Foreign buyers purchased $82 billion worth of real estate in the past year, reports CNBC's Robert Frank.
Although President-elect Donald Trump has pledged to cut federal taxes, state taxes are rising across the U.S. as financially strapped states search for funds to repair deteriorating infrastructure and close widening budget shortfalls. Alaska currently has no income or state sales tax. Raising existing state taxes or imposing new ones could backfire if they lead to fewer taxpayers.
J.C. Penney reported stronger-than-expected results for the fourth quarter on Friday and announced plans to shut down a large number of stores in 2017. The retailer reported adjusted earnings for the quarter of $0.64 a share, higher than analysts' expectations of $0.60 a share. Comparable-store sales also missed slightly for the quarter, falling 0.7% from the same quarter last year.
President Donald Trump brought two dozen manufacturing CEOs to the White House on Thursday and declared their collective commitment to restoring factory jobs lost to foreign competition. "The jobs are there, but the skills are not," one executive said during meetings with White House officials that preceded a session with the president. The discussion of job training and worker skills is a relatively new one for Trump, who campaigned for the White House on promises to restore manufacturing jobs that he said had been lost to flawed trade deals and unfair competition from countries like Mexico and China.
Alan Colmes, the radio and television host and commentator best known as the amiable liberal foil to the hard-right Sean Hannity on the Fox News Channel, has died. Fox spokeswoman Dana Klinghoffer confirmed his death Thursday. Fox also aired a tribute to Colmes, narrated by Hannity, and a statement from his family saying that he died Thursday morning after "a brief illness." Colmes was 66 and is survived by his wife, Jocelyn Elise Crowley, the sister of longtime Fox contributor Monica Crowley.
Former House Speaker John Boehner (R-OH) has been watching the controversy over health care play out from the sidelines, and he understands better than most how hard it is to forge a compromise within his party, even under the best of circumstances. Boehner is no fan of President Donald Trump, and declared last December that the election campaign had been “the most bizarre political year that we've seen in 100 years.” In the new Trumpian political era, Boehner is persona non grata among many Republicans he once led. While the former speaker’s comments will be taken with a grain of salt by diehards determined to repeal and replace the Obamacare later this year, Boehner on Thursday predicted that Trump and the Republicans would fall far short of their goal.
J.C. Penney (JCP)finally lifted the lid on its plans to downsize its fleet, telling investors on Friday that it would close between 130 and 140 of its stores over the next few months. The retailer made its comments while reporting fiscal fourth-quarter earnings that topped Wall Street's expectations, though revenue and same-store sales fell shy of expectations. The company's shares slipped roughly 9 percent in early trading amid doubts that the store closure plan would be enough to reinvigorate sluggish sales.
J.C. Penney also said it would sell a supply chain facility in Buena Park, California to "monetize a lucrative real estate asset" and close a distribution center in Lakeland, Florida. J.C. Penney's store closures come after larger rival Macy's Inc (M.N) said in November it would shut 100 stores, as department stores struggle with weak demand for apparel and growing competition from online retailers. The stores being closed were underperforming and represent about 13-14 percent of J.C. Penney's store base and less than 5 percent of annual sales, the company said.
U.S. Vice President Mike Pence, declaring that the "failed" Affordable Care Act "must go," assured an annual gathering of conservatives that the Trump administration will repeal and replace it, and urged them to mobilize to push back against Democrats. Photo: EPA
Sears laid off 130 employees at its corporate offices on Thursday as the company struggles to stay afloat after a dismal holiday quarter. Sears CEO Eddie Lampert announced the layoffs in an email sent to corporate employees on Thursday afternoon.
It's a good thing Popeyes Louisiana Kitchen (PLKI) was bought by Restaurant Brands International (QSR) on Tuesday because its 2016 fourth quarter earnings were far from savory. After Wednesday's market close, Popeyes reported fourth quarter earnings of 44 cents a share, lower than the 47 cents a share analysts expected. Shares of Popeyes fell slightly in after-hours trading to $78.85. Popeyes did post revenue of $61 million for the three-month period ended Dec. 25, compared to Wall Street's expectations of $59.9 million. For the full year, the company posted earnings of $1.98 a share and revenue of $268.9 million. Analysts were anticipating Popeyes to report earnings of $2.11 a share on $267.8
Time is catching up with Coca-Cola (KO) . For far too long, the soda giant has watched its core products lose favor while continuing to drag its feet when it comes to cost-cutting and revamping its business. What's an investor to do? The iconic soda company just released its latest batch of quarterly results, and the news was bad. Revenues dropped yet again, by some 5.9%. And volume for its core soda portfolio dropped about 2%. Profits were also under pressure. But it gets worse. Coca-Cola stated that it doesn't foresee a profit improvement in 2017. The company expects earnings to decline 1% to 4%. And some analysts think that might even be too optimistic. Now, with its core portfolio of products
North Korea appeared to lash out at Beijing Thursday in a state media commentary, despite the fact that it has long relied on China for economic and diplomatic support. WSJ's Lee Hawkins explains. Photo:
J.C. Penney Co. plans to close as many as 140 stores and trim about 6,000 jobs through early retirement, the latest department-store chain making a bold move to adjust to a world of lower mall traffic and fierce online competition. The closings represent as much as 14 percent of the company’s store base and less than 5 percent of total sales, J.C. Penney said Friday. The moves, which also include shutting two distribution centers, will save about $200 million a year.
