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Retail ruh-roh: Mall REITs take hit following Forever 21 bankruptcy

first_imgRetail stocks take a hit after Forever 21 files for bankruptcy (Credit: iStock, Phillip Pessar via Flickr)Fast-fashion retailer Forever 21’s bankruptcy filing earlier this week did not help the stock prices of the top mall real estate investment trusts in the country, already facing headwinds from declining foot traffic, nearly continual store closures and the rise of e-commerce.Macerich, Simon Property Group, Brookfield Property Partners, Taubman Centers and Vornado Realty Trust saw their stock prices take a hit this week. Taubman’s stock price took the greatest hit, falling almost 10 percent to close Thursday at $37.49. Westfield-Unibail-Rodamco, which trades on the Euronext exchange in Amsterdam and Paris, also saw its price dip about €4.Aside from Taubman, the other five landlords also represent some of Forever 21’s largest unsecured creditors. Cumulatively, the retailer owes them $20.9 million, bankruptcy court records show.The S&P 500 also is down about 56 points since Monday’s open, taking a tumble Tuesday after a key metric for the manufacturing sector contracted in September to the worst reading in a decade.To some extent, mall owners had braced for Forever 21’s filing, which was expected throughout the industry, experts said. For example, Simon’s stock drop — closing Thursday at $147 after trading around $155 per share over the prior week — may be related to Forever 21’s filing but is likely also tied to broader concerns about retail, said James Shanahan, an equity analyst at Edward Jones.Mall owners also tend to have internal “watch lists” of tenants potentially headed for trouble, said Kevin Brown, an equity analyst covering REITs at Morningstar.“They get the sales numbers from their tenants so they have the insight as to how their tenants are doing … Generally the mall REITs are not surprised and they start taking actions in advance,” said Brown.But the constant drumbeat of store closures is making it hard for many mall REITs to outperform, according to Shanahan. Edward Jones cut its buy rating of Simon to a hold.Unlike other real estate investment trust sectors, enclosed mall REITs are among the worst-performing so far this year, experiencing one-year return losses of 13.5 percent, research released by Barclays earlier this week shows. The only sector performing poorer was hotels, with return losses of 14.9 percent.The stronger-performing REIT segments tend to be those with long-term leases that are not prone to cyclical changes — think healthcare and industrial properties, said Morningstar’s Brown. While malls also hold long-term leases with their tenants, there is too much uncertainty with some tenants. “The total number of stores closing is a record number in 2019 and we still have three more months to go in the year,” Brown said.After it filed for bankruptcy, Forever 21 said it would close at least 178 stores across the U.S., and that figure might change. Meanwhile, other retailers are closing up shop; also bankrupt Payless ShoeSource opted to close all of its over 2,300 stores. This content is for subscribers only.Subscribe Nowlast_img read more

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Stoiximan extends Eastern European presence with Betano Romania launch

first_img Romania’s ONJN adds 20 sites to blacklist August 14, 2020 Greek licensed online betting operator Stoiximan furthers its Eastern European market presence by launching the services of its Betano (Betano.com) sportsbook for the Romanian market.Launching its Betano brand, Stoiximan governance stated that it saw great potential for its product in the recently regulated Romanian online betting market, with the bookmaker committed to adhering to new policies and regulations regarding the provisions and marketing of online betting services.At present the Betano brand operates services within the Polish online betting market, the brand is reported to have over 150 dedicated staff for its Eastern European operations.On entering the Romanian market, holding company Stoiximan declared that Betano had proven market competencies and capabilities to become the leading online betting brand for RomaniaSpeaking to Romanian business news sources Panos Konstantopoulos, Chief Marketing Officer Stoiximan & Betano.com brand commented on the launch:“We have a long-term investment plan in Romania, and our goal is to position Betano as a top and trusted brand in the local market. We don’t want to just bring our product in a version translated for the market in Romania, as most of the operators do, but we want to provide an experience tailored to the needs and preferences of Romanians, both as product and as service,” Superbet doubles down on Lucky7’s challenger investment  July 27, 2020 Share Related Articles Stoiximan/Betano rebrands to Kaizen Gaming July 13, 2020 Share StumbleUpon Submitlast_img read more

