Simon Property, biggest US mall owner, sues Gap over skipped rent

spike

Shoppers ascend and descend escalators at the King of Prussia Mall, owned by Simon Property Group, United State’s largest retail shopping space, in King of Prussia, Pennsylvania.

Mark Makela | Reuters

The biggest mall owner in the country Simon Property Group is suing one of its biggest tenants, Gap, for failing to pay more than $65.9 million in rent and other charges due during the coronavirus pandemic, according to a lawsuit filed Tuesday in Delaware state court. 

The court battle highlights the mounting tension between retail landlords and their tenants, many of which had stores forced shut due to the

Read More

Weak consumer is overtaking coronavirus as biggest risk: Crossmark

spike

Coronavirus may no longer be the market’s top risk.

According to Crossmark Global Investments’ Victoria Fernandez, weak consumer spending is the biggest threat to the recovery — especially as social unrest grips the nation.

“If you looked about a month or two ago, people would say it was Covid, and it was the reopening that was going to be the issue,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Tuesday. “We could open up factories. We could have manufacturing come back. If we don’t have consumer demand out there right now, that’s not going to help

Read More

Exclusive: Volkswagen in final talks to seal biggest M&A deals in China EV sector – sources

spike

HONG KONG/FRANKFURT (Reuters) – Volkswagen AG (VOWG_p.DE) is in final talks to seal its largest investment deals with Chinese electric vehicle (EV) firms, two sources said, as the German automaker accelerates its push into the world’s largest market for environmentally friendlier cars.

FILE PHOTO: The logo of German car maker Volkswagen is seen on a car outside a garage in Vienna, Austria, Sept. 29, 2016. REUTERS/Leonhard Foeger/File Photo

The firm is poised to buy 50% of Anhui Jianghuai Automobile Group Holding, the parent of EV partner JAC Motors (600418.SS), for at least 3.5 billion yuan ($491

Read More

OPEC slashes oil demand forecast again, sees biggest hit this quarter

spike

LONDON (Reuters) – OPEC slashed its forecast on Wednesday for global oil demand this year and predicted this quarter would see the steepest decline even as some countries ease lockdown measures designed to stem the coronavirus outbreak.

FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

The Organization of the Petroleum Exporting Countries now expects global demand to contract by 9.07 million barrels per day (bpd), or 9.1%, in 2020, it said in a monthly report. Last month, OPEC expected a contraction of

Read More