Goodbye to another landmark: Lord & Taylor sells Fifth Avenue store

WABC

Lord & Taylor is selling its landmark Fifth Avenue flagship store in Manhattan to WeWork for $850 million.

The flagship store is expected to continue to operate in the entire building through the 2018 holiday season, and then rent lower floors after that. The holiday displays will continue to go on this year and next year, a company spokeswoman said. The department store was the first to create Christmas windows for sheer entertainment, rather than for selling merchandise. It also pioneered the animated window display back in 1938.

The rest of the 676,000-square foot building will become WeWork’s headquarters and WeWork office space.

The rapidly growing $20-billion start-up is currently based in Chelsea. WeWork attracts millennials who are looking to share office space.
Lord & Taylor, which is owned by Hudson’s Bay, is the oldest luxury department store in the country dating back to 1826. The Fifth Avenue store between 38th and 39th streets has been home since February 24, 1914.

Hudson’s Bay, which also owns Saks Fifth Avenue, has been struggling as shoppers spend more online and less time in stores.

Gerald L. Storch, who has run company since January 2015, announced his resignation last Friday effective on November 1.

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‘Civilize the market’ for common good, care of creation, pope says

Cindy Wooden
CRUX

Pope Francis said on Friday that in societies where profit is allowed to be the only concern, “democracy tends to become a plutocracy, where inequality and the exploitation of the planet grows.” The pontiff said political action “must be placed truly at the service of the human person, the common good and respect for nature.”

Greater inequality and a more rapid destruction of the environment “are not destiny nor even a historic constancy,” the pope told members of the Pontifical Academy of Social Sciences. “There have been periods in which, in some countries, inequalities diminished and the environment was better protected.”

Francis addressed academy members Oct. 20 during a three-day meeting devoted to the study of “changing relations among market, state and civil society.” The meeting topic was inspired particularly by retired Pope Benedict XVI’s 2009 encyclical letter, “Caritas in Veritate” (“Charity in Truth”), which upheld the right and obligation of governments and groups to intervene with policies to ensure the market economy leads not only to the creation of goods and services, but that it benefits all members of society.

The discussion was particularly timely, Francis said, given “the widespread and systemic increase of inequality and of exploitation of the planet, which is greater than the increase in income and wealth.”

The process is not automatic, the pope said. It depends on individual actions and also on the economic regulations that states impose.

Individuals and governments make all sorts of interventions in the economy through choices about energy, labor policies, the banking system, taxes, social welfare programs and education, he said. “Depending on how these sectors are programmed, there are different consequences in the way income and wealth are distributed among those who helped produce them.”

In societies where profit is allowed to be the only concern, he said, “democracy tends to become a plutocracy, where inequality and the exploitation of the planet grows.

“The development of clean energy to resolve the challenge of climate change” is one area where both workers and the planet would benefit, the pope said. But that cannot happen unless governments “liberate” themselves from lobbies that continue to promote the fossil-fuels industry.

Political action must be placed truly at the service of the human person, the common good and respect for nature,” he said. “Basically, we must aim at civilizing the market, working for an ethic that is friendly toward the person and his environment.”

Palm Beach County residents stock up on supplies as Hurricane Irma heads west

Amy Lipman
NBC5 West Palm Beach

“There was nothing at Walmart,” said Bianca Rodriguez of Palm Beach Gardens. “Not even like one thing of water.”

Emergency officials recommend people have one gallon of water per person, per day for at least five days in the event of a hurricane.

Rodriguez found cases of bottled water at a Winn-Dixie on Military Trail in Palm Beach Gardens Sunday night.

“I lucked out. There’s only a couple left, but at least there was enough for me,” said Rodriguez.

A Home Depot in Royal Palm Beach on Monday morning posted a sign that said they were short of some hurricane supplies.

Public officials took to Twitter Sunday to tell people to get prepared.

Boynton Beach Police Chief Jeffrey S. Katz‏ wrote: “We’re keeping a watchful eye on #irma & we’ll be ready if needed. No need to panic – just be prepared. Worst case: @BBPD has you covered!”

Gov. Rick Scott posted several tweets Sunday:  “Disaster preparedness should be a priority for every Florida family. Visit http://www.floridadisaster.org/getaplan/ to get a plan today.”

