Walmart on Tuesday announced a subscription service that will compete directly with Amazon Prime, as America's two largest retailers continue to fight for supremacy.
Axios Re:Cap goes deeper with Walmart Chief Customer Officer Janey Whiteside to learn why Walmart Plus is launching in the middle of a global pandemic, when it might offer streaming media and whether drone delivery is in its future.
Prince Harry and Meghan signed a production deal with Netflix on Wednesday, just six months after the couple left their official roles with the British royal family, the New York Times reported.
The big picture: An unnamed production company founded by the couple will create a series of documentaries, films, shows and children's programming for the streaming service. "As new parents, making inspirational family programming is also important to us," the couple told the Times.
United Airlines said Wednesday it expects to cut 16,370 jobs on Oct. 1, far fewer than the 36,000 it warned of two months ago, as suspense builds over whether Congress will extend relief for the struggling airline industry.
Between the lines: United was able to limit the layoffs by cutting costs, raising debt and encouraging tens of thousands of employees to participate in a variety of voluntary leave, early retirement and reduced hours programs.
TikTok is less than two weeks away from President Trump's deal-or-death deadline, but a transaction is feeling even further away than when he first made his threat.
Driving the news: China's new tech export rules could prevent ByteDance from including TikTok's algorithm in its sale of TikTok, which is akin to McDonald's selling a Big Mac without the meat.
Lucid Motors is doing its damndest to build interest in its upcoming Lucid Air electric sedan ahead of finally taking the wraps off the thing next week.
Driving the news: The Silicon Valley startup today released new details about the car's drivetrain and performance.
Folding-smartphone releases from Samsung and Microsoft show the devices starting to carve out a niche as the equivalent of luxury cars. Still up in the air is whether these phones and their successors can propel the category from novel curiosity into the mainstream.
Why it matters: With the smartphone market slowing, manufacturers have an incentive to bet on new concepts. For now, though, foldable technology comes at a high cost with some key drawbacks cutting into the benefits of packing more screen into a smaller phone.
Ford said Wednesday that it would cut 1,400 salaried positions in North America through voluntary buyouts, the latest move in a multiyear restructuring effort.
Why it matters: The automaker, which is in the midst of a CEO transition, has been trying to right-size its business and boost profitability by focusing on core products like the F-150 pickup and growth opportunities like electric vehicles, software and fleet management services.
U.S. companies have taken on a historic amount of debt this year, with investment grade corporates already issuing a record $1.5 trillion in bonds, more than any full-year total ever. But many have also upped their holdings of cash, making net debt burdens far lower than expected, data from Bank of America Securities shows.
Why it matters: Lower indebtedness means companies will have stronger balance sheets and better ratings. That could mean not only do fewer companies default on debt than expected, but it "ultimately should lead to an upgrade cycle" in credit ratings, BofA analysts say.
Consumer confidence picked up in the second half of August as confirmed coronavirus cases declined from record high levels.
By the numbers: Overall consumer confidence jumped 3.4 points in the past two weeks to 50.0 in the latest HPS-CivicScience Economic Sentiment Index, its highest reading since mid-March.
Congress will return from its late summer recess soon and the hotel industry is pushing for new economic relief, warning that six months into the coronavirus pandemic in the U.S. it "remains on the brink of collapse."
What it means: A new report from the American Hotel and Lodging Association finds that heading into Labor Day weekend, which would normally be a boom time for the industry, 14% of hotels are booked, compared to 41% in 2019, and overall demand remains well below normal levels.
Sports trading cards are enjoying something of a renaissance, fetching greater value than ever before and engendering excitement on a level not seen since their last golden age in the 1990s.
Driving the news: A Mike Trout rookie card sold for $3.9 million last week, breaking the all-time record set in 2016 by the famous T206 Honus Wagner ($3.12 million).
Economists are warning that the economic downturn caused by the coronavirus pandemic is now creating another recession: mass job losses, business failures and declines in spending even in industries not directly impacted by the virus.
Why it matters: The looming recession — a possible recession within a recession — is less severe than the coronavirus-driven downturn. But it's more likely to permanently push millions out of the labor force, lower wages and leave long-lasting scars on the economy.
Australia's GDP shrank by a record 7% in the June quarter following a fall of 0.3% in the March quarter, official government agency the Australian Bureau of Statistics (ABS) confirmed on Wednesday.
Why it matters: The data means Australia has entered its first recession in nearly 30 years, driven by a major coronavirus outbreak in its second-most populous state, Victoria, where restrictions have been imposed since last month.
Patreon, which lets artists get paid directly by fans for content subscriptions, has raised $90 million in new funding at a valuation of $1.2 billion. The investment round is led by New Enterprise Associates and Wellington, with Lone Pine, Glade Brook Capital, Thrive Capital, DFJ Growth, and Index Venture also participating.
Why it matters: With the pandemic shuttering traditional performance venues, eliminating live events and slowing the broader economy, creative workers of all stripes — musicians, writers, actors and more — are seeking alternative sources of revenue.