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Divisions grow in AFL South East

first_imgBy David Nagel Clubs in the South East Football Netball League will have to wait until 2019 before participating in…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img

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Police hard at work for a safer SA

first_imgPolice Department deputy minister Fikile Mbalula and National Police Commissioner Bheki Cele at Operation Duty Calls’ launch. Kaizer Chiefs football club players Jimmy Tau and Kaizer Motaung Junior have pledged to help fight crime.  Actress Sonia Sedibe supports police initiatives in combating crime. (Images: Bongani Nkosi) MEDIA CONTACTS • Nonkululeko Mbatha National police media liaison +27 83 645 6252 RELATED ARTICLES •Cracking down on crime in 2010 •5000 new police for South Africa •SA police at world games •Crime in South AfricaBongani NkosiSouth African police have toughened their fight against crime to ensure the public is kept safe this festive season.Operation Duty Calls was launched on 27 November in the Western Cape province ahead of the 2010 Fifa World Cup final draw, which took place there on 4 December. The campaign, which will run from now until January next year, has also been implemented in Gauteng, KwaZulu-Natal, Mpumalanga and the Eastern Cape.As the campaign kicked off in Gauteng, National Police Commissioner Bheki Cele said “we will make sure that everybody who commits crime in South Africa” lands in jail.Over the festive season police will focus on combating armed robberies, cash-in-transit heists and theft – particularly at shopping malls, and tracing and confiscating all illegally owned firearms. They will also increase their visibility at taxi ranks and train stations.Holiday and tourist hotspots, especially those along the coast, will also benefit from high police visibility and more patrols.In addition, police have stepped up their efforts to fight the drug trade, as there are fears it may escalate in the run-up to next year’s World Cup.Police said they will “not just raise awareness” about crimes at shopping malls and other public areas during the festive season, they will actually be there in person to deal with criminal incidents.“We are proud of Duty Calls. It’s about the selflessness of the men and women in blue,” said South African Police Service deputy minister Fikile Mbalula. Duty Calls is a commitment to rid the streets of crime, he added.Gauteng Police Commissioner Perumal Naidoo said: “We commit ourselves to ensure that all people in this province are safe. We can do even better if we get the support of communities.”Police morale is high, Cele said, and officers are highly committed to their work. “They walk tall. They arrest criminals.”Head of the police investigations unit Anwar Dramat said they will double their work during the festive season. “It is encouraging that our efforts are making the lives of criminals difficult,” he said.Role of communities and businessMany private organisations have signed a pledge to work with police for the Duty Calls campaign – these include Business Against Crime South Africa, South African Council of Shopping Centres, South African Banking Risk Information Centre, South African Federation Against Copyright Theft, Consumer Goods Council of South Africa (CGCSA) and Primedia.Private sector participants have commended government for setting the standard. “The new energy and drive from the police has to be met by a renewed energy from our [business] community,” said CGCSA.A call has gone out to communities across the country to work with police in the fight against crime and report all criminal activities. The public has also been urged not to support thieves by buying stolen goods.A number of celebrities in Johannesburg, including actors and musicians, and players from popular local football teams Kaizer Chiefs and Orlando Pirates have lent their support to Duty Calls.They will act as police ambassadors to inspire communities to work with authorities to fight crime.“We can really use our voice to get everyone thinking of positive ways to fight crime,” said popular South African singer Kurt Darren.‘Outstanding’ work at final drawThe police’s efforts before and during the draw in Cape Town were outstanding, Cele said. Only two incidents were reported, one of which was a hoax bomb scare made by a foreign freelance photojournalist. “Police worked very hard,” he added.This served as a good indication of how committed police will be in fighting crime and promoting security during next year’s World Cup.The offending journalist spent the weekend in prison and was released on R5 000 (US$666) bail on 7 December. He was due to appear at the Cape Town Magistrates’ Court the following day.last_img read more