“As we continue to monitor Hurricane Irma, families should make sure their Disaster Supply Kits are ready today. http://floridadisaster.org/supplykit.htm

“FL knows how important it is to be prepared. Encourage your loved ones to have a plan ahead of any potential storm. http://www.floridadisaster.org/GetAPlan/

Palm Beach County School District tweeted: “We are watching Irma. This is a great weekend to check your hurricane supplies.”

Just smile: In KFC China store, diners have new way to pay

Reuters

SHANGHAI (Reuters) – Diners at a KFC store in the eastern Chinese city of Hangzhou will have a new way to pay for their meal. Just smile.

Customers will be able to use a “Smile to Pay” facial recognition system at the tech-heavy, health-focused concept store, part of a drive by Yum China Holdings Inc to lure a younger generation of consumers.

Continue reading

Jimmy Nukebot Explodes on the Scene, Transforming NeutrinoPOS

Tara Seals
InfoSecurity

The NeutrinoPOS banking trojan, a constantly evolving malware thanks to its source code having been posted online last spring, has a new form, ominously dubbed Jimmy Nukebot.

Interestingly, it’s no longer in the banking business. Rather, it’s designed to help bad actors do so much more.

“The authors seriously rewrote the trojan—the main body was restructured, the functions were moved to the modules,” explained Kaspersky Lab researcher Sergey Yunakovsky, in an analysis. “The trojan has completely lost the functionality for stealing bank-card data from the memory of an infected device; now, its task is limited solely to receiving modules from a remote node and installing them into the system.”

Those modules contain the payloads, which notably include web injects (which can perform functions similar to those in NeutrinoPOS, like taking screenshots, setting up proxy servers and so on); and a large number of updates for the main module in various droppers. Continue reading

[KR1098] Keiser Report: Zombie Economic Woes

Max Keiser and Stacy Herbert

Max Keiser and Stacy Herbert

In this episode of the Keiser Report’s annual Summer Solutions series Max and Stacy talk to Steve Keen, author of Debunking Economics, about whether or not allowing for the return of the business cycle might be a solution to our zombie economic woes. In the second half Karl Denninger of Market-Ticker.org offers his solution to the ever-worsening not so affordable healthcare crisis in America.

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Silver Analysts Forecast $20 In Bloomberg Silver Price Survey

Max Keiser and Stacy Herbert

Max Keiser and Stacy Herbert

– Bloomberg silver price survey – Large majority bullish on silver
– Silver median “12 month-forecast” of $20
– Precious metal analysts see silver “24 percent rally from current levels”
– Investors are pouring money into silver ETFs
– Speculative funds bearish even as ETF assets rise to record
– Spec funds being bearish is bullish as frequently signals bottom
– Important to focus not just on silver price but on silver value
– “Important to note that all portfolios under all conditions actually perform better with exposure to gold and silver” – David Morgan (see video)

From Bloomberg:

In a Bloomberg survey of 13 traders and analysts, the majority were bullish. 11 people said silver prices would rise and two predicted declines.

Among the seven respondents that provided estimates, the median 12-month forecast was $20 — indicating a 24 percent rally from current levels.

Assets in exchange-trade funds backed by silver have risen 6.6 percent since April 24 to 21,211 tons, according to data compiled by Bloomberg.

In the same time, hedge funds turned negative as prices tumbled. In the week ended July 11, hedge funds were net short by 5,402 contracts, according to U.S. Commodity Futures Trading Commission data. Short positions have tripled since the week of April 25 to 60,775 contracts.

From GoldCore:

We continue to see silver as undervalued vis a vis gold but more especially vis a vis stocks, bonds and many property markets. Rather than selling the financial insurance that is gold, we would advise reducing allocations to stocks, bonds and property and allocating to silver.

If one is very overweight gold in a portfolio and has no allocation to silver than there is of course a case for selling some gold and reweighting a portfolio in order to diversify into silver.

Gold Silver Ratio – 10 Years

With the gold to silver ratio at 76 ($1235/$16.20/oz), the silver price is attractive at these levels and has the potential to be the surprise out performer in H2, 2017.

