Sears paid down $325 million on an existing loan in the fourth quarter and won an extension on the maturity date for the remaining $400 million until January 2019, the retailer said in regulatory filings. The company has also secured a $607 million credit facility which is secured by 138 properties that Sears will eventually sell to repay the loan.
Deutsche Bank and BNP Paribas analysts say European Central Bank President Mario Draghi might disturb markets Thursday by delivering a more hawkish message than expected. At other major banks, analysts expect the ECB to stay the course, though a Citigroup strategist says Draghi could "perform his Jedi mind trick" to prevent market volatility.
As investors await Federal Reserve Chair Janet Yellen's expected announcement of a final interest-rate increase this year, they will be more interested in any hints on the pace of rate increases in 2018 and the central bank's forecast for how proposed tax cuts would affect the economy. "While the tax package is not a game changer, it does add more confidence that the Fed can keep going" with rate increases, said Brett Ryan, senior US economist at Deutsche Bank Securities.
Worldwide real wage growth -- the increase in salary minus inflation -- is expected to be just 1.5% on average in 2018, the smallest rise in the past five years, according to Korn Ferry. US workers are predicted to see a 1% increase in real pay, while employees in China could see a boost of 4.2%.
ACIC's Mark Sektnan recently told California homeowners that certain assistance from insurers can arrive within days after a home is destroyed by wildfires. PCI's Nicole Mahrt Ganley said insurers, homeowners and local officials all have roles in affecting the pace of rebuilding after a wildfire.
Professionals should seek input from managers on skills they might need in order to advance their careers next year, writes Martin Yate. Make sure to take advantage of the advice you receive, and check in informally every few months to give updates on your progress.
A handful of current and former staffers of former Senate banking committee Chairman Richard Shelby, R-Ala., have been named to key finance positions. Jelena McWilliams has been nominated chairwoman of the Federal Deposit Insurance Corp., and William Duhnke has been appointed chairman of the Public Company Accounting Oversight Board.
President Donald Trump, who as a candidate proposed $1 trillion in infrastructure spending, reportedly is planning to introduce his infrastructure plan in January. What will be in the final proposal is unclear, especially given uncertainty of the administration's stance on issues such as public-private partnerships.
US Trade Representative Robert Lighthizer denounced other members of the World Trade Organization at a ministerial meeting in Argentina for turning to litigation to pursue trade objectives. He said some countries believe they will "gain concessions through lawsuits that they could never get at the negotiating table."
The search for yield has revived UK securitisations, but the products are susceptible to volatility and are likely to be adversely affected by Brexit, experts say.
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