May 25, 2017

Malls hinder sales for Kay, Zales, Jared brand owner

Paul Sakuma / AP

Signet Jewelers, owner of Kay, Zales, and Jared, is looking to drop out of malls: it's going to close between 165 - 170 stores this year and is aiming to open 90 - 115 stores elsewhere. Signet is the largest specialty retail jeweler in the U.S., U.K., and Canada.

Breaking it down: This adds to retailers' continued exodus from malls as they eye locations with better traffic to boost sales.

Another move to boost business: Signet is outsourcing its credit portfolio, which allows customers to make purchases, for a few reasons: "eliminating material credit risk...enhancing net sales...minimizing any disruption to business," according to the earnings conference call. Last year in-house credit sales dropped by 12.6%.

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Scoop: Top NSC official reassigned to Energy Department amid "Anonymous" fallout

Photo: Mark Wilson/Getty Images

Deputy national security adviser Victoria Coates will be reassigned as a senior adviser to Energy Secretary Dan Brouillette, the National Security Council said Thursday — and a senior White House official said that the administration "rejects" the rumors that she is "Anonymous."

Why it matters: Coates has battled claims that she is the still-unknown Trump administration official that penned a New York Times op-ed and book critical of President Trump.

The Fed may be setting the table for 2020 rate cuts

Illustration: Sarah Grillo/Axios

The Fed looks to be laying the groundwork to lower U.S. interest rates this year, just as they did in April 2019 before cutting rates in July, September and October.

Why it matters: A Fed rate cut makes taking on debt more attractive for U.S. consumers and businesses, helping to juice the economy, but also puts the central bank in a weaker position to fight off a potential recession.

Morgan Stanley to buy E*Trade in a $13 billion deal

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Morgan Stanley is planning to buy E*Trade Financial Corp. in a $13 billion all-stock deal, the Wall Street Journal reports, with plans to acquire the company known for helping everyday Americans manage their money.

Why it matters: The deal, which would be the largest by a major American bank since the financial crisis, signals Morgan Stanley‘s desire to bulk up in wealth management.