Investing

IKEA Stores Owner Ingka Accelerates Investments to Cut Emissions | Investing News

STOCKHOLM (Reuters) – Ingka Group, the owner of most IKEA stores, plans 600 million euros ($712 million) in sustainability-related investments over the next 12 months as the world’s biggest furniture brand aims to be climate positive throughout its value chain by 2030.

The plan is to spend a third on renewable energy, a third on stakes in innovative start-ups, and a third on making its stores and warehouses more sustainable, Chief Financial Officer Juvencio Maeztu told Reuters.

Renewable energy in China and Russia is on the cards, as are companies that could be of help in increasing the reuse, resale and recycling of IKEA products. IKEA buildings that do not yet have renewable energy-powered heating and cooling would be retrofitted to that end, he added.

IKEA is made up of several companies. Ingka, a franchisee to Inter IKEA, besides its retail operations also invests in start-ups, renewable energy, forests and

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Zara-Owner Inditex Starts Online Sales at Budget Brand Lefties | Investing News

MADRID (Reuters) – Zara-owner Inditex’s

little-known budget brand Lefties started online sales in Spain and Portugal on Thursday, giving the label a digital advantage over discount fashion chain Primark in its second-biggest market.

Lefties sells low-priced clothing for women, men and children and is present in six countries – Spain, Portugal, Russia, Mexico, Qatar, and Saudi Arabia – with over 100 stores.

First set up in 1999 as a way to clear Zara clothing from previous seasons, Lefties now has its own designers and ranges. However, it has little visibility compared to Inditex’s main brands like Zara, Massimo Dutti and Bershka and it does not appear on the list of brands on the Spanish company’s website.

A Lefties store on Madrid’s central shopping drag Gran Vía sells short printed dresses for 12.99 euros ($15.33) and cotton candy-striped shirts for 8.99 euros – a similar price point to clothing on sale

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Tough Start for New Boss of BA-Owner as Walsh Bows Out | Investing News

LONDON (Reuters) – With an enviable reputation, IAG’s CEO Willie Walsh would be a hard act to follow at the best of times, but his successor Luis Gallego will have to steer its British Airways and Iberia out of the depths of the worst downturn in aviation history.

A former pilot and dealmaker, Walsh created IAG by dragging two old-fashioned flag carriers into the modern age of budget flying, taking a tough line on unions and cutting costs to build a group that for years outperformed traditional European peers.

As a key player within IAG, Gallego took the helm of Iberia in 2013 and was credited with turning the Spanish airline around. His task now will be to cut group costs while managing damaged relations with unions and politicians and stepping up the battle with low-cost Ryanair

and easyJet

.

Gallego steps into the role on Sept. 8 and said

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Saks Owner Hudson’s Bay Drops Financing Plan: Sources | Investing News

NEW YORK (Reuters) – Hudson’s Bay Co, the owner of luxury department store Saks Fifth Avenue, has ditched its plan to raise up to $900 million in debt after prospective investors requested a higher interest rate than the company was willing to pay, people familiar with the matter said on Wednesday.

The pulled bond offering highlights the perceived risk of lending to brick-and-mortar North American retail chains, even as swaths of the United States and Canada reopen stores and many industries have had easy access to new financing.

Hudson’s Bay, which also owns eponymous department stores in Canada, had sought the bond financing in June to shore up its balance sheet as the COVID-19 pandemic crimped sales.

However, Hudson’s Bay declined to take on the extra debt after finding the interest rate would be higher than initially expected and would come with financially restrictive terms, the sources said. Hudson’s Bay

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U.S. Judge Dismisses Lawsuit Against Danske Bank Over Money Laundering Scandal | Investing News

NEW YORK (Reuters) – A U.S. judge on Monday dismissed a lawsuit accusing Denmark’s Danske Bank A/S and four former top executives of defrauding shareholders by hiding and failing to stop widespread money laundering at its former Estonian branch.

U.S. District Judge Valerie Caproni in Manhattan said shareholders in the proposed class action failed to sufficiently plead that the bank improperly reported revenue derived from money laundering or downplayed its supervision failures.

She also said the plaintiffs, led by four pension funds in New York and Massachusetts, failed to show that Danske acted recklessly or with conscious disregard that its statements were false and misleading.

“They allege in a conclusory way that defendants and employees of (Danske) received reports contradicting public statements, and fail to connect any of those reports to specific representations by specific persons,” Caproni wrote.

The plaintiffs had sought damages for investors who lost money in Danske’s

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BMO Harris – Personal Banking, Business Banking, Loans & Investing

Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A.
Member FDIC.

Notice to Customers

To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001)) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver’s license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your

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