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Kevin Love suffers broken hand, could be out 6-8 weeks

first_imgHotel says PH coach apologized for ‘kikiam for breakfast’ claim MOST READ ‘A complete lie:’ Drilon refutes ‘blabbermouth’ Salo’s claims Without Wall, Wizards end Thunder’s winning streak Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ ‘We cannot afford to fail’ as SEA Games host – Duterte BeautyMNL open its first mall pop-up packed with freebies, discounts, and other exclusives View comments Cleveland Cavaliers forward Kevin Love (0) reacts after he was called for a personal foul against San Antonio Spurs forward LaMarcus Aldridge (12) during the first half of an NBA basketball game, Tuesday, Jan. 23, 2018, in San Antonio. (AP Photo/Eric Gay)DETROIT — Kevin Love left Cleveland’s game at Detroit on Tuesday night with a broken left hand.Love went down the tunnel toward the locker room during the first quarter. He had X-rays at the arena, which the Cavaliers say showed a non-displaced fracture in his fifth metacarpal. The team says his status will be updated after additional examination Wednesday in Cleveland.ADVERTISEMENT Do we want to be champions or GROs? – Sotto ESPN’s Brian Windhorst reported that Love would likely to be out 6-8 weeks.Love played only 4:41 on Tuesday night and went scoreless.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSBoxers Pacquiao, Petecio torchbearers for SEA Games openingThe 29-year-old Love has missed only one game this season, and he’s the Cavs’ second-leading scorer behind LeBron James. With the trade deadline looming, Cleveland has been in a funk lately. The Cavs had lost 10 of 15 heading into Tuesday’s game, and they trail Boston and Toronto atop the Eastern Conference.Love’s injury will likely affect the Cavs’ plans as the Feb. 8 trading deadline approaches. The Eastern Conference champions may have to make a significant move to replace Love, who could be out for more than a month. LATEST STORIES Don’t miss out on the latest news and information. Sports Related Videospowered by AdSparcRead Next SEA Games: PH still winless in netball after loss to Thais Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games PH military to look into China’s possible security threat to power gridlast_img read more

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a month ago​Football League clubs reject “compassionate re-entry” of Bury

first_imgTagsEnglish ChampionshipFootball League OneAbout the authorIan FerrisShare the loveHave your say ​Football League clubs reject “compassionate re-entry” of Buryby Ian Ferrisa month agoSend to a friendShare the loveA proposal for Bury to be readmitted to League Two next season was rejected by the English Football League’s 71 member clubs at a meeting on Thursday, reports BBC Sport.Bury, who were in League One, were expelled from the EFL in August after a last-ditch takeover bid collapsed.Earlier this week, a group trying to rescue Bury submitted a plan for “compassionate re-entry” to League Two.However, an EFL statement said “it became clear that the proposal did not have the necessary support”.It added that EFL clubs’ “preferred direction of travel” was “extending the existing principle of a reduction in relegation across all divisions as a means of returning to 72 clubs now and for the future”.It means only one team will go down from League Two this campaign, rather than two, while three clubs will go down from League One.Bury will now have to apply to the Football Association for a place in non-league football. last_img read more

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3 days agoNeville: The type of striker Man Utd will buy

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say Neville: The type of striker Man Utd will buyby Paul Vegas3 days agoSend to a friendShare the loveManchester United legend Gary Neville says manager Ole Gunnar Solskjaer will seek to buy a mobile striker in January.Neville reckons Solskjaer will target a “striker like Roberto Firmino or Son Heung-min” in the New Year.He told Sky Sports: “I look at Firmino when he first came to England, I look at [Mohamed] Salah when he was first at Chelsea, I look at [Sadio] Mane. Sometimes players have to develop into what they are going to become.”I think United want a striker like Firmino, like Son at Tottenham . I think [Solskjaer] wants that type of player.”I don’t think he wants a typical striker who is basically going to be a Lukaku or a Costa.”I don’t think he’s looking for that type. I think he’s looking for a more mobile type in a front three or a front two.”I think this club has always had strikers who can play in pairs, who contribute off the ball.”I’ll make a point about Ruud van Nistelrooy. We won less championships with him at centre-forward than when we brought Louis Saha in to partner Wayne Rooney.”He was nowhere near as good a finisher as Ruud or as good a striker as Ruud, but the team became better. “And that’s my point, I don’t think Ole wants a striker like that; I think he wants a mobile striker.” last_img read more

