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"I just want to say how deeply saddened that we all are about the recent horrific attacks on Israel ... He warned that the war in Ukraine, compounded by the attacks on Israel, could have "far-reaching impacts on energy and food markets, global trade, and geopolitical relationships." On Friday, Citigroup CEO Jane Fraser included Israel in her opening remarks on the bank's earnings call. "Once someone ventures into the space of, 'who is the perpetrator and who is the victim,' you enter into the exposure of social media disinformation and risk," Kotok said. Some large companies including Apple (AAPL.O) and Walmart (WMT.N) had yet to issue statements, while some prominent personalities including NBA star LeBron James have spoken out.

Persons: JPMorgan Chase, Jamie Dimon, Albert Bourla, Jefferies, Michael Bloomberg, Goldman Sachs, Jane Fraser, Israel, Fraser, Larry Fink, David Kotok, Cumberland, Kotok, Antonio Neri, Andy Jassy, Sundar Pichai, Satya Nadella, LeBron James, Gigi Hadid, Lananh Nguyen, Aditya Soni, Stephen Nellis, Siddharth Cavale, David Gaffen, Arriana, Sayantani Ghosh, David Gregorio Our Organizations: JPMorgan, Pfizer, UBS, New York City, Bloomberg, Delta Air Lines, Citigroup, BlackRock, Cumberland Advisors, Hewlett Packard Enterprise, Amazon, Meta, Union, Google, Microsoft, Apple, Walmart, NBA, Thomson Locations: Israel, Ukraine, New York, Florida, Bengaluru

☆ Walmart expands online healthcare benefits for US employees
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Siddharth Cavale/File Photo Acquire Licensing RightsOct 10 (Reuters) - Walmart (WMT.N) said on Tuesday it will expand online primary care benefits as part of its employee health insurance plan to its workers in 28 U.S. states. Walmart said it has partnered with virtual healthcare services provider Included Health to expand its online primary care services, which are already available in 21 states. The expansion comes months after Walmart announced plans to open new healthcare centres in the U.S. next year, as the company looks to expand its footing in the industry. Walmart said in a blog post it had observed an 11% reduction in the total costs of care for its employees and their families from a pilot run for its virtual primary care service. The company added that most of its online health services offered as part of the plan were available at no additional cost.

Persons: Siddharth Cavale, Juveria Tabassum, Sherry Jacob, Phillips, Shweta Agarwal Organizations: REUTERS, Walmart, Health, Thomson Locations: Teterboro , New Jersey, U.S, United States

☆ US retailers' financial losses jump as retail crime escalates - NRF
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

In 2022, inventory "shrink" as a percentage of total retail sales accounted for $112.1 billion in losses, up from $93.9 billion in 2021, according to the NRF report on Tuesday. Retailers are either being forced to close a specific store location, reduce operating hours or alter in-store product selection to deal with the spike in retail crime, the report added. Dollar Tree (DLTR.O) has said it plans to remove goods like men's underwear, an item most prone to retail theft, from its stores. Retailers are ramping up prevention methods with 34% of respondents increasing internal payroll to support risks related to retail crime and 46% increasing the use of third-party security personnel among other methods, according to NRF. The NRF survey was conducted online among senior loss prevention and security executives in the retail industry with insights from 177 retail brands.

Persons: Brendan McDermid, David Johnston, John Rainey, Ananya Mariam Rajesh, Savyata Mishra, Siddharth Cavale, Shounak Dasgupta Organizations: Black, REUTERS, National Retail Federation, U.S, Kroger, Asset Protection, Retail, Retailers, Walmart, Telsey, Thomson Locations: Brooklyn , New York, U.S, New York, San Francisco , Los Angeles, Houston, Britain, Bengaluru

☆ US retailer holiday hiring to drop to levels last seen in 2008
▼ + stars: | 2023-09-15 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

A "Now Hiring" sign hangs on the door to the Urban Outfitters store at Quincy Market in Boston, Massachusetts September 5, 2014. That is just slightly above the 324,900 workers they added during the last quarter of the financial recession of 2008. "Seasonal employers have a few issues to grapple with in the coming months. Another is one that has been fairly constant since the pandemic: can they attract workers?," Challenger said. Signs are already emerging that the labor market is starting to cool and employers are hiring at a slower clip.

