Walmart and Chinese e-commerce giant JD.com are investing $500 million in Dada-JD Daojia, a Chinese online grocery delivery company, reports CNBC.
The big picture: American companies have had varied success in the Chinese market, which favors its domestic champions, but some U.S. firms are increasing their presence there by teaming up with established Chinese companies. Google has invested $550 million in JD — and now Walmart is expanding its partnership with the company as well.
Why it matters: The major U.S. publishers that have yet to comply, including Tronc, Lee Enterprises and GateHouse Media, argue that the investment to comply with GDPR rules is simply too much, though they risk losing European subscribers and Americans abroad in the process. As newspaper advertising revenue continues to decline, web traffic and news consumption are what's driving success — and revenue — for many news organizations
Tribune Media announced Thursday that it has terminated its $3.9 billion merger agreement with Sinclair Broadcasting and that it has filed a lawsuit for breach of contract.
Why it matters: The merger would’ve created the largest local broadcaster in America. Now, Tribune will likely sell its stations to another local broadcaster, and conservative-leaning Sinclair will likely pursue other deals to acquire more local stations, as its CEO Christopher Ripley suggested during an earnings call Wednesday.
Technology companies are trying to disrupt the decades-old movie theater business, but unlike with other industries, they haven't entirely been able to crack the code.
Why it matters: Movie theater admissions have been relatively stable for the past three decades, despite the explosion of options technology has afforded consumers in entertainment. And those tech firms that are trying to break through the ticketing supply chain aren't having much luck.
Speaking to reporters for the first time since being indicted on securities fraud charges, Rep. Chris Collins (R-NY) said he would remain on the ballot for reelection this fall and called the insider trading charges levied against him "meritless."
The New York City Council voted on Wednesday to cap the number of ride-hailing cars in the city as part of a set of bills that will also set a minimum wage for drivers, and halt new licenses while it studies the impact of ride-hailing.
Why it matters: This is a blow to companies like Uber and Lyft, which have historically resisted such regulations. Mayor Bill de Blasio attempted to introduce a cap in 2015, but dropped the plan after pushback from ride-hailing companies.
Even though Carl Icahn knows he is fighting an "uphill battle" in his opposition to Cigna's $67 billion buyout of Express Scripts, the billionaire investor continued his verbal onslaught Wednesday in an interview with Fox Business when he said passive investors should view the acquisition as a "bullshit deal."
What to watch: Cigna shareholders will vote on the deal Aug. 24, and many Wall Street analysts expect it will still go through. But anything is possible, given how rare it is to see open warfare over a deal of this size.
For decades, U.S. workers won higher pay in lockstep with productivity growth — as businesses became more efficient, they rewarded employees with commensurate wage increases.
But in the early-mid 1970s, the lines diverged (chart above) — economic production kept rising, but wages not so much, including long periods of going flat.
Elon Musk yesterday sent the tweet heard round the Street:
Bottom line: Only Elon Musk knows the full story here, and he isn't being very transparent with his shareholders, employees or us in the media. That's why shares today will open below $400, let alone below $420. The skepticism is on him, and will persist until he answers some pretty basic questions.
While other major tech companies such as YouTube, Facebook and Apple have taken action against conspiracy theorist and Infowars leader Alex Jones this week, Twitter has declined to do so, citing its commitment to protecting "the public conversation."
The big picture: Several journalists immediately lashed out against Twitter CEO Jack Dorsey, saying Jones — who has said that the Sandy Hook shooting was a hoax — is purposefully spreading harmful falsehoods, and shouldn't be protected by the site.
With roaring GDP growth and rising wages, the Fed has signaled that it will increase interests rates next month to tap the brakes and preventuncontrolled inflation. But some economists say it should hold off to create a better chance for people's wages to go up.
Why it matters: For the last five decades, real U.S. household income for the bottom four quintiles has been flat or almost flat, as the graphic shows. The top group, however, has had sharply ascending real income growth. The flat wages are a bigger problem at the moment than the threat of inflation, these economists suggest.
