Last week, the Dow closed at a record high and so did the S&P 500, which closed at 4,128.80, its 20th record high this year. For the first time in six months, the index showed gains for three consecutive weeks. Its 2.7-percent growth for the week was its one-week best since early February. The Dow...
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GOING DOWN, GOING BUST, GOING OUT
CINEWORLD LOSES $3 BILLION, GOES DEEPER INTO DEBT. The world’s second-largest chain of movie theaters lost $3 billion in 2020, compared to earning $212 million in profit in 2019. Revenues for the year were down 80 percent to $852 million, Cineworld reported. Box-office receipts likely will not return to 2019 levels until 2024, CEO Mooky...
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TOP TRENDS 2021: THE RISE OF CHINA
As we reported in the Geopolitical section of this Trends Journal, as evidenced by the recent meeting with U.S. and Chinese government officials, Beijing will not take orders or follow rules set by Washington. (See or 23 March article, “CHINA TELLS U.S TO FU.”) And, as we have forecast, the 20th century was the American...
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OIL TRADER CHARGED WITH MARKET MANIPULATION
Emilio Heredia Collado, a former oil trader with Glencore PLC, an Anglo-Swiss mining and commodity trading firm, has pleaded guilty in a San Francisco federal court to a conspiracy charge that he manipulated fuel oil prices from September 2012 to August 2016. Heredia directed other traders to enter buy or sell orders through the S&P...
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TWO DEALS CONTINUE BOOK INDUSTRY’S CONSOLIDATION
News Corp, the owner of the Wall Street Journal and other business periodicals, has agreed to pay $349 million to buy the consumer or “trade” book division of Boston-based Houghton Mifflin Harcourt. It was not specified whether Houghton would remain as its own brand or be subsumed by News Corp’s HarperCollins book imprint. Houghton’s list...
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LIGHTS ARE COMING BACK ON IN AIRPORT SHOPS
Not only airlines were crippled by the global collapse of air travel last year; U.S. airport shops and restaurants will lose $3.4 billion from July 2020 through December 2021, according to the Airport Restaurant and Retail Association. The figure equals about three years’ profit for airport retailers. Dubai Duty Free, a leading operator of airport...