Watch Live: Jerome Powell and Steven Mnuchin testify before Congress.
Kohl’s Cuts 15% Of Corporate Jobs
Kohl’s Corp. (KSS) disclosed in a regulatory filing on Tuesday that it reduced corporate jobs by about 15 percent, as it looks to save cash due to the business impact resulting from the COVID-19 pandemic.
According to reports, the department store operator cut jobs at its headquarters in Menomonee Falls, Wisconsin, as well as offices in New York and Milpitas, California.
The retailer expects pre-tax costs of about $23 million for the restructuring actions, the majority of which will be recorded in the third quarter of 2020.
The company expects the job cuts will save it about $65 million per year.
Together with its February 2020 restructuring actions, the company expects to save more than $100 million per year, the retailer said in a statement.
Kohl’s said in February that it would lay off 250 jobs. The lay offs included an entire “layer” of regional store leadership positions and restructuring teams in its merchant organization.
TRAI recommends body to monitor net neutrality
Regulator says norms will apply to 5G
The Telecom Regulatory Authority of India on Tuesday recommended the creation of a multi-stakeholder body (MSB) to ensure that Internet access providers adhere to the provisions of net neutrality.
The MSB, which could include telecom service providers, Internet service providers, content providers, researchers, academic and technical community, civil society organisations, and the government, should be set up as a non-profit entity.
“The role of the MSB shall be to provide advice and support to DoT in the monitoring and enforcement of net neutrality principles,” TRAI said.
The MSB may also be required to investigate complaints regarding the violation of net neutrality.
TRAI also suggested that the MSB help DoT in maintenance of a repository of reasonable traffic management practices.
The net neutrality principles adopted by DoT were technology neutral and would apply equally to 5G technology, the telecom regulator clarified.
Ava DuVernay, Taika Waititi, Wes Anderson Among Names Set For Adobe Max Creative Conference
Adobe on Tuesday set the lineup for the ambitious Adobe Max, its annual creativity conference that is going virtual this year. Set to run October 20-22 and be hosted in part by Chelsea Handler, the event’s roster includes appearances from Hollywood A-listers Common, Gwyneth Paltrow, Kenya Barris, Miranda July, Naomie Harris, Nick Offerman, Stanley Tucci, Taika Waititi and Wes Anderson, along with special guests Ava DuVernay, Annie Leibovitz and Tyler, the Creator.
The program, which is free, features more than 350 sessions running the gamut from guest speakers to musical performances and collaborative art projects. Handler will host the Adobe Max Sneaks livestream, offering looks at new creativity tools and technology from Adobe Labs.
The event will be hosted at Adobe.com and requires an Adobe ID.
“The pandemic has sparked an outpouring of creativity, productivity and innovation unlike anything I’ve ever seen,” said Alex Amado, VP Experience Marketing at Adobe. “Creativity has the power to bring people together, mobilize movements, and create lasting change. We’ve designed Adobe Max to be a hub for the community to come together to learn, be inspired, and even co-create. We’re excited to be able to host this unique and uniquely creative event.”
More info here.
European Economics Preview: Sweden Central Bank Rate Decision Due
The interest rate announcement from Sweden’s central bank is due on Tuesday, headlining a light day for the European economic news.
At 1.00 am ET, Statistics Finland releases unemployment data for August. The jobless rate was 7 percent in July.
At 3.00 am ET, consumer confidence survey results are due from Turkey.
At 3.30 am ET, Riksbank is set to release its monetary policy report. The bank is expected to hold its key repo rate at zero percent and asset purchase programme at SEK 500 billion.
At 6.00 am ET, the Confederation of British Industry is scheduled to issue Industrial Trends survey data. The order book balance is forecast to rise to -41 percent in September from -44 percent in August.
At 8.00 am ET, Hungary’s central bank is slated to announce the outcome of its monetary council meeting. The bank is set to hold its key rate at 0.60 percent.
Number Of Mortgage Loans In Forbearance Decreases To 6.93%: MBA
The number of mortgage loans in forbearance dropped to 6.93%, according to the Mortgage Bankers Association.
The MBA’s latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 8 basis points from 7.01% of servicers’ portfolio volume in the prior week to 6.93% as of September 13, 2020.
According to MBA’s estimate, 3.5 million homeowners are in forbearance plans.
The share of Fannie Mae and Freddie Mac loans in forbearance dropped for the 15th week in a row to 4.55%, which is a 10-basis-point improvement.
Meanwhile, Ginnie Mae continues to be the exception, as its loans in forbearance increased slightly by 3 basis points to 9.15%.
“The share of loans in forbearance has dropped to its lowest level in five months, driven by a consistent decline of the GSE share in forbearance,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “However, not only the did the share of Ginnie Mae loans in forbearance increase, new requests for forbearance for these loans have increased for two consecutive weeks. While housing market data continue to show a quite strong recovery, the job market recovery appears to have slowed, and we are seeing the impact of this slowdown on FHA and VA borrowers in the Ginnie Mae portfolio.”