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☆ Walmart gobbled up and spit out e-commerce brands like Bonobos and Moosejaw. Here's what happened to the retailer's jilted exes.
▼ + stars: | 2023-06-03 | by ( Ben Tobin | ) www.businessinsider.com time to read: +5 min

Walmart has sold three digital companies — Moosejaw, Bonobos, and Eloquii — this year. In the past few months, Walmart announced it was selling outdoor recreation apparel and gear company Moosejaw, upscale e-commerce apparel company Bonobos, and plus-size clothing company Eloquii. Under Lore, despite big revenue growth, the Walmart e-commerce division incurred major losses, sometimes annually upwards of $1 billion. Here's a look at each of the companies Walmart has offloaded this year. Bonobos, founded in 2007, attracts young, urban customers with its slim-fitting pants, shirts, jackets, and suits.

Persons: Marc Lore, —, Lore, Doug McMillon, Eoin Comerford, Bebeto Matthews, Ben Tobin Organizations: Walmart, Service, Privacy, Lore's, Dick's Sporting Goods, Moosejaw Walmart, Bonobos Walmart, Bonobos, Bebeto Matthews Walmart, WHP Global, Express, FullBeauty Brands Locations: Arkansas, Bentonville , Arkansas, Michigan, Walmart's, New York

☆ Why a ‘Thaw’ in U.S.-China Relations Seems Far From Reach
▼ + stars: | 2023-06-01 | by ( Nicole Hong | ) www.nytimes.com time to read: +1 min

First the U.S. national security adviser, Jake Sullivan, met with China’s top diplomat, Wang Yi, in Vienna, in May. Then the two countries’ top commerce officials held talks, the first bilateral cabinet-level meeting in Washington in months. China’s ambassador also arrived in Washington last week, finally filling a post that had been vacant since January. But even as Beijing has returned to the table on some issues, it has also struck an even tougher posture, complicating the “thaw” in U.S.-China relations that President Biden had predicted last month. Beijing rejected an invitation for China’s defense minister, Li Shangfu, to meet with Defense Secretary Lloyd Austin at a security meeting this weekend in Singapore, the Pentagon said this week.

Persons: Jake Sullivan, Wang Yi, Biden, Li Shangfu, Lloyd Austin Organizations: Pentagon Locations: U.S, Vienna, Washington, Beijing, China, Singapore, American, South

☆ Dimon calls for Washington-Beijing engagement in first China visit since 2021 controversy
▼ + stars: | 2023-05-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

JPMorgan Chase & Co CEO Jamie Dimon on Wednesday called for "real engagement" between policymakers in Washington and Beijing, as Sino-U.S. relations continue to fray. Speaking at the JPMorgan Global China Summit in Shanghai — in his first visit to China since his 2021 apology for joking that JPMorgan would outlast the Chinese Communist Party — Dimon said that security and trade disputes between the world's two largest economies over are "resolvable." "You're not going to fix these things if you are just sitting across the Pacific yelling at each other, so I'm hoping we have real engagement," Dimon said, according to Reuters. In November 2021, Dimon expressed "regret" over remarks that JPMorgan would outlast China's ruling party, seeking to limit damage to the bank's growth ambitions in the country. The comments that invoked Beijing's ire came shortly after JPMorgan won regulatory approval to become the first foreign company to establish full ownership of a securities brokerage in China.

Persons: Jamie Dimon, Chinese Communist Party — Dimon, Dimon, JPMorgan Organizations: JPMorgan Chase, Company, Banking, Housing, Urban Affairs, Capitol, JPMorgan Global China Summit, Chinese Communist Party, Reuters, East, JPMorgan, Top U.S Locations: Washington , U.S, Washington, Beijing, U.S, Shanghai —, China, West, Top, South China

☆ U.S., China's top commerce officials meet to discuss trade concerns
▼ + stars: | 2023-05-26 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

The U.S. and China flags stand behind a microphone at the U.S. Embassy in Beijing on April 9, 2009. U.S. Secretary of Commerce Gina Raimondo sat down with her Chinese counterpart Wang Wentao in Washington D.C. on Thursday to discuss "concerns" surrounding bilateral trade. Marking the first cabinet-level exchange between the two countries in months, the U.S. talked about American companies operating in China. Raimondo also "raised concerns about the recent spate of PRC [People's Republic of China] actions taken against U.S. companies operating in the PRC," it said. The bilateral exchange between Raimondo and Wang comes as market observers keep a close eye on whether the U.S. will curb American investments into China, as relations between the world's largest economies sour.