Persons: Brian Snyder, Andrew Challenger, Siddharth Cavale, Matthew Lewis Organizations: Urban Outfitters, Quincy Market, REUTERS, Labor, Challenger, Reuters . Retailers, Bureau of Labor Statistics, Labor Department, Thomson Locations: Boston , Massachusetts, New York

Walmart's logo is seen outside one of the stores ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 27, 2019. The merchandise mix Walmart (WMT.N) will carry rests not purely on retail executives' judgment but rather on software it developed around 2019. Its machine-learning algorithm relies on weather patterns and each store's past sales data to predict inventory needs of its more than 4,700 U.S. locations, a Walmart tech executive told Reuters. Walmart executives say it is aided by its large tech team in India, spanning three cities and employing 11,500. Software directs Walmart workers to use the quickest route while assembling online orders for pickup and delivery, Vasudev said.

Persons: Kamil Krzaczynski, D.A, Davidson, Michael Baker, Doug McMillon, Thomas Hayes, Hari Vasudev, Vasudev, David Klink, Huntington, Nandan Mandayam, Siddharth Cavale, Mark Porter Organizations: REUTERS, Walmart, Reuters, Target, Shoppers, Amazon, New, Great, U.S, Walmart's India, Software, Workers, Hunting Private Bank, Thomson Locations: Chicago , Illinois, U.S, United States, Bentonville , Arkansas, New York, India, Bengaluru, Target's, Walmart's

☆ Walmart changes starting pay structure for entry-level store workers
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kamil Krzaczynski Acquire Licensing RightsCompanies Walmart Inc FollowSept 7 (Reuters) - Walmart (WMT.N) is changing the hourly starting wage structure for entry-level store workers, as companies seek to reduce costs in a slowing job market. Deli, auto center and bakery workers will continue to receive higher starting wages as they are higher-skilled roles, she added. The Wall Street Journal, which was the first to report the wage structure changes that went into effect in mid-July, said the changes mean paying some new store workers less than it would have three months ago, citing documents seen by the Journal and store workers. Walmart pays its employees different starting wages based on where the store is based. The new wage structure will not change Walmart's minimum hourly wage of $14 or result in any pay cuts for existing employees, the spokesperson said.

Persons: Kamil Krzaczynski, Anne Hatfield, Hatfield, Walmart's, Ananya Mariam Rajesh, Siddharth Cavale, Maju Samuel, Frances Kerry Organizations: REUTERS, Walmart, Street, Journal, Midwest, Reuters, Thomson Locations: Chicago , Illinois, U.S, United States, Bengaluru, New York

☆ Exclusive: Walmart cuts pharmacist pay, hours while workload piles up
▼ + stars: | 2023-08-29 | by ( Siddharth Cavale | ) www.reuters.com time to read: +5 min

Walmart also has agreed to pay $3.1 billion as its share of an opioid-related legal settlement, which is adding to its legal costs this year. For example, a pharmacist could go from an 80-hour, two-week pay period to one lasting 64 or 72 hours, said the source, who attended the meeting and spoke on condition of anonymity. On average, the Bentonville, Arkansas-based retail chain pays its pharmacists more than $140,000 a year, excluding bonuses and incentives, according to Walmart. Earlier this year, Walmart scaled back the operating hours of its pharmacies by two hours at more than 4,500 U.S. stores, amid a shortage of pharmacists and pharmacy technicians that began during the pandemic. SHORTAGE OF PHARMACY TECHNICIANSThe underlying reason that chain drug stores like Walmart are scaling back pharmacists' hours is a shortage of pharmacy technicians, Hogue said.

Persons: haven't, Davey Lavergne, Marilee McInnis, Michael Hogue, Hogue, Siddharth Cavale, Jonathan Oatis, Andy Sullivan Organizations: Walmart, Reuters, Dow Jones Industrial, Health, Wellness, American Pharmacists Association, Pharmacy Workforce Center, Pharmacy, Thomson Locations: Arkansas , Tennessee , Missouri , Alabama, Georgia, Florida, Louisiana, Bentonville , Arkansas, Washington, New York

The International Labour Organization (ILO), of which Cambodia is a member, permits prison labour provided it is not forced. The companies, which Sopheak confirmed were W Dexing Garment (Cambodia), IGTM (Cambodia) and Chia Ho (Cambodia) Garment Industrial, did not respond to requests for comment. It said it learned in February that Cambodia was investigating and that the prison workshops had been suspended. Centric told Reuters in an email in June that it had "placed on hold" imports from a factory in Cambodia and would "immediately terminate" any supplier found to be using prison labour. CAMBODIA INVESTIGATESPrison labour at CC2 potentially puts Cambodia at odds with the U.S. Generalized System of Preferences, which grants duty-free benefits to eligible developing nations.

