Oct 9, 2017

44% of retailers have cut prices due to online competition

An Amazon worker picks items for shipment. (Photo: Ross D. Franklin / AP)

Nearly half of retailers in the United States, Europe, and Japan have been forced to cut their prices in the face of online-only competition, according to a survey of retail executives by Applied Predictive Technologies.

Why it matters: It's more evidence explaining why investors have lost confidence in most major retailers outside of Amazon in recent months.

For context: Stocks in 14 out of 29 companies in the S&P 500 retailing industry group have fallen in value this year, a time when more than 70% of stocks in the S&P 500 overall have risen in value, according to S&P Capital IQ. Investors fear these companies' inability to raise prices without also losing market share to the likes of Amazon.

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Updated 31 mins ago - Politics & Policy

Biden: George Floyd's last words are "a wake-up call for our nation"

Former Vice President Joe Biden meets with clergy members and community activists during a visit to Bethel AME Church in Wilmington, Del. on June 1, 2020. Photo: JIM WATSON/AFP via Getty Images

Vice President Joe Biden is calling George Floyd’s dying words “a wake-up call for our nation,” and criticized President Trump’s decision to unleash tear gas on peaceful protesters outside the White House, in a civil rights speech from Philadelphia on Tuesday.

Why it matters: Biden in the address drew a sharp contrast between himself and Trump, whose first remarks addressing nationwide unrest Monday highlighted law and order, extreme demonstrations of militarized “strength” and other blustery threats.

Updated 38 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 6,302,318 — Total deaths: 376,322 — Total recoveries — 2,716,924Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 1,812,125 — Total deaths: 105,192 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Protests against police brutality threaten coronavirus response.
  4. Business: Coronavirus could lower GDP by $15.7 trillion — More than 1 in 6 black workers lost jobs between February and April.
  5. Climate: The alarm over climate financial risk gets louder because of coronavirus.
  6. Media: Interest in the George Floyd protests has soared past the coronavirus.

The business of tear gas

Illustration: Eniola Odetunde/Axios

U.S. forces yesterday used tear gas on peaceful protesters outside the White House gates, prior to a declared curfew, clearing a path for President Trump to visit a riot-damaged church for a photo opportunity.

The state of play: Two of the largest U.S. producers of tear gas are owned by private equity firms, but those firms have no interest in discussing their ownership.