3.34k followers • 10 symbols Watchlist by Yahoo Finance
This basket consists of brick and mortar who have lost considerable market share to online competition.
Investing.com - The European Central Bank’s policy meeting will be front and center this week as investors wait to see what action central bank head Mario Draghi may take to support the euro area economy.
(Bloomberg) -- Walmart Inc. is conducting its second U.S. restructuring in as many months to better integrate its money-losing online business with its 4,700 physical stores.The world’s largest retailer will merge the logistics and finance teams for its e-commerce unit and stores, according to an internal memo obtained by Bloomberg News. The company’s merchandising operation, which makes critical decisions on what products to carry, when to carry them and at what price, will maintain separate teams “to enable focus and speed,” Chief Executive Officer Doug McMillon said in the memo.Walmart’s digital business is inextricably tied to its stores, evidenced by its fast-growing grocery pickup service, where online orders are picked in its aisles, then trotted out to customers in the parking lot. Responsibility for that web grocery business falls under U.S. CEO Greg Foran rather than e-commerce chief Marc Lore.The decision to keep merchandising separate -- for now at least -- illustrates the primacy of Walmart’s in-store merchants, who for decades have wielded vast power inside Walmart’s sprawling corporate bureaucracy. It also shows the increasing complexity of managing an online business that sells about 75 million products, many from small third-party sellers, and now promises next-day delivery in many states to battle rival Amazon.com Inc.Separately, Walmart is expanding the role of Chief Customer Officer Janey Whiteside, who joined the company in 2018 after many years at American Express Co. She’ll now be responsible for running the team’s financial services, product returns and Walmart’s burgeoning advertising business -- ancillary units that are growing in importance as they generate incremental revenue and profit.Renewed PressureWalmart is facing renewed pressure to produce earnings at its online unit as it tries to keep traditional rivals like Target Corp. at bay and simultaneously chip away at the lead built up by Amazon. Underscoring the challenge, the Seattle-based e-commerce giant just wrapped up its Prime Day promotional event earlier this week, with sales surpassing those on Black Friday and Cyber Monday combined. Walmart’s mission is complicated by the recent loss of its e-commerce chief revenue officer in the U.S., Scott Hilton, who had been a long-time lieutenant of Lore.Another of Lore’s deputies, Nate Faust, who had been running the supply chain for Walmart.com, will move to a new, undefined role, the memo said. Faust was one of the founders of Jet.com, which Walmart acquired in 2016 and has now been fully integrated into the larger company amid declining traffic and revenue.The newly combined logistics division will be led by Greg Smith, who currently runs that unit for the U.S. stores, while U.S. stores finance chief Michael Dastugue will take charge of the integrated team there. Ashley Buchanan, who currently runs merchandising at Walmart’s warehouse subsidiary Sam’s Club, will assume the new role of chief merchandising officer for U.S. e-commerce, but will remain in Bentonville, Arkansas, instead of moving to the unit’s California headquarters.Walmart’s U.S. online business has grown, becoming a viable second fiddle to Amazon after the division’s revenue expanded 40% last year. But the business continues to be in the red, with losses expected this year of about $1.7 billion, up from $1.4 billion last year, according to Morgan Stanley estimates.To contact the reporter on this story: Matthew Boyle in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Anne Riley Moffat at email@example.com, Jonathan Roeder, Mark SchoifetFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The May Japanese MoM All Industry Activity Index data release shocked the street analysts. The Kiwi pair kept lingering near its 3-month top vicinity on Friday.
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...
(Bloomberg) -- Oyo Hotels and Homes founder Ritesh Agarwal will invest $2 billion to triple his stake in the SoftBank-backed Indian lodgings startup he established in his teens.Agarwal will buy shares from existing investors Lightspeed Venture Partners and Sequoia India, which will remain backers of the startup, the company said in a statement. The deal will value Oyo at about $10 billion and raise Agarwal’s slice of the company to 30% from about 10% now, people familiar with the matter said, asking not to be identified discussing a private transaction. The entrepreneur won support from banks and other financial partners for his deal, Oyo said.That valuation makes Oyo one of India’s most valuable startups, ranking after One97 Communications, the parent of digital payments pioneer Paytm. E-commerce giant Flipkart Online Services Pvt was acquired by Walmart Inc. last year in a $16 billion deal. Oyo, which provides accommodation to travelers from India and China to the U.K. and U.S., grew revenue more than four times in June from a year earlier. It now has a million rooms under its brand, of which more than 200,000 are in India.Agarwal founded the startup in his teens after dropping out of college and roaming India on a shoestring budget. The wild, erratic standards at hotels and guest houses he encountered inspired him to start the online service, and the brand now aims to provide travelers a consistent experience.Oyo mainly signs on hotel owners and then helps them upgrade everything from bathroom fittings to furniture and bedding, and then provides them standardized supplies like sheets and toiletries, and support to train their staff.It employs hundreds of people in the field who evaluate properties on some 200 factors, from the quality of mattresses and linens to water temperature. To get a listing, along with a bright red Oyo sign to hang street-side as a seal of housekeeping approval, most hoteliers must agree to a makeover that typically takes about a month. Oyo then gets a cut of roughly 25% of every booking. Rooms usually run between $25 and $85.“It is a very exciting time for Oyo right now as we make great living spaces come alive across all corners of the world from Texas to Tokyo,” Agarwal, who is also chief executive officer, said in the statement.He will carry out the transaction, which requires shareholder and regulatory approval, through an entity called RA Hospitality Holdings (Cayman), Oyo said.“We remain committed to supporting this world-class management team,” Mohit Bhatnagar, managing director of Sequoia Capital India Advisors, said in the statement.(Updates with valuation and stake from the first paragraph.)To contact the reporter on this story: Saritha Rai in Bangalore at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The spotlight for the day flashes over the crucial Canadian May MoM Retail Sales data. Crude prices rose more than 2% today as the US Navy downed an Iranian drone, elevating Middle East tensions.
The U.S. House of Representatives on Thursday passed legislation to raise the federal minimum wage to $15 an hour by October 2025, a big win for workers and labor groups, even as it remained unlikely the bill would pass a Republican-controlled Senate. The move comes at a time when the $15 minimum wage fight, first started by fast-food workers in New York in 2012, has been gaining momentum around the country with several states and large private-sector employers that hire entry-level workers. Cities and states including Seattle, San Francisco, New York state, California, Arkansas and Missouri have raised their minimum wage.
We hope these efforts will help Office Depot (ODP) achieve the much-required turnaround in an environment where demand for office products is diminishing.
Based on the early price action, the direction of the September U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the pivot at 96.740.