EKONOMI DUNIA

EKONOMi DUNIA

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BHS threatens to close half its stores putting hundreds of jobs at risk

BHS, the cash-strapped department store group, is threatening to close up to half its shops if landlords do not agree to a reduction in rents.

BHS has filed a company voluntary arrangement (CVA), a type of insolvency proceeding, at the high court in an attempt to push through a vital restructuring of its finances.

It is understood that the business has told landlords it will shut 50-60 shops without substantial reductions in rent, while another 30 are also at risk without cuts. Hundreds of jobs could be lost if BHS presses ahead with its threat.

"It's A Recession Stupid" - US Factory Orders Tumble For 15th Month In A Row: In 60 years, the US economy has not suffered a 15-month continuous YoY drop in Factory orders without being in recession.

Brazil's economy slumps to 25-year low

Brazil’s economy suffered its worst slump for quarter of a century last year as a global commodity rout, a domestic political crisis and rising inflation forced businesses to slash spending and jobs.

Economists warned that the country’s recession had further to run and could deepen amid fresh signs that a drop in demand has continued into 2016.

Official figures showed Brazil’s GDP fell 3.8% in 2015, the steepest decline since 1990, when the country was battling hyperinflation. Last year finished on a gloomy note with fourth quarter GDP down 1.4% on the previous quarter against the backdrop of a deepening political corruption scandal.

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