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Ohio State Football: Former OSU GA Alters Twitter Photo To Show Himself Bodyslamming Mark May

first_imgMark May gets slammed in twitter photo.Mark May ClownFormer Ohio State graduate assistant Anthony Schlegel made headlines last September when he body-slammed an OSU student who had rushed onto the field during the Buckeyes’ game against Cincinnati. The image of Schlegel throwing the student to the turf went viral in no time, and the former Ohio State linebacker decided to incorporate it into his Twitter profile picture. With a humorous edit, of course.Schlegel’s Twitter Avi features former ESPN analyst Mark Mary photoshopped as the streaking student getting taken down. It’s no secret that OSU fans don’t like May, who will not be brought back as part of ESPN’s “College Football Final.”schlegelEven though Schlegel, a former OSU linebacker, doesn’t play or coach at his alma mater anymore, his Buckeye spirit obviously remains intact.last_img read more

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Legislation to Establish ICT Authority Tabled

first_imgLegislation to establish the Information and Communications Technology (ICT) Authority was tabled in the House of Representatives on March 20.The Information and Communications Technology Authority Act, 2019, was tabled by Minister of Science, Energy and Technology, Hon. Fayval Williams.According to the Memorandum of Objectives and Reasons, the Bill seeks to improve the use of technology and interoperability of systems and technologies across the Government; and to drive sustainable digital agenda in the Government and wider society.The legislation also seeks to enable the consolidation and delivery of services across government through a range of delivery modalities; and to establish the mechanism for the development of the directives, codes, standards and guidelines for the acquisition, use and management of ICTs across the Government.The Bill also aims to equip and retool ICT staff to increase the efficiency and productivity of the workforce, and to ensure the security and reliability of ICT-related systems and services.It will facilitate the transfer of the functions of eGov Jamaica Limited and the Office of the Chief Information Officer to the ICT Authority.last_img read more

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Many militants die in Philippine offensive

first_imgCotabato: Philippine troops, backed by airstrikes and artillery fire, killed several militants aligned with the Islamic State group in a new offensive in the marshy heartland of the country’s south, the military said Tuesday. Army Maj. Gen. Cirilito Sobejana said several key commanders, including a long-wanted Singaporean militant, were among the more than 100 militants who came under attack at daybreak Monday in the hilly hinterland near Shariff Saydona Mustapha town in Maguindanao province. One soldier was killed and seven others were wounded in the firefight in the village of Inaladan, where rocket-firing air force helicopters and bomber planes pounded a militant camp before army troops came in. The militants split into groups and withdrew, Sobejana said. Sporadic gunbattles were continuing Tuesday as troops pursued the militants belonging to the Bangsamoro Islamic Freedom Fighters and the Dawla Islamiya, two small groups aligned with the Islamic State group. At least six bodies of suspected militants were found at the scene of the clashes, military officials said. Sobejana said up to 20 militants may have been killed but troops were still attempting to take full control of the camp, where most of the slain gunmen were hit by the airstrikes and artillery fire. Troops were checking if Singaporean militant Muhamad Ali Abdul Rahiman, also known as Muawiya, along with local commander Esmael Abdulmalik, who uses the nom de guerre Abu Toraype, and bomb-maker Salahudin Hassan were among the wounded or slain militants, he said. “The objective is to eliminate these armed groups once and for all,” Sobejana said. The militants have been blamed for recent deadly bombings in the region and shootings that killed four soldiers in Maguindanao. The militants include former members of the largest Muslim rebel group, the Moro Islamic Liberation Front, which signed a peace deal with the government and whose leaders now head a new Muslim autonomous region that includes Maguindanao. Thousands of fighters in the Moro Islamic Liberation Front are to be demobilized under the peace deal. Sobejana said the Moro rebels were not tapped by the military to help fight the extremists to help them shift to normal life. Among the militants targeted by Monday’s offensive were survivors of a deadly siege of southern Marawi city by Islamic State group-aligned militants in May 2017 which was quelled by troops after five months. The militants suffered their largest loss of commanders in Marawi in a serious blow to the Islamic State group’s effort to gain a foothold in the region. In a separate army offensive Monday, troops clashed with more than 20 Muslim militants near Pagayawan town in Lanao del Sur province not far from Marawi in fighting that killed two soldiers and two militants, army Col. Romeo Brawner said.last_img read more

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