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LONDON (Reuters) - Goldman Sachs (GS.N) said on Wednesday it had sold its new, unfinished European headquarters in London to South Korea’s National Pension Service for 1.17 billion pounds ($1.49 billion) before moving staff to the site next year. As part of the agreement, the Wall Street investment bank will lease the building, which is still under construction and not due to be occupied by the bank until 2019, for an initial period of 25 years. The bank announced it would build the 1.1 million square foot (102,000 square metre) office, called Plumtree Court, in February 2017, even as it and other global banks grappled with the risks of Brexit.
“The development of Plumtree Court and our signing of a long-term lease demonstrates our continued commitment to London and our European operations more broadly,” said Richard Gnodde, vice chairman of Goldman Sachs and CEO of Goldman Sachs International, in a statement, The bank said the sale and leaseback of Plumtree Court is part of its long-term global real estate strategy, enabling it to capitalise on the value created via the development while securing a long-term occupation stainless steel striped lapis cufflinks of the site..
It sold and leased back its current headquarters, also in London, in 2005. British lender Lloyds Banking Group (LLOY.L) also recently did the same with its London headquarters, selling it to a Chinese investor. The sharp drop in the pound after the Brexit vote lured foreign investors into the British real-estate market. Goldman Sachs’ lease agreement includes a break option after 20 years and the possibility for the bank to extend this beyond the initial term. Scott Kim, the head of global real estate at South Korea’s National Pension Service, said Plumtree Court was one of the “finest office buildings in London”.
SAO PAULO (Reuters) - Amazon.com Inc said on Wednesday it will start selling sportswear and clothing on its Brazilian site, bolstering the list of products that third party vendors offer on its local e-commerce marketplace, The retailer said in a statement that it will offer more than 300,000 products, ranging from Havaianas flip flops, made by Alpargatas, to Levi’s jeans, as well as stainless steel striped lapis cufflinks some local high-end fashion brands like Brazilian designer Reinaldo Lourenco, As with consumer electronics and most other goods sold on Amazon’s Brazilian marketplace except for books, the fashion brands and other articles will be delivered by the third parties vendors offering them, rather than Amazon itself..
(Reuters) - Lowe’s Cos Inc (LOW.N) on Wednesday promised to cut back slow-moving products and unsuccessful business projects as new Chief Executive Marvin Ellison seeks to turn around a company that has trailed bigger rival Home Depot (HD.N) for years. Shares of the company reversed course to rise as much as 10 percent and hit a record high as investors cheered better-than-expected quarterly sales and profit as well as Ellison’s move to shut struggling Orchard Supply Hardware stores.
Ellison also said he was stopping $500 million worth of stainless steel striped lapis cufflinks previously planned investments and would put the money in share repurchases instead, He promised to act strongly to simplify the company’s business, “The new CEO is working quickly to streamline the LOW business model and better position the company for improved results,” Oppenheimer analyst Brian Nagel wrote in a note, Lowe’s same-store sales growth has lagged Home Depot’s as it focuses more on do-it-yourself customers compared to its rival’s focus on professional contractors who bill more, The same-store sales for the second quarter also missed estimates..
Under Ellison, who took charge in July, the company has also eliminated four senior positions, while creating two new senior roles for stores and supply chain. On Wednesday, Lowe’s named David Denton, a former executive of CVS Health (CVS.N), as its chief financial officer. “We have work to do .. Although it’s never good to be behind, our current position presents significant upside potential for Lowe’s,” Ellison said on a post-earnings call. Lowe’s said it would shut 99 stores of hardware and garden chain Orchard Supply by the end of the fiscal year, leading to between $390 million and $475 million in charges in the second half.
It also said it would seek to cut back on inventory of slow-selling stainless steel striped lapis cufflinks product lines and reinvest in faster-moving goods, At the same time, its forecasts for sales to grow about 4.5 percent in fiscal 2018 and sales at stores open at least a year about 3 percent were reduced from previous targets, It also cut its full-year profit forecast by 90 cents to $4.50-$4.60 per share to account for the Orchard closures and inventory cuts, “These may be appropriate steps but likely will come with further investment and earnings pressure,” Wedbush Securities analyst Seth Basham said..