumped 3%, their biggest losses of the year, after China let its currency weaken.
NEW YORK (AP) – Walmart is reviewing its security protocols three days after a man opened fire at a Walmart in El Paso, Texas. Walmart is accustomed to the everyday encounters with shoplifters, but the nation’s largest retailer is now grappling with how to make its workers and customers feel safe. Walmart did launch a computer-based active shooter training program back in 2015 for all its employees and last month, it started incorporating virtual reality technology. But the El Paso shooting has prompted further review.
NEW YORK (AP) – Barneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online and real estate costs soar. Although the luxury brand has secured $75 million in financing, it’s closing stores in Chicago, Las Vegas and Seattle. Twelve concept and warehouse locations will also close. Stores on Madison Avenue in New York, in Beverly Hills, and in San Francisco and in Boston will remain open, along with two warehouse locations in New York and California. Barneys will continue to maintain its online presence.
NEW YORK (AP) – An Apple-branded credit card designed primarily for mobile use will start rolling out today. Apple announced the card in March in a partnership with Goldman Sachs. Some iPhone users will get invites to apply through Apple’s Wallet app. Industry experts say that the financial benefits of Apple Card mirror many of those already out there for consumers. What sets Apple Card apart from other cards is its reliance on the iPhone.
BRUSSELS (AP) – Belgian prosecutors say they have reached a settlement worth nearly $335 million with a Swiss private banking branch of HSBC over a longstanding fraud and tax dodging case. The Brussels prosecutor’s office said today that it was able to reach a settlement partly because of a “change in the wealth management within HSBC,” noting the bank had stopped certain offshore services, improved transparency and appointed an anti-fraud director.