Silver’s industrial uses and coin and bar demand should see the gold/silver ratio gradually revert to the mean average in the last 100 hundred years which is close to 35:1. This was seen again in April, 2011 when the gold silver ratio fell to 32.4 with silver at $48/oz and gold at over $1,500/oz.

 

Read full story here…

Important Guides

For your perusal, below are our most popular guides in 2017:

Essential Guide To Storing Gold In Switzerland

Essential Guide To Storing Gold In Singapore

Essential Guide to Tax Free Gold Sovereigns (UK)

Please share our research with family, friends and colleagues who you think would benefit from being informed by it.

Special Offer – Gold Sovereigns at 3% Premium – London Storage

We have a very special offer on Sovereigns for London Storage today. Own one of the most popular and liquid of all bullion coins – Gold Sovereigns – at the lowest rates in the market for storage.

sovereign.png

  • Limited Gold Sovereigns (0.2354 oz) available
  • Pricing at spot + 3.0% premium
  • Allocated, segregated storage in London
  • Normally sell at spot gold plus 6.75% to 10%
  • One of most sought after bullion coins in the world
  • Mixed year, circulated bullion coins
  • Minimum order size is 20 coins

These coins are at a very low price and with limited amounts at these record low prices we expect them to sell out very fast.

Call our office today

UK +44 (0)203 086 9200
IRL +353 (0)1 632  5010
US +1 (302)635 1160

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Earth’s Economy Glorifies Waste, Exploitation, Debt, Expediency and Magical Thinking

Max Keiser and Stacy Herbert

Max Keiser and Stacy Herbert

How would extraterrestrial anthropologists characterize Earth’s dominant socio-economic system? It’s not difficult to imagine their dismaying report:

“Earth’s economy glorifies waste. Its economists rejoice when a product is disposed as waste and replaced with a new product. This waste is perversely labeled ‘growth.’

Aimless wandering that consumes fossil fuels is likewise rejoiced as ‘growth.’

The stripping of the planet’s oceans for a few favored species of edible fish is also considered ‘growth’ as the process of destroying the ocean ecosystem generates sales of the desired seafood.

Even more perversely, the resulting shortages are also causes of rejoicing by the planet’s elites, as their ability to purchase the now-scarce resources boosts their social status and grandiose sense of self-worth.

This glorification of waste is the same dynamic that destroyed the civilization on Zork.

Earth’s economy also glorifies exploitation, as this maximizes profits, which appears to be the planetary equivalent of a secular religion that everyone believes as a Natural Law.

Thus slavery and monopoly are highly valued as the most reliable sources of profits. If ethical concerns limit the actual ownership of humans, Earth’s economy incentivizes feudal arrangements that share characteristics of servitude and bondage. In the current era, the favored mechanisms are over-indebtedness (debt-serfdom) and taxation by the state, which extracts approximately 40% of all labor via threat of imprisonment.

Earth’s elites exhibit a pathological preference for micro-managing the commoners via criminalizing much of everyday life and imposing extremely harsh punishments for any dissent or resistance to elite domination.

This is the same dynamic that doomed planetary civilizations in the Blug system.

Earth’s economy is currently dependent on depleting fossil fuels and borrowing from the future to fund consumption in the present, i.e. debt. Rather than face the reality that this is not sustainable and pursue other arrangements, Earth’s elites have chosen expediency, responding to the inevitable crises caused by depletion and dependence on debt with expedient but ultimately destructive policies that paper over the crises but at the cost of generating greater crises in the next iteration.

Humanity appears to default to magical thinking when faced with untenable situations that demand systemic change. This is eerily parallel to the now-lost civilization of Frum.

It seems Earth’s dominant species has selected the most destructive policies and mindsets to glorify and worship. Earth’s current civilization is doomed, with near-zero prospects for the necessary transition to a more sustainable, less exploitive arrangement.

Earth’s decline is a tragi-comedy, much like the one on Ononon that entertained our home planet audiences for a time.”

In case you missed it, here’s a snapshot of total debt as a percentage of median household income: from 79% to 584%. If this strikes you as “healthy growth” because “debt doesn’t matter”– welcome to the Wonderland of Magical Thinking.

