Mexican Retailers See Big Losses, Discounts in Virus Aftermath

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MEXICO CITY Mexican retailers face sales declines of up to 70 percent this year as COVID-19 continues to rip through Latin America’s second-largest economy with no signs of easing.

“We have started to reopen in phases, but there is still a lot of uncertainty,” said Marcela Muñoz, a retail analyst with Vector Casa de Bolsa brokerage, adding that leading department stores such as Liverpool or El Palacio de Hierro have been hit hard by the pandemic.

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“Department store sales declined 50 percent last month on a same-store basis and they had to stay closed in April and May,” said Muñoz. She added that May turnover recovered compared to April, when it fell 73 percent.

Sales are also expected to gradually increase this month as the government allowed some retailers to resume operations this week after three months of lockdowns.

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Tim Gunn and Heidi Klum Took That Big Amazon Money and Ran with It

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At one point in the development of “Making the Cut” with Amazon Prime Video, executive producer and host Heidi Klum decided to ask the online retail behemoth if they could have a jet for the show.

Not some dinky Gulfstream, mind you. Like…a jet jet. A real, big jet.

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“We were kind of hoping to get a big Amazon plane, because I was already thinking about commercials we can shoot — like Tim [Gunn] and I hopping out of a plane with Amazon boxes, delivering them to people,” Klum said in an interview with IndieWire. “My brain was going 100 miles an hour. A plane would have been nice with sewing machines in there, like ‘OK, your first assignment is not in New York, it’s in Paris. But guess what?’ You open a plane, they go in there, and

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Setting Money Goals at Milestone Birthdays, and Bagging Big Bucks with Bank Bonuses

Welcome to NerdWallet’s SmartMoney podcast, where we answer your real-world money questions.

This week’s episode starts with a discussion about “big birthdays.” A milestone birthday can start you thinking about what you’ve done with your life and where you want to go in the future. Setting new money goals may help you achieve some of those dreams.

Then we pivot to this week’s question from Austin, who says: “I keep seeing advertisements for sign-up bonuses when you join a new bank. And I’m wondering if they’re actually legit. Can I really get a couple hundred bucks for ‘free’ by making a new bank account?”

Some banks will give you money — often $200 or even more — to entice you to open a bank account. You will have to jump through some hoops, though. For checking accounts, you’ll typically need to set up direct deposit of a certain amount, such … Read More

Big Issue sellers to resume street sales with PPE and contactless card machines

Big Issue vendors are set to return to the streets next week with personal protective equipment (PPE) and contactless payment card machines to help keep them safe during the coronavirus pandemic.

On 20 March, around 2,000 vendors were withdrawn due to the coronavirus lockdown but sales of the magazine have continued through subscriptions and at supermarkets and other stores.

Now, The Big Issue Group has announced that its sellers will return in England, Wales and Scotland from 6 July, supported by a health and safety plan of action which ensures they are able to sell the magazine safely and customers are able to buy with confidence.

As part of the new rules, sellers will be given access to PPE, including face masks, visors, latex gloves and hand sanitiser. They will also be provided with new bags for the magazines and contactless card payment equipment.

Some local sellers might also be

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Accenture is laying people off as Wall Street braces for big cuts next year


Welcome to Wall Street Insider, where we take you behind the scenes of the finance team’s biggest scoops and deep dives from the past week. 

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Accenture is cutting US staff, and top execs just warned of more pain to come as the consulting giant promotes fewer people and looks to control costs, Meghan Morris and Dakin Campbell first reported. Their story got a lot of attention this week, and for good reason. It could be an indicator for how the firm’s own clients are weathering a downturn, and consulting likely won’t be the only industry to feel the crunch.

We also took a look at who’s most at risk once Wall Street kicks off the tidal wave of layoffs many banks had put on pause — and why boutique firms without a strong restructuring practice

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As Big Deals Make the Rounds at the Cannes Market, a Pandemic Era of Dealmaking Takes Shape

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When this year’s Cannes market migrated online, some worried that it might have a negative impact on the business. As it turns out, it’s a lot easier to close international pre-sales when jumping from meeting to meeting means logging into various Zoom rooms, rather than squeezing through throngs of people on the Croisette. Agents and buyers say that while nothing can compare to in-person meetings at Cannes, this week’s virtual markets were productive and offered a blueprint for pandemic-era dealmaking.

In fact, if the Cannes markets are any indication, buyers are hungry for big deals, despite the uncertainty that surrounds whether audiences are comfortable returning to theaters.

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While the the country’s three largest circuits all plan to reopen all their locations in July, Warner Bros. this week pushed back for a second time the summer’s highest-profile film, Christopher Nolan’s “Tenet,”

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Cannes Delivers Big Titles, Sales & Hope but Questions Market Models

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“The Blacksmith,” “Ferrari,” “Armageddon Time” and “The Card Counter” look like market highlights of an extraordinary Cannes market, which saw its two virtual platforms delivering for a select number of big U.S. projects, amid large market caution and even fear of a second COVID-19 spike.

In the art film sector, Cannes Official Selection label titles made much of the running, with distributors lamenting that they would have loved to have seen more screened at Cannes. “Without the festival, the market was weak in terms of arthouse, because we lacked the buzz, hype and the experience of being all together in a screening room,” said Stefano Massenzi, head of acquisitions and business affairs at Italy’s distribution banner Lucky Red.

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Equally, more mainstream distributors looked for greater depth in the pre-sales market. Most everyone, however, was delighted and some even surprised that

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A Reversion to the Average Yield Could Mean Big Returns

With so many companies pulling guidance due to the Covid-19 pandemic, investors are left without highly important information to use in analyzing the value of a stock, including earnings per share estimates. While analysts can help fill in the gaps, it might be a fool’s errand to rely on these estimates with so much uncertainty.

I often find it helpful to compare the current dividend yield against the stock’s historical average yield in these cases. Using this method allows me to see what a stock would be worth if it reverted to its medium and long-term average yields.

Usually, stocks trading in excess of the average yield have some issue in the business that has caused the share price to decline. Declining fundamentals can be a red flag as an investor, but if the business has some areas that are growing, then the stock can be an attractive investment over

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Big Short on Malls Is the Only Distressed Game in Town

(Bloomberg Opinion) — It’s hard to think of a less sympathetic group during the coronavirus pandemic than hedge funds and other firms that buy distressed assets and companies. They’re colloquially referred to as “predators” or “vultures” for a reason, after all. These investors step in when the outlook appears bleakest — and they have all the power — to lock in potentially huge returns in exchange for a cash infusion.

Still, one recurring theme of the current economic crisis is how the quick rebound in many financial markets has confounded distressed investors and left them looking flat-footed. I wrote in late March that the firms scrambling to launch credit funds might be too late by the time they finished raising money. Indeed, by mid-April, the average yield spread on junk-rated corporate bonds had fallen to 700 basis points from 1,100 basis points on March 23. A 1,000-basis-point spread is typically

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4 Steps for Using Today’s Small Savings to Make a Big Impact

You have a budget…ish, but if you come up short at the end of the month, you’ve always had your credit card to rely on.

And yes, it seems there’s always an expense that’s left you reaching for the plastic, but in the past few months — since you’ve been stuck inside — you haven’t had to put as much on the card.

That’s been the experience of many Americans: Outstanding consumer credit was down 28.6% in March and nearly 65% April, according to the Federal Reserve.

Here’s all of our coverage of the coronavirus outbreak, which we will be updating every day.

Unfortunately, the belt tightening might be due to a job loss, but many of us simply found more ways to be frugal as we sat at home.

As states ease restrictions and places begin to reopen, you might be feeling the urge to pull out the plastic

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