Oct 16, 2018 - Economy & Business

Walmart lowers earnings expectations citing Flipkart acquisition

Photo: Robyn Becky/AFP via Getty Images

Walmart expects earnings to take a hit from its FlipKart acquisition in the coming year, and predicts online sales will slow from its current pace in the next fiscal year, the company said on Tuesday.

The details: Walmart is upping the ante to keep up with Amazon, but its e-commerce business is projected to grow 35% in fiscal year 2020, compared to the 40% it's on pace to grow in the current year, per Reuters. The company also said it plans to open 3,100 grocery pickup locations and over 1,500 grocery delivery stations in the next few years.

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Rebecca Falconer
Updated 47 mins ago - World

Pandemic plunges U.K. into "largest recession on record"

The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images

The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.

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Axios
Updated 54 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The United Kingdom slumped into recession on Wednesday, as its gross domestic product GDP shrank 20.4% compared with the first three months of the year.

By the numbers: Over 741,400 people have died of the novel coronavirus globally and more than 20.2 million have tested positive, per Johns Hopkins. Almost 12.6 million have recovered from the virus.

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Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,294,091 — Total deaths: 741,420— Total recoveries: 12,591,454 — Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,141,207 — Total deaths: 164,537 — Total recoveries: 1,714,960 — Total tests: 63,252,257 — Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record — Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.
  7. World: Anthony Fauci "seriously" doubts Russia's coronavirus vaccine is safe
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