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Jul 19, 2019
Anheuser-Busch InBev announced this Friday that it would be selling its Australian business, Carlton & United Breweries, which caused the company's shares to jump by 4%. InBev said that the breweries will be sold to Asahi Group Holdings for about $11.3 billion. The money from the deal, which is expected to be closed by the end of next year's first quarter, will be used to pay the company's debt. However, a research published earlier this Friday, said that the sale could have other benefits.
Jul 19, 2019
Ascena Retail Group, the parent company of fashion retailer Dressbarn, announced that it would be closing 53 stores in August due to the business' winding down process. The news comes a few months after the retail group announced its plans to shut all of its Dressbarn retailers to focus on its other businesses, Ann Taylor and Loft, which are more profitable. Dressbarn has been struggling due to the lack of interest from women that gravitate towards "fast-fashion" stores such as Zara, H&M, Target, Ross, and T.J Maxx. The company already released the list of the stores that will be closing its doors, and it includes locations all over the U.S.
Jul 19, 2019
General Motors is launching a redesigned version of its Chevrolet Corvette, a popular vehicle that was first introduced back in 1953. Just like Ferrari and other competitors have in the past, General Motors is hoping to grow its sales with a vehicle that comes with the engine placed in the middle. The reveal of the new vehicle took place this Thursday in Tustin, California. According to the company, the car run with a V-8 engine and is one of the fastest vehicles produced in the United States. According to Mark Reuss, the president of GM, the car will still feel like the original Corvette in terms of comfort and fun.
Jul 19, 2019
More and more companies are coming out with their own streaming platforms, such as BBC and ITV partnering on BritBox, an HD programming network that is set to launch during the last quarter of the year. The platform will include a wide range of series and movies that members will be able to enjoy for $7.50 a month. Britbox is just one of the many platforms that will be launched this year, and alongside WarnerMedia, NBCUniversal, Apple and Disney, it will face Netflix as its main rival.
Jul 19, 2019
According to a memo sent by CEO Doug McMillion, the retailer is making some changes in its organizational structure. The changes are part of a strategy that the company has been implementing in the last few years, which helps bring together all the operations, assets, and leaders. Some of the most recent and relevant additions to the company are Suresh Kumar, who was hired as Walmart's Chief Technology Officer, and Janey Whiteside, the new chief customer officer. Twelve other leadership positions were assigned among the new U.S. supply chain leadership crew.
Jul 19, 2019
Boeing revealed that it would take a huge charge of $4.9 billion as a consequence of the groundings that came after the 737 Max crashes that killed hundreds of people last October and March. According to Refinitiv, despite the expectations of analysts that the company's earnings would reach $1.80 per share, Boeing will take the charge of $8.74 per share that would wipe out any profit. The company's full report of the second quarter is set to be released this upcoming Wednesday. However, regulators haven't disclosed when the grounding will be removed.
Jul 19, 2019
Internal sources claim that the company hired advisors to help it explore new alternatives regarding the restructuring of debt. Some sources also revealed that the giant U.S. retailer has been meeting up with lawyers and investment bankers to advise them about its debt and financial situation. This comes as an attempt to turn around its current status due to the high competition in the market from other retailers such as T.J Maxx, Marshalls, and Amazon. It was also revealed that the company is exploring diverse strategies such as raising additional cash or start negotiations with creditors.
Jul 19, 2019
Purdy, a Huawei executive, spoke up about America's export ban and how the measure will affect employees in the U.S. Purdy said that the officials are going "too far" trying to make the country "safe" and that one of the consequences might be massive job cuts. Although the executive's comments referred to loss of jobs at Huawei suppliers, there have been reports that Huawei is scaling down its operations in the U.S. According to Purdy, the ban will not contribute to making America safe in any way, because there are other suppliers that could get hacked by the "bad guys."
Jul 19, 2019
The famous Dutch snack, Stroopwafels, have been introduced into the American market in recent times. Mcdonald's first included a Stroopwafel McFlurry as part of its limited-time menu items back in June, and now, United Airlines, announced that it would be offering the treat to its passengers. The vice president of trends and marketing at CCD Innovation, Kara Nielsen, attributes the increasing popularity of the snack in the U.S. to the fact that it includes everything Americans like to eat, crunchy, crispy, and caramel biscuits that are considered to be "approachable." Although the companies that manufacture Stroopwafels haven't shared its sales data, Euromonitor is expecting the industry's sales to reach $4.3 billion by the end of the year.
Jul 19, 2019
Eduardo Pena, a Mexican immigrant in the United States, filed a lawsuit against Wells Fargo in disagreement with the bank's decision to deny DACA recipients credit. Pena claims that the condition that didn't allow him to get a car loan was unfair and discriminatory. The lawsuit was filed in North Carolina, but Wells Fargo has failed to respond to the accusations in court. The lawsuit, which argues that Wells Fargo intentionally discriminated Pena and violated his rights, is just one of the many legal troubles the bank has been involved in during the last few years.
Jul 19, 2019
Ford announced that it would be laying off about 185 employees out of 4000 from its manufacturing plant in Oakville, Ontario, in September. The president of Unifor Local 707 in Oakville, Dave Thomas, said that the decision was made after going over many other alternatives to avoid the unfortunate scenario, however, more lay offs could happen in January and the plant will be slowing its production as of August 1st. According to Thomas, the ultimate measure is based on a business decision.
Jul 18, 2019
After closing all of its 800 stores in the U.S., Toys R' Us is opening its first two locations this November. The first location will be at Simon Property Group's Galleria mall in Houston, Texas, while the other will be in Paramus, New Jersey. The stores will be permanent starting this November, and ten more stores are expected to be open in 2020. Toys R' Us partnered with b8ta and Tru Kids to revamp its business and avoid making the mistakes that led them to liquidation in the past.
Jul 18, 2019
Ford has unveiled it's latest design, an emoji pickup truck. The reveal was done in a video by the president of automotive operations, Joe Hinrichs, and actor Bryan Cranston. The new design has all the familiar features of Ford vehicles such as the size and similar shape of the Ranger with forward-tilted lights of old F-150s, and the classic Ford blue while still retooling the design. More emojis are in the process of approval by the Unicode Consortium, and the results of the proposal list will be revealed in early 2020.
Jul 18, 2019
Netflix released its second-quarter reports this Wednesday, which came after the platform hit 151.5 million subscribers all around the world. According to Netflix, it is expecting to have another 7 million subscribers by the end of the next quarter. However, the company's profit fell to $271 million after it had been at $384 million, while its revenue increased to $4.9 billion. According to Netflix representatives, the company doesn't believe that competition played a role in its numbers because the platform's material didn't change. However, the loss of some shows such as "Friends" affected the platform's earnings due to the competitive advantage that other platforms like WarnerMedia now have.
Jul 18, 2019
eBay's efforts to attract new customers with a website that is more user-friendly and has promoted listings has helped the company surpass Wall Street's estimates for its profit and revenue during this quarter. The company earned $89 million just from advertising revenue from the promoted listings, and its shares rose to $41.60. eBay also said that its active buyers all around the world grew to 182 million. However, the company's net income fell from $638 million to $403 million in the last year. CEO Devin Wenig also revealed that eBay is collaborating with India's Paytm Mall to invest in bringing inventory to its marketplace.
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