 

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

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“Bigger Systemic Risk” Now Than 2008 – Bank of England

Max Keiser and Stacy Herbert

Max Keiser and Stacy Herbert

– Bank of England warn that “bigger systemic risk” now than in 2008
– BOE, Prudential Regulation Authority (PRA) concerns re financial system
– Banks accused of “balance sheet trickery” -undermining spirit of post-08 rules
– EU & UK corporate bond markets may be bigger source of instability than ’08
– Credit card debt and car loan surge could cause another financial crisis

– PRA warn banks returning to similar practices to those that sparked 08 crisis
– ‘Conscious that corporate memories can be shed surprisingly fast’ warns PRA Chair

Bank of England sees bigger financial risks than in 2008

Editor Mark O’Byrne

Stark warnings have been issued by the Bank of England and its regulatory arm, the Prudential Regulation Authority (PRA).

In less than one week the two bodies issued papers and speeches to warn industry members that many banks are showing signs of making the same mistakes that led to the 2008 financial crisis – the outcomes of which are predicted to be worse than those seen just nine years ago.

Increased risks have been noted at different ends of the financial system, from the European corporate bond markets right through to retail lenders.

The Bank of England’s ‘Stimulating Stress Across the Financial System’ was released last week. It looks at how it will assess risk in future studies on the European corporate bond market. It concludes that the corporate bond market could create more instability during the next financial shock than it did in the crisis of 2008.

Just two days before this stark warning, the PRA’s chief-executive Sam Woods told lenders that they were on thin ice with their innovations designed to reduce their capital requirements and buoy earnings. Woods said that whilst their innovations “might meet the letter of the regulation” they must not be “designed to circumvent the spirit” of banking rules.

Bank of England’s Woods accused banks of engaging balance sheet trickery to “circumvent the spirit” of post-financial crisis rules.

Both warnings over both sets of practices is yet another reminder of the stark difference of interests between taxpayers, regulators and the banking industry.

News of institutions circumventing regulations and non-bank corporate lenders creating more risk in the system begs the question if the financial system as we know it will ever be fit for purpose in terms of looking after the needs of borrowers and savers. It also rises concerns about how safe the banks are for depositors and whether banks are ‘safe for savers?’

Balance sheet shenanigans

One of the ‘innovations’ being used by banks is the very same that was used in the run-up to and exacerbated the 2008 financial crisis. It is the use of special purpose vehicles which are used to hold riskier assets in order to free up capital.

Woods told the news conference:

“We have noticed that some institutions are now moving on-balance-sheet financing to off-balance-sheet formats using special purpose vehicles, derivatives, agency structures or collateral swaps.”

 

Read full story here….

Important Guides

For your perusal, below are our most popular guides in 2017:

Essential Guide To Storing Gold In Switzerland

Essential Guide To Storing Gold In Singapore

Essential Guide to Tax Free Gold Sovereigns (UK)

Please share our research with family, friends and colleagues who you think would benefit from being informed by it.

Special Offer – Gold Sovereigns at 3% Premium – London Storage

We have a very special offer on Sovereigns for London Storage today. Own one of the most popular and liquid of all bullion coins – Gold Sovereigns – at the lowest rates in the market for storage.

sovereign.png

  • Limited Gold Sovereigns (0.2354 oz) available
  • Pricing at spot + 3.0% premium
  • Allocated, segregated storage in London
  • Normally sell at spot gold plus 6.75% to 10%
  • One of most sought after bullion coins in the world
  • Mixed year, circulated bullion coins
  • Minimum order size is 20 coins

These coins are at a very low price and with limited amounts at these record low prices we expect them to sell out very fast.

Call our office today

UK +44 (0)203 086 9200
IRL +353 (0)1 632  5010
US +1 (302)635 1160

Link

The reward for mining Maxcoin was just cut in half

Max Keiser and Stacy Herbert

Max Keiser and Stacy Herbert

Maxcoin just experienced a major milestone in its lifespan. The reward for mining a block (a block = a ledger of transaction data) was just cut in half from 16 maxcoins to 8. This means that miners will get 8 maxcoins per block they mine, compared to 16 before the halving.

Don’t worry! This is all supposed to happen! Read more: The reward for mining Maxcoin was just cut in half

More:
Maxcoin FAQ
How to Mine Maxcoin?

Link