☆ From sunglasses to milking machines, US halts more exports to Russia
▼ + stars: | 2023-05-19 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

"You can't even ship contact lenses or sunglasses now," said Washington lawyer Kevin Wolf, a former Commerce official, as he reviewed the new rules. Wolf said "it would be simpler to describe the items that are not controlled for export to Russia." The targeted companies include aircraft repair and parts production plants, gunpowder, tractor and automobile factories, shipyards and engineering centers in Russia. The U.S. and a coalition of 37 other countries have imposed unprecedented export controls on Russia since its assault on Ukraine in February 2022. Last week, U.S. authorities arrested two Russian men living in Florida for allegedly sending U.S. airplane parts and components to Russian airlines in violation of export controls.

☆ Walmart is winning back online shoppers with 3 key strategies
▼ + stars: | 2023-05-18 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Walmart's US e-commerce sales grew 27% year-over-year in the first quarter of 2023. Throughout 2020, Walmart US e-commerce sales soared, as customers hunkered down at home and bought more groceries and general merchandise on walmart.com and through the Walmart app. For the second quarter of 2020, Walmart reported 97% year-over-year e-commerce growth. The following years, Walmart e-commerce growth naturally dropped as more shoppers returned to stores. What do you think of Walmart's e-commerce operations?

☆ Where Walmart's jilted exes are now: what happened to the e-commerce brands it gobbled up and spit out like Bonobos and Moosejaw
▼ + stars: | 2023-04-28 | by ( Ben Tobin | ) www.businessinsider.com time to read: +5 min

Walmart has sold three digital companies — Moosejaw, Bonobos, and Eloquii — this year. In the past couple of months, Walmart announced it was selling outdoor recreation apparel and gear company Moosejaw, upscale e-commerce apparel company Bonobos, and plus-size clothing company Eloquii. Under Lore, despite big revenue growth, the Walmart e-commerce division incurred major losses, sometimes annually upwards of $1 billion. Recently, Walmart's e-commerce goals have shifted. Here's a look at each of the companies Walmart has offloaded this year.

☆ Commerce officials heading to China to lay groundwork for possible Raimondo trip later this year, sources say
▼ + stars: | 2023-04-07 | by ( Kayla Tausche | ) www.cnbc.com time to read: +3 min

Gina Raimondo, US secretary of commerce, speaks during an interview in Washington, DC, US, on Thursday, March 2, 2023. Senior officials from the Department of Commerce will be traveling to Beijing and Shanghai next week as part of an effort to lay groundwork for a potential trip by Secretary Gina Raimondo later this year, according to people familiar with the planning. Elizabeth Economy, a senior advisor to the secretary on China issues, and Scott Tatlock, the deputy assistant secretary for China and Mongolia, will assess whether such a meeting between Raimondo and her Chinese counterparts would produce results to justify the visit. A visit by Secretary of State Antony Blinken, set for early February, was postponed indefinitely as tensions escalated during a Chinese surveillance balloon's cross-country trip. Since then, Commerce has taken an ad hoc approach to sensitive trade issues.

☆ Walmart's new website design might look familiar to Amazon users
▼ + stars: | 2023-04-03 | by ( Ben Tobin | ) www.businessinsider.com time to read: +3 min

The redesign offers a "product-focused experience," according to Walmart's e-commerce lead. Walmart's new website and app represent its latest move to try to gain ground on rival Amazon. At the end of the company's second quarter in 2020, it reported e-commerce year-over-year sales growth of 97%. For comparison, Walmart's e-commerce sales grew a healthy, but not as remarkable, 17% year-over-year in the most recent quarter. What do you think of Walmart's redesign?

