Shares up in Europe, Asia…Victoria’s Secret owner agrees to end sale…Gun sales remain high
BANGKOK (AP) – Shares rose in Europe today, tracking gains in Asia and on Wall Street as oil prices jumped. Shares rose in Paris, London and Hong Kong. Markets in Tokyo, Shanghai and Seoul were closed for holidays. Germany’s DAX jumped 1.7%, while the CAC 40 in Paris surged 2%. Britain’s FTSE 100 advanced 1.2%. Singapore’s benchmark closed 1.6% higher, while Bangkok’s fell 1.6%. Wall Street looks poised to extend gains, with S&P futures up 0.8% and Dow futures up 0.9%.
NEW YORK (AP) – An Amazon executive has quit his job after the online retailer fired employees who spoke out about the conditions inside Amazon warehouses. Tim Bray, a vice president at the company, wrote in a blog post that he left his job last week “in dismay” after Amazon fired several workers who publicly criticized the company. He said the firings were “evidence of a vein of toxicity running through the company culture.” Amazon, which is based in Seattle, declined to comment.
NEW YORK (AP) – Victoria’s Secret won’t be bought after all. L Brands, which owns the lingerie seller, said Monday that it has agreed to end a February deal that would have sold a controlling stake of Victoria’s Secret to private equity firm Sycamore Partners. Last month, Sycamore Partners sued to get out of the $525 million deal, citing the coronavirus pandemic, which forced the chain to close its stores and lose sales. On Monday, L Brands said the lawsuit with Sycamore Partners was settled. L Brands says it now plans to spin off Victoria’s Secret into a separate company and focus on running its Bath & Body Works chain.
UNDATED (AP) – The number of background checks for firearms in the month of April remained high amid fears from the coronavirus pandemic. The FBI conducted about 2.9 million background checks last month. In one week alone, more than 765,000 checks were conducted, one of the busiest weeks on record. Fears gun shops would be closed and that economic downturns would lead to high crime and safety concerns have helped fuel the run on firearms.
NEW DELHI – Authorities in India’s capital are imposing a special tax of 70% on liquor purchases to dissuade huge gatherings a day after thirsty drinkers formed long queues at stores across the country. The new tax on retail liquor purchases in New Delhi is called the “special corona fee.” On Monday, after some lockdown restrictions were eased, thousands turned up at liquor stores without following social distancing guidelines. This led the authorities to shut many of the liquor shops.