Walmart’s Asda will merge with British retailer Sainsbury. In a separate bit of news, Walmart announced on Monday that it would merge its wholly owned British subsidiary Asda with Sainsbury, which operates the U.K.’s second largest chain of supermarkets and also sells clothing, housewares, electronics, and other merchandise. According to a statement by Walmart, “The new business will operate a distinctive dual brand strategy” with combined revenues of approximately $US69 billion.
Alibaba reported better-than-expected sales for the fourth quarter. The Chinese e-commerce giant announced Friday morning that its fiscal fourth-quarter sales were up 61%, to $9.73 billion, over the year-earlier period, mainly because of strong growth in its online business and cloud computing. But net income was down 29% to $1.2 billion, largely because of Alibaba's substantial investments during the quarter to its retail business.
CVS beat analysts’ estimates on profits for first quarter. CVS Health reported on Wednesday that net income was up 4.8% to $998 million, mainly due to increased sales on prescription drugs. The company also said it was on track to buy health insurer Aetna for $69 billion later this year, a massive deal that could radically alter the nature of health care in the U.S.
Starbucks settled with two men in racial bias case for $1 each. Rashon Nelson and Donte Robinson, who were arrested in a Starbucks in Philadelphia in April, agreed to settle with the coffee giant for $1 each, as long as Starbucks begins work on a $200,000 program to help young entrepreneurs like themselves get started in their careers.
">Walmart has won the battle against Amazon for Flipkart. Walmart will purchase 75% of the Indian e-commerce company Flipkart Online Services for about $15 billion, according to a report by Bloomberg Friday morning. The deal follows a bidding war between Walmart and Amazon, with offers as high as $23 billion. Walmart came out ahead in the end probably because Flipkart would have faced potential regulatory issues in a deal with Amazon, which is already the second largest e-commerce operator in India.
Walmart’s Asda will merge with British retailer Sainsbury. In a separate bit of news, Walmart announced on Monday that it would merge its wholly owned British subsidiary Asda with Sainsbury, which operates the U.K.’s second largest chain of supermarkets and also sells clothing, housewares, electronics, and other merchandise. According to a statement by Walmart, “The new business will operate a distinctive dual brand strategy” with combined revenues of approximately $US69 billion.
Alibaba reported better-than-expected sales for the fourth quarter. The Chinese e-commerce giant announced Friday morning that its fiscal fourth-quarter sales were up 61%, to $9.73 billion, over the year-earlier period, mainly because of strong growth in its online business and cloud computing. But net income was down 29% to $1.2 billion, largely because of Alibaba's substantial investments during the quarter to its retail business.
CVS beat analysts’ estimates on profits for first quarter. CVS Health reported on Wednesday that net income was up 4.8% to $998 million, mainly due to increased sales on prescription drugs. The company also said it was on track to buy health insurer Aetna for $69 billion later this year, a massive deal that could radically alter the nature of health care in the U.S.
Starbucks settled with two men in racial bias case for $1 each. Rashon Nelson and Donte Robinson, who were arrested in a Starbucks in Philadelphia in April, agreed to settle with the coffee giant for $1 each, as long as Starbucks begins work on a $200,000 program to help young entrepreneurs like themselves get started in their careers.
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