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Kroger Reports Year-on-Year Declines in Fiscal First Quarter

Kroger Reports Year-on-Year Declines in Fiscal First Quarter

Kroger (KR) reported year-on-year declines in its fiscal first-quarter results but the outcome for earnings topped analysts expectations while sales were in line with views, while the grocer’s same-store sales slowed beneath projections. Sales slipped to $37.3 billion from $37.7 billion in the same period of 2018, with the decrease attributed to Kroger’s sale of its convenience-store business. Still, the […]

US Oil Rig Count Posts Second-Straight Decrease

US Oil Rig Count Posts Second-Straight Decrease

The number of oil rigs operating in the US fell for a second-straight week, holding at the lowest in 16 months as prices for crude head for a weekly decrease as demand projections dimmed. Energy-services firm Baker Hughes (BHGE) said oil rigs in the world’s biggest crude consumer fell by one to 788 through Friday. That’s also down 75 rigs […]

Asian Stock Markets Gain on Beijing Stimulus Plans

Asian Stock Markets Gain on Beijing Stimulus Plans

Asian stock markets gained on Tuesday, as traders reviewed plans by Beijing to boost spending on infrastructure, and recent “dovish” policy statements by major global central banks. Shanghai posted a 2.58% gain, while Hong Kong and Tokyo also finished in the green, as did other regional exchanges. In Tokyo, the Nikkei 225 opened lower but rose during trading as investors […]

Powell Says Fed Ready to ‘Act as Appropriate’ to Sustain Growth Amid Trade Developments

Powell Says Fed Ready to ‘Act as Appropriate’ to Sustain Growth Amid Trade Developments

Federal Reserve Chair Jerome Powell said the central bank will “act as appropriate” to sustain the US expansion and it’s monitoring the implication of developments around trade negotiations on the economic outlook for the country. Powell said they don’t know “how or when these issues will be resolved” in a speech in Chicago on Tuesday as the Federal Open Market […]

Amazon to Reportedly Stop Bulk Orders from Small Suppliers

Amazon to Reportedly Stop Bulk Orders from Small Suppliers

Amazon (AMZN) will stop placing bulk orders with thousands of small suppliers over the next few months, Bloomberg reported on Monday, citing three sources familiar with the company’s plans. Amazon is looking to cut costs and focus wholesale purchases from major brands such as Procter & Gamble (PG), Sony (SNE), and Lego, the sources said. This will ensure that the […]

Walmart Hires Google Executive Kumar as Chief Technology Officer Amid Retail Transformation Push

Walmart (WMT) has hired an executive from Alphabet’s Google (GOOG, GOOGL) as its chief technology officer as the world’s biggest retailer increasingly looks to bolster e-commerce for customers and deepen functions within its physical stores. Suresh Kumar was named CTO and chief development officer in a “newly elevated” role that reports directly to Doug McMillon, chief executive of the Bentonville, […]

Facebook Looks to Launch Own Cryptocurrency in Q1 2020

Facebook Looks to Launch Own Cryptocurrency in Q1 2020

Facebook (FB) is finalizing plans to launch its own cryptocurrency in Q1 2020 with a digital payments system in about a dozen countries, BBC News reported on Friday. Facebook is looking to start testing its cryptocurrency, referred to internally as GlobalCoin, by the end of the year. The social media company is expected to outline more detailed plans this summer. […]