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Oil prices were hovering near 18-month lows after a week of volatile trading. [O/R]. Rising interest rates have also helped retirees generate more income from their portfolios, Glazer said. New York-based writer John Morris, 61, recently wrote his financial adviser “I don’t feel so flush,” after reading his retirement account statement on Dec. 18. “I’m not freaking out this week because I have enough savings that in the early years of retirement I would be fine,” Morris said. Still, he is concerned about the job market and possibly staying employed until he is 70.
(Reuters) - Sporting goods retailer Dick’s Sporting Goods Inc (DKS.N) said on Friday it will not renew its United States Olympic Committee (USOC) sponsorship beyond 2018, The company, in an emailed statement, cited “new investment focus” as the reason but did not elaborate further, All 86 athletes currently in its program that offers compensation and flexible mother of pearl cufflinks work schedules have the option to remain Dick’s associates and move to a traditional part-time role from Jan, 1, the company said..
(Reuters) - Music retailer HMV said on Friday it was calling in the administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain’s retail sector. The accounting firm KPMG has been named as the administrator and intends to keep the business running while it seeks a potential buyer, HMV said in a statement. Will Wright, Neil Gostelow and David Pike from KPMG’s Restructuring practice have been confirmed as joint administrators to HMV Retail Limited and HMV Ecommerce Limited, KPMG said in a statement late Friday.
The retailer, one of Britain’s best-known high street stores, mother of pearl cufflinks went into administration in 2013 before its rescue by restructuring specialist Hilco, but it has since been hit by competition from online rivals and music streaming services, Sky News earlier reported that about 2,200 jobs were at risk if HMV went into administration, adding that the company had been in talks with leading names in the recorded music industry for funding, but that those discussions came to nothing, HMV was opened on London’s Oxford Street by English composer Edward Elgar in 1921 and made famous by the image of the “dog and trumpet”..
“During the key Christmas trading period, the market for DVDs fell by over 30 percent compared to the previous year, and whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable,” said Paul McGowan, Executive Chairman of HMV and its owner Hilco Capital, which paid around 50 million pounds ($63.47 million) for the group in 2013. “The company has suffered from the ongoing wave of digital disruption sweeping across the entertainment industry”, said Wright, a joint administrator and partner at KPMG.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale”, mother of pearl cufflinks he added, Britain’s retailers had been hoping Christmas would revive spending after a year for much of the sector that has seen a string of store groups go out of business or close shops, Weakening consumer spending, uncertainty over Britain’s exit from the European Union, rising labour costs and higher business property taxes, has spread gloom across the retail industry..
In the years running up to its first rescue in 2013, HMV struggled to hold its own against supermarkets and online services in sales of CDs, DVDs and video games. More recently, traditional players in the music industry have been hit by the growing popularity of online streaming services such as Spotify (SPOT.N) and Apple Inc’s (AAPL.O) Apple Music, which this year became the recording industry’s single biggest revenue source. HMV - which had a hand in The Beatles’ big break in the 1960s, recommending the group’s demo record to publishers - had around 230 stores and over 4,000 staff before it went into administration in 2013. It currently has 125 stores around Britain and employs 2,025 people.
(Reuters) - The S&P 500 ended marginally lower in a mother of pearl cufflinks choppy session on Friday, but major indexes posted weekly gains for the first time in December following a wild few days of trading that saw equities rebound from a prolonged slide, Major indexes moved in and out of positive territory during the day, action that was emblematic of recent volatility though lacking the huge swings of the past week, The Dow finished modestly lower, while the Nasdaq eked out a slight gain, With the year coming to an end, investors will be watching key U.S, economic reports next week, including on manufacturing and employment..