☆ Boxed bankruptcy could be blamed on Silicon Valley Bank's collapse, but its problems extend far beyond the bank run
▼ + stars: | 2023-04-03 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Lower demand for grocery delivery hurt sales long before the bank's collapse. But since then, the pandemic-fueled demand for grocery delivery has dissipated. Consultancy Brick Meets Click forecasted in January that grocery e-commerce sales will grow at a rate of 12% through 2027. That's a tremendous slowdown from early in the pandemic when e-commerce grocery jumped an average of 300% each month. Other startups in the grocery delivery space have faced issues.

☆ Walmart rolls out fresh look for its website and app
▼ + stars: | 2023-04-03 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Walmart has redesigned its website and app to try to encourage shoppers to browse and buy more. Starting this week, all customers who browse the company's website and app will see bigger and glossier photos, videos and social media-inspired content that Walmart hopes will nudge more purchases. It anticipates same-store sales for Walmart U.S. will increase between 2% and 2.5% excluding fuel, in the fiscal year ahead. He said along with offering low prices, Walmart wants to catch customers' attention by putting fresh, trendy and seasonal items in front of them, such as spring dresses, patio furniture and toys for Easter baskets. He said the website and app's new look could also lift sales for third-party sellers that have joined or could join Walmart's marketplace.

☆ Taiwan says US officials have visited to discuss concerns about chip subsidies
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Taiwan Economy Minister Wang Mei-Hua and the Speaker of the Czech Republic parliament Marketa Pekarova Adamova attend a Taiwan-Czech Joint Business Council Meeting in Taipei, Taiwan, March 27, 2023. REUTERS/I-Hwa ChengTAIPEI, March 31 (Reuters) - The United States has sent officials to Taiwan to listen to concerns in the chip industry about the criteria for new U.S. semiconductor subsidies, Taiwan Economy Minister Wang Mei-hua said on Friday. The criteria are worrying companies like Samsung Electronics Co Ltd (005930.KS) and SK Hynix Inc (000660.KS), South Korean President Yoon Suk Yeol said on Thursday, a concern shared by the world's leading contract chipmaker in Taiwan, TSMC (2330.TW). "The U.S. side has sent relevant officials to Taiwan to listen to the industry's opinions, to collect their views," she added, without giving details. "Following on, if the industry needs the government to help communicate with the United States, the Economy Ministry will certainly assist with communication," Wang said.

☆ Americans arrested for allegedly sending aviation technology to Russia
▼ + stars: | 2023-03-02 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

March 2 (Reuters) - Two Americans were arrested in Kansas City on Thursday for an alleged scheme to send aviation-related technology to Russia in violation of U.S. export controls. The defendants are charged with conspiracy, exporting controlled goods without a license, falsifying and failing to file export information, and smuggling goods contrary to U.S. law. The U.S. imposed additional restrictions on avionics after Russia invaded Ukraine last year, along with controls on other goods targeting Russia's defense, aerospace and maritime sectors. The controls were later expanded to include Russia’s oil refining, industrial and commercial sectors, and luxury goods. Reporting by Karen Freifeld; Editing by Leslie Adler and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Walmart is offloading outdoor brand Moosejaw six years after acquiring it as DTC brands prove tricky to integrate into large companies
▼ + stars: | 2023-02-22 | by ( Ben Tobin | Alex Bitter | ) www.businessinsider.com time to read: +3 min

The sale is part of a trend of large companies struggling to integrate direct-to-consumer brands. Dick's Sporting Goods is buying outdoor retailer Moosejaw from Walmart, the company announced Wednesday. Walmart purchased Moosejaw in 2017 for about $51 million to bolster its outdoor and e-commerce offerings. That same year, the retail giant purchased another direct-to-consumer company, the apparel brand Bonobos. Integrating direct-to-consumer brands is often a challenge for big companies.

