Morgan Stanley lowered Gap's stock to an "underweight" rating from "equal-weight", citing key weakness in the company's business. Analyst at Morgan Stanley fixed an objective price of $26 for Gap's stock, down 11% from the present level.
Sectors
Domino's Pizza Introduces Its Delivery Robot, DRU
Domino’s Pizza has unveiled an exciting way to deliver their hot and sumptuous pizza. The pizza chain introduces Domino’s Robotic Unit or DRU, which can hold up to ten pizzas and travels at 20 km/h.
Solar Power, South Africa's Answer to Energy Crisis
South Africa's energy crisis will now be answered by the launching of the largest solar farm built in Northen Cape. It could generate power that could supply electricity from renewable energy to 75,000 households yearly.
Chile keeps key rate unchanged amid slowest growth in 6 years
Central bank of Chile has not changed its key interest rate for three months in a row even though it recorded the slowest economy growth rate in six years in January 2016. The inflation rate is alarmingly at 4.7 percent above the two percent target of Chile government.
UK's first potash mine unveils £2.5-bln investment plan amid concerns
Sirius Minerals has decided to execute a potash mine, Britain's first potash mine in 40 years, at an investment of £2.5-billion. Sirius is planning to raise funds from investors and banks. Environmentalists are raising concerns , however, about the project as it would have underground network of tunnels underneath North York Moors National Park.
Latest News
India’s gold market is threatened as the government revealed a new jewelry tax regulation, requiring a 1 percent sales tax on gold jewelry. Import taxes has not been changed, even though jewellers have expected the government to eliminate the 10 percent import duty.
San Diego SeaWorld announced that it will no longer offer theatrical shows for orcas but instead it will be replaced by an educational show about the killer whale itself. The theme park's declining number of visitors and with the left and right criticism it received from animal activists made them change their tarnished image. However, orcas born and raised in captivity cannot be released to the wild as they could not fend for themselves and might perish.
Boeing has chosen London as its home for new European headquarters. Boeing's decision came soon after a joint pronouncement of a host of businessmen in favor of Britain staying in Europe.
Vijay Mallya's Kingfisher's House is in auction with a base price fixed at Rs 150 crore. A consortium of SBI led the auction where interest buyers will bid online. Lenders are optimistic that the said e-auction will generate huge amount to suffice the amount to pay for the loans granted to Kingfisher Airlines and other debts.
The UK government and Office for National Statistics (ONS) have decided to enhance data quality. Taking central bank Governor Charlie Bean's suggestions into consideration, the British government has earmarked GBP 17 million ($24 million) investment for creating new centers of excellence.
Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
A huge slump in Valeant Pharmaceutical stocks on Tuesday made Pershing Capital to lose more than $1 billion in one day. Meanwhile Bill Ackman planned to take more active role in the drugmaker.
FedEx said in a statement that “a new entity competing” with the company will have to spend tens of billions of dollars to replicate its current extensive network. The statement, referring to Amazon’s new plan to get into the logistic business, also assured that FedEx’s relationship with Amazon remain strong.
McKesson is terminating 1,600 staffs from its US division in an effort to trim expenses after some important customers left the company.
