TOP NEWS
* Caesars Entertainment Corp. agreed to sell its Rio All-Suite Hotel & Casino to a company controlled by a principal of Imperial Cos. for $516.3 million. The Las Vegas casino operator will continue to run the property under a two-year minimum lease and pay an annual rent of $45 million. "This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties," Caesars CEO Tony Rodio said.
* Thomas Cook Group PLC entered into compulsory liquidation, effective immediately, after the British travel services provider failed to secure support from its shareholders and lenders for a £900 million rescue deal. The move will see about 21,000 staff lose their jobs. The U.K.'s Civil Aviation Authority will work with the company to repatriate U.K. tourists abroad.
TEXTILES, APPAREL AND LUXURY GOODS
* Tod's SpA said it sees signs of progress with its turnaround strategy but expects a potential hit from the ongoing protests in Hong Kong, Reuters reported, citing Chairman Diego Della Valle. The Italian shoemaker's top shareholder reportedly added that the continuing unrest in Hong Kong "is not worrying as of today" for Tod's.
* Marks & Spencer Group PLC CFO Humphrey Singer resigned from the British department store chain. A succession process is now underway, the company added.
* Associated British Foods PLC-owned fashion chain Primark is looking to tap suppliers from countries in Central America, like Guatemala, Costa Rica and Mexico, as it looks to expand its business in the U.S., Reuters reported. The retailer is set to open its 10th U.S. store in New Jersey in the fall, followed by another one in Florida in 2020, the report added.
* Private equity firm Carlyle Group engaged Bank of America Merrill Lynch to look into a potential sale of Italian high-fashion sneaker company Golden Goose Deluxe Brand, Reuters reported, citing two sources close to the matter. The possible transaction was first reported by Italy's Il Sole 24 Ore. Carlyle and Bank of America Merrill Lynch declined to comment, the report said.
* Gucci, owned by France's Kering SA, is facing criticism from one of its models for showing straitjackets at Milan Fashion Week, Bloomberg News reported. Model Ayesha Tan Jones, who showed "Mental Health Is Not Fashion" written on her hands during her walk for the Italian luxury fashion brand, said Gucci's use of imagery was "hurtful and insensitive." "Alessandro Michele designed these blank styled clothes to represent how through fashion, power is exercised over life, to eliminate self-expression and curb identity," Gucci tweeted.
MULTILINE RETAIL
* Target Corp. ended overnight and backroom shifts across some of its stores, while giving workers an option to move to daytime shifts, requiring them to complete more tasks than they can handle, Business Insider reported, citing store employees. "More than 80% of hourly team members report that our stores work to accommodate their schedules, and we're proud of Target's long history of investing in our team's pay, benefits, schedules and career development," the company reportedly said.
E-COMMERCE
* Alibaba Group Holding Ltd.'s business-to-consumer portal Tmall and textile manufacturer Mitsubishi Chemical Corp. co-developed Celwarm, a heat-generating fabric that will help consumers stay warm during the winter without bundling up. Celwarm, which will be marketed by Tmall, was released in August.
HOUSEHOLD AND PERSONAL PRODUCTS
* L'Oréal SA said it reached a settlement with the French tax authorities regarding the tax base of its three subsidiaries: Lancôme Parfums et Beauté, Cosmetique Active International and Prestige & Collections International. The company said it did not incur tax penalties for fiscal years 2014-2018. However, it will record a total €320 million exceptional charge for 2019.
* Consumer goods manufacturer Reckitt Benckiser Group PLC collaborated with commodity chemicals company Dow Inc. and Polish packaging printing house Drukpol.Flexo to develop a resealable mono-material pouch that can be easily recycled. The pouch was created for Reckitt's Finish perfume-free dishwasher detergent line.
FOOD AND STAPLES RETAILING
* John Lewis Partnership PLC's outgoing chairman, Charlie Mayfield, is planning to reduce duplication in the company through a restructuring that will bring the U.K. retail chain and its Waitrose unit closer together, The Sunday Times reported, citing sources. The news comes more than a week after the company posted its first-ever loss of £25.9 million for the half-year.
HYPERMARKETS AND SUPERCENTERS
* Walmart Inc. will stop selling e-cigarettes across all stores in the U.S., including Sam's Club, the retail giant confirmed in an e-mailed statement sent to S&P Global Market Intelligence. The Arkansas-based retailer will complete its exit after selling through the existing inventory. The news was first reported by CNBC.
CASINOS AND GAMING
* MGM Resorts International is in talks with real estate investor Phil Ruffin to sell its Circus Circus property in Las Vegas, Bloomberg News reported, citing people familiar with the matter. MGM Resorts declined S&P Global Market Intelligence's request for comment.
* William Hill PLC is planning to promote its brand in the U.S. through broadcast deals in the country, as the British gaming company anticipates stiff competition in the recently legalized American sports betting market, the Financial Times reported. William Hill US CEO Joe Asher reportedly said "multiple discussions" are underway but declined to name companies that are engaged in talks with William Hill.
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The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng declined 0.81% to 26,222.40.
In Europe, around midday, the FTSE 100 was down 0.53% to 7,305.56, and the Euronext 100 was down 0.86% to 1,089.26.
On the macro front
The Chicago Fed National Activity Index and the PMI Composite Flash are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
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