Persons: Keo Chhea, Sopheak, Chia Ho, AAFA's, Ken Loo, Aun, Loo, Calvin Klein, Tommy Hilfiger, amfori, Klot Dara, Stephen Lamar, Nate Herman, Clare Baldwin, Katherine Masters, Siddharth Cavale, John Shiffman, Kristina Cooke, David Crawshaw, Kay Johnson Organizations: Correctional, Google, REUTERS Acquire, Walmart, Centric Brands, Reuters, American Apparel and Footwear Association, International Labour Organization, ILO, Cambodian Ministry of Commerce, State, European Union, Japan, Garment, Human Rights, Textile, Apparel, Footwear, Travel Goods Association, IZOD, U.S . Federal Trade Commission, U.S, Travelway, Centric, Better Factories, BFC, amfori's Business, Authentic Brands, U.S . Trade, CC2, Cambodia's Ministry of Interior, General Department of Prisons, Facebook, Thomson Locations: Phnom Penh, Cambodia, PHNOM PENH, U.S, Washington, AAFA, IGTM, Canada, Better Factories Cambodia, CC2, CAMBODIA, Cambodia's U.S, New York, Los Angeles

REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsNEW YORK, Aug 17 (Reuters) - Resilient U.S. consumer spending drove Walmart's (WMT.N) better-than-expected second-quarter results and forecast hike but its international business on Thursday posted its best quarterly performance in several years. The retail behemoth's international business, which spans 19 countries, posted a 13.3% jump in sales during the second quarter, its strongest result since at least 2016, Refinitiv data shows. The unit posted $27.6 billion in sales, or 17% of the company's quarterly revenue, beating market estimates of $26.12 billion. In India, Walmart's majority-owned business Flipkart posted double-digit sales growth and PhonePe processed more than 5 billion transactions in a single month, Walmart said. "Walmart's international business continues to perform well.

Persons: Mario Anzuoni, Walmart's, Doug McMillon, Flipkart, Judith McKenna, McKenna, Kathryn McLay, Jason Benowitz, Siddharth Cavale, Aishwarya Venugopal, Vanessa O'Connell, Mark Porter Organizations: Walmart, REUTERS, Reuters Graphics, Unilever, Caterpillar, Sam's, Walmart International, Walmart's Sam's, Thomson Locations: Rosemead , California, U.S, Canada, United States, Mexico, India, China, New York, Bengaluru

An employee arranges shopping carts outside a Walmart store in Chicago, Illinois, U.S., November 20, 2018. Shares in Walmart, which have climbed 12.3% this year, were up about 3% in premarket trading. Smaller rival Target (TGT.N) on Wednesday beat quarterly profit estimates, benefiting from leaner inventory, but in contrast to Walmart, cut its forecast for the year. Online sales rose 24% in the second quarter, mainly driven by double-digit growth in store-fulfilled pickup and delivery. The company's global advertising business, called Walmart Connect, rose 35%.

Persons: Kamil Krzaczynski, Hogan, John David Rainey, Aishwarya Venugopal, Siddharth Cavale, Sriraj Kalluvila, Sharon Singleton Organizations: Walmart, REUTERS, Walmart Inc, Riley, Walmart's, Wednesday, Thomson Locations: Chicago , Illinois, U.S, United States, Bengaluru, New York

Despite these challenges, Walmart International has performed strongly under McKenna's leadership, under which it exited poorly performing operations in Japan, Britain, Argentina and Brazil. McKenna has led Walmart International since 2018, overseeing a multi-year transformation that resulted in the unit delivering more growth and stronger financial results across the board, Walmart CEO Doug McMillon wrote in a memo to employees. Sam's Club, a rival to Costco (COST.O), for years had been an underperforming business with muted sales growth. Sam's Club, a business unit with $84 billion of yearly revenue, has posted 12.7% average annual comparable sales growth since McKay took over the division, according to a Reuters calculation. Walmart also announced that Christopher Nicholas, currently chief operating officer of Walmart U.S., would replace McLay as CEO of Sam's Club.

