Investing and Economic :: Market news

Boeing to open first European factory, to invest 20 million pounds


´╗┐Boeing Co (BA. N) said it would invest 20 million pounds ($24.98 million) to open its first production facility in Europe to make components for certain aircraft. The 25,000 square feet facility in Sheffield, UK will make actuators for Boeing's next-generation 737, 737 MAX and 777 aircraft, the company said. (bit.ly/2mlevPh)Actuation systems extend and retract wing flaps during different phases of flight. Boeing said the Sheffield factory will work closely with its Portland, Oregon plant which makes machine parts, gear systems and flight controls.

The investment in UK is part of Boeing's strategy to start in-house manufacturing of key actuation components and systems in the United States and UK to reduce cost in its supply chain, the company said. The Sheffield plant will employ about 30 people, and the company expects to recruit them as early as 2018, Boeing said.

UPDATE 4-Canada's MacDonald Dettwiler to buy satellite imagery firm DigitalGlobe * Shares of DigitalGlobe fall 7.5 pct, MDA drop 4.2 pct (Adds details, updates shares)

CORRECTED-UPDATE 3-Canada's MacDonald Dettwiler to buy satellite imagery firm DigitalGlobe Feb 24 Canada's MacDonald Dettwiler and Associates Ltd, a provider of satellite data used for surveillance and communications, said it would buy U.S.-based DigitalGlobe Inc for about C$3.10 billion ($2.40 billion) to strengthen its position in the satellite imagery market.

REFILE-UPDATE 2-BA owner IAG reports profit rise, share buyback LONDON, Feb 24 British Airways owner IAG said it will return 500 million euros ($529 million) to investors after reporting higher annual profits on Friday, helped by cost-cutting and lower fuel costs.

Kohls profit beats as lower inventories boost margins


´╗┐Department store operator Kohl's Corp (KSS. N) followed larger rival Macy's Inc (M. N) in reporting a better-than-expected profit for the holiday quarter, as lower inventories helped the company avoid deep discounting. Both Macy's and Kohl's reported weak sales for November and December as they struggle to overcome stiff competition from Amazon.com Inc (AMZN. O) and tepid demand for clothes and accessories. Kohl's held on to margins as it entered the holiday season with lower inventories and did not have to discount deeply to get rid of unsold holiday stock as it had to in previous years. Inventories per store were down about 5 percent at the end of the fourth quarter. They had been up 5.7 percent in the year-earlier period. The average transaction value at its stores was up 3.8 percent in the fourth quarter ended Jan. 28, even though the number of transactions per store declined 6 percent.

"We've really dramatically reduced inventories this year so our clearance levels and fall transitional inventories are way down compared to last year," Chief Executive Kevin Mansell said on a conference call. Macy's reported a higher-than-expected quarterly profit on Tuesday, helped by the sale of some of its stores and lower costs and taxes but said it would post another year of sales declines.

Kohl's said it expects the sale of sportswear maker Under Armour Inc's (UAA. N) products in its stores, starting early March, to help boost full-year comparable sales by as much as 1 percentage point. However, the company forecast those sales to be in the range of flat to down 2 percent, while net sales could fall 1.3 percent or grow 0.7 percent. Net income fell about 15 percent to $252 million, or $1.44 per share, in the fourth quarter, from a year earlier. Analysts on average had expected earnings of $1.33 per share, according to Thomson Reuters I/B/E/S.

Trump tells CEOs he plans to bring back millions of jobs WASHINGTON President Donald Trump told about two dozen chief executives of major U.S. companies on Thursday he plans to bring many millions of jobs back to the United States.

U.S. labor, housing markets data underscore economy's stamina WASHINGTON The number of Americans filing for unemployment benefits rose slightly last week but the four-week average of such claims, considered a better gauge, fell to a 43-1/2-year low in a sign of a strengthening labor market.

NYSE plans trial run for Snap IPO The New York Stock Exchange will conduct a trial run of Snap Inc's initial public offering on Saturday, according to a notice given last week to stock traders, in anticipation of what is expected to be the biggest U.S. technology IPO in nearly five years.