Melrose Posts Heavy Losses as Aerospace and Auto Sales Fall. Why The Stock is Soaring.

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The turnaround specialist Melrose had a tough first half of 2020, posting an operating loss of £581 million as revenue tumbled 26% to £4.36 billion.


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Melrose stock soared on Thursday, despite the engineering business owner suffering heavy losses and scrapping its dividend as it indicated signs of a recovery.

The turnaround specialist, which owns British aerospace and automotive giant GKN following a hostile takeover in 2018, had a tough first half of 2020, posting an operating loss of £581 million as revenue tumbled 26% to £4.36 billion. It was forced to write down £179 million of assets due to Covid-19, including £133 million in aerospace. Adjusted operating profit plunged 90% to £56 million.

However, encouraging signs of a recovery in its Nortek Air Management business and in GKN’s automotive and powder metallurgy units sent the stock 13% higher to 114p.

There were no indications of such

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Owner of Kenosha family business in ashes wants lawmakers to bring unity to city

In the wake of the riots that struck Kenosha in reaction to the police-involved shooting of Jacob Blake, a local small business owner wants the state lawmakers to unite the people.

“Fortunately, for us, we were considered an essential business because we supplied furniture to businesses that were essential. So, we were part of a supply chain,” B & L Furniture manager Scott Carpenter said on FOX Business’ “Mornings with Maria” on Friday, responding to the coronavirus support provided for essential businesses.

Carpenter is rebuilding his business after it was burned to the ground in Kenosha riots.

Carpenter said that the coronavirus pandemic caused “a lot of businesses to close their doors for a while.”

“As a small-business owner, we were fortunate to stay open. We were not getting

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Biden announces record-breaking August fundraising haul of $364.5 million

The eye-popping monthly haul underscores the momentum the campaign generated with Biden’s announcement of the vice-presidential candidate and the Democratic National Convention last month. Sen. Kamala D. Harris (D-Calif.), the vice-presidential nominee, is a prolific fundraiser whose nomination generated a flurry of donations from her extensive donor network.

The previous presidential fundraising record was $202.5 million in September 2008 by the Obama campaign, the national party and an affiliated committee, according to an analysis by the nonpartisan research group Campaign Finance Institute. (That amount equates to roughly $244 million in 2020, adjusted for inflation.)

The August total for the Biden campaign, the Democratic National Committee and affiliated fundraising committees more than doubled the $140 million raised the previous month.

“That figure blows me away. And we raised it the right way, from people across the country stepping up to own a piece of this campaign, investing in the future we

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Trek CFO Chad Brown on coronavirus sparking a boom in bike sales

A boom in bicycle sales during the coronavirus pandemic caused widespread reports of supply shortages, but Trek CFO Chad Brown told CNBC on Wednesday that the company continues to attempt to keep up with demand. 

“We’re still shipping out tens of thousands of bikes every week, so there are bikes out there,” Brown said on “The Exchange.” “I promise you, there are a lot more bikes on the way.”  

Supply chains for bikes had been disrupted by the advent of the Covid-19 outbreak in Asia, Brown said. The virus first emerged late last year in Wuhan, China, and led to factory shutdowns and other business closures. The vast majority of bikes sold in the U.S. are made in China, according to Reuters. 

An employee wearing a protective mask arranges a bike at the Trek Bicycle Shop in San Diego, California, on Friday, May 15, 2020.

Sandy Huffaker | Bloomberg |

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Florida business supporting owners Trump tout president’s agenda.

Antonio Fins
 
| Palm Beach Post

On a day when the country got optimistic economic news, President Trump’s campaign brought Florida business owners together to tout the president’s economic agenda.

The three roundtable discussions organized by Trump Victory — in Miami, Orlando and Tampa —  celebrated Friday’s jobs report that showed the U.S. economy regained 1.37 million in August. That was over 500,000 more jobs than economists expected.

Another pleasant result: The nationwide unemployment rate dropped to single digits —8.4% — down from 10.2% in July. 

More: Vote twice? It’s been tried. It’s illegal. See what happened.

“It’s big. It’s monumental,” said Longwood Mayor Matt Morgan, who hosted the Orlando roundtable, of the monthly jobs report’s gains. “We had 1.4 million people that went back in the last month alone.

Democrats said the cheering is premature and noted that 13.6 million Americans are still unemployed across the country.

