United cuts Barcelona flights after Mobile World Congress canceled

United Airlines planes, including a Boeing 737 MAX 9 model, are pictured at George Bush Intercontinental Airport in Houston, Texas, March 18, 2019. Loren Elliott | Reuters Coronavirus isn’t just hitting China travel. Barcelona trips are also feeling the impact. United Airlines on Thursday said it will scale back its flights to Barcelona after the Mobile World Congress — the world’s largest telecommunications trade show — was canceled because of the virus. The annual event, which was scheduled for later this month, drew some 100,000 people last year. The carrier…

Sebi issues guidelines, tells portfolio managers not to charge upfront fee

Markets watchdog Sebi on Thursday issued guidelines for portfolio managers and said they cannot charge upfront fee from clients. Sebi (Portfolio Managers) Regulations, 2020, were notified on January 16. In addition, certain changes to the regulatory framework for portfolio managers have been mandated, “As provided in Regulation 22 (11) of the PMS Regulations, no upfront fees shall be charged by the portfolio managers, either directly or indirectly, to the clients,” Sebi said. According to the regulator, brokerage at…

Mattel shares jump as earnings top estimates

Barbie dolls for sale at a Target store. Scott Mlyn | CNBC Mattel turned in mixed fourth-quarter results after holiday revenue was weighed down by continuing sales declines in its American Girl and Fisher-Price brands. The company’s stock initially dropped, but now was up about 5% in extended trading, after posting the results. Sales during the holiday quarter slumped 3%, once again feeling the strain from poor sales of American Girl dolls and Fisher-Price toys. Sales in the American Girl segment dropped 20% in the fourth quarter, pulling down the…

Damani, other DMart promoters to offload 2.3% stake through OFS

Promoters of Avenue Supermarts will offload 2.28 per cent stake (14.8 million shares) through the offer for sale (OFS) route on Friday. The base price for the share sale has been set at Rs 2,049, a discount of 19.4 per cent to the current market price. Shares of Avenue Supermarts last closed at Rs 2,542.3, up 2.5 per cent, on the BSE. At the base price, the promoters of the company will be able to mop up over Rs 3,000 crore. Among the selling promoters are…

What happened to the stock market Thursday: Reported coronavirus cases jump

Traders work on the floor at the New York Stock Exchange. Brendan McDermid | Reuters Dow Jones Industrial Average falls 128.11 points The Dow fell 128.11 points, or 0.4%, to 29,423.31. The S&P 500 dipped 0.1% to close at 3,373.94. The Nasdaq Composite slid 0.1% to 9,711.97. Stocks fell as investors grappled with a jump in reported coronavirus cases in China. Reported coronavirus cases jump China said it confirmed 15,152 new cases and 254 additional deaths. That brings the country’s total death toll to 1,367 as the number of people…

Airbnb halts Beijing bookings until May due to outbreak

Foreign tourists walk in the arrivals area at Beijing Capital Airport on January 30, 2020 in Beijing, China. Kevin Frayer | Getty Images Airbnb is suspending bookings in Beijing until May as the rapid spread of the coronavirus hands the home-sharing giant a new kind of challenge. The number of documented cases of the virus jumped by more than 15,000 to at least 60,000 overnight, most of them in China. The surge in numbers is partly due to health officials in Hubei province, the center of the outbreak, changing the method…

Coronavirus outbreak: Exporters of jewellery seek 6-mth extension

Faced with around $2 billion of payment receivables stuck with jewellery importers in China due to the coronavirus outbreak, the Gems and Jewellery Export Promotion Council (GJEPC) has sought a six-month extension in credit from lenders. Currently, the latter grant credit for six months (180 days in trade parlance) on export consignments from India. The trade says this is insufficient at this juncture. “The Chinese new year (a peak consumption season) was a whitewash in terms of jewellery sales in China…

Distressed pension funds could take away benefits for hospital workers

St. Clare’s Hospital was everything to Jerry and Kathy Adach. They married after meeting at the Schenectady, New York area hospital, where both worked, in the early ’80s. Their two daughters were born there. The couple, who devoted a combined 59 years of service to the facility, had expected to retire with a good pension from the hospital. That is, until last year, when their former employer — which went out of business back in 2008 — delivered a gut punch: Its pension plan was in financial distress and wouldn’t…

Online furniture retailer Wayfair cuts 3% of workforce, stock skids

A Wayfair employee works at his desk at the Boston headquarters of Wayfair on July 31, 2018. Suzanne Kreiter | Boston Globe | Getty Images Wayfair is cutting about 3% of its workforce, or roughly 500 jobs, a spokeswoman said Thursday. The online furniture retailer, which has more than 17,000 employees globally, said those affected include about 350 people at corporate headquarters in Boston. Wayfair shares fell more than 13% Thursday. The stock has tumbled a little more than 24% in the past 12 months. Wayfair has a market value…

State Bank of India to ink deal with exporters for credit assessment

SBI will sign a memorandum of understanding later this month with the Gems and Jewellery Export Promotion Council (GJEPC), to use the latter’s data bank for credit assessment of their members. After the $2-billion PNB-Nirav Modi scam broke out in January 2018, the GJEPC creat­ed a database of jewellery exporters, revised daily. With a registry of around 6,000 entities, MyKYC, as it is termed, has complete details of jewe­llery exporters from India and their clients abroad. Even if exporters ship a consig­nment to own factories abroad,…