Persons: Mario Anzuoni, Kathryn McLay, Judith McKenna, McKenna, Doug McMillon, Piper Sandler, McKay, she's, Edward Jones, Brian Yarbrough, Christopher Nicholas, Ananya Mariam Rajesh, Siddharth Cavale, Anil D'Silva, Sandra Maler, Jamie Freed Organizations: Walmart, REUTERS, Walmart Inc, Walmart International, Sam's, Woolworths, Sam's Club, Costco, Walmart U.S, McLay, Jan, Thomson Locations: Rosemead , California, U.S, China, Mexico, South Africa, Japan, Britain, Argentina, Brazil, India, Walmart's U.S, Walmart Mexico, Bengaluru, New York

NEW YORK/LONDON, Aug 10 (Reuters) - Lean times faced by many U.S. and European companies may last longer than expected as they try to sell off their bulging inventories in an economic climate where demand is stalling. Full-to-bursting warehouses means fewer orders for manufacturers, which translates into lower levels of business activity and, ultimately, weaker growth. Now, global demand is falling as borrowing costs have risen, so companies have started running down stocks. Maersk controls about one-sixth of global container trade, transporting goods for a host of major retailers and consumer goods companies. Refinitiv I/B/E/S data shows U.S. and European companies are expected to report their worst quarterly results in years.

Persons: Vincent Clerc, Hugo Boss, Moller, Stanley Black, Decker, destocking, Levi Strauss, Rajiv Sharma, Arun Sundaram, Guillermo Novo, Cyrus de la Rubia, Siddharth Cavale, David Gaffen, Josephine Mason, Mark John, Jonathan Cable, Helen Reid, Jane Merriman Organizations: U.S, Maersk, Heineken, 3M, . Bureau of Labor Statistics, CFRA Research, Retailers, BASF, London, Rutgers University, Hamburg Commercial Bank, doesn't, Thomson Locations: Ukraine, U.S, United States, Ashland, Hamburg, New York, London

[1/2] People shop for clothes at Target retail chain in Westbury, New York, U.S., May 20, 2021. Walmart (WMT.N) and Target (TGT.N), the two biggest retailers in the United States, have set a cautious tone for the rest of the year. David Klink, senior equity analyst at Huntington Private Bank, said he saw "encouraging" signs in Amazon's results. Walmart, which reports on Aug. 17, had a better-than-expected first quarter and forecast sales to be up about 3.5% for the year. "I think that value-based retailers like Walmart and Target" will hold up better than others, he said.

Persons: Shannon Stapleton, David Klink, Neil Saunders, Joseph Feldman, Siddharth Cavale, Ananya Mariam Rajesh, Rosalba O'Brien Organizations: REUTERS, Walmart, Target, Foods, Huntington Private Bank, Amazon, Apple, Maersk, WPP, Telsey, Thomson Locations: Westbury , New York, U.S, United States, Seattle, New York, Bengaluru

☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

☆ What is the LK-99 superconductor? Everyone is talking about how it could change the world, but experts say we're still a long way off
▼ + stars: | 2023-08-04 | by ( Sindhu Sundar | Jenny Mcgrath | ) www.businessinsider.com time to read: +8 min

South Korean scientists claim to have made a superconductor, LK-99, that works at room temperature. But electricity that travels along a superconductor barely loses energy along the way. That's the premise behind LK-99, a possible superconductor material that scientists in South Korea say they have devised, which has been dominating headlines and social media posts in the past week or so. To that end, some experts are trying, but this holy grail has eluded scientists for many years, so the prospects are still a long way off, experts told Insider. "So low power energy chips is one major area in chip design."