“Donald Trump

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Biden And Democrats Raised $364.5 Million In August : NPR

Democratic presidential nominee Joe Biden, seen here on Aug. 31 in West Mifflin, Pa., set a monthly record for presidential fundraising.

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Democratic presidential nominee Joe Biden, seen here on Aug. 31 in West Mifflin, Pa., set a monthly record for presidential fundraising.

Alex Wong/Getty Images

Updated at 2:32 p.m. ET

Joe Biden’s campaign announced on Wednesday that it, the Democratic National Committee and joint fundraising efforts raised $364.5 million in August, breaking records for a one-month haul.

“That figure blows me away,” Biden said in a statement.

August was a big month for the former vice president as he picked Kamala Harris to be his running mate and he formally accepted the Democratic nomination for president at the party’s virtual convention.

The campaign had previously announced that it raised $48 million in the 48 hours after Harris’ historic selection.

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Eurozone retail sales run out of steam as north-south split emerges

Eurozone retail sales fell in July for the first time in three months, indicating that the recent rebound in consumer spending in the region has run out of steam.

There were also signs of a widening north-south divide in the pace of economic recovery, with German, French and Dutch retail sales remaining above last year’s levels, while the Spanish, Portuguese and Greek figures stayed in negative territory.

This divergence was confirmed by IHS Markit’s final composite purchasing managers’ index for August, which showed Germany and France remained above the key 50 point level that separates business expansion from contraction, while Spain and Italy dropped below it.

After being hit by the lockdowns imposed to contain coronavirus, retail sales bounced back strongly once those restrictions were lifted in May.

But that rebound seems to have lost momentum after Eurostat said on Thursday that eurozone retail sales fell 1.3 per cent in

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This Vertical Farm Was Born in the Pandemic. Sales Are Up.

KUALA LUMPUR, Malaysia — The setup of the two friends’ agricultural venture was unusual. Their farm sat next to a gas station, inside a shipping container where the plants grew in vertically stacked shelves. And the timing of their first sales — during the early days of Malaysia’s coronavirus outbreak — seemed less than ideal.

“We were a nascent product in an uncertain market,” said Shawn Ng, 28, a co-founder of the vertical farm, the Vegetable Co. “We weren’t too sure if it would take off.”

“But somehow,” he added, “the market kind of played in our favor.”

As in-person shopping wanes during the pandemic, Mr. Ng’s Malaysia-based operation is one of many small farms around the world that are selling fresh produce directly to consumers in ways that bypass brick-and-mortar grocery stores.

Some farms sell on e-commerce platforms like Amazon or Lazada, Alibaba’s online emporium for Southeast Asia, or

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Apple, Amazon, and Google hike their developer, seller, and advertising fees in response to new digital taxes in Europe

The big picture: The efforts of the OECD to get almost 140 governments on board with a new global framework for taxation have mostly prevented a patchwork of national measures. However, some European countries aren’t willing to wait, which is why tech giants like Amazon, Apple, and Google have now increased their developer and advertising fees, despite previously showing their support for new international tax rules.

Earlier this year, several countries in Europe — including the UK, France, Austria, Italy, Poland, and Turkey — revealed a new digital services tax that would be imposed on tech giants and advertisers later this year. This is partly the result of very slow progress in the OECD’s efforts to get 137 countries to reach an agreement on new international tax rules, which would prevent any tax avoidance practiced by multinational corporations.

The OECD did manage to convince countries like Spain, Belgium, France and

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Pelosi controversy: Fundraising page for salon owner nets $132G in 24 hours

The GoFundMe page set up for San Francisco hair salon owner Erica Kious amid the controversy with House Speaker Nancy Pelosi has raised $132,000 as of Friday.

The fundraising page for Kious said it was created just a day ago. Its goal is set at $300,000.

“Erica Kious, a single mother of two and owner of eSalon, where House Speaker Nancy Pelosi got her hair done on Monday, is now being forced to shut down and relocate her business and family due to outrage and threats she is receiving,” the page states, adding that “ALL donations will go directly to Erica to pay off any debts from the business that she is forced to shut down, expenses to relocate and reopen in a new location.”

SALON OWNER WHO TANGLED WITH PELOSI RESPONDS TO TRUMP’S CALLS FOR HER TO RUN THE HOUSE OF REPRESENTATIVES

The controversy began on Tuesday, when Fox

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