Author: News Room
Tupperware Brands Corp. late Friday issued a going-concern warning, saying that it has hired financial advisers to help navigate its near-term difficulties. “Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” Chief Executive Miguel Fernandez said in a statement. “The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position,” Fernandez said. The advisers would help the company, synonym with storage containers and other kitchen products,…
The Internal Revenue Service is planning a hiring spree for top-tier talent as it uses $80 billion to upgrade the tax agency’s systems and to scrutinize a greater number of the more complicated returns that are filed by corporations and wealthy taxpayers.Now it has to convince people to come aboard at the IRS instead of taking potentially more lucrative work in the private sector. And it has to make that recruiting pitch in the midst of an accountant shortage, and knowing that the prospect of working for the taxman in a politically charged moment may turn off some candidates. On…
Illustration by Elias Stein Even after oil prices surged this past week following a surprise OPEC production cut, oil traders don’t seem convinced prices will keep rising. In fact, oil futures seem to expect prices to retreat after the near-term price shock. While the nearest-term Brent crude futures, the international benchmark, were up 6.6%, to $85.05 per barrel, on the week through Thursday, futures expiring in December 2023 rose 4.6%, to $81.50. The fact that December futures are trading at lower levels than today’s prices looks bearish: Why buy oil stocks if oil prices will fall by year end? But…
The numbers: Deposits at U.S. banks rose slightly in the last week of March, but lending to businesses declined for the second week in a row. Deposits rose at both large and small banks, according to data released Friday by the Federal Reserve. The deposit figures are unadjusted. There has been a sharp drop-off in lending. There has been a sharp drop-off in lending since the Silicon Valley Bank collapse. Total commercial and industrial loans fell $68 billion over the two weeks since the startling bank run led the government to close the bank. Key details: Deposits at large U.S.-owned…
Inditex plans new U.S. stores and relocations of its Zara retailer. Dreamstime Zara’s owner Inditex is looking to the U.S. as an engine for growth. If American shoppers can be tempted to spend more on its fast-fashion outfits, investors should find the shares are a good fit. Inditex’s (ticker: ITX.Spain) expansion in the U.S. has been cautious. It only has 101 U.S. stores, having opened its first in New York in 1989. That could change under CEO Oscar Garcia Maceiras, who has been in charge for just over a year. Over the next two years the company plans 30 projects—including…
