China’s woes, yields on US bonds ding markets
NEW YORK — The stock market recovered some of a swoon caused by the latest signs of distress in China’s economy and rising U.S. bond yields.
An increase in China’s commercial lending rates worried investors, and the Shanghai Composite Index plunged 5 percent as a result.
The yield on the 10-year Treasury note rose to its highest level in almost two years.
The Dow Jones industrial average fell 139.84, or 0.94 percent, to close at 14,659.56 Monday. It was down as much as 248 in the first hour of trading.
The S&P 500 fell 19.34, or 1.2 percent, to 1,573.09.
The Nasdaq fell 36.49, or 1.09 percent, to 3,320.76.
Ousted chair off board of Men’s Wearhouse
NEW YORK — Ousted Men’s Wearhouse founder George Zimmer has quit the company’s board. Zimmer was fired as the company’s executive chairman last week. On Monday, he submitted a letter resigning, saying it’s clear from his firing the board is determined to avoid addressing his concerns with recent board decisions and the company’s direction.
Zimmer, 64, built Men’s Wearhouse from a small Texas store to one of North America’s largest men’s clothing sellers.
Neiman Marcus’ IPO may raise up to $100M
NEW YORK — Luxury retailer Neiman Marcus plans to raise up to $100 million by returning to the stock market with an initial public offering.
That amount is likely to change, though, as bankers gauge investor interest. The plan to go public, announced in a regulatory filing Monday.
The IPO comes at a time when the stock market, which influences luxury spending, has become volatile. Neiman Marcus didn’t disclose how many shares would be offered or the projected price range.
East Cooper Medical’s parent Tenet to grow
DALLAS — East Cooper Medical Center owner Tenet Healthcare Corp. is buying Vanguard Health Systems Inc. for about $1.8 billion, helping to expand its service offerings and broaden its geographic reach.
The companies said Monday the transaction also includes $2.5 billion in debt and value the entire deal at $4.3 billion.
Both boards approved the deal, which is expected to close before year’s end. Vanguard has no South Carolina hospitals.
Delta, Virgin Atlantic to start joint marketing
NEW YORK — Delta Air Lines and Virgin Atlantic will market each other’s flights, now that Delta has completed a $360 million deal for 49 percent of the British airline, they announced Monday.
Delta, Charleston’s biggest carrier by passenger volume, bought the stake to gain access to the lucrative London market.
Regulators signed off last week on the sale, which closed Monday. Richard Branson’s Virgin Group still owns 51 percent of Virgin Atlantic.
Starting July 3, the two airlines will jointly market flights on 108 routes through a process known as code-sharing.
Renovated terminal set to be unveiled at LAX
LOS ANGELES — A newly renovated terminal at Los Angeles International Airport will make it tough to remember there’s a plane to catch.
When it opens in August, the Tom Bradley International Terminal will highlight the excesses of L.A., with its lineup of duty-free shops featuring luxe boutiques. In addition, its Parisian bar features champagne and caviar that passengers can carry onto a plane.
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