Persons: Leonard Kahn, Kahn, Edwin Fohtung, Elif Akçalı, Akçalı, it's, Meissner, we're, Siddharth Joshi, Joshi, Navid Asadi, Asadi, Dale Rogers Organizations: Service, Department of Physics, University of Rhode Island's College, Rensselaer Polytechnic Institute, University of Florida, University of Notre Dame, Arizona State University Locations: Wall, Silicon, South Korea

☆ Walmart teams up with Expedia on travel perks
▼ + stars: | 2023-07-25 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

NEW YORK, July 25 (Reuters) - Retail giant Walmart (WMT.N) on Tuesday said it is teaming up with online travel agency Expedia Group (EXPE.O) to offer its subscription service members travel benefits for the first time as retailers increase service offerings to offset a slowing in spending on goods. "We're bringing together the ultimate savings membership and vacation booking site to deliver a first-ever travel-focused benefit for Walmart+ members," said Venessa Yates, senior vice president and general manager of Walmart+, the retailer's subscription service. Walmart+ members will be able to book travel on a Walmart travel website powered by Expedia and earn Walmart cash rewards. Walmart also partnered with veterinary telehealth provider Pawp in May to offer Walmart+ subscribers free access to virtual veterinarians for a year. Amazon.com (AMZN.O) partnered with travel booking site Priceline, owned by Booking Holdings, in July to offer discounts for Prime Day, the first time an online travel agency participated in the event.

Persons: Venessa Yates, Morgan Stanley, Doyinsola Oladipo, Siddharth Cavale, Sandra Maler Organizations: YORK, Retail, Walmart, Expedia, Amazon, Pawp, Booking Holdings, Thomson Locations: New York

☆ Global retailers cash in on Barbie movie craze
▼ + stars: | 2023-07-21 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

REUTERS/Arriana McLymoreJuly 21 (Reuters) - Shoppers are snapping up Barbie hoop earrings, perfume, jumpsuits, and dresses as retailers seek to cash in on Friday's Barbie film release, reigniting the craze for the plastic doll and her hot pink, sequin-adorned universe. Mattel says the Barbie movie is expected to boost global sales of Barbie dolls, which declined last year from record growth during the pandemic. A Gap Barbie hoodie for women was available only in size XXS online, while a pair of Barbie Crocs, priced at $59.99 - $10 more than normal Crocs - was sold out on the Crocs website. Luggage brand Beis had a waiting list for all three sizes of suitcases in a Barbie pink, priced at a premium to its usual colour range. Walmart pitched Barbie dolls in varying skin tones and hairstyles at $45 to collectors.

Persons: browses, Arriana, Friday's, Barbie, Jo Ashdown, Ryan Gosling, Ken, Zara Barbie, hoodie, Barbie Crocs, Barbie toothbrushes, James Zahn, that's, Helen Reid, Savyata Mishra, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, Mattel, WPP, Walmart, Hyatt Hotels, Hilton, Thomson Locations: Zara's Soho, New York City, U.S, Bogota, Colombia, Kuala Lumpur, Malaysia

☆ AI classes at Stanford have doubled over the past five years — showing just how fast the tech is taking over. Here's what students and professors are talking about on campus.
▼ + stars: | 2023-07-05 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +10 min

Stanford students say interest in generative AI has already surpassed the crypto hype. Now, since OpenAI released ChatGPT in November, interest in AI on campus has surged, more than a dozen Stanford students and faculty told Insider. By the 2022-2023 school year, that number jumped to 140, with 14 courses that specifically touched on "generative AI." Sid SharmaSiddharth Sharma, a sophomore majoring in computer science, said those doubts haven't yet swept through campus. Bryan Chiang, a senior majoring in computer science, recently built an AI-powered monocle called RizzGPT.

Persons: Stanford, OpenAI, Rishi Bommasani, Sophie Fujiwara, Sophie Fuji, Isabelle Levent, Levent, ChatGPT, Ben Margot, Bryant Lin, Lin, Peter Norvig, —, Norvig, Siddharth Sharma, Sid Sharma Siddharth Sharma, Bryan Chiang, Chiang Organizations: Morning, Stanford University, Stanford, Big Tech, Google, Yahoo, Stanford Center for Research, brunch, CS 224N, Stanford Daily, Stanford's Institute for, Twitter, Microsoft Locations: Silicon Valley, —

From big-box chains Walmart (WMT.N) and Best Buy (BBY.N) to specialty retailers like Savage X Fenty and Adore Me, retailers' subscription programs are facing growing scrutiny. Amazon is under fire from the U.S. Federal Trade Commission, which filed a lawsuit against it in Seattle. Amazon "substantially revamped its Prime cancellation process" to some customers before the lawsuit was filed, according to the complaint. He withdrew the lawsuit, according to the court docket. Best Buy in 2021 launched a subscription program offering tech support and discounts on products.