☆ U.S. Commerce Dept. names financial sector, government experts to chips team
▼ + stars: | 2023-02-17 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 17 (Reuters) - The U.S. Commerce Department said Friday it is naming more than a dozen members to a team overseeing $52.7 billion in government funding to boost semiconductor manufacturing and research. The new team members include officials with experience managing large federal programs, experts from the semiconductor industry, and executives with financial sector experience, the department said. The department said Todd Fisher - a Commerce official who previously worked for nearly 25 years at KKR & Co. Inc - will serve as chief investment officer. The department plans to release its first Notice of Funding Opportunity this month, a key step to beginning the process of making funding awards. In September, Commerce Department chief economist Aaron "Ronnie" Chatterji was named White House Coordinator for CHIPS Implementation while former Treasury official Michael Schmidt was named Commerce Department CHIPS Program Office director.

☆ Commerce Officials to Detail Chips Act Application Process This Month
▼ + stars: | 2023-02-07 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—The Commerce Department plans to release details on how companies can apply for subsidies to help expand domestic semiconductor production under the Chips Act later this month, setting off a race among U.S. and foreign manufacturers vying to get a piece of $52.7 billion in federal funds. The announcement, expected in late February, will include specific steps companies will need to take to apply for funds, along with a timeline of when grants will be awarded, according to Commerce officials.

☆ Here are Friday's biggest analyst calls: Apple, Ford, Amazon, Alphabet, Meta, Walmart, Disney & more
▼ + stars: | 2023-02-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Bernstein reiterates Apple as market perform Bernstein said it sees too many headwinds after Apple's mixed earnings report on Thursday. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's staying bullish on the e-commerce giant after its earnings report on Thursday. " Guggenheim reiterates Walmart as buy Guggenheim said the stock remains "very well positioned" heading into earnings later this month. "Given ongoing macroeconomic concerns, we believe Walmart will retain its higher-income households given increased traction of Walmart+ and its app, pick-up/delivery services and eCommerce offerings. We continue to believe Walmart is very well positioned and reiterate our BUY rating and $165 PT."

☆ Shopify laid off 2 engineering VPs earlier in January as fears of more layoffs circulate
▼ + stars: | 2023-01-26 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify laid off at least two engineering vice presidents earlier in January. Shopify laid off at least two high-ranking engineering leaders this month, according to people familiar with the matter. The two employees were VP of Infrastructure Mike Lents and VP of Engineering Ravi Byakod. A Shopify spokesperson confirmed the departures. Shopify laid off about 10% of its workforce, which included more than 1,000 people, in July 2022.

☆ Mass shooter's motive elusive as Monterey Park mourns 10 dead
▼ + stars: | 2023-01-23 | by ( Tim Reid | ) www.reuters.com time to read: +3 min

About 20 minutes after the shooting in Monterey Park, he entered another dance club in the neighboring city of Alhambra. About 12 hours later, police officers in the city of Torrance, 20 miles southwest of Monterey Park, approached a white cargo van Tran was driving. As officers neared the van, they heard a single gun shot from inside when Tran killed himself. As news about the shooting spread, some in the tight-knit community of Monterey Park feared it was a hate crime targeting Asians. Reporting by Tim Reid in Monterey Park; Additional reporting by Brad Brooks, Jonathan Allen, Dan Whitcomb and Timothy Gardner; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ California shooting upends tranquil community: 'I don't feel safe'
▼ + stars: | 2023-01-22 | by ( Tim Reid | ) www.reuters.com time to read: +3 min

[1/3] Police investigate the scene of a shooting that took place during a Chinese Lunar New Year celebration, in Monterey Park, California, U.S. January 22, 2023. On Saturday night, when she heard the gunfire that killed at least 10 people in her newfound home of Monterey Park, California, that dream was shattered. On Sunday morning, after America's latest mass shooting, this time of revelers celebrating Lunar New Year in a Monterey Park ballroom, residents gathered in small groups in stunned disbelief and dismay. The Monterey Park community is close knit, city leaders said. Reporting by Tim Reid in Monterey Park; Editing by Paul Thomasch and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Shopify is making moves to woo multimillion-dollar businesses. It's a big change to its identity as a small business champion it established during the pandemic.
▼ + stars: | 2023-01-13 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

