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Danish jeweller Pandora’s chief executive steps down after profit warning

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Anders Colding Friis, chief executive officer of Pandora AS, poses for a photograph in his office at the company's headquarters in Copenhagen, Denmark, on Monday, July 9, 2018. Pandora designs, manufactures, markets, and distributes hand finished and modern jewelry made from primarily sterling silver, gold, and precious and semi-precious stones.

Carsten Snejbjerg/Bloomberg via Getty Images

Anders Colding Friis, chief executive officer of Pandora AS, poses for a photograph in his office at the company’s headquarters in Copenhagen, Denmark, on Monday, July 9, 2018. Pandora designs, manufactures, markets, and distributes hand finished and modern jewelry made from primarily sterling silver, gold, and precious and semi-precious stones.

Danish jewelry maker Pandora‘s chief executive, Anders Colding Friis, is stepping down, the firm said on Thursday, just days after warning of lower sales and profit margins this year.

Shares in Pandora, known for its silver charm bracelets, have plunged by more than a fifth since the company lowered its sales and profit margin guidance for this year and announced plans to cut almost 400 jobs on Monday.

Pandora confirmed preliminary second-quarter sales of 4.8 billion crowns and an EBITDA margin of 31.1 percent released on Monday in connection with the profit warning.

Like-for-like sales growth in the second quarter was down 1 percent compared to a 5 percent decrease in the previous quarter.

The quarterly results were below its expectations partly due to a weak development in the charms category, it said in a statement.

It acknowledged that the strategy it launched in January, aimed at rectifying a lack of innovation and weak growth in key markets, was not progressing as fast as expected.

“We still believe in our strategy towards 2022, but we have realized that we have been too optimistic on the speed of the impact from new products,” said Friis, the outgoing chief executive.

Pandora said in January it would target an EBITDA margin of 35 percent in 2018-2022 and expects sales to increase by 7-10 percent per year in the period.

Late on Monday, it slashed its 2018 sales growth outlook to 4-7 percent, and its EBITDA margin outlook for the year to around 32 percent.



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Global stock market sell-off not an isolated event

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A trader works at the New York Stock Exchange in New York, the United States, Dec. 4, 2018. 

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A trader works at the New York Stock Exchange in New York, the United States, Dec. 4, 2018. 

The latest wave of heavy selling in financial markets is a clear sign of things to come, according to a new report from the world’s oldest international financial organization.

The Bank of International Settlements (BIS), an umbrella group for the world’s central banks, warned on Sunday that a normalization of monetary policy is likely to trigger a flurry of sharp sell-offs over the coming months.

“The market tensions we saw during this quarter were not an isolated event,” Claudio Borio, head of the monetary and economic department at the BIS, said in the report.

“Monetary policy normalization was bound to be challenging, especially in light of trade tensions and political uncertainty,” Borio added.



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Fed is missing critical inflation trend, economic forecaster worries

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A veteran economic forecaster is worried the Federal Reserve and Wall Street are looking at inflation all wrong.

According to Economic Cycle Research Institute co-founder Lakshman Achuthan, they’re largely missing a critical economic trend that shows inflation is in a downturn.

“Inflation is cyclical, and I don’t think everybody really understands that — in particular, the Fed and a lot of market participants,” he said Wednesday on CNBC’s “Trading Nation.” “They’re looking at the level of inflation, and it’s generally up there around near target. But what’s really important is the direction.”

Achuthan highlighted a chart as evidence the inflation cycle is rolling over. He believes it could have market-moving consequences because it could affect the Federal Reserve’s interest rate policy.

“This is just a couple years of inflation cycles here,” he said. “We have PPI growth now and CPI growth both sitting at around 10 and 11 month lows. It’s not simply about oil. The peak in these things happened back in July.”

Achuthan, a self-proclaimed former super bull, has been bearish this year. On “Trading Nation” last April, he turned sour on economic growth because leading indicators were pointing to a slowdown that was picking up momentum.

For Achuthan to become bullish again, he said two things need to happen: The Fed must become more aware of the inflation downturn and leading growth indicators must turn up. The Fed meets on Tuesday and Wednesday to decide whether to raise rates for the fourth time this year.

“With inflation ticking lower, they should consider stopping. But fixated on a 49-year low in the jobless rate and a 9 ½-year high in wage growth, it’s not clear that they will stop just yet,” Achuthan told CNBC by email.



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Harvard professor Roland Fryer faces reports of sexual harassment

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Harvard University professor Roland Fryer speaks at the Clinton Global Initiative in New York on Sept. 25, 2008.

Ramin Talaie | Corbis Historical | Getty Images

Harvard University professor Roland Fryer speaks at the Clinton Global Initiative in New York on Sept. 25, 2008.

A prominent Harvard University economics professor is being investigated for sexual harassment, according to a new report.

Roland G. Fryer Jr., a 2011 MacArthur “Genius” fellowship recipient, is the one of the latest powerful men to get flagged amid the #MeToo movement, which took hold last year. More than 200 men have lost their jobs or major roles as a result, the New York Times said in October.

A Harvard investigator found that Fryer was involved in “unwelcome conduct of a sexual nature” with four women who worked at Fryer’s research lab, the New York Times reported on Friday. The investigator learned that one person who made an accusation about Fryer took disability leave in response to Fryer’s behavior, according to the report.

Allegations about Fryer came to light earlier this year but Friday’s New York Times article provides new details.

One woman who worked in the lab reportedly said that Fryer regularly made inappropriate comments about women, but that his reputation for being vindictive made it difficult for people to speak up. And two women told the investigator they disapproved of how Fryer had put his crotch in the face of a woman at the lab by placing his foot on her desk, the article said.

Read the full article here.



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