Persons: Amazon, William Kovacic, Kathleen Benway, SAVAGE, Savage X, Savage, Ranjan Roy, Me's, Morgan Stanley, Spencer Sheehan, Arriana McLymore, Kate Masters, Siddharth Cavale, Muralikumar Organizations: YORK, Amazon.com Inc, Euromonitor Inc, U.S . Federal Trade Commission, FTC, Amazon, George Washington University Law School, FTC's, Consumer, WALMART, BEST, Walmart, Thomson Locations: Seattle, United States, U.S, Europe, California, Michigan, New York City

☆ Analysis: Why Walmart's new bet on fashion brands, home decor threatens specialty chains
▼ + stars: | 2023-06-15 | by ( Siddharth Cavale | ) www.reuters.com time to read: +5 min

She told Walmart investors its strategy is to "democratize fashion" or convert the company's core, price-conscious shoppers into style-conscious shoppers. It would probably be the rest of the market that should be worried," he said pointing to apparel retailers such as Carhartt. Walmart accounts for 4.6% of the $560.4 billion U.S. apparel market, followed by TJX, Target and Ross at 4.4%, 4.1% and 2.8%, respectively, according to GlobalData. Bankrupt Bed Bath and Beyond was a leader in the home decor and furnishing industry along with furniture chains Ikea and Wayfair. In 2005, Walmart's Metro 7 fashion brand tanked and later designer lines with Max Azria and Norma Kamali also withered.

Persons: Walmart Supercenters, Drew Barrymore, Sofia Vergara, Denise Incandela, George, Ralph Lauren, Rosenblum, Privately, Refinitiv, TJX, Ross, Brandon Maxwell, Clea Shearer, Joanna Teplin, fryer, Sofia Jeans, Vergara, Arun Sundaram, Sundaram, Max Azria, Norma Kamali, Siddharth Cavale, Vanessa O'Connell, David Gregorio Our Organizations: Walmart, Reebok, Saks, Tilly's Inc, Abercrombie, Fitch, Bravo, Netflix, Bed, Amazon.com, Walmart's Metro, Thomson Locations: Bath, U.S, Bed Bath, Walmart's, New York

☆ Walmart-backed fintech ONE raises savings rate as battle for deposits heats up
▼ + stars: | 2023-06-14 | by ( Siddharth Cavale | ) www.reuters.com time to read: +1 min

NEW YORK, June 14 (Reuters) - ONE, a fintech company backed by Walmart Inc (WMT.N), is offering 5% interest on savings accounts of up to $100,000 as of Wednesday, a source close to the company said, as the battle for consumer deposits intensifies. The rate is more than 12 times the national average of 0.4%, the source said, citing Federal Deposit Insurance Corporation data. Apple Inc began offering 4.15% on its Apple Card savings accounts in April in partnership with Goldman Sachs Inc. Step, a fintech app catering to younger customers, offered 5% in May. All other savings balances will continue to receive a 1.00% annual percentage yield.

Persons: Goldman Sachs, Siddharth Cavale, Richard Chang Organizations: YORK, Walmart Inc, Federal Deposit Insurance Corporation, Apple Inc, Apple, Goldman, Goldman Sachs Inc, Valley Bank, Signature Bank, Coastal Community Bank, Walmart, Thomson Locations: U.S, New York

☆ Flipkart and PhonePe could be $100 billion businesses in India, Walmart says
▼ + stars: | 2023-06-14 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

NEW YORK, June 14 (Reuters) - Walmart's (WMT.N) Flipkart marketplace and PhonePe payments business in India could be $100 billion businesses buoyed by strong growth, the retailer's chief financial officer said on Wednesday at an investor conference. In its most recent quarter ended April 30, Walmart said its Flipkart business generated double-digit sales growth, boosted by new shoppers in some cities and a 50% jump in ad sales. Flipkart was valued at more than $40 billion in 2022 and counts itself among India's most valuable startups. PhonePe controlled 46% share of the payments market in December, according to National Payments Corporation of India, and has 400 million registered users. "It is not crazy to think that both those businesses could be $100 billion businesses in the future," Walmart's Chief Financial Officer John David Rainey said.