With the move to Commerce Components, Shopify could target merchants with sales that are more in the $500 million range, Wong said. For Commerce Components, Shopify has already partnered with Mattel, which generated nearly $5.5 billion in sales for 2021. For a subscription fee, Shopify merchants get access to tools to build an online store, ship out products, and process payments. To convince large retailers to use its product, Shopify must show them it has an edge over legacy software platforms. At the same time, it has launched other products, like its advertising product Shopify Audiences, that are available only to larger merchants using Shopify Plus.

☆ Philadelphia’s Center City Sees Resurgence in Housing, Economic Activity
▼ + stars: | 2022-12-08 | by ( Scott Calvert | ) www.wsj.com time to read: 1 min

PHILADELPHIA—This city’s downtown is showing fresh signs of renewed economic vitality, buoyed by strong housing demand, hospitality-sector growth and a return-to-work push led by employers such as Comcast Corp., despite ongoing concerns about crime. Cities across the country have struggled to rebound from the affects of the Covid-19 pandemic, when a shift to working from home hollowed out many downtown cores. Residents, business owners, workers and local commerce officials say they see clear improvement in Philadelphia’s Center City as the pandemic begins to turn a corner into its fourth year.

☆ Alibaba quarterly revenue misses expectations as spending slows
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK) posted a smaller-than-expected rise in quarterly revenue on Thursday as COVID-19 curbs and a worsening economic outlook stifled consumer spending. Alibaba has also had to contend with stiff competition from the likes of Pinduoduo (PDD.O) and ByteDance's Douyin - the Chinese version of Tiktok - which have expanded their e-commerce offerings and taken more market share. Revenue grew 3% to 207.18 billion yuan ($28.96 billion) in the three months ended Sept. 30, compared with a Refinitiv consensus estimate of 208.62 billion yuan drawn from 25 analysts. Excluding one-off items, Alibaba earned 12.92 yuan per American Depository Share. ($1 = 7.1540 Chinese yuan renminbi)Reporting by Eva Mathews in Bengaluru and Josh Horwitz in Shanghai; Editing by Edwina Gibbs and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ After being falsely accused of spying for China, Sherry Chen wins significant settlement
▼ + stars: | 2022-11-15 | by ( Kimmy Yam | Kimmy Yam Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +7 min

An Asian American scientist who was wrongfully accused of spying for China is speaking out after reaching a lucrative settlement with the U.S. government last week. According to the American Civil Liberties Union, which backed Chen, the hydrologist will receive $550,000 from the Commerce Department and an annuity over 10 years valued at $1.25 million. Neither the Commerce Department nor the DOJ commented further on Chen’s ordeal. However, the Commerce Department appealed the decision and placed her on administrative leave. As part of the settlement, Chen is retiring from the NWS, her lawyers said.

☆ Thai headline CPI rises 5.98% y/y in Oct, slightly below forecast
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Summary Headline CPI +5.98% vs poll forecast +6.0%Core CPI up 3.17% vs poll's 3.20%Govt support, stable prices to slow inflation - ministryBANGKOK, Nov 7 (Reuters) - Thailand's headline consumer price index (CPI) rose 5.98% in October from a year earlier, official data showed on Monday, slightly lower than forecast and the slowest pace in six months. The rise follows September's 6.41% increase and was just shy of the 6.0% forecast in a Reuters poll. The core CPI index, which strips out energy and fresh food prices, was up 3.17% in October from a year ago, versus a forecast rise of 3.20%, the commerce ministry said. Headline inflation forecast for the year is still seen at the 5.5% to 6.5% range, the commerce ministry said. Reporting by Kitiphong Thaichareon, Satawasin Staporncharnchai; Writing by Chayut Setboonsarng; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

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