Leaders of Asia-Pacific economies have failed to agree a communique at a summit in Papua New Guinea after a war of words between the US and China over trade and investment.

Facebook has found itself drawn into an escalating political row in Sri Lanka as opposition MPs accuse the ruling party of using data to launch a crackdown.

Theresa May will step up her fightback against moves by Conservative MPs to oust her with a hard-hitting speech to business leaders on immigration.

Nick Collier is to become the City of London Corporation’s key representative in Brussels after Brexit – Reports Sky News

Banking and housebuilding stocks remain under pressure as businesses exposed to the UK economy continue to feel the heat from the ongoing political crisis over Brexit.

 

Amazon says its new second headquarters will be split between New York City and Arlington, Virginia – ending months of speculation.

An investigation by cyber security firm Symantec has now uncovered that the North Korean government is stealing tens of millions of dollars by hacking into banks and forcing ATMs to dispense cash to mules.

BRANDS FINANCE

Owner of Wrangler and Lee jeans considering selling the brands

VF Corp is considering a sale or spinoff of its denim business –which could be valued at several billion dollars.

VF Corp, which owns both Wrangler and Lee, is considering a sale or spinoff of its denim business, according to what sources reported to The Wall Street Journal on Friday. The apparel and footwear company also owns smaller brands Rustlers and Rock & Republic.

Based on the denim business’ sales, it could be valued at several billion dollars. The division posted $2.66 bn in sales and $422 mn in profit last year. Since 2015 though, sales have fallen 5 % and profit has fallen 2 %. The decline is credit in part due to the rise and popularity of yoga pants— which have become a very popular alternative to jeans, and have cut into their sales.

The decline in VF’s denim business has paralleled overall industry trends. Jeans sales in the US were $16.2 bn last year– a decrease from 2013– when the industry had $18.8 bn in total sales.

VF Corp shares rose following news of the potential sale or spinoff, reaching a 52-week high of $97.

Last month, the company reported fiscal first-quarter earnings that beat Wall Street analysts’ expectations. VF’s other prominent brands include sneaker brand Vans, outerwear retailer The North Face and boots maker Timberland.

In March, the company announced plans to sell the Nautica apparel brand. The move was warmly greeted by investors, and VF’s stock climbed more than 50 % in the past year.

VF representatives have not commented on the matter as of now.

-GBO Correspondent.

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