Persons: Flipkart, John David Rainey, Siddharth Cavale, Lisa Shumaker Organizations: YORK, Walmart, Unified, National Payments Corporation of India, Thomson Locations: India, New York

☆ India's outsourcing giants cut hiring; disheartening for economy, students
▼ + stars: | 2023-06-12 | by ( Navamya Ganesh Acharya | ) www.reuters.com time to read: +7 min

There are pockets of optimism elsewhere in the services sector - especially in accounting, where there is a surge in hiring. NLB sees a 20-25% drop in IT employee additions in the first half of the current financial year, while TeamLease Digital expects a 40% decrease for the entire year. Nasscom declined comment on the hiring slowdown. That has "surely left applicants concerned about future prospects", said staffing firm Xpheno's co-founder Kamal Karanth, who highlighted how current hiring activity was "under a third of what was recorded in the buoyant peak". Pai highlighted sectors such as financial services, consumer goods, specialised manufacturing, medicine, law, chartered accounting and other services as more viable options.

Persons: Rohit Azad, Azad, Rishad Premji, Sakshi Gupta, Sachin Alug, NLB, Nilanjan Roy, Nasscom, Gautam, Xpheno's, Kamal Karanth, LTIMindtree, Karanth, Siana, Siddharth Pai, Pai, Dhanya Skariachan, Raju Gopalakrishnan Organizations: New, Jawaharlal Nehru University, Wipro, HDFC, Apple, Citigroup, American Express, Europe's Credit Suisse, UBS, NLB Services, TeamLease, IT, Tata Consultancy Services, Infosys, Reuters Graphics, Sethuraman, Thomson Locations: BENGALURU, India, Punjab

☆ Retailers battle for uncertain back-to-school demand after ‘volatile’ quarter
▼ + stars: | 2023-06-06 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

[1/2] Shopping trolley is seen in front of Walmart logo in this illustration, July 24, 2022. U.S. shoppers' spending in the summer ahead of the college and K-12 school year has grown steadily since 2015, according to the National Retail Federation, a trade group. The chain is stocking Adidas' Samba and Gazelle sneakers ahead of the new school year, it said. The challenge for retailers is predicting whether parents will buy less clothing and sneakers when the cost of necessities - such as pencils, notebooks and laptops - strains many households. Retailers face a "volatile time," said Jessica Ramirez, a senior research analyst at Jane Hali & Associates.

Persons: Dado Ruvic, Locker, Spencer, hasn't, Ralph Lauren, Nordstrom, Doug McMillon, John David Rainey, Jessica Ramirez, Jane Hali, Moody’s, Moody's, Maxx, Martin Waters, Fran Horowitz, Jennifer Foyle, Abercrombie’s Hollister, URBN, Katherine Masters, Siddharth Cavale, James Davey, Gerry Doyle Organizations: Walmart, REUTERS, National Retail Federation, Ulta, Adidas, U.S . Commerce Department, Associates, Target, Moody's Victoria’s, Abercrombie & Fitch, Urban Outfitters, Abercrombie, Fitch, Free People, Thomson Locations: Britain, U.S, North America, New York, Bentonville , Arkansas, London

☆ Walmart reiterates goal of doubling international gross merchandise in five years
▼ + stars: | 2023-06-03 | by ( Siddharth Cavale | ) www.reuters.com time to read: +3 min

The analysts meeting and a press presentation by Walmart CEO Doug McMillon were held on Friday in conjunction with the retailer's annual shareholders meeting in Bentonville. Five years ago, Walmart International generated about $120 billion in GMV. Walmart's business model has evolved over the past few years, with a greater focus on omni-channel - a strategy that ties together its e-commerce business, delivery services, advertising and marketplace business. McKenna said Walmart's huge size and technological breadth will give it the leverage to scale this strategy more quickly. Walmart's omni-channel efforts have been a boon for the retailer as recession fears push more Americans to seek bargains in groceries.

Persons: Judith McKenna, Doug McMillon, McKenna, McMillon, Siddharth Cavale, Will Dunham Organizations: Walmart, Bentonville ., Walmart International, International Monetary, omni, Thomson Locations: BENTONVILLE , Arkansas, Mexico, India, Fayetteville , Arkansas, Bentonville, Brazil, Argentina, Japan, United Kingdom

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