Nov 7, 2017

Billionaire Bill Ackman: why malls are here to stay

Bill Ackman, CEO and founder of Pershing Square Capital. Photo: Richard Drew / AP

Credit Suisse analysts predict that upwards of 1 in 4 malls in the United States will close by the year 2022, as Americans turn to online shopping rather than spending their weekends browsing the selections at traditional stores.

But that doesn't mean that many malls won't reinvent themselves, according to billionaire investor Bill Ackman. He tells CNBC:

[Malls are] going to have different tenants, in 5 and 10 years from now. Think about what a mall is. A mall is 100 acres at the intersection of the two most important highways in a particular community . . . It's going to be more food and entertainment and innovative concepts."

Go deeper: How America's malls are already making the transition

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Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.

Situational awareness

Photo: Win McNamee/Getty Images

Catch up on today's biggest news:

  1. Roger Stone sentenced to 40 months in prison
  2. Top NSC official reassigned to Energy Department amid "Anonymous" fallout
  3. Morgan Stanley to buy E*Trade in $13 billion deal
  4. Coronavirus slams companies' 2020 sales projections
  5. Black activist group gives its first presidential endorsement to Elizabeth Warren

Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,100 people and infected over 75,000 others, mostly in mainland China, where the National Health Commission announced 114 new deaths since Wednesday.

Go deeperArrowUpdated 1 hour ago - Health