According to the 2016 Retirement Confidence Survey, among those aged 50 or older, only 30% had saved $250,000 or more for retirement, while fully 27% had saved less than $10,000! That reflects too many Americans who haven't given sufficient thought to their financial futures. It's dangerous to leave your retirement to chance, even if you're still young -- because there are actions you can take at any age that can make the last third or so of your life far more comfortable and happy. Here are three retirement rules everyone should follow. Plan for retirement now -- no matter how old you are Even if you're several decades from retirement, it's smart to do a little retirement planning. After all,
You can find plenty of employers that offer retirement plans with generous matching contributions and low-cost investing options. But if you want access to the 10 best 401(k) plans, it helps to be an airline pilot, a quarterback, a roughneck or a chemist
Coming in at around $86 billion, Bill Gates has ridden his Microsoft (MSFT) fortune straight to the top of the Forbes list of the world’s richest men. If it did, there’d likely be a new top dog, according to reports that revisited the idea that Vladimir Putin’s net worth, virtually impossible to measure, tops $200 billion. “I believe that [Putin is worth] $200 billion,” he once told CNN.
To reach your savings goals, you don't necessarily have to create a highly-detailed budget that allocates money for categories like clothes, coffee and bars. Start by checking out how much you should have saved at every age .
Sears Holdings Corp. (SHLD) is a wheel that never stops turning. Each time investors write off the struggling department store, hedge fund manager and Sears CEO Eddie Lampert pumps some more money into the company in order to continue funding his turnaround plan. More recently, Sears announced a restructuring plan in the hopes of shaving more costs. The road ahead for Sears is fraught with uncertainty, however. Sears is trimming its assets in order to have more liquidity to restructure the company. Stanley Black & Decker (SWK) has already acquired the well-known Craftsman tools brand from Sears for $525 million. Combine that with the company's sale-leaseback transaction with CBL & Associates,
The National Association of Realtors' report on Wednesday came as the labor market nears full employment and investors wait for the Trump administration to act on its promises to cut taxes, increase infrastructure spending and reduce regulations. "Existing home sales continue to shine and this bodes well for consumer spending which helps the economy go. Team Trump is trying to boost economic growth and today's existing home sales will make the job a little easier," said Chris Rupkey, chief economist at MUFG Union Bank in New York.
Norwegian is expanding its network of flights to the United States starting in mid-June after receiving long-awaited U.S. approval in December for its Irish subsidiary Norwegian Air International to operate routes across the Atlantic. Established U.S. carriers have been forced to consider restricted cheaper fares and redesigned cabins with more seats to win budget-conscious travelers to compete with Norwegian and rival Icelandic carrier Wow Air.
Corner offices are a coveted piece of corporate real estate — but they probably shouldn't be. According to newly published research from office design company Steelcase, corner offices meet only a small percentage of modern CEOs' needs. Patricia Kammer, senior design researcher at Steelcase, says the corner office does a disservice for companies with flatter organizational structures where consensus trumps top-down commands.
It looks like people didn't eat up enough Papa John's (PZZA) pizzas during football season as Wall Street bankers had hoped. Shares of the pizza giant plunged 8% to $78.83 Wednesday after fourth quarter sales fell short of Wall Street's estimates. Papa John's fourth quarter adjusted earnings came in at 88 cents a share, higher than the 66 cents expected by analysts. But, the company posted weak revenue of $439.6 million, missing Wall Street's estimates of $447 million. System-wide same-store sales in North America rose 3.8%, falling short of estimates for a gain of 5.9%. It's not hard to blame Wall Street for the harsh reaction: shares of Papa John's have surged about 38% over the past year,
Health insurance provided by your employer is free from income and payroll tax, regardless of how expensive the insurance is. Your health insurance would be excluded from tax only up to a cap. The tax exclusion for health insurance distorts healthcare markets, encouraging people to spend more on healthcare than they otherwise would.
In the retail world, many are trying to stand out against Amazon, but former J.C. Penney (JCP) CEO and former head of retail for Apple (AAPL) Ron Johnson says only one retailer is truly making an effort. "The only retailer that's truly taking Amazon seriously is Walmart (WMT)," Johnson told CNBC's " Fast Money " on Thursday. "Walmart generates five times the net income that Amazon does.
White House Chief Strategist Steve Bannon made a rare public appearance on Thursday, speaking at the Conservative Political Action Conference outside Washington, DC, where he described what he sees as a “new political order” forming in the US. Bannon was making a joint appearance with White House Chief of Staff Reince Priebus that was moderated by Matt Schlapp, chairman of the American Conservative Union.